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<br />Police/Fire Pension Board Meeting <br />May 20, 2008 <br />Page 2 <br /> <br />MOTION: Moved by Mr. Daniel Glancy to appoint Sue Maddox as <br />the Records Management Liaison Officer for the Board <br />of Trustees. Motion was seconded by Mr. David <br />Gonzalez and carried unanimously on a 5 - 0 voice vote. <br /> <br />5. Approval of Actuarial Valuation Repol.t - Foster & Foster <br /> <br />At the February 19,2008 meeting, the Board requested Foster and Foster recalculate the Actuarial <br />Valuation Report with a 3.0 percent benefit multiplier. The report was submitted for <br />consideration by the Board. <br /> <br />MOTION: <br /> <br />Moved by Sgt. William Nas to approve the Actuarial Valuation <br />Report with a 3.0 percent benefit multiplier. Motion was seconded <br />by Firefighter William Jensen and approved unanimously on a 5 - 0 <br />voice vote. <br /> <br />6. Acceptance of Financial Reports <br /> <br />The Financial Reports from Manning & Napier, Galliard Capital Management and Salem <br />Trust were accepted by the Board. The total market value ofthe plan for the period <br />ending March 31, 2008 is $2,607,283.38. Copies of the reports as submitted are available <br />for inspection "o/ith the Records Management Liaison. <br /> <br />7. Presentation by Mike Well{er - BOl!dahn ConsuItinl! <br /> <br />Mr. Mike Welker, representing Bogdahn Consulting, presented the performance <br />evaluation report for the Investment Managers, Manning & Napier, Galliard Co-Mingled <br />Fund for the period ending March 31, 2008. <br /> <br />Mr. Gonzalez noted that Manning and Napier underperformed for the last quarter and had <br />not met the criteria ofthe investment policy adopted by the board. <br /> <br />Mr. Mike Welker requested the Board's approval for signature authorization letters <br />regarding Portfolio Restructuring and Rebalancing ofR & D Account to be signed by the <br />Chairman of the Board, John Pavlis and sent to Salem Trust. These letters will ask Salem <br />Trust to open up the two accounts. <br /> <br />A copy of the new accounts as restructured will be submitted at the next meeting to show <br />the Board exactly where the money is being invested. <br /> <br />MOTION: Moved by Sgt. William Nas to approve letters authorizing <br />signature for Salem Trust Letters. Motion was seconded by <br />Mr. Daniel Glancy and approved unanimously on a 5 - 0 voice <br />vote. <br />