HomeMy WebLinkAbout2006-02-16 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: (SW VM-1403
E-mail: PFPENS@bellsouth.net
Page 1 of 4
MINUTES
FEBRUARY 16, 2009
REGULAR-MEETING
I. CALL TO ORDER
The meeting was called to order by Chairman Rogers at 7:40 PM
MEMBERS PRESENT: MEMBERS ABSENT:
Chairman Larry Rogers Commissioner John Bertino
Vice Chairman Ted Spongross Carolyn Jones
Secretary Beulah Lair Todd Neal
Vince Marrin
Wardell Lee
Carolyn Jones
Roger Handevidt
Todd Neal
ALSO PRESENT:
Bob Sugarman - Sugarman &Susskind, PA
Mike Welker— Bogdahn Consulting
Steve Gordon —Steven Gordon, CPA
II. APPROVAL OF MINUTES
MOTION: by Beulah Lair to accept minutes from the January 26, 2009 meeting
as submitted.
SECOND: Vince Marlin
PASSED UNANIMOUSLY
February 16, 2009
III. CONSENT AGENDA Page 2 of 4
No items listed on the Consent Agenda
IV. OLD BUSINESS
4.1 P9o-UD Memo
Vice Chairman Spongross opened discussion with Attorney Sugarman
and the board by expressing his concerns and those expressed by
retirees in reference to the Pop-Up benefit returning to Ten Year Certain
and Life Annuity (normal form of benefit) if the retirees spouse dies. The
III admvinistrator was instructed to contact the systems actuary requesting
the amount left in the reserve account and how much will it cost the
system to change the Pop-Up from 10 Year Certain and Life to a Life
Annuity. This item was tabled until the next trustee meeting.
4.2 Steve Gordon &Audited Fir�ncirl ctate.+.g..ws
Steve Gordon of the accounting firm Steven I. Gordon, CPA reviewed
with the board his firms'Audited Financial Statements for the Plan year
ending September 30, 2008.
MOTION by Vince Marlin to approve the final draft of the
Audited Financial Statements for the Plan for the year ending
September 30, 2008.
SECOND: Wardell Lee
PASSED UNANIMIOUSLY
4.3 Steve PalmquisL GftS 5 Year Proiectia.
The systems administratnr.contacted Steve Palmqulst.
He is willing to prepare the 5 Year Projection as passed
at the January 26, 2009 trustee meeting at a price between
$1,500.00 and $2,000.00.
February 18, 2008
Page 3 of 4
V. NEW BUSINESS
5.1 %Wdahn Consulting-- 4 h Quarter 200 Performance summary
Mike Welker then reviewed the Fund's total performance
summary for the quarter ending December 31, 2008. The return
for quarter ending December 31, 2008 was down 11.04%(net of
fees). The Total Fund Policy is -12.82 with the difference a positive
1.78. The funds negative earnings were due to the rockiness of the stock
market. The fund beat the indexes and was rated 23 of the
indexes with 1 being the best and 100 being the worst. Since the stock
portkm of the furWs market value was down the board was advised from
their consultant, Mike Welker of Bogdahn Consulting, to rebalance the
portfolio by reallocating funds from the bond portion to the stock portion
in order to stay on target.
MOTION by Chairman Larry Rogers to reallocate funds from the
bond portion of the fund to the stock portion for the fund to stay
on target.
SECOND: Vince Marlin
PASSED UNANIMIOUSLY
Bogdahn Consulting Internatlogiall Search
Mike Welker from Bogdahn Consulting presented the board with
an updated international search report. After discussion with the board
Mike Welker recommended reallocating 1/2 of the international portion
of the fund from ICC International to Barings Asset Management.
ICC International is invested ADR'S and Barings Asset Management
is a core international manager with a.growth lift .Mike Welker
recommended continuing to watch and track ICC International and if ICC
does well the fund will remain with them and if not then reallocate the
other 1/2 of the international portion into Voyageur International.
MOTION by Vince Marlin to reallocate 1/2 of the international portion
of the fund from ICC International to Barings Asset Management.
SECOND: "Wardell tee
PASSED UNANIMIOUSLY
February 18, 2008
Page 4 of 4
5.2 CPPT Aooroyal for Todd Neal
The systems new trustee Todd Neal attended the FPPTA School
in St. Augustine February 1-4, 2009 to become certified. The
cost to become certified is $800.00.
MOTION by Beulah Lair to approve the $800.00 fee for new trustee
Todd Neal to become FPPTA certified.
SECOND: Wardell Lee
PASSED UNANIMIOUSLY
VI. CORRESPONDENCE
VII. NEW EMPLOYEE APPLICATIONS
VIII. RETIREMENTS / TERMINATIONS
IX. OPEN DISCUSSION AND INFORMATION
9.1 Attorneys Report
Attorney Sugarman discussed with the board current legislation
in Tallahassee- House Bill #5. Attorney Sugarman also brought
the board up-to-date on the Merrill Lynch lawsuit SEC finding.
The Board authorized sending a demand letter to Merrill Lynch
and filing suite upon approval by the chair.
9.2 -ICMA=RC Seminaarr&WorilmimW
ICMA-RC is offering free financial planning seminars &workshops.
9.3 Conferences
Various pension conferences were discussed. Attorney Sugarman
suggested the International Foundation's 5501 Annual Conference
In Orlando November B-11,_2009.and the State af.Florlda School
in May, 2009 in Tallahassee.
X. ADJOURN
MOTION by Ted Spongross to adjourn meeting
SECOND: by Roger Handevidt
Meeting adjourned at 9:25 PM