HomeMy WebLinkAbout1999 04 27 Board of Trustees Regular Minutes
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING
APRIL 27, 1999
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman
Jim Ryan, Tuesday, April 27, 1999 at 7:34 p.m. in the Commission Chambers 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, arrived at 7:45 p.m.
Ron Warble, present
Also Present
Ronald W. McLemore, City Manager
Philip Senderowitz, SunTrust Representative
Approval of the January 26, 1999 Minutes
MOTION TO APPROVE THE JANUARY 26, 1999 REGULAR MEETING
MINUTES. MOTION BY RONALD WARBLE. SECONDED BY ROBERT
NIPPES. DISCUSSION. VOTE: RON WARBLE: AYE; ROBERT NIPPES:
AYE; JIM RYAN: AYE. MOTION CARRIED.
II. REGULAR AGENDA
A. Review of SunTrust's Financial Statements with Mr. Philip
Senderowitz, (Client Service Officer with STI Capital Management)
Mr. Philip Senderowitz, Account Representative with SunTrust addressed the favorable
returns during the past quarter, and added that the trend of "growth outperforming value"
has continued. Mr. Senderowitz also spoke of another trend that is becoming more
common, that being a "narrowing of the market" - "fewer and fewer companies being
responsible for the returns that you've been receiving; to the extent that the top ten (10)
companies of the S & P 500 are responsible for over a third of the returns in the S & P
500 - that's a phenomenal concentration".
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - APRIL 27. 1999
PAGE20F2
Discussion ensued on the diversification of our portfolio; "growth" doing better than
"value" in our portfolio; the Russell 2000 Index; International funds; along with returns
on stocks and bonds.
Board Member Vernon Rozelle arrived at 7:45 p.m.
Mr. Senderowitz briefly advised the Board of some management personnel changes at
SunTrust, such as the new Mid-Cap Manager that had just been hired.
The Board asked Mr. Senderowitz if any changes to the plan should be considered, but
Mr. Senderowitz felt comfortable with our portfolio. Discussion.
Next, there was brief discussion on which stocks were doing the best, and Mr.
Senderowitz added that the top performers were Internet stocks and familiar name stocks
such as Microsoft.
There was further discussion on mid-caps; large caps; mergers; and issues concerning
Y2K.
III. OTHER DISCUSSION ITEMS
The Board asked about the status with the Fire Unions, and Manager McLemore
elaborated.
IV. ADJOURNMENT
WITH A MOTION AND A SECOND, CHAIRMAN RYAN ADJOURNED THE
MEETING.
Minutes respectfully submitted by: Andrea Lorenzo-Luaces, Interim City Clerk
City of Winter Springs, Florida
DOcSlboards/trustees/ alll/min u tes/04 2 7 99. doc