R E C O R D  O F  P R O C E E D I N G S

CITY OF LAFAYETTE
EMPLOYEE PENSION BOARD
February 28, 2011

                                             
Call to Order
The February 28, 2011 meeting of the Employee Pension Board was called to order at 10:00 a.m. in the Council Chambers by Chairman Bob Wright.

Roll Call
Employee Pension Board: Bob Wright, Peter Johnson, Gary Klaphake, Frank Phillips, and Doug Short

Others:  ICMA-RC Associate Michael Collins, Deputy City Clerk Susan Barker and Ex-Officio Board Member Susan Early.

Minutes
A motion was made by Board member Doug Short and seconded by member Gary Klaphake to approve the November 29, 2010 minutes as written. The motion passed unanimously.

Quarterly Report:
Michael Collins of ICMA-RC reported on the 4th quarter employee pension funds. The market is becoming more profitable, but is still struggling.

Old Business:
IMCA-RC provided information on the Davis NY Venture Funds that is currently on the watch list. Mr. Collins reported that Davis NY Venture Funds are problematic in the short term and the city currently has two other funds already in the same category; American Funds Fundamental Investors A and Vantagepoint 500 Stock Index I.

He provided information on two replacement funds MFS Massachusetts Investors Tr A or Fidelity Contrafund. The Board discussed the recommended funds and the option of removing Davis NY Venture Funds but not replacing with another option. A motion was made by Board member Phillips and seconded by Board member Short to change out Davis NY Venture Funds with Fidelity Contrafund. The motion passed unanimously.

A motion was made by Board member Phillips and seconded by Board member Klaphake to roll the Davis NY Venture Funds automatically into Vantagepoint 500 Stock Index I if the employee did not move their money within the time frame given by ICMA-RC. The motion passed 3 to 2 with Chairman Wright and Board member Johnson voting no.

Those employees who have monies in the Davis NY Venture Funds will receive a letter from ICMA-RC informing them of the change. The employee will have 60 days to change to another fund or it will automatically roll over to the Vantagepoint 500 Stock Index I.

Adjournment
At 11:15 am a motion was made by Board member Phillips and seconded by Board member Klaphake to adjourn the meeting. The motion passed unanimously.

ATTEST      

  
Susan Barker, CMC     
Deputy City Clerk