HomeMy WebLinkAbout04/24/2012 PPB MinutesApril 24, 2012 Pension Board Minutes
Present: Tony Nalachoulis, Larry Rosenbarski, Dennis Saviano, Tom Noskinson
Richard Potter and Mary Nye from Becker Burke
Richard Reimer
Call to order at 2:02 PM
No citizens to be heard.
Minutes presented from October 25, 2011
Motion to accept minutes as presented: Rosenbarski first; Nalachoulis second
Passed 4:0
Minutes presented from January 24, 2012
Motion to accept minutes as presented: Rosenbarski first; Nalachoulis second
Passed 3:0 ( Saviano abstain)
Becker Burke presentation. Richard L. Potter presented summary of quarter as presented in binder
titled: Investment Performance Analysis dated March 31, 2012. Discussion of fund expenses vs. return
on investment. Concern by board about this issue. Potter pointed to long term results and market
conditions which don't return the best results at this time. Compared to other pension funds, MPPF
performs about the same as others. Consider reallocation of funds based upon selection of new
manager.
Motion to accept report as presented: Rosenbarski first; Nalachoulis second
Passed 4:0
Becker Burke presentation. Mary Nye presented investment manager search in binder titled: Large Cap
Value Investment Manager Search dated 24 April 2012. Presented fund managers /groups for
consideration consisting of Columbia, CS McKee, Seizart and SKBA. Recommendation is to bring in the
individual manager to present and meet with the board prior to any decision being made. Proposed
special meeting June 5 2012 at 2:00 PM to interview representatives from the groups.
Motion to set special meeting on June 5th: Nalachoulis first; Rosenbarski second
Passed 4:0
Becker Burke contract is expired. Need to seek a request for proposal for a new consultant or advisor in
competitive bidding process.
Motion to amend purpose of June 5 meeting in order to receive proposals for consultant or manager
Nalachoulis first; Rosenbarski second
Passed 4:0
Executive session — not needed.
Treasurers report submitted with memo dated April 20, 2012 Financial Statements — March 31, 2012
Motion to accept financials: Nalachoulis first; Rosenbarski second
Passed 4:0
Next meeting: July 24, 2012
Motion to adjourn meeting: Nalachoulis first; Rosenbarski second
Passed 4:0