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HomeMy WebLinkAbout080907 rm agn & min Sanford Police Officer's Retirement System Susy Pita, CPPT, Plan Administrator • 21629 Stirling Pass Leesburg. Florida 34748 4 7 Phor . 35 f r 787 70 '; • Fax F; 2.. 787-2699 NOTICE OF MEETING - Posted August 2, 2007 Thursday, August 9, 2007 at 10:30 a.m. City Hall - Railroad Conference Room - 2 " Floor AGENDA 1. Call to Order and Roll Cali 2. Approval of Minutes: Regular Meeting — May 10, 2007 3. Approval of Disbursements 4. Old Business 5. New Business 6. Attorney's Report 7. Investment Consultant's Report 8. Investment Manager's Report 9. Any Other Business (that may legally come before the Board) 10. Next Meeting Date — Thursday, November 8, 2007 at 10:30 a.m. 11. 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 derision 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 includes the testimony and evidence upon which appeal is to be based. SANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES THURSDAY, AUGUST 9, 2007 - 10:30 A.M. 1. Call to Order and Roll Call The meeting was called to order at 10:55 a.m. by the Chairman, Darrel Presley. The following members were present: Bill Kirchhoff, Nigel Price and Michael Taylor. Brian Tooley asked to be excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Greg McNellie, Consultant and Mary McTague, Money Manager. The City Finance Manager, Mrs. Gladys Johnson was also present. 2. Approval of Minutes A motion was made by Bill Kirchhoff to approve the minutes from the regular meeting held May 10, 2007. Seconded by Mike Taylor, the motion carried unanimously. 3. Disbursements A motion was made by Bill Kirchhoff to approve the disbursement report as presented. Seconded by Michael Taylor, the motion carried unanimously. (Copy is attached for the record.) 4. Old Business The letter from the City Finance Department confirming the employer contributions for FY 2006 was reviewed. A check for $157,773.00 plus $1,988.92 in interest was deposited into the Fund. Bill Kirchhoff asked that the Trustees be provided with a copy of the response to the letter from the Division of Retirement regarding questions that needed to be satisfied for the approval of the State Report. The Finance Manager will also provide a copy of the letter of approval and information regarding the distribution of the State funds. 5. New Business The Chairman discussed an upcoming disability application and the process that will be required by the Pension Board. The letter from Foster & Foster requesting an increase of fees for their Actuarial Services was reviewed. Following some discussion, a motion was made by Bill Kirchhoff to approve of the fee increase and to request that the Attorney prepare the new Contract. Seconded by Nigel Price, the motion carried unanimously. The Dahab Client Conference was discussed. A motion was made by Michael Taylor to authorize the travel and the reimbursement of expenses of any Trustee who wishes to attend. Seconded by Nigel Price, the motion carried unanimously. 6. Attorney's Report Scott Christiansen began his report by reviewing the current positions that are up for election and reappointment. After some discussion it was agreed that the Administrator would work with the Police Department Secretary to coordinate the reelection for the position currently held by Darrell Presley and she will also prepare a letter to the Finance Director (to be forwarded to the City Commission) for the reappointment of the position currently held by Brian Tooley. Page 2 of 2 Sanford Police Officers' Retirement System August 9, 2007 Scott then requested that the appointment of Officers for the Pension Board be placed on the agenda for the next meeting. He then concluded his report by reviewing some of the Legislative issues and reminding them of the deadline date for the Financial Disclosure Forms. (The Administrator confirmed that she had checked the web site and the Trustees had all . com lied P ) 7. Investment Consultant's Report — Dahab Associates Greg McNellie reviewed the performance report as of March 31, 2007. Asset allocation for the period: Equities — 58.4 %, International — 11.2 %, Fixed Income — 25.9% and Cash — 4.6 %. Total fund was at $24,665,072. Bill Kirchhoff voiced some of his concerns with regard to some of the stock picks and Greg responded to his questions. 8. Investment Manager's Report — Atlanta Capital Mary McTague presented the quarterly report from Atlanta Capital Management. Total market value at June 30, 2007 was $6,491,727. 9. Any Other Business The Administrator handed out information for two upcoming educational events and asked that the Trustees interested in attending let her know as soon as possible. She also distributed the new tax exempt certificates to the Trustees in a laminated form so that it would assist them in their future travels. 10. Next Meeting Date Next regular meeting date was set for Thursday, November 8, 2007 at 10:30 a.m. 11. Adjournment The meeting ended at 12:05 p.m. Darrel Presley, C / Mike Taylor, Secretary CITY OF SANFORD POLICE OFFICER'S PENSION FUND DISBURSEMENT REPORT AUGUST 9, 2007 Date Payment Issued To: Amount 05/22/07 Foster & Foster $9,428.00 05/22/07 Great Lakes Advisors $7,641.89 05/23/07 State Street Global $5,194.58 07/09/07 Swagrass Asset Mgmt. $9,184.00 07/09/07 Christiansen & Dehner $819.90 07/11/07 Salem Trust Co. $3,376.89 07/25/07 FL Municipal Ins. Trust $5,895.37 07/26/07 Atlanta Capital $5,682.00