PB Minutes 08/15/2006 - Laserfiche WebLink

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Police/Fire Pension Borrt•~l of Trustees Meeting August I5, 2006 Page 2 May 1G, 2046 Minutes -Spelling errors were corrected on page 3. MOTION: Moved by Mr. Franlc Schtttte to approve the minutes of May 1G, 2006 as corrected. Motion was seconded by Officer William Nas and carried unattitnously on a S - 0 vats June 29, 2046 Worksltop Minutes MOTION; Moved by Cltief Joltn Pavlis to approve the Workshop Mitttttes of June 29, 2006 as presented. Motion was seconded by Officer William Nas and carried unanimously on a 5 - 0 vote. 3. Investment Report for. Second Quarter Ending June 30, 2006 - TRUSCO Capital Management The fins] report ending June 30, 2006 from TRUSCO Capital Managemcnt was presented by Mike Welker from Bogdaim Consultilg. He indicated that the portfolio value on June 30, 2006 was $2,981,512.'t4. He stated that the plan under performed for the quarter, down $48,400 investment gain, which is equivalent to negative 1.60% net of fee returns for the quarter. The second quarter did not meet the Trtvestment Policy (65135), under performed for the quarter by 6.5%. The Board of Trustees, at the Workshop of July I3, 2006, selected Manning & Napier as the new ~Invesfinetrt Manager and Salem Trust as the account custodian. He indicated that contracts were ready to be executed with these managers and after the Investment Policy revisions, a contract ~vitlt Galliard Capital Management for bond investmettts. 4, Presentation by Milce Welker - Bogtlalut Consulting Mr. Welker discussed the new contracts for the money managers. The contracts are ready to be executed by the Board. He recommended fire Investment Policy be broadened to incorporate co-mingled securities. The Board Attorney indicated that the ordinance would need to be amended to accomplish this change. Mr. Christiansen also recommended the ordinance be amended to incorporate changes that were enacted under the Pension Protection Act of 2006, which included the fol]owing: I) Police and hire hlmp sum payment, age was reduced from 55 to 50 which is not subject to penalty or taxes; 2) Allows Police and hire to pay Health Insurance Care Policies and Long Term premiums on a pre-tai basis up to $3,000 a year (Ito early retirement). These provisions will take effect Janualy I, 2007. MOTION: Moved by Mt•. Frattl~ Schtttte to amend the Agenda and to add Authorization to prepare ordinance modifications as recommended by the Board Attot•ttey and revise the Investment as recontmeudeci by Mr, Welker. Motion was seconded by Cltief Jolw Pavlis attd cat•t•ied uttauimously on a 5 - 0 vote.