AGENDA. 3. Approval of the Minutes of the 507th Meeting held April 30, 1991.

Transcription

1 AGENDA I I FOR THE 508TH RETIREMENT MEETING OF MAY 28, Meeting will be called to order at 10:30 a.m., Buttons Room - 15th Floor - Holiday Inn Mart Plaza. 2. Roll call. 3. Approval of the Minutes of the 507th Meeting held April 30, i, 4. Investment Subcommittee report. 5. Real Estate Subcommittee report. 6. Subcommittee on General Administration. a) Announcement of deaths reported since the last meeting. b) Presentation of Pre-Retirement Surviving Spouse Allowances for approval. c) Presentation of new retirement applications for approval. (i) Lois Dodds - request for retroactivity.to 1/1/91. d) Presentation of Death Benefits for approval. e) Presentation of Refunds of Contributions for approval. ' 1. Presentation of Bills and Remittances for approval. g) Maria Agnew -# request for retroactivity to 4/1/91. h) Norman Chylinski -# request for retroactivity to 5/1/91. - i) Richard Hudson - # returned to duty on 2/27/91. j) Richard Frey - # returned to duty on 5/6/91.

2 c 7, ' \ 7. Report by Executive Director of Fund performance. \ ' 8. Unfinished Business. a) Settlelnent Agreement Task Force report. 9. Adjournment.

3 RIZTIREMENT PLAN FUR CI-iICf3GCl TRAi'4SIT AlwlTI~CIRITV EMPLO'v'EES 'The 508th Meeting o'f the Retii-e~'nen.t Plan for Chicago Transit Authlt;lrity Employees was held Tuesclay, May 28, 1991 at 18:30 R,M. at the Holiday Inn Mart Pl.aza, Buttol-1s Room, 15th floor-. The.f:al.X.owing were in attendance :: Mr. I. Thomas Ms, W. Black ill-,. C;.. Anderaen E" Hill A, Mandolini Mr, D, Per-k, Executive Director Idas present. Ms, W, Black sat in 1, Thomas" stead who arrived late to the meeting, Alternate L. Morris sat in T, Collin's sstad. Alternate B, Rayford sat in J. Izc,rte ' s stead, Rl.ter-nate W, B~~etow tjolxman9s steacl, sat In M.. ($1-kernate A. CurA.tis sat in C, BLI~I-US~ stead, Alternates DM W i l - locl.: a.nd R. Ba~.lght-I were present, Plessr-s. R. Pi r-ovano, id, R r ~ s and Ms. P, Wi.lXiarns of the Pension Office staff I in a.ttendarlce, Ma, 5, I-uthy and Mr, F, Duda of the I-Jarris Trust and Sa.vings Bank were present. Messrs. B, Scholx, R, Goldman and Pi, Ozinciolslri, pensioner representatives were PI-eseiit, P R" Burke, Plan A-ttarney was also in attendance. :In the absence of the Chairnlar~ the Comnlittee nlzminated W- 131.acl.: to serve as Chairman Pro Tempore. On a. motion by E. Hill, 0 seconded by L. Morris, the Committee unanimously approved W.. Black to serve as Chairman Pro Tempare. (1) The Chairman Pr-o Ternpure called.the mee-king to order at 10:4.8 A.iVl. (2) A roll. call was taken which indicated that a quorum of the Committee membel-.s was presen%. (3) on a motion by Mr. Mandolini, seconded by Mr. Morris the Co~iiniittee ~~nanimo~sly a.ppi-oved the Minutes of the 507th Meeting I-1el.d April 30, (4) Mr, Piandolini gave a report on the Investment subcomrni.t.tee meeting 1iel.d Play 28, (copy of meeting i'linutes attacliecl), Cln a nlotioli by Mr, Morris, seconcled by Mi-a, Curtis,, the Committee ~..~nanirna~lsly approved f ilj.iig o.f the report, (5) Mr- Elonza Hill, 171-mil-man of the Real Estate Subccmmittee reported all his meeting of May 21, 1991 (copy of meeting Minutes attached), He noted that the issue of the fee increase for the "l'ownsend G-iro~~p wow ld be defel-recl to an executive session.

4 (6) Ms- Wanda Black, Chairperson of the General Administr-ation Subcommittee reported on her meeting of P4a.y 23, 1991 noting that the subcommittee reviewed items 6 (a-j) and reconirnended approval sf items 6 (b-,j),. Qn a ~notiaii by Hr- Morris, seconded by Ms. Ray.Ford, the Comnii. t-tee una.n iniolasl y appraooed i tams 6 (b-j ) and approved 'Filing 0% the report, Ms. Blacl*; also reported on the renebs~al. for the contract -For Artliu r 'Young and the Wyatt Company and it was.i:i1e s~bcorni~~i.lztee' s I-ecommendatioii that their contra.cts be renewed for a twn year period. After a brief discussion it was decided by the Committee to defer this issue until they rec;eis,!a a proposal. "Sc~r'Fee increases f rom bath cornpan ies, 7") The Executive Direc.toi- turned the Committee's a'ttention Jzo the Report on Deposits, Oisbu ~+-.si~rn~z~i'ts anad In-vSestrnents i.11 the "t~-~~stee Summa.r-y and noted that the April 2991 performance for 'the total Fund was -,81% and the value of the assets of -the F1.ar-i as of Apri. l 30, 1991 amounted 'to $1,021,298,773., (8) This item was deferred, 'The Plan Attorney then reported on the contracts for the new,fixed income managel-s noting that the draft is close to belng c:onipleted with regards to the structuring of fees and will. be available at the nex-t meeting. "The Plan Attorney also reported on the 333 W. Lake property rioting that the Committee can make a decision an this property at the end of the year, Qne option i.s to call for the mortgage at that time because the developers of the building are considering rernovi.ng the structure, Thai-e being no f~~rther business, the Comm'i'ttee unanimously a.g~-eed to recess to an executive session for discussion ofpension psi-sonnel nia'tzters a.nd wther b~~si.ness a-t 11:15 A-M.

5 ", I he rnaating r.sconvened at 1:40 P.M. and the Chairman PI-a *Tempore reported on the followj.ng results f ram the Executive Session: Townsend G~OUD With regards to the restr-uctul-ing of the fees for the Tow~iserid Group it was decided that the request by Townsend for an increase to $72,000 be reviewed by the Iqeal Estate Subcommittee with an agreelnent to be drafted by the Plan Attorney, -The Plan Attorney then noted that the increase in fees should as follows: be $1,000 Increase per month for the first 12 months (commenciny July 1, 1991) another $1,000 per month increase in the second 12 rno~itli period (commencing July 1, ) with the contract being extaliclad from the secor-~d 12 mon-kli periad. The Pension 'plan Docurnent and Annual Report also be forwarded tcs Tsw~isend, Pension Off ice Salary Proposals With I-.c?gards to this issue salary and grade level adjustriients were a.ppl-oved by the Re-ti rernan'k A1 lowance Cammi ttee effective November 1, The Executive Di rector was instructed to prepare the necessary paperwar-k, "There being no Further business, the Committee unanimous1.y decided to adjourn at 1:50 P,M,