CALL TO ORDER
1. AGENDA APPROVAL
Action Request: Motion to approve the August 26, 2019 General Employees’ Pension Board Agenda.
2. PUBLIC COMMENT
3. APPROVAL OF MINUTES (TAB 1)
Action Request: Motion to approve the May 13, 2019 minutes. At/dh 4-0
4. APPROVAL OF EXPENSES (TAB 2)
A) Christiansen and Dehner Invoics Dated April and May 2019
B) Graystone Consulting: Quarter ending June 2019 (Investment Report)
Action Request: Motion to ratify the paid expenses as presented. Dh/at 4-0
5. 2020 PENSION BOARD MEETING DATES (TAB 3)
· February 24
· May 25*
· August 31
· November 30
All meetings will be at 8:30 a.m. EL arrived 837
*This date is Memorial Day; Attorney Christiansen’s Office has been contacted to move the date to another Monday in May or June.
Action Request: Motion to approve the 2020 Board Meeting Dates as presented. AB/at 5-0
6. INVESTMENT REVIEW
Scott Owens, Graystone Consulting, will present the end of quarter investment review.
SO discussed the market and the volatility.
AM-discussed the performance of the market for the quarter.
SO-reviewed total fund balance reconciliation new page added to the report.
Total portfolio 15049171.54 gain net of fees 444525 for the quarter.
SO discussed the performance of the individual managers for the quarter.
Discussion on Madison. Fixed income discussion. Search for manager, not to get rid of but compliment Madison.
SO discussed UBS performance for the quarter. Nothing for Board to do; to be monitored.
As of august 19th overweighted. SO if over 65 percent to reallocate the portfolio to come into compliance with IPS.
JF rebalance if needed to top of equity long/short credit fund. AT second. 5-0
SO discussed the current fee analysis detail report and proposed fee anlysis detail report. This report attached to the minutes.
Break out fee to first state trust co. custody fee is .02 paid by pension plan itself. If done, reduce fee from 156733 to 154608.
Make a fee addendum to the contract.
approve with attorney review and proper documents prepared at/dh 5-0 beginning of new fiscal year 10/1/2019.
7. BENEFITS DISBURSEMENT APPROVAL
A. Drop Participant
B. Separated Non-Vested Employee
C. Separated Vested Employee
D. Retired Employees
E. Deceased Retirees
F. Deceased Active Employee Payout
No Action Needed.
8. NEW MEMBER ACKNOWLEDGEMENT (Informational Only) (TAB 4)
· Tanisha Jefferson
· Sarah Sarson
· Isahia Larkin
9. ATTORNEY CHRISTIANSEN’S REPORT
SC-Vacancy need City resident.
10. PLAN ADMINISTRATOR’S REPORT
Jim and Dale to attend October Trustee school