HomeMy WebLinkAbout2000 01 25 Board of Trustees Regular Minutes
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING
JANUARY 25, 2000
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Vice
Chairman Robert Nippes Tuesday, January 25,2000 at 7:32 p.m. in the West Conference
Room of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs,
Florida 32708).
Roll Call
Robert Nippes, Vice Chairman, present
Bill Dickey, absent
Vincent Giannoni, present
Vernon Rozelle, present, arrived at 7:37 p.m.
Ron Warble, absent
Also Present
Mr. Ronald W. McLemore, City Manager
Mr. Gene DeMarie, General Services Director
Ms. Carin Anderson, SunTrust Representative
Approval of the October 26,1999 Minutes
This Agenda item was not discussed due to a lack of a quorum.
II. REGULAR AGENDA
A. Review of SunTrust's Financial Statements with Ms. Carin T.
Anderson (Assistant Vice President with STI Capital Management).
Ms. Carin Anderson informed the Board that she is now the investment officer for the
City of Winter Springs account. She spoke of the High Grade Equity Income Fund; the
High Grade Growth Fund ("doing well due to technology"); and the U.S. Limited Cap
Fund "which has also performed outstanding. Over the past year it has been up fifty-five
(55%) percent".
Board Member Vernon Rozelle, arrived at 7:37 p.m.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - JANUARY 25, 2000
PAGE20F3
Ms. Carin Anderson continued discussing the portfolio's assets: comparing the fund
performances over the last three (3) years; the international market; the asset allocation;
the various companies included in the mutual fund; the fact sheets; and Ms. Anderson
briefly discussed the U.S. Equity Market Overview.
The Board questioned if any alterations should be made in the asset allocations; reducing
the U.S. Limited Cap Equity Fund; the High Grade Equity Income Fund; funds not being
subject to capital gains tax; and fiduciary responsibility.
. Ms Carin Anderson, departed at 8:02 p.m.
.:. .:. AGENDA NOTE: THE FOLLOWING ITEM WAS DISCUSSED. .:. .:.
Approval of the October 26,1999 Minutes
The Board discussed that on the second page, last paragraph, the word Define should be
"Defined" .
MOTION BY BOARD MEMBER ROZELLE. "I MOVE TO APPROVE THE
OCTOBER 26, 1999 REGULAR MEETING MINUTES WITH THE
CORRECTION." SECONDED BY VINCENT GIANNONI. DISCUSSION.
VOTE
VERNON ROZELLE: AYE
VICE CHAIRMAN ROBERT NIPPES: AYE
VINCENT GIANNONI: AYE
MOTION CARRIED.
III. OTHER DISCUSSION ITEMS
Mr. Gene DeMarie, General Services Director informed the Board that Vice Chairman
Nippes and Board Member Rozelle were re-appointed by the City Commission;
Chairman Ryan has resigned and Board Member Giannoni was appointed by the City
Commission to take his place; and Mark Queen was appointed to the Board.
Mr. Ronald W. McLemore, City Manager "brought the Board up to date on where we are
with the RFP [Request For Proposal] for changing plan administrators"; and explained
that the subject was recently brought before the Commission to receive clarification on
the Commission's direction to Staff, specifically, whether or not the Commission desired
to "RFP both the Actuarial Services along with the Plan Administration Services", and if
the Commission wishes to wait on the Request For Proposal until Staff finalized the two
(2) new benefits of the plan.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - JANUARY 25, 2000
PAGE 3 OF 3
There was discussion regarding "policy issues"; concerns of the City Commission and the
Board; reducing administrative expenses; delaying the preliminary presentation from
ICMA until direction has been provided from the Commission; "better returns"; earnings;
"cost ramifications"; "unified plans"; the details of the costs of the three (3) percent plan;
the City Attorney finishing the language of new benefits of the plan; and a possible
Special Meeting of the Board.
Discussion ensued regarding the consultants for the pension plan; and how long the City
had been utilizing the services of SunTrust. Manager McLemore reviewed the history of
the City's pension plan for the benefit of the newest Board Member Vincent Giannoni.
There was continued discussion on the possibility of Special Meetings of the Board being
called in upcoming months; and the response time for the RFP.
V. ADJOURNMENT
MOTION BY BOARD MEMBER ROZELLE. "I MOVE TO ADJOURN THE
MEETING". THE BOARD AGREED BY CONSENSUS.
Vice Chairman Nippes adjourned the meeting at 8:21 p.m.
Minutes Respectfully Submitted by: Debbie Gillespie, City Clerk's Office
City of Winter Springs, Florida
DOCSlboards/trustees/alll/minutes/O 12500.doc