Pension Board / Board of Trustees for Retirement Plan for Salaried Employees

DRAFT Pension Board of Trustees for the Salaried Employees Retirement Plan Meeting Minutes Council Chambers – Olivette City Hall 9473 Olive Boulevard Olivette, MO 63132 April 25, 2013 4:00 PM A meeting of the City of Olivette Pension Board of Trustees was held on April 23, 2013 at 4:00 PM in the Council Chambers of Olivette City Hall, 9473 Olive Boulevard. Those present included Alan Robbins, Abby Mendillo, Sergeant Bill Miller, Interim City Manager Myra G. Bennett, and City Council Liaison Ruth Springer. Also in attendance were Finance Director Jeff Steiner and Interim Deputy City Clerk Denise Mandle. Jeff Lapidus was absent. Portfolio Performance Review & Analysis---Fiduciary Consultants Lucy Rimsky and Brian Godding of Marquette Associates presented an Executive Summary of the City’s Salaried Employees Pension Plan. It was noted that there would be no recommendation on moving the fund until the cushion reaches $2.5 million. Actuarial Report as of January 1, 2013 Keith Kowalczyk presented an actuarial report as of January 1, 2013. The purpose of the actuarial valuation is to measure the funding status of the Plan, analyze the preceding years’ experience, and determine the range of the minimum required and maximum allowable contribution for the Plan Year beginning 1/01/2013. Discussion was had regarding the actuarial report and the status of the pension plan. Revisions to Benefit Structure Interim City Manager Myra Bennett reviewed Ordinance #2494 – An ordinance further amending the definition of “compensation” in the benefit formula for the salaried employees retirement plan for the City of Olivette, Missouri passed by the City Council on April 23, 2013. Discussion was had regarding the ordinance amendment. Next Meeting Date Discussion held regarding the date for the next meeting; it was agreed that the next meeting would be held July 25, 2013. DRAFT Council Member Springer suggested a joint meeting with the Pension Board, the actuary and the investment advisors in the near future. It was decided that the joint meeting would be held after a City Manager had been selected. Adjournment Being no further business, the meeting was adjourned at approximately 5:30 PM. Alan Robbins, Acting Chairman ATTEST: Denise Mandle, Interim Deputy City Clerk City of Olivette