HomeMy WebLinkAbout01-26-2000 Meeting
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PENSION COJ\l.GvUTIEE
J\lfEETING
COM11ITTEE ROOM - January 26, 2000
3:00 P.M.
PRESEPll: S. Shepard, Chairman, W. Mays, Mayor Pro Tern, R. Oliver, Administrator, L.
Morrey, Comprroiler, D. Collins, Asst. Comprroller members, E. May, C. May, B. Maddox, 1.
Beck, C.A. Mullis, C. Webster, Sheriff, L. Bonner, Clerk of Commission.
ALSO PRESEl'Il: S. Eidson, Metro Spirit.
Presentation by Money YIanagers.
Joel Vrabel and David Bowman, Baird & Company, Portfolio Managers of the '49 Pension Fund
give an overview of the City of Augusta General Retirement Fund investments.
iVIr. Mays: So move to receive this report as information.
Mr. Morrey: Second.
Motion carried unanimously.
Bill Stewart. Invesco Capital Management, gives an overview of the Asset Management Structure
of the pension fund.
Mr. :\tIays: So move to receive the report as information.
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Mr. Morrey: Second.
Motion carried unanimously.
Presentation of 1/1/99 Actuarial Reports.
Paul Roberts of Pension Services gives an overview of results of the 1999 Actuarial Valuations.
Mr. lVIays: So move to receive this report as information.
Mr. Morrey: Second.
Motion carried unanimously.
Presentation of 4th Quarter 1999 Operating Results
At this time Charles :\tray of Robinson-Humphrey gives a summary of all pension plans 1949,
1945 and 1977.
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Mr. ~Iay: This only encompasses the 1949 Plan. Our recommendation is to move
approximately half the assets from Invesco Capital Management who utilizes a core style
strategy. We feel like with the performance that they had last year and giving the current market
environment, we feel like that the core and growth managers. which we heard from earlier, Laurel
and Baird, quite frankly have a more market like style srrategy that is moving in this environment.
And consequently, we would iike to move half the money, which is approximately 54 million
from Invesco and divide it equally between Laurel and Baird.
Mr. ~Iays: So ::Ylove.
NIr. MorreT Second.
Motion carried unanimously.
Discussion of Appraisal on Reynolds Street Property.
Mr. Oliver: The appraisal for that property was completed on January 3, 2000 and was
performed by \Villiam E. Hollingsworth Appraisal Servi.ces. The property was appraised at
$1,267,600. That was a rerum investment of about 2.2%.
After further discussion.
Mr. Oliver: I would like to make a motion that we schedule this for discussion on
the next ag~nda by the full Commission.
NIr. Shepard: Second.
!.\-Iotion carried unanimously.
Request by :\'Ielvin ~ichols~ Jr., for Increase in Pension Amount.
Mr. Nichols: YIr. Wall made the mistake of assuming that I was involved with the
enhanced early retirement employees and those who took advantage of the window opportunity
which was offered in 1996. I was not. I was forced to retire in June of 1995 due to the cost
reduction measures associated with Mayor Charles DeVaney's Administration. Consequently, I
was never offered ten additional years of service to increase the percentage of my retirement or
given $25,000 like some employees, which to me constitutes the defmition of the term "Enhanced
Early Retirement." I had twenty-five years and three months of faithful service with the City of
Augusta. At the present time my pension is less than S 12,000 per year.
Mr. LVIays: So move to refer to the full Commission with no recommendation for
discussion at the February 14 meeting.
J\lIr. Shepard: Second.
lYlotion carried unanimously.
Request by 1945 Pensioners for Increase in Pension Amount.
Mr. Mays: So move to delete from agenda.
Mr. She:Jard: Second.
Motion carried unanimously.
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Discuss Retention of Buck Consultants to Perform Post-retirement Medical Benefit
Valuation for Pension Plans.
Mr. Mays: So move to delete from agenda.
Mr. Shepard: Second.
Motion carried unanimously.
With no further business to discuss, the meeting was adjoumed.
Lena J. Bonner
Clerk of Commission
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