HomeMy WebLinkAbout2007-06-18 Police & Fire Pension Board Minutes City of Dania Beach
Police and Fire Fighters Retirement System
113 S.W. 1 Street
Dania Beach, Florida 33004
Phone: (954) 921-0404 Fax: (954) 921-1403
E-mail: PFPENS@bellsouth.net
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MINUTES
JUNE 18, 2007
REGULAR MEETING
I. CALL TO ORDER
MOTION: by Chairman Rogers to call the meeting to order.
SECOND: Beulah Lair
PASSED UNANIMOUSLY
Meeting began 7:50 PM
MEMBERS PRESENT: MEMBERS ABSENT:
Chairman Larry Rogers Commissioner John Bertino
Chairman Vince Marlin
Secretary Beulah Lair
Wardell Lee
Ted Spongross
Carolyn Jones
Roger Handevidt
John Williamson
ALSO PRESENT:
Attorney Robert Sugarman - Sugarman &Susskind, PA
II. APPROVAL OF MINUTES
MOTION: by Beulah Lair to accept minutes from the May 21st, 2007 meeting as
submitted.
SECOND: Vince Marlin
PASSED UNANIMOUSLY
June 18, 2007
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III. CONSENT AGENDA
No items listed on the Consent Agenda
IV. OLD BUSINESS
4.1 Trustee Travel Expense
Chairman Rogers opened discussion with the Board Attorney and
Board of Trustees in reference to the updated Statement of Policy
Regarding Trustee Expenses. Attorney Sugarman reviewed
changes that were made including travel mileage to change
cost per mile as allowed by the Internal Revenue Service and
approval of all expense reimbursements by the Board.
MOTION by Vince Marlin to approve the updated Statement of Policy
Of Trustee Expenses as prepared by the Boards attorney
SECOND: by Carolyn Jones
PASSED UNANIMIOUSLY
V. NEW BUSINESS
5.1 Comoliance Checklist
Chairman Rogers and Attorney Sugarman reviewed the checklist
as prepared by Bogdahn Consulting
5.2 Annual Determination Rate of Return
Chairman Rogers opened discussion with the Board of Trustees
and Attorney Sugarman regarding a request from Charles Slavin's
Office of the Division of Retirement to notify their office
the expected annual rate of return. The letter noting our annual rate of
return of 8.5% that was prepared by Attorney Sugarman was signed by
Chairman Rogers.
5.3 Direction for Future Portfolio Rebalances
Chairman Rogers discussed with the Board of Trustees and
Attorney Sugarman the effect of granting Bogdahn Consulting
rebalancing the portfolio as needed. A letter giving direction
to Salem Trust allowing Bogdahn Consulting the authority to
rebalance the Fund's portfolio as needed to comply with
the System's statement of investment policy was signed by
Chairman Rogers and the administrator.
June 18, 2007
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5.4 Fiduciary Liability Insurance
The Fund's yearly fiduciary liability insurance is due for $6,703.37.
Discussion took place about the fee and the administrator noted
that the fee was the same last year.
MOTION by Beulah Lair for the administrator to pay the fiduciary liability
insurance.
SECOND by Vince Marlin
PASSED UNANIMIOUSLY
VI. CORRESPONDENCE
VII. NEW EMPLOYEE APPLICATIONS
There were no new employees hired during this time
VIII. RETIREMENTS / TERMINATIONS
Bruce Caruso is going into the DROP August 1, 2007
IX. OPEN DISCUSSION AND INFORMATION
9.1 Chairman Rogers opened discussion to cancel the
July 16, 2007 meeting of the Board of Trustees.
MOTION by Beulah Lair to suspend the
July 16, 2007 meeting and to meet again at our
scheduled date of August 20, 2007.
SECOND: by Carolyn Jones
X. ADJOURN
MOTION by Beulah Lair to adjourn meeting
SECOND: by Vince Marlin
Meeting adjourned at 8:25 PM