Title
Retirement Board Meeting of June 14, 2007
Body
SUMMARY OF MEETING:
1. Roll call.
2. The minutes of May 10, 2007 were approved.
3. The Board Attorney Alan Greenfield updated the Board on current pending items. The Board discussed and adopted a written decision and order regarding the Piñon matter.
4. The Administrative Manager's Report was reviewed and accepted.
5. The Board approved the following applications for Retirement Benefits, Vested Rights Benefits and Buy Back of Military Service time:
Retirement Benefits:
Retirement application of Millicent Bain of the Building and Zoning Department, 24 years, No Option, effective June 1, 2007.
Vested Rights Benefits:
Irma M. Ruiz, Police Department (10 years), effective at age 50, effective date August 1, 2019.
Joseph R. Abel, Parks and Recreation Department (14 years, 4 months), effective at age 52, effective date January 1, 2014.
Buy Back of Prior City time, Other Public Employer Service, Military Service Time:
Application of Emir Moises of the Police Department requesting to buy back 1,319 days (3 years, 7 months) of military time.
6. The following invoices were approved for payment:
Merrill Lynch Consulting Services invoice dated May 2, 2007 for fees for 2006 in the amount of $20,791.78. This invoice is in accordance with the contract addendum between Merrill Lynch Consulting Services and Coral Gables Retirement System.
Stanley Holcombe and Associates invoice dated June 11, 2006 for actuarial consulting services from February 23, 2007 through June 8, 2007 in the amount of $30,709.00. This invoice is in accordance with the contract between Stanley, Holcombe & Associates and Coral Gables Retirement System signed on October 9, 2003.
Alan E. Greenfield invoice June 11, 2007 for legal services from February 6, 2007 to date in the amount of $13,434.00.
7. Investment Issues were discussed. JPMorgan Asset Management made a presentation on Infrastructure asset class. Troy Brown from Merrill Lynch reviewed monthly performance.
8. Randall Stanley of Stanley, Holcombe and Associates presented the 2006 Actuarial Valuation Report to the Board and the Board approved the report.
9. Old Business was discussed.
10. New Business was discussed.
11. Copies of the City Beautiful e-News newsletters giving the latest news and information about the City of Coral Gables are included for the Board's information.