HomeMy WebLinkAbout2001 09 12 Board of Trustees Special Minutes
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
SPECIAL MEETING
SEPTEMBER 12,2001
I. CALL TO ORDER
The Board of Trustees - Pension Board Special Meeting was called to order by Chairman
Robert Nippes, on September 12, 2001 at 7:06 p.m. in the Commission Chambers of the
Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida
32708).
RGII Call:
Chairman Robert Nippes, present
Vice Chairman Vernon Rozelle, present
Board Member Vincent Giannoni, arrived at 7:07 p.m.
Board Member Mark Queen, absent
Board Member Mark Sardo, present
II. REGULAR AGENDA
A. Review Draft Of Retirement Investment Policy With Consultants.
Board Member Giannoni arrived at 7:07 p.m.
Discussion ensued with Mr. Steven Alexander, CCM, Senior Managing Consultant,
Public Financial Management, 201 South Orange Avenue, Suite 720, Orlando, Florida,
and Mr. Donald D. Chapman, E.A., M.A.A.A., M.S.P.A., Consulting Actuary,
Retirement Plan Specialists, Inc., 2 Lawn Street, Oviedo, Florida.
Mr. Alexander began the Training Session with a discussion on Cash Management Tools
such as disbursement and forecasting; and various aspects of liquidity. Mr. Alexander
then read Section Nine (9) of the Statute to the Board. Mr. Alexander spoke of an Asset
Evaluation Method "Which will smooth out the roughness in the market from year to
year." He stated further, "That's what I plan to put in here that would - buffer some of
those significant swings from year to year, and you wouldn't realize that all at once. It
would be spread over a five (5) year period." Discussion followed.
Mr. Ronald W McLemore, City Manager left the Meeting at 7:16 p.m.
Manager McLemore returned to the Meeting at 7:16 p.m.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES/PENSION BOARD
SPECIAL MEETING - SEPTEMBER 12, 2001
PAGE20F2
Board Member Mark Sardo asked if the City's rate is high or low. Mr. Alexander stated,
"It's on the high end." Mr. Alexander further stated, "That's why a smoothing technique
would really be I think recommended here." Discussion ensued.
In regards to defining how the current rate of return is calculated, Mr. Alexander stated,
"The - expected rate of return will be - nine percent (9%), so you see, and then to the
extent that it differs or varies from the expected such gain or loss would be spread over a
- mo'.'ing five (5) period." Discussion followed.
"I MAKE A MOTION THAT WE ACCEPT THE DRAFT." MOTION.
SECONDED BY BOARD MEMBER GIANNONI. DISCUSSION. WITH
CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED.
MOTION CARRIED.
IV. ADJOURNMENT
Chairman Nippes adjourned the Special Meeting at 7:26 p.m.
RESPECTFULLY SUBMITTED:
HO L Y PIERSTORFF AND
NZO-LUACES
NOTE: These minutes were approved at the
,2001 Board of Trustees-Pension Plan Meeting.