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HomeMy WebLinkAbout2002 06 25 Board of Trustees Special Minutes CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN SPECIAL MEETING JUNE 25, 2002 I. CALL TO ORDER The Board of Trustees - Pension Plan Special Meeting was called to order by Chairman Robert Nippes, on Tuesday, June 25,2002 at 6:33 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, present Board Member Mark Queen, absent Board Member Mark Sardo, arrived at 6:51 p.m. II. REGULAR REGULAR A. Review Draft RFP ("Request For Proposal") For An Investment Manager. Mr. Steven Alexander, CCM, Trusteo Capital Management, Senior Managing Consultant, Publie Financial Management, 300 South Orange Avenue, Suite 1600, Orlando, Florida: referring to the Draft Request for Proposal Mr. Alexander suggested that "We probably need to establish the existence of the current contract with Trusco;" and "The new Investment Policy for the Pension Fund" needs to be attached to this document with the modification of the "Performance Numbers section." Mr. Alexander also suggested that on page 6, questions 7., 8., and 9., be removed and "Refer them to the Performance Measurements that are now established in the Investment Policy." Chairman Nippes asked, "Now - if we do that is that going to tell us how they've done?" Mr. Alexander replied, "We are going to ask for performance numbers based on the benchmarks establishing those policies." Discussion. By consensus it was decided that questions 7., 8., and 9. on page 6 would be deleted and a new 7. would be rewritten "That is going to ask for performance numbers for the last - five (5) and ten (10) years." CITY OF WINTER SPRlNGS MINUTES BOARD OF TRUSTEES - PENSION PLAN SPECIAL MEETING - JUNE 25, 2002 PAGE20F3 When asked about insurance, Mr. Alexander said. "The insurance probably needs to be scoped out by - the City." It was also decided that on page 2, the date and monies would be updated to the most recent statement date. Discussion. Chairman Nippes asked, "Are we ready to make a Motion to accept?" MOTION BY BOARD MEMBER GIANNONI. "MOTION TO ACCEPT." Chairman Nippes reiterated that the Motion would include the following revisions and additions: ~ Page 2, submitting the latest statement date and balance.. ~ Page 3, the contract term will be completed. ~ Page 6, deleting 8. and 9. and modifying 7. to include the performance numbers for five (5) and ten (10) years based on the benchmark. ~ Page 9, the insurance will be verified. ~ The Investment Policy will be attached. Board Member Mark Sardo arrived at 6:51 p.m. SECONDED BY VICE CHAIRMAN ROZELLE. DISCUSSION. ' WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. Chairman Nippes reviewed the revisions for Board Member Sardo. III. FUTURE AGENDA ITEMS This Item was not discussed. VI. ADJOURNMENT Chairman Nippes asked "Do I have a Motion to Adjourn?" MOTION BY BOARD MEMBER SARDO. "I'LL MAKE THAT MOTION." SECONDED BY BOARD MEMBER GIANNONI. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CITY OF WINTER SPRlNGS MINUTES BOARD OF TRUSTEES - PENSION PLAN SPECIAL MEETING - JUNE 25, 2002 PAGE 3 OF 3 Chairman Nippes adjourned the Meeting at 6:58 p.m. RESPECTFULLY SUBMITTED: ~~ DEBBIE GILLESPIE DEPUTY CITY CLERK S:\dept - City Clerk\130ARDS\TRUSTEES\a1ll\MINUTES\2002\052802 SPECIALdoc NOTE: These Minutes were approved at the July 30, 2002 Board of Trustees-Pension Plan Meeting.