FPPTA BOARD OF DIRECTORS MEETING Date: February 1, 2014 Hyatt Regency Jacksonville Riverfront, Jacksonville, Florida

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1 FPPTA BOARD OF DIRECTORS MEETING Date: February 1, 2014 Hyatt Regency Jacksonville Riverfront, Jacksonville, Florida Chairman Prior called the meeting of the FPPTA Board of Directors to order at 2:13 PM at the Hyatt Regency Jacksonville Riverfront. BOARD OF DIRECTORS PRESENT: Peter Prior, Chairman Gary Clark, Vice Chairman Ann Thompson, Secretary Steve Aspinall, Treasurer George Farrell, Director Tim Olsen, Director Dwight Mattingly, Director Ken Harrison, Director Emeritus BOARD OF DIRECTORS ABSENT: Renee Lipton, Director Emeritus OTHERS PRESENT: Kim Ryals, COO Ray Edmondson, CEO Richard Cristini, Board Auditor Jeanine Bittinger, Board Accountant Fred Nesbitt, Media Consultant Ron Cohen, Board Attorney Brent Chudachek, Attorney Sue Marden, Public Relations Sean McKinstry, Outreach Consultant Michael Spencer, FPPTA Dean of Faculty Peter Hapgood, Education Consultant Grant McMurry, Advisory Board APPROVAL OF MINUTES A motion was made by Director Olsen to accept the minutes of October Seconded by Director Mattingly. Motion passed unanimously OFFICERS REPORTS: CHAIRMAN S REPORT: Chairman Pete Prior stated the Budget meeting that was scheduled for December was postponed and was held earlier today. The 2014 budget passed, although slightly amended. Hilton Orlando Bonnet Creek June 28, 2014 Page

2 VICE CHAIRMAN REPORT George Farrell NONE SECRETARY S REPORT Ann Thompson The Voice Magazine will be published after the conference so that information about the 30th Anniversary could be included TREASURER S REPORT Steve Aspinall Balances as of 1/28 BB&T OPERATING $247, BB&T INTEREST CHECKING #1 $ 10, BB&T INTEREST CHECKING #2 $242, BB&T MONEY MKT SAVINGS $ PRIME MERIDIAN MONEY MKT SAVINGS $301, PRIME MERIDIAN RELIEF FUND $ 29, CHIEF EXECUTIVE OFFICER REPORT Ray Edmondson Building - hope to have the building paid off before the annual conference. School Attendance - Over 518 registered when we left Tallahassee getting larger and larger. PPI - PPI is doing quite well. (Mr. McKinstry reported since October over 9,243; November 10,387; December 7,102 hits.) Consultants all working on different projects. Susan and I wrote The History of the FPPTA which will be distributed at the conference. I tried to name as many people as possible. Michael Spencer is working on a trustees handbook. We re taking six chapters from NCPERS. Michael is also working on a syllabus of all the classes we teach. Michael and Peter are working on setting up a faculty of teachers for the CPPT program. Outreach Programs Educational outreach is going to be expanded with presentations and tapings from our schools that will be on PPI. Legislative Coalition: Legislation Coalition headed up by the National Legislative Coalition, Public Pension Coalition, and NCPERS is involved in that; and we re just moving forward. Randy is doing an excellent job on that for us. So everything is working out very well. Our consultants are all doing a very good job, and we should be happy that we have such processional input at such a minor cost to the organization. CHIEF OPERATING OFFICER REPORT Kim Ryals 2014 Membership 148 associates, 242 pension boards we had 201 associates, 206 pension boards. This is just the beginning of February so the membership will continue to grow. The 13 numbers were at the end of 13; the 14 numbers are current. Office Update - everything is going along well. Lea is back after two months. QuickBooks & Budget budget meeting was this morning. Budget was approved with some changes. CPPT 21 will be in basic, 50 or so in intermediate and about 40 in advanced; smaller group than we ve had in the past. Hotels cancelled the contract with World Golf Village for February 15; we just don t fit there. Working with Rosen Centre in Orlando for February 15. We ve really had a rough time with the 2016 June confer- Hilton Orlando Bonnet Creek June 28, 2014 Page 2

3 ence. We decided to go with July 1 6 at the Hyatt Orlando, formerly the Peabody. February 2015 Rosen Centre; July 2016 Hyatt Orlando; January 17 Rosen Centre; June 2018 Rosen Shingle Creek and October 2018 Hyatt Coconut Point. 30th Anniversary Plans Papa Do Run Run is booked for the entertainment. We ll start working on ticket packages and such. Web site we ve undergone a major reprogramming for how we track payments. We have started a new bundling sponsorship program to offer our associates more for what they sponsor. They re actually getting three, four and five items bundled in to one and then we re offering a discount. Financial Report for the September school, income was $221,990; expenses were $184,370; net income was $37,529. Two gold sponsors and four silver sponsors for this school. Sponsorship Program Associates are receptive to the new program. We are putting their logos on banners that will be hung as well as having their logos on monitors throughout the conference area. At this school we have four silver at $3,040 each and two gold at $3,216 each. Director Thompson stated the bundling was an idea from the Advisory Board. The total sponsorship received was $6,256 for this school. Fishing Tournament meeting with the tournament committee Monday morning or afternoon to go over some of these changes. Discussion regarding FPPTA s sponsoring the tournament for $2500. Treasurer Aspinall moved to amend the budget to include $2500 for the tournament; seconded by Director Olsen. Motion carried. ConvergEx a letter was sent to ConvergEx after coming to our attention regarding an ongoing fraud investigation since After speaking with a couple of our long-time members, our attorney and the Board of Directors we decided that we were going to return their membership fee and not allow them to be members this year until all this is worked out. We explained to them that we would welcome them back any time. Much discussion ensued. Director Aspinall moved to accept the letter sent to ConvergEx suspending for a year after which they can re-join. Seconded by Director Olsen for further discussion. Director Aspinall amended the original motion to include that within the year if ConvergEx wanted to come to our meetings and present any evidence you may come talk to us. Motion passed. EDUCATION COMMITTEE CHAIRMAN Peter Hapgood Between CEU Four and Five we ll have five presentations that will be broadcast to both sessions. We ll be videotaping fourteen sessions that will be available on the PPI site. Dee Lee will be offering the Individual Retirement series. It s open to the first fifty CPPT individuals (trustees and guests). Annual Education Committee meeting to be held March 13 th and 14 th. Wall Street program will be April 2 5. We re putting together a trustee handbook taking six chapters from NCPERS and Mike Spencer will put together the last chapter telling about the CPPT program this will be unveiled in October. Don Trone will be back in October with the program being limited to 75 CPPT participants. Dee Lee will be back in October as well with a limit 50 participants. We re putting together a presenter database and survey that I m working on with Kim. Director Clark suggested having someone from McDill Air Force Base come to speak at an event since we are in Orlando. Chairman Prior suggested The Difference Between DB versus DC for a future topic. A 10 minute recess was taken meeting reconvened at 4:17. Hilton Orlando Bonnet Creek June 28, 2014 Page 3

4 ACCOUNTANT Jeanine Bittinger I want to start with a compliment to Kim and Ray, and I know Stephanie was involved, with the time Lea was out, it s really incredible with the small staff have they that we were able to get this report out in January. We have already scheduled the audit for the last week of March. The monthly statement as of 12/31/2013 the assets 525,798; our property and equipment net of depreciation 382,245; and total assets, 944, 912. Some of the numbers will change once Richard and I go to Tallahassee and do the audit. AUDITOR Richard Cristini Audit is scheduled for the last week of March. Clarity Audit Standards are in full effect. All programs have been updated and changed. AUDIT COMMITTEE Steve Aspinall, Pete Prior, Ann Thompson The committee gets the monthly credit card reports. We go over them and if there are any issues we go back and forth but there s nothing to report. Everything is going well. ATTORNEY S REPORT Ron Cohen Nothing to report BY-LAWS COMMITTEE Tim Olsen, Ken Harrison, Dwight Mattingly, Steve Aspinall The By-laws Committee got together through and discussed the minutes from the last meeting. The by laws we voted on were passed today and Brent has explained everything. The administrator has been removed from being able to vote and limits it to the trustee who is in attendance at the conference but doesn t have to be registered. Chairman Prior made the motion to accept the By-laws; seconded by Director Olsen. Motion carried. EXECUTIVE OVERSIGHT COMMITTEE George Farrell, Pete Prior, Ann Thompson Nothing to report. EXHIBIT HALL COMMITTEE Ken Harrison, Mary McTauge Byrom Everything is wonderful. My recent appointee, Richelle Hayes, has resigned. COO Ryals stated the reason for resignation was that she was appointed as secretary of the Advisory Board. FISHING TOURNAMENT COMMITTEE COO Kim Ryals We re going to have a meeting with the committee this week. GOLF COMMITTEE Katie Byrne, Steve Aspinall, Howard Bos, Janna Hamilton Per Steve Aspinall, Katie is talking to the Waldorf about the use of their course for the tournament. They said they would honor the price from two years ago. LEGISLATIVE Randy Touchton Tracking SB 246, similar to last year s. Explained the bill. MEDIA Fred Nesbitt Things are quiet on the local level. Please continue to articles and editorials to Fred. I sit on the Budget Advisory board in Ft. Lauderdale where they wanted to talk about pension reform. I then presented Pension 101, a 20 minute slide presentation telling them how to explain pension plans to local government officials. PUBLIC RELATIONS Sue Marden Working with Ray on the History of FPPTA. Working with Peter on what will be Chapter 1 of a book for beginning trustees. Please continue to share articles with her. Hilton Orlando Bonnet Creek June 28, 2014 Page 4

5 PUBLIC PENSION INSTITUTE Sean McKinstry Web site traffic reported under CEO Edmondson s report. Hit a milestone of 10,000 hits on the web site. The next webcast is March 5 and I m working out the details with Bruce Feiner, Abel Noser. The newsletter continues to be smooth. The videos are popular sites and when the legislative session is open that s a popular site as well. RELIEF FUND Steve Aspinall, Katie Byrne, Janna Hamilton, Howard Bos, Tim Olsen, George Farrell Balance as of January 24, 2014, $29, OLD BUSINESS Motion to reconsider the ConvergEx letter decision by Director Farrell; seconded by Secretary Thompson. Motion carried. Steve Aspinall said he would make the same motion made before, that they be suspended for a year and that they receive a letter that they would not be a member for the calendar year 2014 and that the Board considered their letter at this meeting which they were told they could attend. Secretary Thompson, seconded. Motion carried. NEW BUSINESS Secretary Thompson made the motion to form a committee to negotiate a contract for the new CEO, Kim Ryals. Seconded by Chairman Prior. Motion failed ; three approving, four opposed. Vice Chairman Farrell made a motion to use the exact same contract we have for the existing CEO for the rest of 2014, a six month contract with Kim, until we can come back next year and commence January 1 with a new contract; seconded by Director Olsen. After discussion there was a second motion made by Director Olsen to form a committee to get with the new CEO and work out a new contract; seconded by Secretary Thompson. Motion carried to have a Negotiating Committee made up of Vice Chairman Farrell, Secretary Thompson and Director Aspinall. INPUT FROM MEMBERS: NONE ADJOURNMENT: at 5:58 PM Motion by Director Clark second by Director Olsen The meeting was adjourned at 5:58 Respectfully submitted: Director/Board Secretary Hilton Orlando Bonnet Creek June 28, 2014 Page 5