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04/13/1987
I� � �. o I� I� A� . � � . : � . � � .'�� � ✓5 1' � ' . . .. . ' . . . � .. . �: t �� :t . . . . . . . .. .. * �, � . �; _ �: , ,. �, , . . . ' , . _ . ' 1 � 1 �7:''. . . . . � .. ' . . � .i 'ri t�.F,�,`�'.;. . . . ' � . . ' ; . . ' _ �i '�.i . , � , ' � , �� � � � , � � ' +, � . � ; . , ' , . ' , `' � .� � ' `, ,. �. . r �� '. , .'� ' . . . ' ., .. ', '.' .� ... �: �wwa�u�.Mw�ra,k�www�'twk�-4rer,:u�.ws�.rw�w:amw.rrw�.�, t� � : A.. : l . S � y � S'�.9 ..•,� i! � ti J ' i .' t1Y.1 ..�.�. . .. • � ,'3_, ",1 ...L. J i . 4 �, ; 7 . . �f �{.'1..�}�.. (. ' e { . yV i .y� '` � ` i ` , } TRUSTEES OP THE EMPLUYEES' PENSION FUND MEETING f '��q`��'j � : t t � � ',� � r x . April 13, 1987 ` ,, } ` ' �� , ' �:� � y l t �' i �. 3� : � .w ? f. f t � �� ,:� ' t � �r , }S� �. i *x,. . j; . The City Commission, mePting as the Board of Trustees of the Employees" � ,e::� + - ;: , �� `; k'w�,�.;,, , ..? . ,..�,.,.. . ,, " 'I Pension Fund, met in regular session at the City Hall, Monday, April 13, 1987, �`1 '' }:: ,; at 1:09 p.m., with the following members present: - , ` �` Rita Garvey Mayor/Commissioner �° , Lee Regulski Vice-Mayor/Commissioner >� James Berfield Commissioner (arrived at 1:11 p.m.) - � � = Don Winner Commissioner ' � �` William Nunamaker Commissioner �: �x � !- Also present were: �.�-. � ��� '. � ,•.r:. '� z j= Anthony L. Shoemaker City Manager -'f i , } : ,, �,i .t� � J;_ ; i� Milton A. Galbraith, Jr. City Attorney ; ti+� '�� Cynthia Goudeau City Clerk �� - ' � , , ;� , � f s ,�' � }_h r3 ,� � "` r > ` The Mayor called the meeting to order. M1�' J�tb�`�' f ���1 . � . ...��'1 �` 3 LT `� ``t �.L� 15. • y � � 1 5 . .M <=1,�43WCr._ b....: w !.'=:i{_ . . .. , rti.= : �`, � � � s � :j ii {;,5 ,, t :'t;:; ��- - �=,�s;,:; x.:��.,.-::� � ITEM ��2 - Minutes - Commissioner Winner moved to approve the minutes of the March 30, 1987 meeting. Hotion was duly seconded and carried unanimously. ITEM ��3 - Recommendation of the Pension Advisory Committee. a. Request for Acceptance into Membership. The City Manager presented the recommendation of the Advisory Committee to approve membership for four(4) employees listed below: Name CLassification Department James Rubincan Police Recruit I Police William Kunzman Parking Enf. Officer Police Kari Jackson Copy/Print Operator Cent. Ser./Graphic Comm Gene Roebuck Maint. Worker I Pub Works/Public Service Commissioner Regulski moved to accept the recommendation of the Advisory Committee. Motion was duly seconded and carried unanimously. ITEM #4 - Other Business. 1) Disability Experience Study In March of 1987, the Trustees approved the appointment of Ogle and Waters to perf�rm the January 1987 Actuarial Evaluation. Their proposal also included a quote for an additional study directed toward determining our plan's actual disability experience and how it compares to the current actuarial asumption of standard disability rates. Book 2 .:, •� -::;�r;>n:ri?�«»':�:=:',.i�-: '::5;t $�J�h4�►:��^,�i'•svyttl�l.."i�"J7�'� 82. } ,� Ef�.`�'�°" ' �1 .�.,'q'1"�wr i K � 4 Y+ t r r e r t � M' {" 4 �T . '�e "1' '!' n �"1.i 7 .i� F. t� j��ititi I � s :�'d s5'�i � � � �� y� .� �� .+fS '�c� � ( . x� � ; �: � �` i �,:t ' 4 �4 '� h 1 �"C � . � � i� �rt�, -s� 9 7 �; � t . � .� � y i � . r � � � 7tf�/ ,� t � i �,�r DFr�Y;`r��.FM ..ri.��: yi.� �i��s ���� �°.`�-t� �t ,'.Y. 41.;'� i� ���' t« kF ��'� di�J �i» FiH�..4tY�#y.F✓ +iSr+"p..T�N'hC.v+��+a���.+5� . . � aq������,'w.w�p+.. y�:��.��... . _ .... `,.a,. �aw�f. . ... _... . "iD• �.. ... t,�„' :S ` '' . . � . ,. j.n i 4� ��, 1 7 �5.� ' r � �. . � . . . � . . . . . � t y ; k��f'p, � �.s"�^^�`-nf e t, � � . , . � . . . � . . � . . . ' . !a �#v�(rtr;}•lp��'"�P;prt ,� i�j. #.'=' � 7 1� , � , �`: ti��� �, i+ f,E. .. � l ,Z� �. t . . . . . . . .� rY �,� . v�.��,,,F�lai �fN '� rt y"'"..� : ��; � . . � . � �. cFe,t a�xy.h r . . . . � . . � ti ;r� $) �t �.� . � , t ' .. .:�._ . : � . ' . . . .. � . . jlrt � Fw rI T i.' ..1J � } . �. ' . . �. . r .. . . . ' . +>C . ( {�1 }R{ �� 1 1 , t f . ' f.. . . . . -I $ .. . . _ � , . . .. . . ' . � ' � . . . ! �? � � ' . . . , . . . � . . ' . . . . . . ` _ r . April 13, 1987 t� .� 1 .dµ, �,} ��- :; .. . 5:=.,.,'',rnf.v. 't;�r iy ,Y. i�.T:�� ..i� ���'t+' {i$�.: f�'•-. :'.�} � ; � yF. .� < ° .r �,�' 1 '.'F; -!•r.,lY..�}itriti!'y`„':'�Y„•r.. '�"°'v4::���?�;���' �!`'.7i�:j�i � y , " .�}` , � t�a��� ;`} '�� ' r4 * �'Ct i ` ri , u. F � 7� : ' _. �.: r.,s:'.:^,a;-.::a"8..:.eC � a ; �.' ; ti;: .: �, 14�. ;� .. ...r�.ia.� n.r. t 6 t ,�� ��� �Y"?::: L;�'�✓',. �t4n.:..W,:, ,..�M M�'.,�i,.�...�.�t� - - . !• 'f { � .:Yvy"ti _ •�1 'l'�.� .y'�. t._�`�'Si.2 e�`w1'.AY.. .,i';, �r .. . � �� � .c ,. �,,h',�,�-5� ,�. � I ,a , } , , :, �. �, `� � � �. . �« p.x. y , :.� a4 �1 i � �i �1r � y,. (�.� . • i�� R' �1� � ,( � ����� ;_ • .�}� ��. �' � S'� }' .� �, � ' ! i�i. � Yll '�A+. � i� . l . +'! . `4- Fi .;c' . `�r. ��.. � � r�. r- �� �tv �F.. � � k •.i . . `�: �`' .i. r'�'�.�t. .�kt V . r . .t ',���� � �+"ctiiw.�aeY{::'v+'r� ��..�y 1. +u'.: , jr� . SN�"'�3' . , , .. . . �.��... ,,,._.._--:�:�.,,,;._ n�2`N�;y"�" ° . � . ' � " � ' ... , . . � r L� .1 .. � ' . . . . ' .t :� . . . . . . �r �+. . . . . . . , . . ' ' 1� . 't t S . W � ( . . . . . .. . . � � . .. . . ..,� � 5'�• . � • . � � . . � ' ' . a .,r . , . . ' .. . ' , . . , �a. } .. . . . . . . . . .�,f: : .. 4,:. � � � � �� -�., , �_. ' : - {: . . . . " ' ' ' . . . ' . . � � .'�.S•1. �� . . . ' . .. . ?i � . . . .� . ' ' ' . .. � ' . ' . '��t ' ` i. �' -..iJ ,' �.. , . { , � ,< < . � � . � �� . - •� � � . , • . . . � � . . . . . .. , . . . ,,. . . - . . F . �.: . .•, � .. �. ,. �. .. � . . . _ � � . . . . ... � .� . .�. . � $r ,� .., . �� , . . � . : . . . . , , , ' . , . . , . .� ' `' �; � ;_'. , ' � . . � .. ' � .. , . . . . .. . � � �. . � . ', ' �,��� y i . . . . . . . � . � . , ' . . .� ' � , . � , . . . . , � .. ' . . . � .� � � �� � � . . . ., � , . . , ' . .. •. . , � , . . ' ' ' � ' . . � . " ' � 4�� i � � . , ' , . . . 1 , . , .. 4 . . . . . . . . ..� . . _ . t ' ��i. � ' . � . . . . � . .. . . . . . . . . , . 1, , ' ' ., . ' : .. , � . . . . ., ., . . . '. , . ., . . , arr................ � . : ivrrMw - _ " v.�._�..._.___�._..�....w�uwtMs�+'u'F «.�rm+w...�waw.+wr+. ......��...�.._._._...�. .. 1:' � { i ' . . . ' � �� � i. , . .. '����� � . . � � ' , f a ` :{ �r ! � . . � , } � � r `tt �i � , t i f ..,, `N� i ' � i � r Y ) t� � t ' t i �t F The Pension Rewrite Committee discussed this additional study and ' � �, {:� :; concluded it would be of significant value in the process of evaluating �' _. ` ' .; whether or not the current definition of disibility should be modified. Ogles � '�+`,if�_' ..;�.� r 1 and Waters have agreed to do the study for $4,000.00 with a completion date of � 'i� � -.`j May 30th. Both the Pension Rewrite CommiLtee and City StafF recommend � �� -f `� ' � sf " ` � approval of this additional study. x t, > r,�, :, *� ; + , : � ; � r '� l. r r�� ,�,�. � Commissioner Regulski moved to approve the appointment of Ogle and � �s Kr.t ;�, �� �, ,, - i.; � ,, � Waters, Inc. to perform a disability experience study for the Pension Plan for ' ` '�ft'.�,A,r � �� r � a fee of $4,000.00 to be completed by May 30th and that the appropriate �' , ,1 � 4{tJ5 ,;�r ., .- .; �. , r = E� officials be authorized to execute the same. ' �` '` °``� � � � � ? � � : ,�' 4 � t y f �{ ' 4� r? I . i: . h . 1�.�yS r 4 A;.;. �. 2) Discussion of Pension InvestmenC - Mr. John Willoughby, Florida �;' '-'� F'" �. �'-f ��' National Bank. 7 ' `r ;� ��� s � � � �t r r � � : � _ t � .,:� r . t t � fi "�r- t+i*,ttins� fx . . {`' y�', ♦ -� Y $ } r 3 � � ' �$ 3 ' t'E . � �N i Z3s 7} }y S '', ;'4 S� Mr. WiLloughby reviewed the services offered by Florida National Bank and 4�� , ; s �{ >}-��'�� f-' �K_ � ,� l t. �.��.+� � LSi.�i�'4��� }�t; a„ ,, # its philosophy. He stated that they are a balanced fund manager. He w, , i�..� �,, � r r> ,�� �'Yj indicated that in the past the City had previously invested only 5% of the `� ` �' � a� zx� 5� �' �,+ r 7 "s' t � S� �i" t.i f, ,�;,'�'��F��{;rfl�;,F + Pension Funds' assets in stocks. However, it was determined that stocks were � 3 � t,; = r„���i�� ¢���;�� �, .. � } f^ " �.�,^�� t 7 . . r f ° ' �' . i � i5 � � � } f i �{ }� � ny �� ��� a good long term investment and the City invested 50/ of the Pension Fund , r.ar �k ykTr_"rlyt�t���r�Sr.(s7 .;�� o r� �t � �} yW4+tatZi�`r� �'��.r -�� ���:;� �, ` � assets in stocks with the remaining 50/ being applied to GICs. He stated that a�#S � �.3 ;���u ; ��`;;xrY .#'.c t tt ," -'� �: ..,q t. q z ,�. a i, y. 1 u� . lf,i s Mt x{w f�};.`�; _� ���.;`� �K ,, GICs are esentially certificates of deposits with insurance companies which f j ;Cr e t-�,�} -�t�-�� ?�� n + �Y�{,. ��� �s3 �c �}� w)� t}��� f� . i '�. � l� T. �t-,1�� � � 4�aa�� �,�„ � 4� y have a t y pical term of 1 to 7 years. He reviewed the performance of the two -< ,,,, S x � iT ���'��;.�� ,"`�'°F`�`�� °`��`�" ' ` ' Stock Mana ers Aetna Stock Division which invests mainl in bi stocks has ' �- � ; r�` ' � g , � Y � � � , �„� r, }����� �;�'�„ ��Ylt`�; i ("� performed with a'L7.8% annualized return. Denver Stock Division, dealing in ` Y+ '� �,;` x,',� �'��'�� �s- R 'n �K*•�t.�b��%.a�ix S "' 4 , . t '. .� .`� 5 : � , F Y .rT-�- s �'.� xf� �; • �1Jf�'���7ue�,����;�#.:�n ;i: a, middle size stocks , has generated a 21.2y annualized return. h;i} r{ rr ,ty �� �,��! ��i �{t� `�;' I e to a uestion it was fndicated that at one time we had a .t-- - -� -�s.� ,-�... n respons q , third manager but that there was such a small amount of the assets placed with this particular manager it was discontinued. It was not because of non- =;'z°!`.r performance by the manager. Consensus of the trustees was the Pension Fund r'�''�';'' and its investments appeared to be in sound financial condition. ITEM �IS - Meeting adjourned at 1:39 p.m. Attest: ' �� � �������l�N M1��� ��ji. �� � �. �S � "i ,�iti69� �,Y.ytN�?��� r7x " �. c� 7i,:',} ,ry(p',7 �+�i�§.'-SJ ��';`��'�z���2f'F+��l,�ii L x t. � /��/ � t ,�•"v `a �"7 v�' �� �'J:�.S?�i'�,"`�d3�r nyt t ;,f"�'7 ;rt , f r a. +f�'+—�. .�4� � �s�^r' -7 ,�` �'� . �� s � ,3y ,�ti ,�� x r^� �t'r�� .� .� x � Cit Clerk ,!x��',d �� �' `�S?sa T�'� A,. 3 .�u'k *.;-`�'v'� . �r;.��xf?.+..�' �.. . .. N = t. �� $ook 2 ,; � 83. .. . . , �..., .�.... +., .. ..� . ...,� .� .. ._,...,. . .. . ..�_ �..-. } � , . r : . 1e� t�t �,E' l,�w L ,Y'�'�� � : . ... . . . , ,�"`^i"ri^'*'Y y�y Y�.e.'�h�l!� ,+�^ � . _ �s � 1 q ' r R�:�.�.�w. S { � F �` �z � +� 'f�����x Tn�it �4f � . . 7 �� i � � tE�y � }� l� ' . ' ' • ' , . � ry ^� j � k �t Yf; . 1. r:�: . . . . TY' � ? y k�3 ! . . •; �, , . . 7,� , � i: "� S f - . . ?�„tic:�tt + � . � . . . � '�:»`,i2 i � � . . . � � . , � ��ir _ 'i�' � � . . . JC^ �:J'� :l, �. h , ' f. i � � `� r,Napr ;: '4. a. x � r%.<,fih / � . �,t a�,i .3 "`�Xr";,'^' F��°q`"` .r�+^p„^m'�"7'•'rrv..�...�«e..=��y.h«-a,�jtTa Mr'•.^...,ft�'.. . A � � -.. , . i _ . . .. . . `.� . . . . . .+ / .. . . April 13, l987 f � 5 .. � . ...r.it... ..j , . ,. . . .. , . :;r>. :.�., ,,, n�y, _:l , � ; ;,{� ' { �-� Y � J � . � . :!l. � . _ . ..... r.. . ' ! e ' t. f �� .;f''r � � 4,'� y �. '.1 ,,� ,}:. ` �. i 4�e' 1 1 �'t (.: ��:..�^. t �� pil,5. r y , ' r ,i '. , , 7 i y 7 J�. l'. c! :'I ' '.2 ' '.}. . . r . .��p�,t� , � �� t ` .. =-'�" ' 1 f � � h f L Yf � ,� !, „ t � � r , s, . . A,". 'rS."f.. _ � } .' t j� f t !.. �.f1� � : �.:� A..}X�.. 4:J t�r ' t , j.: � , �°' } t.,' ,,,,,�. „ r ,. ,� j . .t', '� . f . . r# ,>. �i ���y�,�i'.... . ��t�..,.x..,_�a..., . . .. .,.Fl.�. � � �., YW �k.' { �� 1. , .s.•'!"', �.�ry• .« ,rwnrr..w..» ... Aw4�''l 1.'t . r 1 � { , 4 :n`J H'S . M1 � i ' t t t� t ,� �,� j � .;�i � ',t , '.{ :;: Z: � _ f� , ,. . � . . ,.. � ;• .. . , , ' �� , . 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'�,.('tt.k�axJ` ��ci 1 �'3i"w '1� � �"a �f o .r�3 �ri i 3 � j� �{N�' � r4'' ��� ,9{i� t.:l ..• y f. .` `. `A '.{ ��� �Y t��ft sh �•`�. a ^it� y � " � � Er .,� �tti . ��,'�� y';tt�t� i � t f C`�e�i''•. 1 . 1 � �. . { � � � �' C �SF r t � � � Xs �A � � t � t s%j� t � . � � i i � �� � _ � �,.1 i ' �T}�y,��+j�t , fd� �+� �� i��91f.r�� �a� ;. � r �t +�� t ,.. i s t t'' 4�y"4Y'U,ir H"�' f 4 b t�rL*�' As � � i:.. t . � ' i �.�1 `+)'� s 'i. a� .fx} ,�Ju '�}��i r .�� 4��?.�iiy'�'� „ .1 .t��•.i .� � ...Y•'��: . � e . �� . . . ... .. . . . {. � . . ��i�! � �_ �,5.. �t�r 44f ;.4_:����YhiL.�'l�.��'s��4!"��.,k.. d. � <.:`.�:,1•. Agenda Board of Trustees of the Employees' Pension Fund ;;:':�} April 13, 1987 _,. 9:00 AM � � 1. Call to Order 2. Approval of MinuCes of March 30, 1987 3. Recommendation of the Pension Advisory Committee: A. Request for Acceptance into Membership :.a1) James Rubincan 2) William Kunzman 3) Kari Jackson 4) Gene Roebuck 4. Other Business 1) Disability Experience Study 2) Discussion of Pension Investment - Mr. Jahn Willoughby, Florida National Bank. 5. Adjournment Book 2 81. 1. 1:09 a.m. 2. Approved as submitted. 3. 4. A. Accepted 4 members. 1) Approved 2) Presentation made. 5. 1:39 p.m. April 13, 1987 ?q�a�--,�s.�+c».s � .:x,, ,� r�s�. f :; �c .,n U ._... . . _ . . �.. . . � ; . r . r . . �v .uu:dS �,,,��,-.`�;�.,w. �,�y;F�.z� ia�w��.zi:� �� . .: ��L.�{Y A15i f i� � � � 1,� �!., �t4 �` �. �. f . . t � .1 1 r 4 ��{. t t � �+ =k tf.'. .l .�, � . ' '.y� .� 't" '�Ir�i'y'(e "^ i) � T t^,�. � t� 1 t �.n �C�lr.'�.A:l.+„+y^.y;%i�� `.`� ' ' i S ` i � : sr ' � S 't � . '��`�'� '� ?,;� 1'y � �: ; 7 � -'1. �i :i . � - > �r r.i!'••.x,��.. s. .5�"'P ?s . :,i: '�i ii'� r 1 1 y:;;''•�' , :%) ';t`�`:f�S ('. . :� t � 'r k � �•:i;�°` ,i y +:�.. � � � ,�� y M ,.,,;;l�i: `I r � y r!, 1 �C .t 2'A .4 � �i di x � *�'i��� � h . .t . . � - r v; t�# �`2 ��+5 rtr4"�,'v` 3�: sd s . - �i. _ t ��. .: �yF� . ,. 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