PB Minutes 02/19/2008 - Laserfiche WebLink

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Police/Fire Pension Board of Trustees February 19, 2008 Page 2 4. Approval of Actuarial Valuation Report - Foster & Foster Mr. Patrick Donlon of Foster & Foster presented the Actuarial Valuation RepOli as of October l, 2007. The Valuation was performed on the assumption that the proposed improvement regarding increasing the benefit accrual rate from 3.0% to 3.5% (average final compensation for each year of credited service) would be enacted by the City. The proposed ordinance enacting this provision was submitted to the City Manager for review and presentation to the City Commission. As of this date, the City has not addressed the Ordinance regarding the 3.5 percent multiplier. Mr. Donlon stated that the increase expenditure for the City contributions would be approximately $100,000 for the next fiscal year with or without the 3.5 percent multiplier. The Board requested the Actuary recalculate the Valuation RepOli based on the 3.0 percent multiplier and the Board will take action at the May 20,2008, either on the 3.5 or 3.0 percent multiplier, based on actions taken by the City Commission. 5. Acceptance of Financial Reports The Financial RepOlis from Manning and Napier, Galliard Capital Management (Bond Managers) and Salem Trust were presented financial performance reviews as of December 31, 2007. The Financial Reports were accepted by the Board of Trustees to be in compliance with the lnvestment Policy approved by the Board on March 12,2007. Mr. Bran Bizzell and Mr. John Spurgeon representing Salem Trust gave a presentation that outlined the procedures and investments utilized by Salem Trust. A signature authorization was circulated by Mr. Bizzel for authorization by the appropriate Trustee. A copy of the authorization is attached to and made a pmi of these Minutes. The RepOlis as submitted by Manning & Napier, Galliard Capital Management and Salem Trust are available for inspection with the City Clerk of the City of Casselberry. 6. Presentation bv Mike Welker - B02dahn Consultin2 Mr. Mike Welker, representing Bogdahn Consulting, presented the performance evaluation repOli for the Investment Managers, Manning & Napier, Galliard Co-Mingled Fund for the qUaJier ending December 31,2007; total market value of the Plan is $2,820,375.44. The Bogdahn RepOli was accepted with no formal action needed to be taken by the Board. The complete repOli as submitted by Mr. Welker is available for inspection with the City Clerk of the City of Casselberry. 7. Approval of Expenditure Repor.t In a letter dated February 1 1,2008 from Randy Newlon, Finance Director, the following paid invoices were presented for approval by the Board as follows: . Bogdahn Consulting - January 1, 2008 - $2,000.00 . Christiansen & Dehner - October 31,2007 - $539.36 & November 30,2007 - $l ,424.41 . Foster & Foster, Inc. - November 12,2007 - $6,794.00 . Manning & Napier- December 12,2007 - $5,285.71 & September 6,2007 - $4,661.17 . Salem Trust - January 9, 2008 - $750.00