HomeMy WebLinkAbout2001 01 30 Board of Trustees Regular Mintues
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING
JANUARY 30, 2001
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman
Robert Nippes, on Wednesday, January 30, 2001 at 7:30 p.m. in the West Conference
Room of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs,
Florida 32708).
Roll Call
Chairman Robert Nippes, present
Vice Chairman Vernon Rozelle, present, arrived at 7:31 p.m.
Board Member Vincent Giannoni, present
Board Member Mark Queen, present
Board Member Mark Sardo, present
Also Present
Mr. Gene DeMarie, General Services Director
Mr. Timothy J. Nash, Trusco Capital Management Representative, arrived at 7:36
p.m.
Board Member Vernon Rozelle arrived at 7:31 p.m.
Approval of the November 8, 2000 Regular Meeting Minutes
MOTION BY BOARD MEMBER SARDO. "I MOVE THAT WE APPROVE THE
MINUTES." SECONDED BY BOARD MEMBER GIANNONI. DISCUSSION. THE
BOARD AGREED TO THE MOTION BY CONSENSUS.
.:..:. AGENDA NOTE: THE FOLLOWING AGENDA ITEMS ARE
DOCUMENTED IN THE ORDER DISCUSSED. .:. .:.
III. OTHER DISCUSSION ITEMS
Mr. Gene DeMarie, General Services Director spoke of the City's Pension Plan change to
a "Defined Benefit Plan" as of October 1, 2000; the City's need for a new "plan
document"; the timeframe for putting out a Request For Proposal; fees; and that Sandy
Turner of Turner & Associates recently held meetings with the employees to review the
Pension Plan.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - JANUARY 30, 2001
PAGE20F2
Mr. Timothy J Nash arrived at 7:36 p.m.
II. REGULAR AGENDA
A. Review Of SunTrust's Financial Statements With STI Capital Management
Representative Mr. Tim Nash
Mr. Timothy J. Nash, Trusco Capital Management Representative spoke of the market
closing "up" today; anticipating the interest rate to drop a quarter of a percent; the fund
ending the fiscal year up twenty-one percent (21 %); the merging of the two (2) plans; the
S&P being down 9.1 percent (9.1%); the NASDAQ being down thirty-nine percent
(39%); and that Bonds outperformed Stocks this past year. Mr. Nash informed the Board
of the fund being diversified; the CAP Fund and the Growth Fund being up about twelve
percent (12%) and 1.6 % for the year respectably; the High Grade Equity Fund; and of the
expected decrease in interest rates tomorrow.
Mr. Nash spoke of STI seeing that "The longer term economic outlook for the year being
real bullish the last half of the year, a little more volatile over the next few months and
may see a total of half of a percent (12%) in a rate decrease by summer." Mr. Nash then
spoke of tax cuts; changing the withholding by the Government; Stocks and Bonds;
various performances; and reimbursement for a recent Bond loss.
The Board asked if any changes should be made to the portfolio. Mr. Nash did not
recommend any changes at this time; and he then spoke of International Market prices;
and companies to watch in the upcoming year. He invited the Board Members to his
offices for a tour; explained the structure of the offices in the area; and spoke of fees and
extra services that the City receives.
IV. ADJOURNMENT
With consensus of the Board, Chairman Nippes adjourned the meeting at 8:07 p.m.
RESPECTFULLY SUBMITTED:
~~
DEBBIE GILLESPIE .-'
DEPUTY CITY CLERK
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NOTE: These minutes were approved at the ~ ~, 'I
,2001 Board of Trustees-Pension Plan Meeting.
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