HomeMy WebLinkAbout1998 07 28 Board of Trustees Regular Minutes
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
JULY 28, 1998 - REGULAR MEETING
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman
Jim Ryan, Tuesday, July 28, 1998 at 7:30 p.m. in the Conference Room of the Municipal
Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708).
Roll Call
Jim Ryan, Chairman, present
Robert Nippes, Vice Chairman, present
Bill Dickey, absent
Vernon Rozelle, present (7:55 p.m.)
Ron Warble, absent
Also Present
Michael S. Blake, Commissioner
John Drago, Administrative Assistant to the City Manager
Peter Hardy, SunTrust Representative
Philip Senderowitz, SunTrust Representative
Philip Senderowitz, Account Representative with SunTrust introduced himself and said
that he would now be taking care of our account, and would also be attending these
meetings.
There was brief discussion mentioning the newly appointed Board Member Bill Dickey.
Approval of the April 28, 1998 Minutes
Due to a lack of a quorum, this item could not be addressed at the present time.
II. REGULAR AGENDA
A. Review of SunTrust's Financial Statements with an STI
Representative
Mr. Senderowitz briefly explained that this had been a "rougher" quarter than in the past,
however, one of the bright spots was the high-grade equity fund, which was up 5.73% for
the quarter. He further spoke about how growth funds generally performed better than
value funds for the quarter, and there was also brief discussion about asset allocations and
the total valuation of the portfolio.
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
JULY 28, 1998 - REGULAR MEETING
PAGE20F3
Mr. Peter Hardy, also with SunTrust, subsequently spoke about the value funds, and how
some did do well, and he further elaborated about the different funds in our account, and
how each was supported. There was discussion about the status of energy stocks and
their effect on the market.
Vice Chairman Robert Nippes asked the SunTrust Representatives if they felt that there
was any reason to change anything. Mr. Hardy felt that now was not the right time to
make any changes, and that if we did sell - at this stage we most likely would be taking a
risk and could end up selling from the bottom, as opposed to selling from a stronger
vantage point; thus we should just stay with the current allocation. Mr. Senderowitz
added that he had spoken with the manager of the Small-Cap Value Fund, "And he said
he's never been more confident in the performance going forward, because again, the
invested stocks with the dividends, so and so far, they can drop, and the Small Cap
companies are growing at a faster rate, than Larger Cap companies".
Board Member Vernon Rozelle arrived at 7:55 p.m.
Next, there was discussion about the "nifty fifty"; 401k accounts; interest rates; and other
market strategies by those in attendance.
The upcoming Florida Public Pension Trustees Association (FPPT A) meeting scheduled
for early October in Key West, Florida was briefly mentioned. Mr. Hardy asked if we
were members of this professional organization - it was decided that we were not.
III. OTHER DISCUSSION ITEMS
Approval of the April 28, 1998 Minutes
Motion by Vernon Rozelle. Seconded by Robert Nippes. With consensus of the
Board, it was agreed to approve the minutes of April 28, 1998. Motion passed.
Vice Chairman Nippes asked Mr. Drago about the plan. Mr. John Drago, Administrative
Assistant to the City Manager explained that the plan documents have all been
appropriately "signed, sealed and delivered to SunTrust"; the City has deposited
$150,000 toward the buy-down to the past service liability - it's already set up for the
Trust account. Mr. Drago also added that in the City Managers' "New budget to the City
Commission, they put in a request for an additional $150,000 payment into the Pension
Plan to accelerate the buydown and past service liability. If the Commission approves
that, then we'll deposit that money after October 1st. Ron's explanation to the
Commission was that the quicker we buy it down, then the quicker the contributions - all
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
JULY 28, 1998 - REGULAR MEETING
PAGE30F3
the contributions go into the Defined Contribution portion of the Pension Plan, because
the Defined Benefit portion would have been fully funded".
Mr. Drago also advised the Board about the City's many concentrated efforts to try to
keep the Barnett BanklNationsBank branch open (that is located in the City Limits).
Brief discussion ensued about this situation.
Board Member Rozelle asked if it was possible to have the STI "Money Purchase Plan -
Investment Performance Report" mailed out to the City/Pension Plan Board Members as
soon as it is prepared. Mr. Drago said that he would call tomorrow about getting this
report issued sooner, and he suggested that perhaps he could ask that STI forward the
completed report out about two weeks prior to the next Board of Trustees meeting, and
that the report could be mailed out with the upcoming Agenda.
It was mentioned that the next Board Meeting is scheduled for October 27, 1998.
IV. ADJOURNMENT
There was a motion to adjourn the meeting. Motion by Robert Nippes. Seconded
by Vernon Rozelle. With consensus of the Board, Chairman Ryan adjourned the
meeting at 8:27 p.m. Motion passed.
Minutes respectfully submitted by: Andrea Lorenzo-Luaces, Deputy City Clerk
City of Winter Springs, Florida
DOCSlboards/trustees/fy9798/minutes/0728 98 .doc
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SunBank Capital Management, H.A.
P.O. Box 3786
Orlando. Florida 32802
407 237-4472
SunBank High Grade Equity Fund
3-30-95 thru 8-10-95
Stocks Sold
New Positions
Shaw Industries
A vnet
Sensormatic Electronics
Texas Instruments
Vishay
Conseco
Dean Witter
Premark
Quaker Oats
Sunbeam Oster
Genentech
McKesson
U.S. Healthcare
Circus Circus
Marvel Entertainment
Comcast
Nucor
Lowes
Office Depot
Federal Express
LDDS Comm.
Allied Signal
Dow
Dupont
Morton International
IBM
Oracle
Amoco
Atlantic Richfield
Chevron
Exxon
Mobil
U nocal
American International Group
General Reinsurance
Coca Cola
Colgate Palmolive
Gillette
Sysco
Abbott Labs
American Home Products
Bristol Myers
Johnson & Johnson
Merck
Pfizer
Capital Cities/ABC
Albertsons
Airtouch
Eastman Kodak
Tyeo International
Marriott
A SunTrust Bank
L
WELLS, ALLEN, LANG & MORRISON, :Po A.
mmCC~TI\\
~\_-.v~ -- - ~
JUL 1 9 1995
ATTORNEYS AT LAW
340 NORTH ORANGE AVENUE
O.RLANDO, F"LORIDA 32801-1611
CITY OF WINTER SPRtNG
City Manaaer
TELEPHONE (407r 422-825(5
FAX (407) 422-8262
POST OFFICE BOX 3628
ORLANDO, FLORIDA 32802-3628
(
July 18, 1995
John Govoruhk, City Manager
City of winter Springs
1126 East SR 434
winter Springs, Florida 32708
Re: Pension Plan
Dear John:
Enclosed please find copies of the Second Amendment and Fourth
Amendment to Amended and Restated Money Purchase Pension Plan and
Trust for Employees of the City of winter Springs. Please mail
copies of the enclosed to the Trustees for the July 25, 1995
meeting. Thank you for your assistance.
Very truly yours,
eanne Ad~,~t
/JA
Enclosures
SECOND AMENDMENT TO
AMENDED AND RESTATED MONEY PURCHASE PENSION
PLAN AND TRUST FOR EMPLOYEES OF THE CITY OF WINTER SPRINGS
THE CITY OF WINTER SPRINGS, FLORIDA, a municipality
incorporated under the laws of the State of Florida, as Employer,
and THE BOARD OF TRUSTEES OF THE CITY OF WINTER SPRINGS AMENDED AND
RESTATED MONEY PURCHASE PENSION PLAN AND TRUST, duly appointed by
the City Commission, as Trustee, hereby agree and consent this
day of March, 1993, to amend the Money Purchase Pension Plan
and Trust entered into by and between the parties hereto and first
effective on October 1, 1982, then amended and restated in its
entirety as of October 1, 1984, this Second Amendment to effective
as of October 1, 1992, as follows:
1. Article III, Section 3.01 (i) is amended by deleting
"4%" and replacing it with "6%".
2. Article IV, Section 4.01 (e) is amended by deleting the
second sentence and substituting the following:
" The remaining Forfeitures shall be allocated
to each Participant's Employer Contribution
Account in the same proportion that his total
Compensation and Earned Income for the Plan
Year bears to the total compensation and Earned
Income of all Participants for such year."
3. Article III, Section 3.02 is amended by rewriting the
Section to read:
"
The Employer shall pay to the Trustee its
contribution to the Plan for each Plan Year
in quarterly installments or in installments
equally divided among pay periods whichever the
City Commission shall designate at the beginning
of each fiscal year. If the City Commission fails
to make such designation, the contributions shall
be made in installments equally divided among pay
periods. The Plan shall be considered to be fully
funded if all required contributions are paid
within ninety days of the date that such paYments
were due."
4. This Amendment incorporates the changes approved by
Resolution 702 adopted by the City Commission on February 8, 1993.
Except as hereinabove modified and amended, the Amended and
Restated Money Purchase Pension Plan and Trust shall remain
unchanged and shall continue in full force and effect.
Signed, sealed and delivered
in the presence of
AS TO THE EMPLOYER:
(Seal)
CITY OF WINTER SPRINGS
By:
Title:
AS TO THE TRUSTEE:
(Seal)
BOARD OF TRUSTEES
By:
Title:
FOURTH AMENDMENT TO
AMENDED AND RESTATED MONEY PURCHASE PENSION
PLAN AND TRUST FOR EMPLOYEES OF THE CITY OF WINTER SPRINGS
THE CITY OF WINTER SPRINGS, FLORIDA, a municipality
incorporated under the laws of the State of Florida, as Employer,
and THE BOARD OF TRUSTEES OF THE CITY OF WINTER SPRINGS AMENDED AND
RESTATED MONEY PURCHASE PENSION PLAN AND TRUST, duly appointed by
the City Commission, as Trustee, hereby agree and consent this
day of July, 1995, to amend the Money Purchase Pension Plan
and Trust entered into by and between the parties hereto and first
effective on October 1, 1982, then amended and restated in its
entirety as of October 1, 1984, amended as of March ,1993,
amended again as of August 8, 1994 and this Fourth Amendment to be
effective as of October 1, 1994, as follows:
1. Article I, Section 1.36 is amended by substituting a
new definition as follows:
"Valuation Dates" means the last day of the sixth month
of the Plan Year and the last day of the Plan Year as defined in
Section 1.25."
2. Article II, Section 2.04 is amended to read as follows:
" An Employee who terminates employment with the
Employer by reason of death, Total and Permanent Disability or
attainment of of his Retirement Date or actual Retirement(whichever
is later) shall cease to be a Participant in this Plan as of the
last day of the Plan Year in which such death, disability or
retirement occurs. An Employee whose employment with the Employer
terminates for any other reason shall cease to be a Participant in
this Plan as of the first day following the next Valuation Date in
the Plan Year in which such termination occurs."
3. Article VI, Section 6.04 (a) is amended by deleting
the words "preceding Anniversary Date" and substituting words "the
next Valuation Date".
4. Article IV, Section 4.01 (d) is amended by deleting
the words "Valuation Date" and substituting the words "Anniversary
Date" .
5. This Amendment incorporates the changes approved by
the City Commission at their meeting of February 27,1995.
" The remaining Forfeitures shall be allocated
to each Participant's Employer Contribution
Account in the same proportion that his total
Compensation and Earned Income for the Plan
Year bears to the total compensation and Earned
Income of all Participants for such year."
Except as hereinabove modified and amended, the Amended and
Restated Money Purchase Pension Plan and Trust shall remain
unchanged and shall continue in full force and effect.
Signed, sealed and delivered
in the presence of
AS TO THE EMPLOYER:
(Seal)
CITY OF WINTER SPRINGS
By:
Title:
AS TO THE TRUSTEE:
(Seal)
BOARD OF TRUSTEES
By:
Title:
MilLS RIDDICK
BIOGRAPHY
Mills Riddick, CF A, is the value portfolio manager at SunBank Captial Management
(SBCM). Riddickjoined SBCM in 1989. Together with Greg DePrince, he laid the groundwork
for the inception of the company's value fund. DePrince, Riddick and Ryan Burrow were the
investment team that managed the fund for the last six years, and were responsible for its superior
performance.
Riddick has been in the investment business since 1982. He is a Chartered Financial
Analyst as well as a Certified Public Accountant. He is a cum laude graduate from Florida State
University and a native of Winter Park.
As a portfolio manager at SBCM, Riddick worked with, and will continue to work with,
individually managed institutional accounts; STI Classic Value Income Funds; and Equity Income
Common Trust Funds. Additionally, he has managed the Small Capitalization (Cap) Value
Income Fund for Employee Benefits clients since its inception.
"Mills has exceptional knowledge of investing and the investment management business,"
says Anthony R. (Tony) Gray, chairman ofSBCM. "The returns of the Small Cap Value Income
Fund are extraordinary."
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Elliott A. Perny
Biography
Elliott A. Perny, CFA, is the Chief Portfolio Manager and Senior Executive Vice
President of Sun Bank Capital Management (SBCM). Perny joined Sun Bank Capital
Management in 1982 and has had responsibilities since then for managing many of
the major pension portfolios.
Mr. Perny has been in the investment business since 1972. He is a Chartered
Financial Analyst. He is a graduate of Stetson University and has a MBA from the
University of Florida. He is the past President of the Financial Analyst Society of
Orlando and served as an instructor, class director and school director of Florida Trust
School.
Perny has worked as a portfolio manager in the growth style developed by Tony
Gray and supervises the other portfolio managers managing individually structured
accounts.