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HomeMy WebLinkAbout2000 11 08 Board of Trustees Regular Minutes CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING NOVEMBER 8, 2000 I. CALL TO ORDER The Board of Trustees - Pension Plan RegUlar Meeting was called to order by Chairman Robert Nippes, on Wednesday, November 8, 2000 at 7:37 p.m. in the West Conference Room of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). (This meeting was originally scheduled to be held on October 31, 2000, but was postponed to this date). Roll Call Robert Nippes, Chairman, present Vernon Rozelle, Vice-Chairman, present Vincent Giannoni, absent Mark Queen, absent Mark Sardo, present Also Present Mr. Gene DeMarie, General Services Director Mr. Timothy J. Nash, Trusco Capital Management Representative Approval of the May 15, 2000 Minutes Vice Chairman Vernon Rozelle pointed out that on page two (2) of the Minutes, on the first line of the last paragraph on that page, the word "fun" should be "fund." Chairman Nippes stated, "Do we have a Motion to accept the Minutes as modified?" MOTION. SECOND. DISCUSSION. WITH CONSENSUS FROM THE BOARD, THE MOTION CARRIED. II. REGULAR AGENDA A. Review of SunTrust's Financial Statements with STI Capital Management Representative Mr. Tim Nash. Mr. Timothy 1. Nash, Trusco Capital Management Representative spoke about the Money Purchase Pension Plan, and discussed the status of the market; technology stocks; CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING - NOVEMBER 8, 2000 (THIS MEETING WAS ORIGINALLY SCHEDULED FOR OCTOBER 31, 2000) PAGE20F3 earnings; that the "shining star" were the S & P Small Cap and Big Cap stocks; and the general status of the economy including confidence levels, mortgage rates, and unemployment rates. Interests rates were then discussed, along with "productivity gains, and rate of returns." Mr. Nash then briefly discussed with members of the Board, the Growth and Income Fund; the High Grade Growth Fund; and the High Grade Equity Income Fund, in addition to other Funds. Members of the Board asked Mr. Nash if he felt there should be any types of changes made. Mr. Nash advised the Board, "I think the one thing we want to do, like I said, is pare back - that's - you are one of most of our most aggressive allocations. We manage 183 municipalities across the State of Florida, in general - most of them are in the 55 to 65 range. We've got a few of the bigger plans 70/30, but that's about the upper limit, overall." Further discussion ensued on asset allocations; earning targets for the S & P; and looking at the Fund from a long term perspective." Mr. Nash added, "The only change that we might make is paring back the Limited Cap, a little bit." Further brief discussed followed on the "lackluster" performance of Value Funds, over the past few years. The Board agreed that they would not make any asset allocation changes at this point, and they would watch economic factors, and observe "what happens in February." Mr. Nash was asked whether he would make changes automatically. Mr. Nash replied, "Right now the policies say we have discretion, we can move money around however - we normally like to talk about it with Board and find out what your thoughts are, and implement those thoughts." Members of the Board agreed that they would "Trust their judgement and hold off until you get better indications which way things are going." Discussion then ensued on Board Members having electronic access to account information. Mr. Nash explained that such a system has not been implemented as of yet, and that he would be glad to provide any information requested. Members of the Board mentioned that the previous process of report information being given to the City Manager was the best way to proceed. Board Member Sardo advised those in attendance that his preference was for thirty (30) day reports. The status of when reports were normally available was also discussed. Mr. Nash advised everyone that the reports were usually ready about ten (10) days before the next meeting. Asset allocations were further discussed, and Mr. Nash mentioned how other municipalities compared to us. Next, the national election was brought up, along with what changes could be in store as a result of who takes the Presidency. CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING - NOVEMBER 8, 2000 (THIS MEETING W AS ORIGINALLY SCHEDULED FOR OCTOBER 31,2000) PAGE30F3 Mr. Nash departed at approximately 8:20 p.m. III. OTHER DISCUSSION ITEMS Mr. Gene DeMarie, General Services Director advised the Board that the City's Actuary would be meeting individually with all employees to discuss retirement information and plan document summaries. Tape I/Side 2 Further brief discussion ensued on the status of employees' contributions; salaries; "incentives;" and the true merits of a "Defined Contribution Plan." Mr. DeMarie then advised the Board that the City was considering "Next year, perhaps, instituting something like a cost-of-living increase for existing retirees." Plan management; the status of RFP documents; "proprietary" funds; and investment management issues were briefly discussed. IV. ADJOURNMENT Chairman Nippes asked for a call for adjournment. The meeting was adjourned by Chairman Nippes at approximately 8:41 p.m. RESPECTFULLY SUBMITTED: -=- O-LUACES DOCSlboardsltrustees/alll/minutes/2000/110800.doc NOTE: These minutes were approved at the~h.()lO rlJ <;0 ,2001 Board of Trustees-Pension Plan Meeting.