Agenda 08-29-08
CITY OF BOYNTON BEACH
BOARD OF TRUSTEES GENERAL EMPLOYEES' PENSION PLAN
QUARTERL Y BOARD MEETING
AGENDA
(REVISED 8-27-08)
Friday, August 29, 2008 @ 1 :30 p.m. Commission Chambers, City Hall
I. OPENINGS:
A. CALL TO ORDER - Mayor Gerald (Jerry) Taylor, Chairman
II. AGENDA APPROVAL:
A. Additions, Deletions, Corrections
III. APPROVAL OF MINUTES - Regular Meeting May 30,2008
IV. FINANCIAL REPORTS
A. Davis Hamilton Jackson & Associates - Investment Strategy, Second Quarter 2008 - Jana Woods
B. Quarterly Investment Review - Southeastern Advisory Services, Inc. - Jeff Swanson
C. Alliance Bernstein- June 30, 2008 - For your review
V. CORRESPONDENCE
A. Gabriel Roeder Smith - July 17, 2008 memorandum RE: Comments on proposed changes to State
Administrative Rules pertaining to funding and disclosure
B. Merrill Lynch - $10,677.06 check received for 12b-1 fees generated from April 1 - June 2,2008
VI. OLD BUSINESS
A. Status of temporary transition to Financial Services for pension administrative services -
1. Responded to requests for pension information from employees
2. Transferred a copy of the pension administration computer software to Payroll
(1) Authorized the author of the software to train staff and correct an apparent program error
(2) Statements not generated at this time until above completed
VII. NEW BUSINESS
A. Discussion of process and timing for selection of a pension administrator and a pension attorney.
1. Request for Proposals for pension administrative services - Staff solicited proposals with an August 28,
2008 deadline for the Board's consideration. We will distribute copies at the Board meeting.
2. The City Attorney will report on the process used to solicit interest from the following firms to serve as
Board attorney and how the Board wishes to proceed.
(1) Cohen & Rind, PA, Miami Lakes
(2) Hanson, Perry & Jensen, PA, West Palm Beach
(3) Sugarman & Susskind, PA, Coral Gables
B. Invoices for review and approval:
1. Alliance Bernstein - Account 03731693
(1) $10,471.28 - Quarterly Management Fees, July 1 - September 30,2008, Invoice 16508, Aug.12, 2008
(2) $16,612.03 - Quarterly Management Fees, July 1 - September 30,2008, Invoice 17826, Aug.12, 2008
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2. The Boston Company - Account Boynton (Account terminated July 7,2008)
(1) $6,654.91 - Quarterly Fees, April 1 - June 30,2008, Invoice 2359, July 7,2008
(2) $ 493.56 - Quarterly Fees, July 1 - July 7, 2008, Invoice 2361, July 8, 2008
3. Davis Hamilton Jackson & Associates -
(1) $32,421.77 - Quarterly Management Fees, July 1 - September 30, 2008, Invoice 20904, July 28, 2008
4. Ellen Schaffer
(1) $472.50 - Consulting and programming service to pension software, Invoice 2068, August 16, 2008
5. Gabriel Roeder Smith & Company - Account 0486723
(1) $700.00 - Actuarial Services through June 30,2008, Invoice 105324, June 30, 2008
6. J. P. Morgan I nvestment Management - Accou nt 248210
(1) $18,752.83 - Strategic Property Fund Fee, January 1 - March 31, 2008, Invoice 20080331-5154-A,
July 1, 2008
7. Southeastern Advisory Services, Inc.
(1) $8,357.00 - Performance Measurement and Related Investment Consulting Services, Second Quarter
2008, Invoice 8002
8. Merrill Lynch Consulting Services - Account 7PV-05030
(1) $16,176.44 - Consulting Services Fee, October 1,2007 - March 31,2008, Invoice of August 14, 2008
9. Wachovia - Account 4046000161
(1) $905.58 - Fiduciary's Fee, May 1-31,2008, Invoice 149481, June 5,2008
(2) $867.06 - Fiduciary's Fee, June 1-30, 2008, Invoice 150026, July 8,2008
(3) $855.62 - Fiduciary's Fee, July 1-31, 2008, Invoice 150758, August 6,2008
10. Wachovia - Account 4046000170
(1) $859.67 - Fiduciary's Fee, May 1-31, 2008, Invoice 149482, June 5, 2008
(2) $804.68 - Fiduciary's Fee, June 1-30, 2008, Invoice 150027, July 8, 2008
(3) $789.30 - Fiduciary's Fee, July 1-31, 2008, Invoice 150759, August 6, 2008
VIII. FUTURE AGENDA ITEMS
A. Selection of Pension Administrator
B. Selection of Pension Attorney
IX. PUBLIC COMMENTS
X. ADJOURNMENT-
Next Special Meeting - To be determined.
Next Regular Meeting - Friday, December 5, 2008 @ 1 :30 p.m. The week after Thanksgiving - Commission Chambers
NOTICE
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE BOARD OF TRUSTEES WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING,
HE/SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PUPOSE, HE/SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE
PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F.S. 266.0105)
THE CITY SHALL FURNISH APPROPRIATE AUXILLIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL
OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CITY. PLEASE CONTACT
JOYCE COSTELLO (561) 742-6013 AT LEAST TWENTY-FOUR HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CITY TO REASONABLY
ACCOMMODATE YOUR REQUEST.
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