SUMMARY OF MEETING: 1. Roll call. 2. The minutes of June 14, 2007 were approved. 3. Discussion of Raul Piñon's request for reconsideration and/or Motion for Review of the Coral Gables Retirement Board's June 14, 2007 Opinion and Order. (These minutes were not approved by the Board at this meeting.) 4. The Board Attorney Alan Greenfield updated the Board on current pending items. 5. The Administrative Manager's Report was reviewed and accepted. 6. The Board approved the following applications for Retirement Benefits and DROP benefits: Retirement Benefits: Retirement application of Leroy Erving of the Public Service Department, 14 years, No Option, effective July 1, 2007. DROP Benefits: DROP application of Dallas Bachelder of the Police Department. Effective date July 1, 2007. DROP application of Maria Alberro Jimenez of the City Manager's Office. Effective date August 1, 2007. DROP application of Charles Brannock of the Fire Department. Effective date August 1, 2007. DROP application of Leon Hill of the Public Works Department. Effective date September 1, 2007. 7. The Board approved a request from Nicole Christodoulou, pre-retirement survivor of Arlene Christodoulou of the Human Resources Department who passed away on March 1, 2007, for approval from the Board to allow her to receive a Single Sum Value Payment of $12,136.80 instead of monthly payment benefits in the amount of $88.96. This is request is in accordance with the Retirement Ordinance Section 50-232(a)(5) and indicated in the actuary's certification. 8. The Board approved the Service Connected Disability of Police Officer John Norman. 9. The following invoices were approved for payment: Alan E. Greenfield invoice dated August 1, 2007 for legal services from June 11, 2007 to August 1, 2007 in the amount of $5,923.50. Carlson & Lewittes, P.A. invoice no. 11069 dated July 27, 2007 for costs and expenses in the amount of $21,123.07. This invoice is in accordance with the contract between Curtis Carlson and Coral Gables Retirement System signed on June 10, 2004. Specifically Section 8 "Client agrees to pay all costs, such as court filing fees, mediator fees, subpoenas, trial graphic presentations, depositions and court reporters, transcripts, reports, investigation, expert witness fees, witness statements, photocopying, long distance telephone calls, travel, computer research, and other expenses directly incurred in investigation or litigating the claims." 10. Attorney Ron Cohen who represents the Coral Gables Police Officers' Retirement Trust Fund came before the Board to discuss the upcoming annual report and the threatened withholding of premium tax monies by FRS. 11. Investment Issues were discussed. Eric Carangelo of State Street Global Markets reviewed the post-trade analysis of the transition for the large cap value managers. Troy Brown from Merrill Lynch reviewed monthly and quarterly performance. 12. Randall Stanley of Stanley, Holcombe and Associates presented the 2006 Actuarial Valuation Report to the Board and the Board approved the report. 13. Old Business was discussed. 14. New Business was discussed. 15. 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. |