OPEB Board Committee Meeting Minutes - 2/13/2020

Other Post-Employment Benefits Trust                  

 Board of Trustees Minutes

February 13, 2020

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A meeting of the OPEB Board of Trustees was held on February 13, 2020 in the Round Room of City Hall.

I.             Call to Order

Chairman Cook called the meeting to order at 11:02 AM in the Round Room of City Hall.  

II.            Determination of a Quorum

There was a quorum of the Board with five members present as follows: Chairman Cook, Vice-Chair Tom Abbate, Member April Comer, Member Amelia Robinson and Member Joe Denaro. 

Others Present:  Bridgette Clements, Finance Director, Sean Gannon, PFM Asset Management, Laura Bledsoe, Human Resources Coordinator and Secretary, Gail Gilchrist.

III.          Approval of Minutes – November 14, 2019

Motion to approve the minutes of November 14, 2019 by Vie-Chair Abbate; seconded by Member Robinson, with all in favor.

IV.          New Business

Motion to approve Foster & Foster Letter of Notification by Vice-Chair Abbate; seconded by Member Robinson, with all in favor.

Teleconference call was placed to Foster & Foster with Peter McCloud and Taylor Walling joining.  Introductions from the OPEB Board, as well as, Foster & Foster were made.   Mr. McCloud presented the Actuarial Needs presentation with emphasis on the liability increasing due to the discount rate decreasing.  The Board reviewed the Actuarial presentation, a motion to approve by Member Denaro, seconded by Member Comer; with all in favor.

Board reviewed the investment performance for the quarter.  Mr. Gannon stated the market continues the slow upward growth.  Motion to approve PFM Presentation by Member Comer; seconded by Vice-Chair Abbate, with all in favor.

Motion to approve the above referenced invoices by Vice-Chair Abbate; second by Member Robinson, with all in favor.

The meeting of the OPEB Board of Trustees adjourned at 11:45 AM.