HomeMy WebLinkAbout2011-02-02 General Employees Pension Board Minutes
MINUTES
GENERAL EMPLOYEES RETIREMENT SYSTEM
BOARD OF TRUSTEES
REGULAR MEETING
FEBRUARY 2, 2011
3:30 PM
ROLL CALL:
Myrtle Corbin Present
Walter Duke Present
Patricia Rafacz Present
Leo Williams Present
Joseph Husosky Present
Attorney Sugarman Present
Marie Jabalee, Administrative
Manager Present
1. CONSENT AGENDA
1.1 Approval of minutes of November 3, 2010.
1.2 Ratification of payment of the November Cardmember Services
statement for the October phone bill and office supplies.
1.3 Ratification of payment of the December Cardmember Services
statement for the November phone bill, postage and FPPTA dues.
1.4 Ratification of payment of the January Cardmember Services statement
for the December phone bill.
1.5 Ratification of payment to Sugarman & Susskind for services relating to
IRS determination.
1.6 Ratification of payment to IRS for determination application.
1.7 Approval to pay Citi Smith Barney for consulting services from 10/1/2010
to 12/31/2010.
1.8 Ratification of payment to Florida League of Cities for fiduciary
insurance.
Motion by Rafacz, second by Duke to approve the Consent Agenda. The motion
passed unanimously.
2. OLD BUSINESS.
2.1 A PROPOSED ORDINANCE OF THE CITY OF DANIA BEACH,
FLORIDA, AMENDING THE CODE OF ORDINANCES TO PROVIDE THAT
RETIRED MEMBERS MAY CHANGE JOINT ANNUIT OR BENEFICIARY
UP TO TWO TIMES WITHOUT PRIOR APPROVAL BY THE BOARD AND
REQUIRING THAT THE RETIRED MEMBER’S BENEFIT BE
ACTUARIALLY RECALCULATED; PROVIDING FOR A SAVINGS
CLAUSE; PROVIDING FOR A REPEALER; AND PROVIDING FOR AN
EFFECTIVE DATE.
Motion by Rafacz, second by Corbin to approve the proposed ordinance. The
Manager was directed to send the ordinance to the Actuary for preparation of an
impact statement. The motion passed unanimously.
3. NEW BUSINESS
3.1 SunTrust Bank report December 31, 2010– Blake Myton.
Mr. Myton reported via conference phone. The Plan experienced solid
returns for the quarter. Growth funds out produced Value. The housing
markets and high unemployment are still areas of concern. The portfolio was
rebalanced at the end of the quarter for compliance with the Investment
Policy.
3.2 Graystone Consulting report – December 31, 2010– Charles Mulfinger
Mr. Mulfinger reported that global GDP is expanding at a greater rate than in
the past. Expansion of the Bush tax cuts and lower payroll tax deductions
have given a boost to the economy. Invest Managers had a good quarter,
yielding higher returns with less risk. International Manager’s performance
was not strong, underperforming the benchmarks. Mr. Mulfinger will discuss
the issue with Mr. Myton for a better understanding of the issues. Net rate of
return for the quarter is 5.77%
4. CORRESPONDENCE
NONE
5. RETIREMENT & WITHDRAWAL APPLICATIONS
5.1 Ratification of withdrawal of contributions – Shariann Marchan
5.2 Ratification of refund of contributions due to Nancy Kemmerling,
beneficiary of Randolph Kemmerling. Mr. Kemmerling was a
terminated/vested member who passed away January 4, 2011.
5.3 Approval of retirement benefits for Christy Blocker effective February 1,
2011 and refund of DROP account funds.
5.4 Approval of retirement benefits for Commissioner Robert Anton effective
April 1, 2011.
Motion by Williams, second by Corbin to approve Items 5.1 through 5.4. The
motion passed unanimously.
6 .OPEN DISCUSSION
6.1 Attorney’s comments:
Mr. Sugarman explained the method used for payment of an outstanding DROP
loan when the member terminates employment.
Mr. Sugarman reported on recent legislative issues and possible changes to the
Ethics Code. He talked about upcoming changes in FRS and pension
accounting. The firm submitted the application for IRS qualification of our Plan.
7. ADJOURN
Meeting was adjourned at 4:40 PM
____________________
Secretary