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HomeMy WebLinkAbout2003 01 28 Board of Trustees Regular Minutes CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING JANUARY 28,2003 I. CALL TO ORDER The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman Robert Nippes on Tuesday, January 28, 2002 at 7:44 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 .:. .:. AGENDA NOTE: THE FOLLOWING AGENDA ITEMS ARE DOCUMENTED IN THE ORDER THEY WERE DISCUSSED. .:. .:. III. REGULAR AGENDA REGULAR B. Review Of Trustco Capital Management Financial Statements With Representative Mr. Tim Nash. Mr. Tim Nash, CCM, Trusco Capital Management, Senior Managing Consultant, Public Financial Management, 300 South Orange Avenue, Suite 1600, Orlando, Florida: presented his comments on the City's portfolio. Mr. Nash and the Committee then discussed the "Target Range" concerning the Stocks andBonds. Mr. Nash said, "The only thing I'm concerned about is and again when we look at our asset allocation models, it is not a problem right now but if the absolute floor on Small and Mid Caps is twenty-one percent (21 %) - there may come a time when we say - we would want to have five percent (5%) or ten percent (10%) there rather than the minimum of twenty-one percent (21 %). If we go into the seventy percent (70%) range then we would look at it." Chairman Nippes stated that the Target Range was "70/30 with five (5) either way, and then once you get down into the 70, this is the target that we would like you to work with but - as long as you are in the 70/30 we've got flexibility in there." Ms. Frangoul said she would clarify the language for the Agreement, "So we are all on the same page." The "Target Range" for International Stocks was next discussed. CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING - JANUARY 28. 2003 PAGE 2 OF3 II. CONSENT CONSENT A. Approval Of The October 30, 2002 Regular Meeting Minutes. Chairman Nippes requested a Motion to approve the Minutes. "I MOVE THA T WE APPROVE THE MINUTES." MOTION BY VICE CHAIRMAN ROZELLE. SECONDED BY BOARD MEMBER GIANNONI. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CONSENT B. Approval of the November 26, 2002 Special Meeting Minutes. Ms. Louise Frangoul, Finance Department Director, discussed some of the Plan document issues that were being reviewed by City Commission. Brief discussion. "I WOULD MOVE THAT WE ACCEPT THOSE MINUTES OF THE SPECIAL MEETING AS READ." MOTION BY VICE CHAIRMAN ROZELLE. SECONDED BY BOARD MEMBER GIANNONI. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. III. REGULAR AGENDA REGULAR A. Election Of Officers. "MOTION FOR ROBERT [NIPPES] TO REMAIN AS CHAIRMAN." MOTION BY BOARD MEMBER GIANNONI. SECONDED BY VICE CHAIMAN ROZELLE. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. "I MAKE A MOTION THAT WE RE-ELECT VERNON ROZELLE AS VICE CHAIRMAN." MOTION BY CHAIRMAN NIPPES. SECONDED BY BOARD MEMBER GIANNONI. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING - JANUARY 28, 2003 PAGE 3 OF 3 IV. FUTURE AGENDA ITEMS This Agenda Item was not discussed. V. REPORTS No Reports were given. VI. ADJOURNMENT Chairman Nippes asked for a Motion to Adjourn. SO MOVED. MOTION BY BOARD MEMBER GIANNONI. SECONDED BY VICE CHAIRMAN ROZELLE. DISCUSSION. WITH CONSENSUS OF THE . BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. Chairman Nippes reminded the Board Members that the next Regular Board of Trustees Meeting will be held on April 29,2003 at 7:30 p,m. Chairman Nippes adjourned the Meeting at 8: 15 p.m. RESPECTFULLY SUBMITTED: ~~9~ NICE PALLADINO ASSIST ANT TO THE CITY CLERK S:\dept- City Clerk\BOARDS\TRUSTEES\alll\MINUTES\2003\012803 REGULAR.doc NOTE: These Minutes were approved at the July 29, 2003 Board of Trustees Pension Plan Meeting.