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October, 2006 |
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POLICE & FIREFIGHTERS' PENSION BOARD REGULAR MEETING
Pursuant to authority of Ordinance C-00-34, Article II, this regular meeting of the Police & Firefighters' Pension Board convened at 12:35 P.M., Wednesday, October 4, 2006 in the Pension Board Conference Room, 888 S. Andrews Avenue, Suite 202, Ft. Lauderdale, Florida 33316.
PRESENT: Allan Curry, Vice Chairman
Romney C. Rogers, Secretary
Ian Kemp, Trustee
Michael Dew, Trustee
Tom Topor, Trustee
Betty Burrell, Ex-officio
Jim Behrenot, City Controller
Steve Cypen, Board Attorney
Lynn Wenguer, Administrator
Laurie DeZayas, Pension Aide
Renee Lipton, Recording Secretary
ABSENT: Dee Seibert, Chairman
Mark Burnam, Trustee
ALSO PRESENT: Fuzzy Larkin, President, Retirees’ Assoc.
Bill Paton, Vice President, Retirees’ Assoc.
Linda Solomon Duffey, Secretary, Retirees’ Assoc.
Ann Lindie MacNeil, Fire Department
Jack Chew, Director, Retirees’ Assoc.
Rick Schulze, Executive Board, Retirees’ Assoc.
Dennis Hole, Retiree
ASSET VALUE as of October 3, 2006: $436,568,536.
Vice Chairman Curry called the meeting to order at 12:35 P.M.
MINUTES: Regular Meeting, September 13, 2006. Mr. Topor made a motion to approve the minutes as submitted. Mr. Rogers seconded the motion. The motion was approved UNANIMOUSLY by the Board.
BENEFIT REVIEW: POLICE DEPARTMENT – New Retirees (Termination of DROP Retirement): David Langston, Police Officer. Date of DROP retirement April 25, 2003 with 24.52 years of service and 21 years of credited pension service. Termination date is October 31, 2006. Monthly pension benefit $3,727.93. DROP account total $179,079.15.
Vested Retirement – Dale R. Turley, Police Officer. Date of termination June 10, 2005. Date of retirement October 6, 2006 with 16.906 years of credited pension service. Monthly pension benefit $2,964.77.
Vesting – Jeffrey Hendricks, Police Officer. Last day worked October 9, 2006 with 13.7416 years of service. Monthly pension benefit $2,530.48 to commence January 13, 2013.
Motion was made by Mr. Dew to approve the Benefit Review with Mr. Kemp seconding the motion. The motion was approved UNANIMOUSLY by the Board.
BILLS: Asset Consulting Group submitted a bill for investment consulting services for the period ended 6/30/06 in the amount of $10,625.73.
Cypen & Cypen submitted a bill for professional services reference Philip Girrbach from 5/1/06 through 8/31/06 in the amount of $627.40.
A motion was made by Mr. Rogers seconded by Mr. Kemp to approve payment of these bills as submitted. The motion was approved UNANIMOUSLY by the Board.
INPUT FROM ACTIVE & RETIRED POLICE OFFICERS & FIREFIGHTERS: Mr. Larkin invited the members to Oktoberfest on Sunday.
ADMINISTRATOR’S REPORT – Ms. Wenguer discussed a pending non-service disability due to a debilitating disease. The application for disability will be on the agenda shortly.
After discussion, Mr. Rogers made a motion that Dr. Lupu examine the applicant and have two physicians review his findings to verify them. Mr. Dew seconded the motion. The motion was approved UNANIMOUSLY by the Board.
Koch Reiss Engagement Letter for 2006. Mr. Cypen gave his approval on this contract. The Board will get a copy of the latest Peer Review.
Mr. Dew then made a motion to sign this contract with Mr. Kemp seconding the motion. The motion was approved UNANIMOUSLY by the Board.
Pension Protection Act of 2006. This Act allows for up to $3,000 of Health Insurance premiums to be tax free as long as it is paid directly to the provider from the Plan. Mr. Cypen noted that it is possible that the Board will have some discretion to not include outside insurance carriers. This could create many problems. He noted that there were more questions than answers in implementing this Act. He is looking for further guidance and will pass along information as he receives it.
Introduction of Jim Behrenot: Ms. Burrell introduced Mr. Behrenot to the Board Members. He has been hired by the City to replace Ms. Rizi as the City Controller when she retires.
Small Cap Manager Search Update: The contract with Lee Munder is in the process of being signed. The issue of the use of “soft dollars” was discussed. The Administrator stated that she was in the process of drafting a letter to each manager to require them to account for soft dollars. Ms. Wenguer added that the new managers should be in place by November 1, 2006.
Transaction Manager: Ms. Wenguer discussed the hiring of Northern Trust. The cost and time involved was discussed. The trustees agreed to have the administrator check with other transition managers as to the cost and the turnaround time.
Social Investing: Ms. Burrell questioned the Board about investing in companies doing business with the Sudanese government. Mr. Cypen discussed the fiduciary responsibility of the trustees who make investment decisions based upon expert advice. It was decided to have Ms. Wenguer ask Mr. Pulos of Asset Consulting to look into this matter and advise the trustees.
Spread Sheet: Ms. Wenguer agreed to add a column with the previous portfolio numbers to the monthly spreadsheet.
State Funding: Ms. Wenguer advised the trustees that the annual State funding had been received and she was expecting $667,000. supplemental funds for the firefighters by next week.
Vested “Me too” Members: Ms. Wenguer advised that the information has been sent to Payroll. The payments will start November and will include the retroactive amount due for the four members who are entitled to this payment.
Computer Replacement: Ms. Wenguer to research the cost of replacing the computers in the office. The money in the Merrill Lynch account will be used for this purchase.
Pension Board Elections: Ms. Wenguer advised the trustees that to date no nominations have been sent in by the Police Department.
Disability Forms: The Administrator to ask the City of Miami to provide her with a copy of the forms they use in disability cases to enable the trustees to review them.
Website: The trustees discussed the updating of the website information on a timely basis. After discussion, Mr. Kemp made a motion to get quotes from other Webmasters, one to include updating and one without updating. The administrator will bring this information back to the trustees. Mr. Topor seconded the motion. The motion was approved UNANIMOUSLY by the Board.
FOR YOUR INFORMATION: No action.
There being no further business to be brought before the Board, Mr. Topor made a motion to adjourn at 1:43 with Mr. Dew seconding the motion. The motion was UNANIMOUSLY approved.
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