HomeMy WebLinkAbout2010-02-03 General Employees Pension Board MinutesMINUTES
GENERAL EMPLOYEES RETIREMENT SYSTEM
BOARD OF TRUSTEES
REGULAR MEETING
FEBRUARY 3, 2010
3:30 PM
ROLL CALL:
Anne Castro Excused
Myrtle Corbin Present
Patricia Rafacz Present
Leo Williams Present
Joseph Husosky Present
Attorney Harrison Present
Marie Jabalee, Administrative
Manager Present
1. CONSENT AGENDA
1.1 Approval of minutes of November 4, 2009.
1.2 Ratification of payment of the November Cardmember Services
statement for the Oct. phone bill, office supplies and postage.
1.3 Ratification of payment of the December Cardmember Services
statement for the Nov. phone bill, postage and FPPTA dues.
1.4 Ratification of payment to Gabriel Roeder and Smith for invoice
#109910.
1.5 Approval of payment to Citi Smith Barney for consulting services from
10/1/09-12/31/09.
1.6 Ratification of payment of the January Cardmember Services statement
for the Dec. phone bill, and postage.
1.7 Ratification of payment to Florida Municipal Trust for renewal of fiduciary
insurance.
Motion by Rafacz, second by Williams to approve the Consent Agenda. The
motion passed unanimously.
2. OLD BUSINESS.
2.1 Discussion regarding the possibility of allowing the managers the flexibility
to increase the Plan’s holdings in the International Markets. The Manager
and Consultant were directed to draft suggestions on the matter and present
it to the Board.
Mr. Harrison approved the recommended changes to the Investment Policy and
Objectives.
Motion by Corbin, second by Rafacz to approve the changes made to the
Investment Policy. The motion passed unanimously.
3. NEW BUSINESS
3.1 SunTrust Bank report December 31, 2009– Blake Myton.
The report was presented by Blake Myton. Mr. Myton reported that the quarter
ended strong. The Plan performed slightly below the benchmarks ending with a
quarterly gain of 3.12 %.
3.2 Graystone Consulting report – December 31, 2009– Charles Mulfinger.
Mr. Mulfinger reported that investment returns shown by SunTrust differ from
those of Graystone and that the discrepancy needs to be explained. He reported
net earnings of 2.71%.
4. CORRESPONDENCE
4.1 NONE
5. RETIREMENT & WITHDRAWAL APPLICATIONS
5.1 Approval of retirement benefits for Patricia Varney effective January 1,
2010.
5.2 Ratification of withdrawal of contributions by Kathryn Florentine.
Termination date 11/17/09.
5.3 Ratification of withdrawal of contributions by Thuan Doan. Termination
date 1/15/2010.
Motion by Williams, second by Corbin to approve items 5.1, 5.2 and 5.3. The
motion passed unanimously.
6 OPEN DISCUSSION
6.1 Attorney’s comments:
IRS Update to Safe Harbor Rules
Motion by Williams, second by Rafacz to adopt the updated IRS Safe Harbor
rules. The motion passed unanimously.
Legislative action re Laws of Florida.
This item was tabled.
7. ADJOURN
Adjourn at 4:30 PM.
_______________________
Secretary