HomeMy WebLinkAbout2001 07 31 Board of Trustees Regular Minutes
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING
JULY 31, 2001
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman
Robert Nippes, on Tuesday, July 31, 2001 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:
Chairman Robert Nippes, present
Vice Chairman Vernon Rozelle, present
Board Member Vincent Giannoni, absent
Board Member Mark Queen, present
Board Member Mark Sardo, absent
II. CONSENT
CONSENT
A. Approval Of The May 8, 2001 Regular Meeting Minutes.
MOTION BY BOARD MEMBER QUEEN. "I MOVE THAT WE APPROVE THE
MINUTES." SECONDED BY VICE CHAIRMAN ROZELLE. THE BOARD
AGREED TO THE MOTION BY CONSENSUS.
MOTION CARRIED.
CONSENT
B. Approval Of The June 5,2001 Special Meeting Minutes.
MOTION BY BOARD MEMBER QUEEN. "I MOVE THAT WE APPROVE THE
MINUTES." SECONDED BY VICE CHAIRMAN ROZELLE. THE BOARD
AGREED TO THE MOTION BY CONSENSUS.
MOTION CARRIED.
III. REGULAR AGENDA
REGULAR
A. Review Of Trustco Capital Management Financial Statements With
Representative Mr. Tim Nash.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - JULY 31,2001
PAGE 2 OF 3
Mr. Gene DeMarie, General Services Department Director distributed performance
comparisons for the period ending June 30, 2001. Chairman Nippes asked why SunTrust
invests in its own equities and if the asset allocation is mandated? It was suggested that
Mr. Nash could address these questions at the next Meeting.
REGULAR
B. Discussion of Employee Contribution.
Mr. DeMarie stated that new employees are worried about losing 3% if they terminate.
Ms. Sandy Turner of Retirement Plan Specialists, Inc. is looking into whether we can
give them their 3% at termination. Mr. DeMarie stated that the City could not afford to
"Cash out" with employees, money has not been budgeted for "Cash out." Mr. DeMarie
also stated the City Manager is recommending the 3% vested and distributed when age 65
is reached.
Discussion.
MOTION BY VICE CHAIRMAN ROZELLE. "I MOVE THAT WE APPROVE
THE CITY MANAGER'S RECOMMENDATION OF 3% BEING VESTED AND
DISTRIBUTED AT AGE 65". SECONDED BY MEMBER QUEEN.
DISCUSSION. THE BOARD AGREED TO THE MOTION BY CONSENSUS.
MOTION CARRIED.
REGULAR
C. Pension Attorney Contract.
Mr. DeMarie discussed Mr. Linn's contract. He will give us one meeting a year with no
travel expenses charged, no word processing charges, no secretary overtime, no fax
service charges. Mr. DeMarie was concerned about phone charges. Vice Chairman
Vernon Rozelle suggested that we would not be talking with Mr. Linn that often.
Discussion.
MOTION BY BOARD MEMBER QUEEN. "I MOVE TO RECOMMEND
APPROVAL AND EXECUTION OF THE ATTORNEY CONTRACT BY THE CITY
MANAGER". SECONDED BY VICE CHAIRMAN ROZELLE. THE BOARD
AGREED TO THE MOTION BY CONSENSUS.
MOTION CARRIED.
IV. FUTURE AGENDA ITEMS
This Item was not discussed.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING-JULY 31, 2001
PAGE 3 OF 3
V. REPORTS
Mr. DeMarie advised the Board that the Finance Director is suggesting that a Special
Meeting is needed to discuss new requirements of the State. The City would hold
training classes on Basic Investment Policy. This would take place for four (4) hours.
Mr. DeMarie will find out if all Members are to attend. Discussion.
Deputy City Clerk Debbie Gillespie suggested that Members think about holding the
Election of Officers in the near future. Members of the Board stated they would discuss
this issue at the next Board Meeting.
IV. ADJOURNMENT
With consensus of the Board, Chairman Nippes adjourned the meeting at 8:07 p.m.
RESPECTFULLY SUBMITTED:
DEBBIE GILLESPIE
DEPUTY CITY CLERK, AND
~(b ~~~,
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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