HomeMy WebLinkAbout2001 05 08 Board of Trustees Regular Mintues
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING
MAY 8, 2001
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman
Robert Nippes, on Tuesday, May 8, 2001 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
Chairman Robert Nippes, present
Vice Chairman Vernon Rozelle, present
Board Member Vincent Giannoni, absent
Board Member Mark Queen, present
Board Member Mark Sardo, absent
Also Present
Mr. Gene DeMarie, General Services Director
Mr. Timothy 1. Nash, Trusco Capital Management Representative
Ms. Diane Garcia, SunTrust Management Director
Mr. Ronald W. McLemore, City Manager
Approval of the January 30, 2001 Regular Meeting Minutes
MOTION BY VICE CHAIRMAN ROZELLE. "I MOVE THAT WE APPROVE THE
MINUTES." SECONDED BY BOARD MEMBER QUEEN. DISCUSSION. THE
BOARD AGREED TO THE MOTION BY CONSENSUS.
MOTION CARRIED.
.:. .:. AGENDA NOTE: THE FOLLOWING AGENDA ITEMS ARE
DOCUMENTED IN THE ORDER DISCUSSED. .:. .:.
II. REGULAR AGENDA
A. Review Of SunTrust's Financial Statements With STI Capital
Management Representative Mr. Tim Nash.
Mr. Timothy Nash, Trusco Capital Management Representative spoke of the market's
first quarter "being very ugly"; and the S&P being down 12% for the quarter and
continues to be down from the year 2000. Mr. Nash further explained that almost every
industry was in negative territory through out the first quarter; that by the end of summer
things should begin to move forward; and this negative trend was primarily due to a
slower consumer spending.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - MA Y 8, 2001
PAGE20F2
Mr. Nash informed the Board that there were three reasons to believe the market will
move forward at the end of summer; interested rates, history of the predictors, and cash
on the sidelines.
The Board discussed the equity; whether to rebalance the equity; and to review the
agreement.
Ms. Diane Garcia, Sun Trust Management Director spoke of her functions on the defined
benefit plan; the billing fees; the billing procedures; filing and recording fees; and check
distribution. Discussion.
B. Presentation By Mr. Gene DeMarie, General Services Director Of
Proposals Received By Possible Pension Attorneys.
Mr. DeMarie, General Services Director reviewed the process for obtaining a pension
plan attorney and getting a recommendation to the Commission. Discussion.
MOTION BY BOARD MEMBER QUEEN. "I MOVE THAT WE INTERVIEW
ATTORNEY'S REPRESENTING EACH ACCOUNT". SECONDED BY
MEMBER ROZELLE. DISCUSSION.
MOTION AMENDED BY BOARD MEMBER QUEEN I MOVE TO INCLUDE A
BACKGROUND CHECK AFTER THE BOARD CHOOSES THEIR NUMBER
ONE CHOICE. SECONDED BY MEMBER ROZELLE. THE BOARD AGREED
TO THE AMENDMENT AND MOTION BY CONCENSUS.
MOTION CARRIED.
Mr. DeMarie indicated that he would contact the attorney's and have copies of the RFQ's
sent to the Board Members to review.
C. Discussion With Mr. Gene DeMarie Regarding Investment Policies.
Mr. DeMarie introduced the Agenda Item to the Board. Discussion.
III. ADJOURNMENT
With consensus of the Board, Chairman Nippes adjourned the meeting at 8:21 p.m.
SPE ~MITTED:
n Palladino
Secretary to the City Manager
NOTE: These minutes were approved at the
,2001 Board of Trustees-Pension Plan Meeting.
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