HomeMy WebLinkAbout1993 05 17 Board of Trustees Regular Minutes
PENSION BOARD OF TRUSTEES
MAY 17, 1993
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The meeting was called to order by Chairman John Ferring at 7:05 P.M.
BOARD MEMBERS:
Art Hoffmann, Present
Seymour Berman, Present
John Ferring, Chairman, Present
William Jacobs, Absent
William Dickey, Present
CITY OFFICIALS:
John Govoruhk, City Manager
Attorney Tom Lang
Ferring stated that the Board's Financial Advisor, Bob Davis of Mcdinmit,
Davis, Lavteria & Company, P.A., is present for the presentations.
Ferring updated the Board as to what has transpired since their last
meeting. He said that the City Commission has changed the sections of the
pension plan as such: the contribution rate has been changed from 4% to 6%
also payments to the fund are going to be made on a bi-weekly basis as
opposed on an annually basis. City Manager Govoruhk stated that the
payments are now being made on a bi-weekly basis. Ferring said also in the
forfeiture status the forfeiture will no longer revert back to the City but
will remain in the fund for the benefit of the employees.
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Davis stated that his company evaluated 21 finms and from the 21 finms they
narrowed the group down to the top five. Davis said that the proposals were
evaluated based on the information in them and not by who submitted them.
The request for proposals asked for investment management data and if the
finms were capable of record keeping and individual employee accounts. He
said many of the proposals did specify that they could do that and many of
the proposals gave same detail of what they could do, but they were all so
different that we could not evaluate individual account administration. So
we focused our proposal process strictly on investment management.
Davis suggested to the Board that they listen to the presentations from the
five firms and listen for asset management.
Grant McMurry and Frank Guerriero of Investment Counsel Company gave their
proposal to the Board.
Kurt Wood of Sun Bank Capital Management, N.A., gave his proposal to the
Board.
The meeting adjourned at 9:20 P.M.
Respectfully Submitted,
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Margo Hopkins
Deputy City Clerk