HomeMy WebLinkAbout2011-05-04 General Employees Pension Board Minutes5/4/2011 1
MINUTES
GENERAL EMPLOYEES RETIREMENT SYSTEM
BOARD OF TRUSTEES
REGULAR MEETING
MAY 4, 2011
3:30 PM
ROLL CALL:
Myrtle Corbin Present
Walter Duke excused
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 February 2, 2011.
1.2 Ratification of payment of the February Cardmember Services statement
for the January phone bill and office supplies.
1.3 Ratification of payment of the March Cardmember Services statement
for the February phone bill and postage.
1.4 Ratification of payment of the April Cardmember Services statement for
the March phone bill.
1.5 Ratification of payment to Gabriel Roeder Smith & Co. for invoice
#114224.
1.6 Approval to pay Citi Smith Barney for consulting services from 1/1/2011
to 3/31/11.
1.7 Approval to pay Gabriel Roeder Smith & Co. invoice #114715.
Motion by Rafacz, second by Corbin to approve the Consent Agenda. The
motion passed unanimously.
2. OLD BUSINESS.
2.1 Impact statement relating to proposed ordinance allowing retired
members to change joint annuit or beneficiary up to two times without prior
approval by the board
The proposed ordinance was submitted to the City Attorney who responded
that the item was not a requirement; therefore, it should be considered an
issue for collective bargaining. The Board Attorney agreed.
3. NEW BUSINESS
3.1 SunTrust Bank report March 31, 2011.
5/4/2011 2
The Plan had a strong quarter with domestic investments outperforming the
International markets.
Mr. Myton introduced a new product called investment strategies for the
Board’s consideration. He presented several customized multi-manager
applications and fee schedules. He explained that these investments would
be mutual funds. The proposals and contracts will be reviewed by Mr.
Mulfinger and Mr. Sugarman’s office. They will present a recommendation for
the Board’s consideration at the next meeting.
3.2 Graystone Consulting report – March 31, 2011.
Charles Mulfinger agreed that the Plan had a strong quarter with earnings net
of fees of 3.76%. He recommended no change in investment management at
this time.
4. CORRESPONDENCE
4.1 NONE.
5. RETIREMENT & WITHDRAWAL APPLICATIONS
5.1 Ratification of retirement benefits for Sharon Prentice effective April 1,
2011 and refund of DROP account funds.
5.2 Approval of DROP application submitted by Lou Ann Patellaro effective
June 1, 2011.
5.3 Approval of retirement benefit for Marietta Rochelle-Warren effective
2/1/2011.
Motion by Williams, second by Rafacz to approve Items 5.1, 5.2 and 5.3. The
motion passed unanimously.
6 .OPEN DISCUSSION
6.1 Attorney’s comments:
Langston Trust
Mr. Sugarman explained the conditions of Cynthia Langston’s trust and reported
that all funds have been paid out to her surviving children.
He reported that at the present time, the State will not interfere with the operation
of Municipal pension plans.
Mr. Harrison has clarified the matter of how interest paid on DROP loans should
be applied.
7. ADJOURN
Adjourn 4:45 PM
________________________
Secretary