HomeMy WebLinkAboutMinutes 1999MINUTES OF THE REGULAR PENSION BOARD
MEETING 10-12-99
Members Present: Dillon. Brumbach. Stafford. Ready. Wilkinson, Morris, Whalen.
Meeting called to order:
Investment Subcommittee:
Smith Bamey's, Mary Tomanek. presented to the board a liabilities vs. assets report. It was
recommended by the committee that we shift monies from the short term to the longer term to
fully fund the first three duration segments of the report (0-2. 2-5. 5-10 years). It was further
recommended that we increase our investment in equities to 4556. invest 5 million dollars with
the ]MET fund and invest 5 million dollars with a fixed asset money manager. The board
accepted all the recommendations of the board.
Minutes: accepted
Pensions: Jerome F. McDermott (9-25-99), Lawrence V. Vacala(9-19-99) deferred.
Deaths: Vieno Lyjoki (7-24-99). Ellen Gleeson (8-8-99).
Increase in Minimum pension: It was reported that there would be an increase in the minimum
pension amounts effective 8-99. retroactive to 1-1-99.
1-1-99 5475.00 to S600.00
1-1-00 $800.00
1-1-01 $ 1000.00
Change in Pension computation: A suggestion by Dillon that it would be legitimate, to
calculate scheduled holidays as part of the retirees regular salary. was put forth as a motion by
Morris, seconded by Whalen. Passed.
Meeting adjourned.
MINUTES OF THE REGULAR PENSION BOARD
MEETING 6-15-99
Members Present: Dillon, Brumbach, Stafford, Ready, Wilkinson..
Member Not Present: Morris, Whalen
Meeting called to order:
Hines: Boetto
Election of Trustee: Dillon (April 1999)
Motion to accept Boetto `s application for membership in the fund. Passed
Motion to accept the minutes as written. Passed.
The president of the board Dillon reported that Semrow and Heber have gone on retirement
pension. Deaths since the last meeting Howson and Wahl.
Motion by Ready, seconded by Stafford to continue Dillon and Brumbach as president and
secretary of the board. Passed.
Investment Subcommittee:
Smith Barney's, Mary Tomanek, presented to the board a history of the selection process for our
small capitalized stock manager where "Disciplined" was selected.
She also distributed and reviewed the I st quarter performance report for GAM International and
Disciplined.
Ms. Tomanek suggested that we may need a liability analysis to match our investments with our
liabilities.
Motion to have Smith Barney do a portfolio liability analysis. Passed.
Motion to invest I million dollars with Disciplined and 1 million dollars with GAM
International, as recommended by the Investment Subcommittee. Passed.
Meeting adjourned.