MINUTES OF THE MEETING OF THE GENERAL EMPLOYEES PENSION BOARD, JUNE 18, 2012 PRESENT: Chair Cheri Polts, Secretary Pamela Nadalini, Treasurer Christopher Lyons, Trustees Ryan Chapdelain, Barry Keeler and Gretchen Schneider ABSENT: Attorney Scott Christlansen Others Present: Charles Hofer of Lord Abbett, Pension Plans Administrator Benita Saldutti, incoming Pension Plans Administrator Wendy Clutter, and Pension Analyst Gail Loeffler CALL THE MEETING TO ORDER Chair Potts called the meeting to order at 8:30 a.m, PUBLIC INPUT No public input was heard. APPROVAL OF THE MINUTES OF MAY 21, 2012 On a motion of Treasurer Lyons and a second of Trustee Schneider, it was moved to approve the minutes of May 21, 2012. Motion passed unanimously. ELECTION OF CHAIR AND VICE CHAIR Ms. Saldutti stated that Vice Chair Susan Kosko has resigned from the Board due to her work responsibilities, and that June is the month that the Board selects a Chair and Vice Chair to serve for the upcoming year. On motion of Trustee Schneider, seçond of Treasurer Lyons, it was moved to appoint Cheri Polts to serve as Chair, Motion carried unanimously. On motion of Chair Potts, second of Treasurer Lyons, it was moved to appoint Trustee Schneider as Vice Chair. Motion carried unanimously. APPROVAL OF RETIREMENT REQUEST OF DAVID DABERKOE, ELAINE ELLIS AND BENITA SALDUTTI Ms. Loeffler stated that an Application for Retirement has been received from David Daberkoe. Mr. Daberkoe is 55 years 3 months of age, requesting a retirement date of May 21, 2012, has 15.60 years of service, and has chosen the Lump Sum Option. Elaine Ellis has submitted an Application to enter the DROP Plan on July 1, 2012. Ms. Ellis is 71 years 3 months of age with 10.05 years of service and has chosen the Lifetime Option. Benita Saldutti submitted an Application to enter the DROP Plan on September 1, 2012, and is 53 years 10 months of age with 30.10 years of service and chose the Pop-Up 100% to Joint Annuitant option. June 18, 2012 1 On motion of Secretary Nadalini, second of Treasurer Lyons, it was moved to approve the retirement request of David Daberkoe and the DROP requests of Elaine Ellis and Benita Saldutti, Motion carried unanimously. Secretary Nadalini expressed her appreciation to Ms. Saldutti for her years of service to the City. OTHER MATTERS Workshop with City Commissioners Trustee Chapdelain asked for the status of setting up a workshop with the City Commission to discuss pension issues, and was advised that a workshop meeting is being postponed until after the PBA and City finalize negotiations. Trustee Chapdelain suggested that the Fund's consultant, Charlie Mulfinger, be present at the upcoming budget meetings in the event Commissioners have questions, and there was consensus that it would not be appropriate for him to attend budget hearings, as there is no certainty what date or time discussion regarding pensions might be heard or if the topic will arise. FPPTA Elections Chair Potts stated that she will be attending the FPPTA Conference on June 24-27, 2012, in Orlando, and will be voting for FPPTA Board members; that if anyone has a suggestion on who to vote for, she would appreciate knowing. Chair Potts stated that she will forward the list of candidates to Ms, Saldutti for distribution. Introduction of New Pension Plans Administrator Ms. Saldutti introduced Wendy Clutter, who has been hired as the Pension Plans Administrator, and stated that Ms. Clutter has been working for the Pension Benefit Guaranty Corporation for the past 10 years. Ms. Clutter was welcomed by the Trustees. Treasurer Lyons asked for clarification on funding being used for training a new Pension Plans Administrator, and Secretary Nadalini indicated that there is funding available from a part time position that is no longer occupied, and other duties willi be dissiminated between staff, which includes taking and transcribing Minutes and other duties. Polen Capital Update Trustee Keeler asked for an update on Polen Capital as discussed at the last meeting wherein it was learned that David Polen was ill and it was uncertain whether or not he is active in the company at this time. Ms. Saldutti stated that Charlie Mulfinger of Graystone is supposed to be meeting with company representatives to receive a status report. June 18, 2012 2 NEXT MEETING The next regular meeting will be on July 16, 2012, at 8:30 a.m. in the Commission Chambers. ADJOURN The meeting was adjourned at 9:35 a.m. Cheri Potts, Chair Pamela Nadalini, Secretary June 18, 2012 3