HomeMy WebLinkAbout07-09-2012 Special Mtg Minutes of the Special Meeting of the
CITY OF OCOEE GENERAL EMPLOYEES' RETIREMENT TRUST FUND
BOARD OF TRUSTEES (GERB)
Held on July 9, 2012
At 150 N. Lakeshore Drive
Ocoee, FL 34761
I. CALL TO ORDER — Chairman Wagner
Chairman Russ Wagner called the meeting to order at 10:08 a.m. in the Conference Room
109 at City Hall.
A. Roll Call
Chairman Wagner called the roll. Present were Chairman Russ Wagner, Trustees Jean
Grafton, Pat Gleason and David Wheeler. A quorum was declared.
Also present were Human Resources Director Gene Williford, Mr. Tim Nash of
Bogdahn Consulting, LLC, Senior Administrative Assistant Sharon Zink, and GERB
Recording Clerk Stella M
B. Approval of Minutes
Chairman Wagner directed the board's attention to the minutes for the June 13, 2012
special meeting (Exhibit #1). A motion having been made by Trustee Grafton and
seconded by Chairman Wagner, and that motion having carried unanimously, the board
RESOLVED to approve the June 13, 2012 minutes.
II. Discussion & Action on Investment Managers — Mr. Tim Nash of Bogdahn Consulting,
LLC
Following a lengthy discussion, a motion was made by Trustee Wheeler, seconded by
Trustee Grafton, to discontinue the Rockwood money manager and to replace Rockwood
with Brown and GAMCO. The board will transfer the $5 million that was invested with
Rockwood and send it to Brown and GAMCO; additionally, the board directs that $2 million
be taken away from money manager ICC and sent to Brown and GAMCO, thereby divided
between the two firms. Bogdahn Consultant Tim Nash will check to see if he can obtain a
lower service fee from GAMCO. Should an agreement between the trustee board and Brown
and GAMCO not be reached, Alger and WestEnd would be the alternatives. The board
General Employees Retirement Board
July 9, 2012
Page 2 of 2
further authorized that any combination of these money managers may be used if any of the
four fails. The motion having passed unanimously, the board
RESOLVED to authorize the termination of the Rockwood money manager and the acquisition
of Brown/GAMCO with the stipulations noted above.
A motion having been made by Trustee Wheeler and seconded by Trustee Grafton, to
authorize Bogdahn Consultant Tim Nash to contact all pertinent parties for the purpose of
facilitating the transition of acquiring the new money managers and handle all actions from
the previous motion, and that motion having carried unanimously, the board
RESOLVED to authorize Mr. Nash to proceed with the acquisition/transition.
III. Discussion and Action on appointment of Board Member due to the resignation of
Wendy West.
Following discussion, a motion was made by Trustee Grafton, seconded by Trustee
Gleason, to invite Mr. Robert Godek to complete former Trustee Wendy West's term on the
Ocoee General Employee's Retirement Board. The term Mr. Godek would assume (should
he accept the appointment) will end September 30, 2014. The motion having passed
unanimously, the board
RESOLVED to select Mr. Robert Godek as the replacement for former Trustee Wendy West.
IV. Comments from Public
None.
V. Adjournment
The meeting adjourned at 12:24 p.m.
• t ' st: App o -d by
n
010 / i j, vii, / /
tella McLeod, Mun • a ' = -. 'Coordinator Russell B. Wagner, G RB Chairman
GERB Recording Clerk