HomeMy WebLinkAbout2010-05-05 General Employees Pension Board MinutesMINUTES
GENERAL EMPLOYEES RETIREMENT SYSTEM
BOARD OF TRUSTEES
REGULAR MEETING
MAY 5, 2010
ROLL CALL:
Anne Castro Present
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 February 3, 2010.
1.2 Ratification of payment of the February Cardmember Services statement
for the January. phone bill, office supplies and postage.
1.3 Ratification of payment of the March Cardmember Services statement
for the Feb. phone bill.
1.4 Ratification of payment to Charles Cook for technical support..
1.5 Approval of payment to Citi Smith Barney for consulting services from
1/1/2010 to 3/31/2010.
1.6 Ratification of payment of the April Cardmember Services statement for
the March. phone bill, and postage.
1.7 Approval of payment to Gabriel, Roeder Smith & Co. for invoice #111250
for actuarial services through 3/31/2010.
Motion by Rafacz, second by Castro to approve the Consent Agenda. The
motion passed unanimously
2. OLD BUSINESS.
3. NEW BUSINESS
3.1 SunTrust Bank report March 31, 2010– Blake Myton.
Mr. Myton reported that it was a good quarter. Economic conditions are
improving. There was very low inflation and retail sales are up. Global
markets are weaker than domestic. Emerging markets are low. He noted that
it is necessary to rebalance the portfolio to comply with the investment
guidelines.
3.2 Graystone Consulting report – March 31, 2010– Charles Mulfinger.
Mr. Mulfinger agreed with Mr. Myton’s assessment of the economic situation.
He did not report any issues of non-compliance. The quarter had net
earnings of 3.48%.
4. CORRESPONDENCE
4.1 NONE
5. RETIREMENT & WITHDRAWAL APPLICATIONS
5.1 Approval of retirement benefits for Frank Crandon effective July 1, 2010
and rollover of his DROP funds.
Motion by Castro, second by Rafacz to approve Item 5.1. The motion passed
unanimously.
5.2 Approval of DROP loan application submitted by James Baker.
Motion by Williams second by Rafacz to approve Item 5.2. The motion
passed unanimously.
5.3 Approval of withdrawal request by Martha Riguero. Last day of
employment was 4/30/2010.
Motion by Corbin, second by Rafacz to approve Item 5.3. The motion passed
unanimously
6 .OPEN DISCUSSION
6.1 .Attorney’s comments:
Legislative action re Laws of Florida.
This item tabled until the next meeting
7. ADJOURN
Adjourn at 4:45P.M.
_____________________
Secretary