Meeting began at 9:00 a.m. with the following Board members present: Stewart Moon, Cathy Van Velzen and Dan Tackett. Also present were Attorney Lee Dehner, Investment Manager John Hamlin of Dana and Investment Monitor Jack Evatt of Bogdahn.
CHANGES TO AGENDA: None.
MINUTES: Stewart Moon motioned to approve the minutes of the 1/27/11 quarterly meeting. Dan Tackett seconded; motion carried.
COMMUNICATIONS: As listed on the amended agenda including reminder from State on requirements for Financial Disclosures.
FINANCIALS: Retiree pension check registers and invoices as follows:
- Christiansen & Dehner dated 1/31/11 for $833.30
- Bogdahn first quarter fee dated 2/1/10 - $3875.00
- Dana Investment Advisors for 1st quarter for $7279.60
- Salem Trust for 1st quarter – $1250.00
- Reissue to Thomas Owen for lost check $89.25
- Request for refund of Contributions – $1672.44
- Refund of contributions to Alan Beck - $2090.55
- Foster & Foster dated 4/26/11 for $1642.00
Current fund balance = $5,567,449.
INVESTMENT MANAGER’S REPORT: John Hamlin from Dana reported that our second quarter performance is at 4.09% and our year-to-date earnings are 9.68%.
INVESTMENT MONITOR’S REPORT: Jack Evatt from Bogdahn stated we’re seeing economic recovery but it is slow. We had strong returns for the quarter and outperformed our peers and exceeded all but one of our benchmarks.
INVESTMENT CUSTODIAN’S REPORT: No report.
ATTORNEY’S REPORT: Lee Dehner reported on legislation stating that next Friday is the end of the session and depending on what is passed, we may need a special meeting to address new requirements. Among those are a change in the definition of compensation, consisting of base pay plus a maximum of 300 hours of overtime; restricting lump sum pay for accrued time from being counted as compensation; changing use of excess State monies and if a plan is less than 80% funded, then we must use half to reduce any underfunding and the other half can be used for extra benefits – this would require implementation of a SHARE plan. Extra benefits are defined as those above the level in effect in 1997-98. Mr. Dehner also presented an updated Summary Plan Description and once we have the name of the new trustee inserted, it will be ready for distribution to the members.
Mary Stephens noted an email from the State asking for a codified copy of our plan – Mr. Dehner stated we don’t codify ours but do a restatement every few years and that would suffice for their request.
OLD BUSINESS:
1) 2010 Annual Report: The report was completed and submitted to the State on 3/12/11; the District’s audit was sent 4/26/11.
2) Experience Study & Change of Assumptions: Pending until after Legislative session.
NEW BUSINESS
1) Member Changes: Greg Wigeri Van Edema resigned; Wayne Faulkner hired.
2) Accrued Leave Payouts at Termination: Discussion of lump sum payouts at termination –whether to have a maximum in the plan and whether to amend the actuary’s assumption of 350 hours as an average. This will be included with experience study and change of assumptions after Legislative session.
3) Refund Request from Former Member: Alan Beck’s request was processed and mailed to him from Salem Trust.
4) Count Ballots for New Firefighter Representative: The ballot box was opened and ballots were counted as follows: 4 for Jim Davis, 2 for Paul Hopkins and 1 for Jay Johnson. Dan Tackett motioned to certify the ballots with Jim Davis getting the majority of votes; seconded by Cathy Van Velzen. Motion carried.
COMMENTS/QUESTIONS: None.
DATE OF NEXT MEETING: Next quarterly meeting on July 28, 2011 at 9:00 p.m. at the Administration building.
ADJOURNMENT: At 10:22 p.m.
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Chair
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Secretary
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