Title
Retirement Board Meeting of September 13, 2007
Body
SUMMARY OF MEETING:
1. Roll call.
2. The minutes of August 9, 2007 were approved with the exception of the minutes regarding the Raul Piñon issue.
3. Investment issues were discussed. The Board interviewed large cap growth money managers Aletheia Research and Management, Inc., Columbus Circle Investors and Winslow Capital and hired Aletheia and Winslow Capital as the new large cap growth managers. Troy Brown of Merrill Lynch reviewed the monthly performance of the fund.
4. The Administrative Manager's Report was reviewed and accepted.
5. The Board approved the following applications for Retirement Benefits, DROP benefits and buy back of other public employer service time and military service time:
Retirement Benefits:
Retirement application of Samuel Whitley of the Police Department, 21 years and 2 months, Option 2B-75%, effective September 1, 2007.
Retirement application of Dennis Smith of the Building and Zoning Department, 23 years and 9 months, No Option, effective October 1, 2007.
DROP Benefits:
DROP application of Jerry Harmon of the Police Department. Effective date September 1, 2007.
Buy Back of Prior City time, Other Public Employer Service, Military Service Time:
Application of James Molina of the Police Department requesting to buy back 1,091 days (2 years, 11 months) of other public employer service time.
Application of Christopher Challenger of the Police Department requesting to buy back 1,375 days (3 years, 9 months) of other public employer service time.
Application of Reinaldo Azan of the Police Department requesting to buy back 1,763 days (4 years, 10 months) of other public employer service time.
Application of Paul Koppel of the Police Department requesting to buy back 1,825 days (5 years) of other military service time.
6. The Board deferred the request from John Norman for approval of the return of his contributions on the purchase of active military service/other public employee service time in the amount of $21,165.22. Mr. Norman was approved for Service Connected Disability retirement on August 9, 2007 and will no longer need to continue the purchase of his service buy back.
7. The Board approved the continued disability benefits for Charles J. Thompson, Jr. and George Brown.
8. The following invoice was approved for payment:
Stanley Holcombe and Associates invoice dated August 15, 2007 for actuarial consulting services from June 9, 2007 through July 31, 2007 in the amount of $5,880.00. This invoice is in accordance with the contract between Stanley, Holcombe & Associates and Coral Gables Retirement System signed on October 9, 2003.
9. The Board approved of the 2006 Annual Report for the State of Florida prepared by McGladrey & Pullen, LLP. The report was sent to the State of Florida on August 8, 2007.
10. Randall Stanley of Stanley, Holcombe and Associates presented the 2006 Actuarial Valuation Report to the Board and the Board approved the report.
11. Old Business was discussed.
12. New Business was discussed.
13. Copies of the City Beautiful e-News newsletters giving the latest news and information about the City of Coral Gables were included for the Board's information.