08-13-2004
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POLICE OFFICERS' RETIREMENT PLAN
BOARD OF TRUSTEES MEETING
August 13, 2004 - 4 p.m.
Aventur. Government Center
19200 West Country Club Drive
Aventura. Florida 33180
I. Call to Order. The meeting was called to order at 4 p.m. City Clerk Teresa M.
Soroka called the roll
Members present:
Sgt. Marc Greenberg
Christine Hagan
Officer Michael Leoncini
Craig D. Shapiro
Member absent:
Harris C. Friedman
Others present:
Adam Levinson, Esq.
Teresa M. Soroka, City Clerk
Harry Kilgore, Finance Support Services Director
II. Approval of Minutes - Julv 9. 2004: Sgt. Greenberg and Ms. Hagan noted that
their names were misspelled. A motion was offered by Officer Leoncini, seconded by
Ms. Hagan and unanimously passed to approve the minutes of the July 9, 2004 Board
meeting, with amendment to reflect the correct spelling of Board members' Greenberg
and Hagan's names.
III. Responses to RFPs for Investment Consultina and Third Partv
Administrator: Responses were reviewed and discussed. A motion was offered by
Officer Leoncini, seconded by Sgt. Greenberg and unanimously passed to request that
the following responders be invited to make presentations at the Board's next meeting
on Friday, August 20, 2004 at 9 a.m.: GRS Asset Consulting Group, Bogdahn
Consulting LLC (pending confirmation by Board's consultant that the proposed fee is
$8,500 annually), UBS Financial Services, Inc., and Smith Barney Consulting Group. A
motion was offered by Officer Leoncini, seconded by Sgt. Greenberg and unanimously
passed to request that the following responders be invited to make presentations at the
Board's meeting of August 27,2004 at 9 a.m.: Benefits USA, Inc., Pension Resource
Center, and David M. Williams and Cheryl E. Winton.
Harry Kilgore, the City's Finance Support Services Director, distributed proposal for
auditing services from Keefe, McCullough & Co., LLP, a copy of the proposed 2003
Annual Report, and proposal for actuarial services from Mellon Financial Corporation.
IV. Draft Summary Plan Description: Board members reviewed the proposed
document and suggested changes. The 2003 Police Officers' Premium Tax Distribution
information prepared by the State Division of Retirement in accordance with Florida
Statute 185 was provided to members.
It was the consensus of the Board to schedule a meeting for Friday, September 10,
2004 at 4 p.m. for the purpose of discussion with the investment consulting firm
selected.
An overview of investment policy was then discussed by Board members.
v.
Proposed Operatina Rules and Procedures: Not addressed.
X. Adiournment: There being no further
motion made, seconded and unanimously pa
efore the Board, after
s adjourned.
Approved by the Board on September 27,2004.
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