Owosso Employee's Retirement System Agenda

February 17, 2005 - 8:00am

CALL MEETING TO ORDER:

ROLL CALL:

APPROVE AGENDA:

APPROVE MINUTES OF DECEMBER 16, 2004 REGULAR MEETING:

APPROVE PENSION CHECK REPORTS: 

1.      December, 2004                                    $88,278.68

2.      January, 2005                                       $93,277.73

APPROVE STATEMENTS:

1. Chemical Bank and Trust Company

December, 2004 and January, 2005

2. Fifth Third Bank

December, 2004 and January, 2005

3. Tom Johnson Investment Management, Inc.

Period ending December 31, 2004
 

4. City of Owosso Employees Retirement Fund

December, 2004 and January, 2005

PAYMENT AUTHORIZATIONS: 

1. Fifth Third Bank

Administrative Fees

For Period 10/01/04 through 12/31/04                                   $6,682.41

2. Tom Johnson Investment Management, Inc.

Management Fee

For Period 10/01/04 through 12/31/04                                   $9,378.19

3. Gabriel, Roeder, Smith & Company

      Fee for conducting an Experience Study

      For the Employees Retirement System for

      The 5 year period 1999 through 20003.                                 $8,000.00

COMMUNICATIONS:

1. Ronald J. Tobey, City Treasurer:  Report of Checks Written – December, 2004 & January , 2005
2. Ronald J. Tobey, City Treasurer:  2004 Done Away Fees Report
3. William C. Brown, City Attorney: Copy of letter to Merrill Lynch re: SEC Fair Fund Distribution Notice regarding Worldcom, Inc.
4. William C. Brown, City Attorney, and Gail L. Schultz, City Clerk:  Copy of letter to Brian T. Lee, Fifth Third Bank re: Trades
5. William C. Brown, City Attorney, and Gail L. Schultz, City Clerk:  Copy of letter to Kirk W. Fisher, Chemical Bank and Trust Company, and Steven G. Schenk, Tom Johnson Investment Management, Inc. re: Trades
6. Gail L. Schultz, City Clerk: Copy of letter to investment managers re: 2005 Meeting Schedule.
7. Brian T. Lee, Fifth Third Bank: Biography – John Schimitz, Managing Director-Income Strategies
8. Gail L. Schultz, City Clerk:  Copy of PA 314 of 1965 re: Public Employees Retirement System Investment Act
9. TJIM Quarterly Insight – 4^th Quarter 2004
10. Gabriel, Roeder, Smith & Company:- December 2004 News Scan
11. MAPERS:  Pension Scope – Winter 2004
12. MAPERS:  One Day Seminar Series announcement

The following publications and conference announcements are on file with the City Clerk – if you would like to read them, please contact her:

• Merrill Lynch: Semi-Annual Report – October 31, 2004
• Lerach, Coughlin, Stoia, Geller, Rudman & Robbins: Corporate Governance Bulletin – First Quarter 2005
• S & B Bulletin: Winter 2004
• PlanSponsor: November-December, 2004 and January, 2005.
• Miscellaneous Conference Announcements

OLD BUSINESS:

1.      Done Away Fees Status Report: – Marie Vanerian, Merrill Lynch

2.      Disclosure of fees and difference between soft and hard dollars Report:  Marie Vanerian, Merrill Lynch

3.      Consideration of investment strategy change as proposed by Brian T. Lee, Fifth Third Bank at December meeting

NEW BUSINESS:

1.      Application for Retirement:  William K. Wisner

2.      Application for Retirement: Daniel J. Talbot

3.      The Report of an Analysis of the Experience of the City of Owosso Employees Retirement System – January 1, 1999 through December 31, 2003:  Presentation of Report by Jim Koss, Gabriel, Roeder, Smith & Company.

4.      System Compliance with IRS Regulations. Review of response from Gabriel, Roeder, Smith & Company regarding the IRS Section 401(a)(9) compliance study.

5.      Discussion:  Consideration of time limit on presentations INVESTMENT MANAGERS REPORT:
 

1. Merrill-Lynch:  Fourth Quarter 2004 Executive Summary Report
2. Merrill-Lynch:  Investment Policy Update Proposal

NEXT BOARD MEETING:         April 21, 2005

ADJOURNMENT: