PB 02/13/2007 Minutes - Laserfiche WebLink

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Police/Fire Pension Borrrd of Trrtstees' February 13, 2007 Page 2 4, A rovat of Minutes -December 1 2006 MOTION: Moved by Chief John Pavlis to approve the Minutes of December 1, 2006 as presented. Motion was seconded by Sgt. William Nas and approved unanimously by voice vote. (3 - 0) 5. Presentation by Mike Welker - Bo~dalrn Consulting Mr. Welker presented a Performance Evaluation Report on Manning & Napier, Vanguard Bond Index for the period ending December 2006. Mr. Welker reported on the first quarter far the new management structure with Manning & Napier as money managers. He indicated that they. were doing a nice job and had outperformed the Board's investment policy (65%-35%) criteria by 2l basis points and was up 2% in January 2007. He reported a solid strong first fiscal quarter return of almost 5%; goal is 8%. The total portfolio for the Plan, as of December 31, 2006, is $3,703,121,32. The Board accepted the report as presented. The written report presented by Mr. Welker is available for inspection in the City Clerk's Office, 6. Re ort from Mannin & Na ier Endin December 3l 2006 Manning & Napier Advisors, lne. presented the Investment Performance Review Report for the Police Officers' and Firefighters' Pension Plan for the period ending December 31, 2006. The written report was received by letter dated January 29, 2007. The written report as presented for the board's acceptance is available For inspection in the City Clerk's Office. MOTION: Moved by Sgt. William Nas to accept the revised addendum to the report from Manning & Napier for period ending December 31, 2006. Motion was seconded by Chief Jolxn Pavlis and carried unanimously on a 3 - 0 voice vote. 7, Report from Salem Trust -Statement of Account Januar•~1, 2007 thraugli January 31, 2007 The written report from Salem Trust Company for the Account period of January 1, 2007 through January 31, 2007 was presented for acceptance by the board. The report is available for inspection in the City Clerk's Office. Mr. Welker indicated that future Salean Trust Statements would be electronically received by Bogdahn Consulting for a more comprehensive monitoring report. S. Discussion of Multiplier Increase -Foster & Foster At the quarterly meeting on December 1, 2006, the Board requested an actuarial analysis be performed by Foster & Foster to determine what benefits could be afforded with just the use of Excess State Monies, which currently stands at $680,$51, In a letter dated February 12, 2007, Mr, Donlan presented the following results of that analysis: