HomeMy WebLinkAbout2007-08-20 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
AUGUST 20, 2007
REGULAR MEETING
I. CALL TO ORDER
The meeting was called to order by Chairman Rogers at 7:45 pm
MEMBERS PRESENT: MEMBERS ABSENT:
Chairman Larry Rogers Roger Handevidt
Secretary Beulah Lair arrived at 8:00 pm Vice Chairman Vince Marlin
Wardell Lee arrived at 8:20 pm
Ted Spongross
Carolyn Jones
John Williamson
Commissioner John Bertino
ALSO PRESENT:
Attorney Robert Sugarman - Sugarman &Susskind, PA
Pedro Herrera —Sugarman &Susskind, PA
Mike Welker— Bogdahn Consulting
Bart McMurry—ICC Capital Mangement
Attorney Jack Reise— Lerach Coughlin
II. APPROVAL OF MINUTES
MOTION: by John Williamson to accept minutes from the June 18, 2007 meeting as
submitted.
SECOND: Ted Spongross
PASSED UNANIMOUSLY
August 20, 2007
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III. CONSENT AGENDA
No items listed on the Consent Agenda
IV. OLD BUSINESS
4.1 S. DAVIS&ASSOCIATES
Attorney Sugarman reviewed with the Board correspondence
between him, Salem Trust &S.Davis &Associates in reference
to the additional fees claimed by S. Davis &Associates for the audit performed
by that firm for fiscal year ending September 30, 2005, a claim that the trustees
had previously denied. Salem Trust responded to Attorney Sugarmans letter
requesting more information from S. Davis &Associates. Attorney Sugarman
sent Salem's letter to S. Davis on August 20, 2007 letter asking S. Davis to
supply the requested information directly to Salem Trust so that whatever
money that Salem pays can be sent to S. Davis.
4.2 Attorney Sugarman opened discussion with the Board pertaining
to two fire fighters that are going to continue to work past
their DROP end date of October 1, 2007. According to the
Systems ordinance their DROP accounts must be frozen as of
that date.
MOTION by Commissioner John Bertino to move the funds
in the two fire fighters DROP accounts into a risk free money
market account
SECOND: Beulah Lair
PASSED UNANIMIOUSLY
V. NEW BUSINESS
5.1 3rd QUARTER PERFORMANCE SUMMARY— BOGDAHN CONSULTING
Mike Welker of Bogdahn Consulting discussed with the Board the
Plan's performance for the quarter ended June 30, 2007 as
prepared by Bogdahn Consulting, LLC and reports a gain of 4.08 for
the quarter ending 6/30/07 and 5.94 YTD for the Fund.
5.2 3RD QUARTER PERFORMANCE REPORT—ICC CAPITAL MANAGEMENT
Bart McMurry, Portfolio Manager reviewed ICC Capital Managements
positive performance for that firm's portion of the Fund for the quarter ended
June 30, 2007.
August 20, 2007
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5.3 LERACH, COUGHLIN &STOIA ROBBINS LLP
Chairman Rogers introduced Attorney Jack Reise from Lerach,
Coughlin to explain the proposed settlement of the ongoing Caremark
lawsuit. Caremark has been purchased by CVS and the settlement
provided additional payment to the Caremark shareholders and
corporate governance reforms. The proposed settlement will go
to court for approval on October 5, 2007. Lerach Coughlin
recommends that the trustees approve the proposed settlement.
MOTION by Commissioner John Bertino that based upon
Lerach Coughlin's recommendation the settlement proposal be approved.
SECOND: John Williamson
PASSED UNANIMIOUSLY
VI. CORRESPONDENCE
VII. NEW EMPLOYEE APPLICATIONS
There were no new employees hired during this time
VIII. RETIREMENTS / TERMINATIONS
There are no retirements of terminations at this time.
IX. OPEN DISCUSSION AND INFORMATION
9.1 FPPTA Trustees School
Chairman Rogers opened discussion with the Board stating
that there is a FPPTA School to be held from October 7-10, 7007
at PGA National Palm Beach Gardens.
MOTION by Carolyn Jones to approve expenses for any Trustee wishing
to attend the FPPTA School October 7-10, 2007 at PGA National
Palm Beach Gardens in accordance set forth in the Trustee Travel
Guidelines.
SECOND: John Williamson
9.2 39"'Annual Police Officers'&Firefighters' Pension Conference
This is being held by the Division of Retirement is scheduled for October, 22, 23
and 24, 2007 at the Radisson Hotel &Conference Center in St. Petersburg,
Florida. The Board approved expenses for this trip at their April 16, 2007
meeting.
August 20, 2007
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9.3 SUMMARY PLAN DESCRIPTION UPDATE
Enclosed is the Retirement Systems Summary Plan Description
as updated on July 2007 by Steve Palmquist of Gabriel, Roeder
Smith &Company
9.4 OFFICE PAINTING
The Administrator received 3 bids to paint the office.
1. Al's Painting, Inc. - $900.00
2. Sun White Painting - $500.00
3. Walls & Floors - $450.00
X. ADJOURN
MOTION by Ted Spongross to adjourn meeting
SECOND: by Beulah Lair
Meeting adjourned at 9:05 PM