HomeMy WebLinkAbout051007 rm agn & min Sanford Police Officer's Retirement System
Susy Pita, CPPT, Plan Administrator
21629 Stirling Pass • Leesburg, Florida 34748 r. 7
Phone: 352-787-9795 • Fax. 352-787-2699
NOTICE OF MEETING — Posted May 3, 2007
Thursday, May 10, 2007 at 10:30 a.m.
City Hall Railroad Conference Room — 2" Floor
AGENDA
1. Call to Order and Roll Call
2. Approval of Minutes: Regular Meeting — February 8, 2007
3. Approval of Disbursements
4. Old Business
5. New Business: (a) Salem Trust Signature Forms
(b) Contact & Trustee Information Update
(c) FRPTA Conference
6. Actuary's Report
7. Attorney's Report
8. Investment Manager's Reports: (a) Atlanta Capital Management
(b) Great Lake Advisors, Inc.
(c) Independence Investments
(d) Sawgrass Asset Management
9. Investment Consultant's Report — Dahab Associates
10. Any Other Business (that may legally come before the Board)
11. Next Meeting Date — Thursday, August 9, 2007 at 10:30 a.m.
12. Adjournment
DISABILITY INFORMATION: In accordance with the Americans with Disabilities Act and F.S.S. 286.26, persons with disabilities
needing special accommodation to participate in this meeting should contact Susy Pita, Plan Administrator, no later than seven days
subsequent to the proceeding at 352 - 787 -9795 for assistance. If hearing impaired, call the Florida Relay Service Numbers at 800-
955 -8771 (TDD) or 800- 955 -8770 (VOICE) for assistance.
APPEAL NOTICE: If a person decides to appeal any decision made by the Board, with respect to any matter considered at such
meeting or hearing, that person will need to ensure that a verbatim record of the proceedings is made, which record indudes the
testimony and evidence upon which appeal is to be based.
SANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
THURSDAY, MAY 10, 2007 - 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:50 a.m. by the Chairman, Darrel Presley. The following
members were present: Bill Kirchhoff, Nigel Price, Michael Taylor and Brian Tooley.
The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Greg
McNellie, Consultant, Patrick Donlan, Actuary, and Allison Corbally, Money Manager. The City
Finance Director, Jim Poulalion was also present.
2. Approval of Minutes
A motion was made by Brian Tooley to approve the minutes from the regular meeting held
February 8, 2007. Seconded by Mike Taylor, the motion carried unanimously.
3. Disbursements
A motion was made by Mike Taylor to approve the disbursement report as presented.
Seconded by Nigel Price, the motion carried unanimously. (A copy is attached for the record.)
4. Old Business
There was none.
5. New Business
(a) The new signature form from Salem Trust was distributed for signatures. The Administrator
will forward the form to the Custodian.
(b) The Administrator reviewed the contact information sheets with the Board Members and
Service providers and appropriate changes were made.
(c) The FPPTA conference and the travel policy were discussed. Three of the Trustees will plan
on attending.
6. Actuary's Report
Patrick Donlan reviewed the Actuarial Valuation Report with the Trustees. Following some
discussion, a motion was made by Mike Taylor to approve the report as presented. Seconded
by Nigel Price, the motion carried unanimously.
Patrick reminded the Trustees that the on -line calculator is still available for a trial period. A
copy of the instructions and access password was distributed.
7. Attorney's Report
Scott Christiansen began his report by reminding the Trustees that the Financial Disclosure
Forms are due on July 1s He then updated the Trustees about Legislative issues and will
continue to provide updates as these issues make their way through the proper channels.
Because the Actuarial Valuation Report was approved he also discussed the assumed rate of
return. Following a brief discussion, and input from the Plan Consultant, a motion was made by
Nigel Price to approve the 8% declaration and to have the Administrator prepare the
appropriate correspondence to the Division of Retirement. Seconded by Brian Tooley, the
motion carried unanimously.
Page 2 of 2 Sanford Police Officers' Retirement System May 10, 2007
8. Investment Consultant's Report — Dahab Associates
Greg McNellie reviewed the performance report as of March 31, 2007. Asset allocation for the
period: Equities — 56.1 %, Intemational — 10.8 %, Fixed Income — 27.1% and Cash — 6 %.
Total fund was at $23,485,545. Bill Kirchhoff expressed his concerns with regard to some of
the small cap stock picks and Greg responded to his questions.
9. Investment Manager's Report — State Street Global Advisors
Allison Corbally presented the company holdings, client representation and investment style to
the Trustees. She will be back at regular intervals to present the performance reports to the
Pension Board.
The quarterly report from Atlanta Capital Management was distributed to the Trustees.
10. Anv Other Business
Darrel Presley discussed the process for terminated /vested employees who leave their
contributions in the fund. Following additional input from the Board Members and the Plan
Attorney, it was agreed that, since there is only one person in this situation right now, the
Administrator would begin the process of requesting a calculation and getting it to the plan
member with a cover letter that would keep communications going between the parties as time
passes.
11. Next Meeting Date
Next regular meeting date was set for Thursday, August 9, 2007 at 10:30 a.m.
12. Adiournment
The meeting ended at 12:05 p.m.
Darrel Presley, airman
Mike Taylor, retary
CITY OF SANFORD
POLICE OFFICER'S PENSION FUND
DISBURSEMENT APPROVAL
MAY 10, 2007
Date Payment Issued To: Amount
04/09/07 Sawgrass Asset Management $8,694.00
04/10/07 Atlanta Capital $6,481.00
04/10/07 Salem Trust Company $3,212.19
04/16/07 Independence Advisors $4,313.46
04/26/07 Christiansen & Dehner $1,188.68
05/02/07 Atlanta Capital $5,725.00
05/02/07 Dahab $2,935.76