City of Ottawa Police Pension Board met July 18.
Here is the minutes provided by the Board:
Members present:
Brendan Donahue - President
Randy Baxter – Vice President
Dale Baxter - Treasurer
Don Harris – City of Ottawa Treasurer
Jeff Bangert – Secretary
Jamie Kummer – Asst. Secretary
Called to order at 1:03 P.M.
No one wished address the board
Public Comment:
Bob Paglis addressed the board and presented the Edward Jones portfolio analysis and a page from that day's Chicago Tribune stock listings
Old Business:
Previous meeting minutes were read by Jeff Bangert. A motion was made by Randy Baxter, seconded by Jamie Kummer to accept the minutes as read. By acclimation, the motion carried unanimously.
The financial statements for April, May, and June were presented by President Donahue. A motion to accept the financial report was made by Dale Baxter, seconded by Jeff Bangert. By acclimation, the motion carried unanimously.
President Donahue advised that he had received confirmation from city hall of the following reappointments (and term expiration dates) for the following
Ottawa Police Pension Board members:
Dale Baxter - term to expire 4/30/2020
Jamie Kummer - term to expire 4/30/2018
Randy Baxter - term to expire 4/30/2019
Brenden Donahue - term to expire 4/30/2019
Jeff Bangert - term to expire 4/30/2019
New Business:
President Donahue opened discussion regarding whether the board wished to proceed with moving pension assets (equities and fixed income portions) to Vanguard or stay with Edward Jones. After some discussion the following motion was made:
Motion was made by Jeff Bangert, seconded by Randy Baxter, to move all fixed income and equities portions of the pension fund from Edward Jones to Vanguard with Vanguard including their managing fees. President Donahue requested a roll call vote on this matter, which was as follows:
Jeff Bangert - yes
Randy Baxter - yes
Dale Baxter - no
Jamie Kummer - abstained
Brenden Donahue - yes
Upon passing of the motion, President Donahue advised that he would make contact with Vanguard officials and Bob Paglis (Edward Jones) regarding the change of management and to have any additional board member questions answered.
Motion to adjourn was made by Randy Baxter, seconded by Dale Baxter. By acclimation, the motion carried unanimously. The meeting was adjourned at 2:46 P.M.
http://www.cityofottawa.org/document-library/boards-and-commissions/police-pension-board/2017-police-pension-board-minutes/3072-07-18-2017-police-pension-board-minutes/file
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