HomeMy WebLinkAbout1997 04 22 Board of Trustees Regular Minutes
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
APRIL 22, 1997 - REGULAR MEETING
1. Call to Order
Vice-Chairman Ryan called the meeting to order at 7:30 p.m. in the conference room, Municipal
Building.
2. Roll Call
Also Present
Ron Warble, present
Robert Nippes, present
Jim Ryan, Vice-Chairman, present
Vernon Rozelle, absent
Ralph Bowman, Chairman, absent
Tom Lang, City Attorney
Brian Ballew, SunTrust Representative
Ron McLemore, City Manager (8:25)
3. Approval of January 28.1997 Reeular Meetine Minutes
Moved, seconded and carried to approve the minutes as distributed.
4. Quarterlv Review of Trust Finances with Brian Ballew of STI Capital Manaeement
Ballew distributed portfolios and stock market/yield curve graphs, then presented each. He explained
that the portfolio has been reformatted, and information on Internationals is included.
It was requested that the board receive itemization on the withdrawals (Cash Flow Report) in the
plan; how much are employee withdrawals and how much are fees.
Ballew stated that some of the other municipalities have decided to go into Internationals with a 10
percent cap on equities. In Winter Springs' case, there is 60 percent in equities so that would mean
that only six percent of the whole plan could be designated to Internationals or Mid-Cap.
Attorney Lang asked Ballew ifthere are any changes needed to be made to the portfolio. Ballew said
that the mix is prudent right now; however, he recommends diversifYing further.
Manager McLemore said there will be about four options to present to this board in late Mayor early
June at a special meeting.
There is a range of areas to consider. There should be more information provided to the employees;
a plan which allows employees to select their own investments; meeting with employees prior to
taking the issue to the Commission. According to Manager McLemore speaking with the employees,
the employees are interested more in the traditional defined benefits plan with the option of the
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
APRIL 22, 1997 - REGULAR MEETING
PAGE20F2
deferred comp plan. The City Manager is interested in meeting with the employees in department
groups to get their views, and suggested that the Board of Trustees attend these meetings.
Brief discussion of the bargaining unit (Fire Department) within the city.
Process:
Review Appraisal/Meet with Attorney's
Meet with the Board of Trustees
Meet with the employees
Meet with the Board Trustees again
Present to Commission
Request for Proposal
Manager McLemore explained that plans need to be worked out which would benefit both the newer
and longer term employees.
5. Adiournment
Vice-Chairman Ryan adjourned the meeting at 8:50 p.m.
Minutes submitted by:
Martha Jenkins, Deputy City Clerk