HomeMy WebLinkAbout1999 10 26 Board of Trustees Regular Minutes
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING
OCTOBER 26, 1999
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman
Jim Ryan, Tuesday, October 26, 1999 at 7:31 p.m. in the West 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
Ron Warble, absent
Also Present
Ronald W. McLemore, City Manager
Philip Senderowitz, Client Service Officer with STI Capital Management
Approval of the July 27,1999 Minutes
MOTION BY VICE CHAIRMAN ROBERT NIPPES. "I MOVE TO APPROVE
THE JULY 27, 1999 REGULAR MEETING MINUTES AS WRITTEN."
SECONDED BY CHAIRMAN JIM RYAN. DISCUSSION. VOTE: VERNON
ROZELLE: 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, Client Service Officer with STI Capital Management, spoke to
the Board about the request at the last meeting for an increased number of reports to be
distributed. After distributing the reports, Mr. Senderowitz talked of the money purchase
plan and the defined benefit plan "which the returns were basically the same". Mr.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - OCTOBER 26. 1999
PAGE 2 OF 2
Senderowitz spoke of a "very difficult quarter"; and being able to post almost twelve and
a quarter percent in the diversified portfolio.
Discussion ensued concerning the High Grade Equity Income Fund; International Stocks;
Smaller Cap Stocks; the Limited Cap Fund; the Stock Market; the retirement
withdrawals; and the International Fund.
Discussion continued regarding interest rates; bonds; that the fund should end the year
"up ten to twelve percent"; the new configured Dow; the diversity of the portfolio; stocks;
the S&P 500; the Russell 2000 Index; the City's and Employees' contributions; and the
City's goal to grow out of the Define Benefit Plan and into a Define Contribution Plan.
Mr. Senderowitz departed at 8: 18 p.m.
III. OTHER DISCUSSION ITEMS
Mr. Ronald W. McLemore, City Manager, spoke to the Board of a future proposal from
the International City Management Association (ICMA) which would furnish the same
services now being provided by the bank. Discussion ensued regarding cost savings,
ICMA's "philosophy"; the Board meeting with ICMA representatives in the future;
Define Contribution Plans; ICMA being a non-profit organization; and various options of
investment.
IV. ADJOURNMENT
MOTION BY CHAIRMAN RYAN. "I MOVE TO ADJOURN THE MEETING".
BOARD MEMBER VERNON ROZELLE SECONDED. WITH THE
CONSENSUS OF THE BOARD THE MEETING WAS ADJOURNED AT 8:41
P.M.
Minutes respectfully submitted by: Debbie Gillespie, City Clerk's Office
City of Winter Springs, Florida
DOcSlboards/trustees/allllminutesl I 02699 .doc