HomeMy WebLinkAbout2008-11-17 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
Page 1 of 4
MINUTES
NOVEMBER 17, 2008
REGULAR MEETING
I. CALL TO ORDER
• The meeting was called to order by Chairman Rogers at 6:45 pm
MEMBERS PRESENT: MEMBERS ABSENT:
Chairman Larry Rogers Vince Marlin
Vice Chairman Ted Spongross
Secretary Beulah Lair
John Williamson
Wardell Lee
Roger Handevidt
Commissioner John Bertino
Carolyn Jones
ALSO PRESENT:
Ken Harrison — Sugarman & Susskind, PA
Mike Welker— Bogdahn Consulting
Mike Brown - Barings Asset Management
II. APPROVAL OF MINUTES
MOTION by Beulah Lair to accept the minutes from the September 15, 2008
meeting as submitted.
SECOND by Carolyn Jones
PASSED UNANIMOUSLY
November 17, 2008
Page 2 of 4
III. CONSENT AGENDA
No items listed on the Consent Agenda
IV. OLD BUSINESS
4.1 ' Pop-Up" Provision
The systems actuary, Steve Palmquist researched and contacted the
systems administrator regarding the"Pop-Up" provision. The "Pop-Up"
provision was included in the 2002 State Report and went into affect
10-1-2002. The "Pop-Up"option was automatically included for any
DROP participant or fire fighter retirement on or after 10-1-2002 even
though it was not stated in the joint and survivor options available form
completed when selecting retirement . In the future the retirement
options form will be amended to include the "Pop-Up" in the wording of
joint and survivor selections. Discussion took place regarding a letter to
be sent to retirees indicating their benefits that include the "Pop-up".
• MOTION by Beulah Lair to have Steve Palmquist prepare a letter
to the Board verifying the "Pop-up".
SECOND by Roger Handevidt
PASSED UNANIMIOUSLY
4.2 Baring Asset Management
Baring Asset Management presented their firms policy and
Investment earnings. Current assets under management are
$38.5 bn with a long history of investing in foreign markets.
TABLED by Chairman Larry Rogers to this possible
change in foreign investments until January 2009 in order
to review investment earnings of Barings Asset Management,
ICC Capital Management and Voyageur International Asset
Management again due to the turbulent market conditions.
V. NEW BUSINESS
5.1 Gabriel Roeder. Smith &Company Fee Increase
Gabriel, Roeder, Smith & Company is requesting a fee increase
For regular annual services from $11,696.00 to $13,791.00 and
a separate charge for DROP statements from around $2900.00 to
$3000.00.
TABLED until Steve Palmquist brings the item back to the Board.
November 17, 2008
Page 3 of 4
5.2 Steve Palmauist. Gabriel. Roeder, Smith &Com ag_ny
Steve Palmquist discussed with the Board the Systems Chapter
175 reserve revenue, the reserve for future benefit provision and the
"COLA" provision. It was noted that the COLA provided in the plan
was a performance base COLA and may not be granted according to
state statutes until the accrued actuarial losses are paid off. The
provision for future benefits was explained as the funding is prioritized
by repaying the retiree's 1/3 health premium first, reimbursing the
city for the remaining health premium and then funding a reserve
for future benefits.
5.3 Steven I. Gordon, CPA
The administrator has received the system's auditor, Steven I. Gordon's
Engagement letter for the forthcoming audit of September 30, 2008.
• The fee will be $5800.00 for the audit and $1,100.00 for the State Report
MOTION by Beulah Lair for the Chairman to sign the Engagement Letter
and authorize fees of$5800.00 for the audit and $1,100.00 for the State
Report
SECOND by Roger Handevidt
PASSED UNANIMIOUSLY
VI. CORRESPONDENCE
6.1 Investment Manager Market Turbulence Letters.
The system has received response from all investment managers
in response to The Bogdahn Group's request for a letter to be sent
to the system outlining their perspective and strategy with regard to the
market, the systems portfolio and the investment guidelines established
in the Investment Policy Statement.
6.2 Voyageur Asset Management
Jack Farland departed Voyageur on October 31. Mike Spencer,
Senior Portfolio Manager will be our primary client service contact.
•
November 17, 2008
Page 4 of 4
VII. NEW EMPLOYEE APPLICATIONS-none
VIII. RETIREMENTS / TERMINATIONS-none
IX. OPEN DISCUSSION AND INFORMATION
9.1 Attorneys Report
Attorney Harrison discussed with the Board various pending
issues regarding pensions
X. ADJOURN
MOTION b Chairman Larry y ry Rogers to adjourn meeting
SECOND by Beulah Lair
Meeting adjourned at 9:20 PM
•
•