SPECIAL CITY COUNCIL MEETING MINUTES
COUNCIL CHAMBERS – CITY HALL
1000 CITY CENTER CIRCLE
MARCH 6, 2012
THE SPECIAL CITY COUNCIL MEETING of the City of Port Orange was called to order by Mayor Allen Green at 5:30 p.m.
Pledge of Allegiance
Roll Call: Present: Councilman Bob Ford
Councilman Donald Burnette
Councilman Dennis Kennedy
Vice Mayor Bob Pohlmann
Mayor Allen Green
Also Present: Kenneth W. Parker, City Manager
Margaret T. Roberts, City Attorney
Robin Fenwick, Deputy City Clerk
GENERAL EMPLOYEES’ PENSION BOARD REPORT
Ken Parker, City Manager, addressed Council and advised that the actuary for the General Employees’ Pension Board was present to present the status report for the plan.
John Shelley, Finance Director and Board Chairman, advised that Dave Leonard and Jeff Swanson are present to discuss their report.
Mr. Leonard provided information on the pension funding progress and a written report. The report is for fiscal year ending September, 2011. Councilman Kennedy asked for the numbers of years the current participants have been employed. Mr. Leonard will get that information.
Jeff Swanson was hired by the Board of Trustees relating to the assets. He discussed the goal return of 7.5% being reasonable. Councilman Ford asked about the asset managers. Mr. Swanson explained that the Board has four asset managers that are funded at this time and looking to hire two others with specific specialties. Councilman Burnette asked what a realistic rate of return for this plan. Mr. Parker said there is a lot of debate on this issue right now. He hasn't heard a consensus among the professionals. He has seen some rates of 5-6%. Councilman Ford wants the Council to talk about reducing the administration costs by combining the three plans.
Mr. Shelley thanked Council for their time. Mr. Parker advised that Council can contact the actuary with any questions.
ADJOURNMENT: 6:33 P.M.
Mayor Allen Green
Kenneth W. Parker, City Manager