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Home My WebLink About2002 09 24 Board of Trustees Special Minutes CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN SPECIAL MEETING SEPTEMBER 24, 2002 I. CALL TO ORDER The Board of Trustees - Pension Plan Special Meeting was called to order by Chairman Robert Nippes, on Tuesday, September 24, 2002 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 Board Member Vincent Giannoni, absent Board Member Mark Queen, present Board Member Mark Sardo, present II. REGULAR REGULAR A. Review And Ranking of RFPs ("Request For Proposal") Mr, Eric Lasso, Consultant, Public Financial Management, Suite 720, 202 South Orange Avenue, Orlando, Florida; introduced associate Mr. John Molloy, from the Harrisburg, Pennsylvania office. While distributing a booklet Mr. Lasso explained that Mr. Molloy prepared the analysis of all of the proposals to be reviewed by the Board Members. Mr. John Molloy, Consultant, PMF Assest Management LLC, One Keystone Plaza. Suite 300, North Front and Market Streets, Harrisburg, Pennsylvania: addressed the Board. Mr. Molloy proceeded to review the nine (9) proposals by discussing each company's recommendation of fund preference; the recommended asset allocation, the past performances of the recommended Funds; fee schedules; the representatives that will be handling the Pension Fund; and the company's references. City Manager Ronald W McLemore arrived at 7:46p.m. Discussion followed regarding Management Fee and Advisory Fee and the City's former experience with Florida Municipal Investment Trust. The Board Members and Consultants continued to review the proposals. Discussion. CITY OF WINTER SPRlNGS MINUTES BOARD OF TRUSTEES - PENSION PLAN SPECIAL MEETING - SEPTEMBER 24,2002 PAGE 2 OF 3 Tape 1/ Side B Referring to "Reporting devices", Mr. Molloy stated, "None of these proposals were for administration of the plan. So they are not calculating - they are not proposing benefits calculations they are not proposing the annual participants statement that tell them we expect your benefit will be 'X' based on 'X"'. Ms. Louise Frangoul, Finance Department Director said, "Isn't that common with Defined Benefit Plans though versus Defined Contribution because you have an individual account. Whereas we have a Defined Benefit Plan and you can calculate what your benefits are going to be when you retire but you can't necessarily equate it back to the pool of the money that is sitting in there at this point of time. I think that is why you can't give individual statements on a monthly, quarterly for an individual. It's an actuarial type thing." Discussion. Ms. Frangoul suggested, "That maybe one of the things that we might want to bring up when we actually have our orals and we have an opportunity to ask them questions, how can they bring that extra little customer service to us." Next discussed were the performances of proposed Domestic Equity Funds, International Equity Funds, and Fixed Income Funds. Additionally discussed were the rankings and the Consultant's recommendations. Discussion. MOTION BY BOARD MEMBER SARDO. "I'LL MAKE A MOTION THAT WE SET UP - INTERVIEWS WITH TRUSTCO CAPITAL MANAGEMENT AND WACHOVIA CAPITAL MANAGEMENT GROUP." SECONDED BY VICE CHAIRMAN ROZELLE. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. Ms Frangoul confirmed that the interviews would be held on October 8, 2002 at 6:30 p.m. Brief discussion followed regarding the format for that Meeting; and Mr. Steven Alexander [CCM, Senior Managing Consultant, Public Financial Management] agreed to contact Trustco Capital Management and Wachovia Capital Management Group. III. FUTURE AGENDA ITEMS This Item was not discussed. IV. ADJOURNMENT Chairman Nippes asked, "Do I hear a Motion to Adjourn?" CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN SPECIAL MEETING - SEPTEMBER 24,2002 PAGE30F3 MOTION BY BOARD MEMBER QUEEN. "I'LL MAKE THAT MOTION." SECONDED BY BOARD MEMBER SARDO. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. Chairman Nippes adjourned the Meeting at approximately 9:10 p.m. RESPECTFULLY SUBMITTED: ~(~ DEBBIE GILLESPIE DEPUTY CITY CLERK S:\dept - City Clerk\BOARDS\TRUSTEES\alll\MINUTES\2002\092402 SPECIALdoc NOTE: These Minutes were approved at the October 30,2002 Board of Trustees-Pension Plan Meeting,