MUNICIPAL PENSION BOARD MINUTES
TUESDAY, OCTOBER 9, 2007
The monthly meeting of the Municipal Pension Board was called to order at 5:19 p.m. by Chairman John Ivers.
Present were John Ivers, Gerard Adelman, Robert Tait, Sandy Schede, James Suzio, Martin Lilienthal, and Corinne Eisenstein. Also present were Patrick Sheehan, Vice President Investments, A.G. Edwards & Sons, Inc.
The Board reviewed the Minutes of the August 14, 2007 meeting and a motion to accept the Minutes with a correction to Martin Lilienthal’s name on page 2 was made by Gerard Adelman, seconded by James Suzio. Motion carried.
The Board reviewed Financial Reports for August for City, Police and Fire. A motion to accept the reports as submitted was made by Martin Lilienthal seconded by Gerard Adelman. Motion carried.
The Board also reviewed the Financial Reports for September for City, Police and Fire. A motion to accept the reports as submitted was made by Martin Lilienthal, seconded by Gerard Adelman. Motion carried.
A motion was made by Gerard Adelman, seconded by James Suzio to remove from the table the invoice from Berchem, Moses & Devlin. Motion carried.
The Board reviewed the memorandum from Attorney Floyd Dugas regarding strengthening the disability language in the Police Pension Plan. A motion to process the invoice for this research in the amount of $1,137.50 was made by Gerard Adelman, seconded by James Suzio. Motion carried.
Robert Tait addressed the Board regarding the Anthem Demutualization and indicated this money would be moved into the pension funds.
Derek Moulton, Segal Company reviewed the City’s 2006 valuation with Board Members.
Patrick Sheehan presented the Board with an overview of the pension funds and reported that the City Employee retirement fund totaled $143 million and the Police/Fire pension totaled $108.5 million.
A motion to adjourn the meeting at 6:00 p.m. was made by James Suzio, seconded by Corinne Eisenstein. Motion carried.
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Caroline Beitman, Secretary
Municipal Pension Plan
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