PB 08/14/2007 Minutes - Laserfiche WebLink

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Palrce/Fif•e Petasiori Bo~rrd of Trustees August 14, 2007 Page 2 Selection of Vice Chairman -Chief Harkins nominated Sgt. Nas for Vice Chairman. Chief Pavlis seconded the nomination and Sgt. Nas was unanimously selected on a 3 - 0 vote to serve as the Vice Chairman of the Pension Board. Selection of Secretary -Chief Pavlis nominated Chief Harkins far Secretary. Sgt. Nas seconded the nomination and Chief Harkins was unanimously selected on a 3 - 0 vote to serve as Secretary to the Pension Board. The Gavel vas passed to Chief Pavlis who assumed the duties of Chairman. 5. Presentation by Mike Welker - Bo~dahn Consultiu~ Mr. Mike Welker, representing Bagdahn Consulting, presented the performance evaluation report for the investment Managers, Manning & Napier, Vanguard Bond index for the quarter ending Tune 30, 2007. The complete report as submitted by Mr. Welker is available for inspection with the City Clerk of the City of Casselberry. The Bogdahn Report was accepted with no formal action needed to be taken by the Board. G. Acceptance of Financial Reports Manni~i & Na ier Galliar•d Ca ital Mana ement and Salem Trust The Financial Reports from Manning & Napier, Galliard Capital Management and Salem Trust Shaw the market value of the Police Officers' and Firefighters' Pension Plan to be $2,533,630 for the f seal quarter ending June 30, 2007. The Board accepted the reports as submitted. The statements fiom Salem Trust are electronically transmitted to each Board Member and the Board Attarney stated that reports from Salem do not have to appear on the Board's quarterly agenda. The Reports are available for inspection with the City Clerk of the City of Casselberry. 7. Proposed Contract for Actuarial Services -Fee Increase Foster & Foster Actuarial Consultaart A new Contract for Actuarial Services was submitted from Foster & Faster. The contract proposed an increase from $5,220 to $5,750 far the October 1, 2007 Annual Valuation, a 5% increase. These changes are guaranteed far athree-year period from the date of approval. This report will be completed prior to the November 13, 2007 Quarterly Meeting. MOTION: Moved by Sgt, Wiiliam Nas to approve the Actuarial Contract fi•om Foster & Foster for the $500.00 increase for the 2007 Valuations for a three-year guarantee, miinis the 5% increase far subsequent valuations. Motion was seconded by Chief DouaEd Harkins and carried ~~nauimously on a 3 - 0 vote. The new Agreement with Foster & Foster will be prepared by the Board Attorney.