HomeMy WebLinkAbout2009-08-17 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: PFPENSC@bellsouth.net
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MINUTES
AUGUST 17, 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 Todd Neal
Vice Chairman Vince Marlin Beulah Lair
Ted Spongross
Carolyn Jones
Roger Handevidt
Commissioner Bob Anton
Wardell Lee
ALSO PRESENT:
Bob Sugarman & Pedro Herrera —Sugarman & Susskind, PA
Mike Welker— Bogdahn Consulting
Anita Lowman — Capital Management Associates
II. APPROVAL OF MINUTES
MOTION: by Roger Handevidt to accept minutes from the July 28, 2009 meeting as
submitted.
SECOND: Wardell Lee
PASSED UNANIMOUSLY
August 17, 2009
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III. CONSENT AGENDA
No items listed on the Consent Agenda
IV. OLD BUSINESS
V. NEW BUSINESS
5.1 Chapter 175 Revenue
Chairman Rogers informed the Board that Chapter 175 revenue just
Received by the city is $218,876.44. More Chapter 175 revenue is expected
to be received in October 2009. Steve Palmquist estimates the amount
available for the fire retiree/beneficiary health insurance subsidy will
be around $110,000.00.
5.2 Chapter 185 Revenue
Chapter 185 revenue just received by the city is $182,705.07. When the
baseline amount ($67,890.) is deducted from $182,705.06 the amount
available for distribution to police retirees and their beneficiaries is $114,815.06.
$114,815.06 divided by 24 retirees/beneficiaries is $4,783.96 that will
distributed December 1, 2009. This has be to verified and may be recalculated
after receipt of notarized annual update information in this office verifying the
number of participants alive on December 1s`who are eligible for the Chapter
185 distribution.
5.3 2nd OUARTER PERFORMANCE SUMMARY— BOGDAHN CONSULTING
Mike Welker of Bogdahn Consulting discussed with the Board the
Plan's performance for the quarter ending June 30, 2009 as
prepared by The Bogdahn Group. The plan's earnings for the period
October 1, 2008 to June 30, 2009 was -10.65% net of fees and for
the quarter April 1, 2009 to June 30, 2009 was 7.62% net of fees.
5.4 3 d Ouarter Performance—Capital Management Associates
Anita Lowman of Capital Management Associates discussed with the Board
the Plan's performance for the quarter ending June 30, 2009. The
plan's earnings for the quarter April 1, 2009 to June 30, 2009 was 10.57%
and for the fiscal year October 1, 2008 to June 30, 2009 was -20.44%.
Discussion took place about The Bogdahn Groups concern about Capital
Management Associates and if Capital Management Associates performance
remains the same the Board will look at either replacement or splitting Capital
Management Associates 50/50 with an Index fund as suggested by Mike Welker
of The Bogdahn Group. The Board will look again at the performance of
Capital Management Associates in November 2009 for September 2009
earnings and make a decision on further action.
August 17, 2009
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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 Attorneys Report
Ordinance 2009-12
Ordinance 2009-12 passed at the August 11, 2009 City Commission Meeting.
Discussion took place among the trustees regarding sending a letter to all
Joint& Last Survivor Option retirees with the new provisions for changing
their joint annuitants and charging the retiree for re-calculation.
MOTION by Roger Handevidt to send letter to all Joint and Last Survivor
Option retirees with the new provisions concerning the change of beneficiaries
and charging the retiree for the re-calculations done after the original
retirement joint annuitant selection.
SECOND: Wardell Lee
X. ADJOURN
MOTION by Roger Handevidt to adjourn meeting
SECOND: by Carolyn Jones
Meeting adjourned at 8:40 PM