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HomeMy WebLinkAbout2006 05 24 Board of Trustees Special Minutes EXEMPTION CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES - PENSION PLAN SPECIAL MEETING MA Y 24, 2006 CALL TO ORDER The Board of Trustees - Pension Plan Special Meeting was called to order by Chairman Robert Nippes on Wednesday, May 24, 2006 at 6:30 p.m. in the City Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairman Robert Nippes, present Vice Chairman A. Mark Sardo, arrived at 6:49 p.m. Board Member Guy DeMaio, present Board Member Byron Giltz, present Board Member Vernon Rozelle, Jr., present Chairman Robert Nippes led the Pledge of Allegiance. REGULAR AGENDA REGULAR 300. General Services Department Requesting The Board Of Trustees Receive Presentations From The Two (2) Firms Responding To City's RFP (Request For Proposal) For Procurement Of On-Going Third Party Pension Advisory Services To The City Of Winter Springs Defined Benefit Pension Plan. Mr. Kevin Smith, Director, General Services Department, introduced this Agenda Item. Mr. Sidney H Taylor, MB.A. Burgess Chambers & Associates, 601 North New York Avenue, Suite 200, Winter Park, Florida: Mr. Taylor gave a slide presentation on his firm and answered questions from the Advisory Board Members. Mr. Taylor commented on his experience with Pension Advisory Services. Tape l/Side B Discussion ensued regarding turnover of clients from Burgess Chambers & Associates. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING - MAY 24, 2006 PAGE20F3 Mr. Joseph Bogdahn, Principal, Bogdahn Consulting, LLC, 340 West Central Avenue, Suite 300, Winter Haven, Florida: Mr. Bogdahn presented his firm to the Advisory Board Members. Discussion. Mr. David West, CF A, Bogdahn Consulting, LLC, 340 West Central Avenue, 300, Winter Haven, Florida: commented on assets and allocations. Tape 2/Side A Mr. Michael Welker, CF A, Bogdahn Consulting Partner/Senior Consultant, 340 West Central Avenue, Suite 300, Winter Haven, Florida: spoke regarding performances of Pension Managers. Mr. Bogdahn fielded questions from the Advisory Board Members. Mr. Corey Green, : spoke on the Defined Benefit Plan for Winter Springs' firefighters. Mr. Steven Alexander, CCM, Pension Investment Advisor, Public Financial Management, Inc., 201 South Orange Avenue, Suite 720, Orlando, Florida: commented that he reviewed both proposals and stated, "I think either one - would be a great asset to the City." Mr. Alexander also stated, "I think the last one - that you just interviewed - probably in mind stands out a little bit higher than the first firm based on the staffing they have and the individuals they have on board. Both from an educational and experience standpoint. 1 think that kind of puts a little extra check mark for me in that regard, but 1 think both firms will serve you well." Regarding Criteria in choosing a firm. Mr. Alexander stated, "Fees are not a big issue. It's the result and plans compared to your existing plan." Discussion ensued regarding independent firms. Mr. Smith stated, "I would take your recommendation to the [City] Commission on June 12, 2006." The Advisory Board Members discussed the two (2) presentations. "THE INDIVIDUALS FROM WINTER HAVEN - BOGDAHN CONSULTING - I WOULD LIKE TO MAKE A MOTION TO TAKE A VOTE THAT WE RECOMMEND TO THE CITY ON JUNE 12TH [2006] TO TAKE A LOOK AT THEM AT THE CITY COMMISSION AS BEING OUR RECOMMENDATION." MOTION BY BOARD VICE CHAIRMAN SARDO. SECONDED BY ADVISORY BOARD MEMBER ROZELLE. DISCUSSION. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING - MAY 24, 2006 PAGE30F3 VOTE: CHAIRMAN NIPPES: AYE BOARD MEMBER DEMAIO: AYE BOARD MEMBER GIL TZ: NAY BOARD MEMBER ROZELLE: AYE VICE CHAIRMAN SARDO: AYE MOTION CARRIED. 600. REPORTS No Reports were given. FUTURE AGENDA ITEMS None were noted. ADJOURNMENT "I MAKE THAT MOTION TO ADJOURN." MOTION BY ADVISORY BOARD MEMBER SARDO. SECONDED. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. Chairman Nippes adjourned the Meeting at approximately 9:54 p.m. RESPECTFULLY SUBMITTED: :~ ~~dd0 DEBBIE FRANKLIN DEPUTY CITY CLERK NOTE: These Minutes were approved at the Julv 25 ,2006 Board of Trustees Regular Meeting.