Loading...
HomeMy WebLinkAbout110807 rm agn & min Sanford Police Officer's Retirement System /4":-: �4 7F,7- 2699 NOTICE OF MEETING - Posted November 1, 2007 Thursday, November 8, 2007 at 10:30 a.m. City Hall — Lake Monroe Conference Room - 2 " Floor AGENDA 1. Call to Order and Roll Call 2. Approval of Minutes: Regular Meeting — August 9, 2007 3. Approval of Disbursements 4. Old Business: (a) Foster & Foster Contract Signatures (b) Trustee Positions — New Terms 5. Appointment of Officers to the Board 6. Attorney's Report 7. Investment Consultant's Report 8. Investment Manager's Report — Sawgrass Asset Management 9. Disability Application — John Difatta 10. New Business: (a) Disability Status — Thomas Ponicki (b) 2008 Meeting Schedule 11. Any Other Business (that may legally come before the Board) 12. Next Meeting Date — Thursday, February 14, 2008 at 10:30 a.m. 13. 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 includes the testimony and evidence upon which appeal is to be based. SANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES THURSDAY, NOVEMBER 8, 2007 - 10:30 A.M. 1.. Call to Order and Roll CaII The meeting was called to order at 10:45 a.m. by the Chairman, Darrel Presley. The following members were present: Bill Kirchhoff and Michael Taylor. Nigel Price and Brian Tooley asked to be excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Greg McNellie, Consultant and Dean McQuiddy, Money Manager. The City Finance Director, Mr. Jim Poulalion was also present. 2. Approval of Minutes A motion was made by Mike Taylor to approve the minutes from the regular meeting held August 9, 2007. Seconded by Bill Kirchhoff, the motion carried unanimously. 3. Disbursements The Administrator made note of an add -on to the disbursement report for Dahab & Associates. A motion was made by Bill Kirchhoff to approve the disbursement report as amended. Seconded by Michael Taylor, the motion carried unanimously. (Copy is attached for the record.) 4. Old Business (a) The contract for Actuarial Services from Foster & Foster, approved at the August meeting, was presented for signatures by the Chairman and Secretary. The Administrator will distribute the copies to the appropriate parties. (b) The Trustee positions were reviewed. Darrel Presley was reelected to another two -year term by the members until October 2009. The Commission Appointed term, currently occupied by Brian Tooley, is set to be on the agenda for their November 12, 2007 meeting. 5. Appointment of Officers to the Board A motion was made by Bill Kirchhoff to reappoint Darrel Presley as Chairman, Brian Tooley as Vice - Chairman and Mike Taylor as Secretary. Seconded by Mike Taylor, the motion carried unanimously. 6. Attorney's Report Scott Christiansen began his report by providing the Trustees with the newest information from the IRS regarding the $3,000 health insurance deduction for retirees. Additional information is forthcoming and will be forwarded to the Pan Administrator. The Administrator was instructed to send a letter to the City Commission regarding the annual report of investment activity in accordance with Section 112.661(15), Florida Statutes. Scott went on to say that the Summary Plan Description is in need of an update. A motion was made by Bill Kirchhoff to have the Attorney prepare the new update for review by the Trustees at the next meeting. Seconded by Mike Taylor, the motion carried unanimously. 7. Investment Consultant's Report — Dahab Associates Greg McNellie reviewed the performance report as of September 30, 2007. Asset allocation for the period: Large Cap Equities - 49.3 %, Small Cap Equities - 8.2 %, International - 11.0 %, Fixed Income - 25.4% and Cash & Equivalents — 6.1 %. Total fund value was $26,074,498. Page 2 of 2 Sanford Police Officers' Retirement System November 8, 2007 8. Investment Manager's Report — Sawgrass Asset Management Dean McQuiddy presented the quarterly report from Sawgrass Asset Management. Total market value at September 30, 2007 was $6,491,796. 9. Disability Application — John DiFatta The Attorney reviewed his August 8, 2007 letter to Mr. Herbert M. Hill regarding the disability claim of John DiFatta. He informed the Trustees that the interrogatories have been sent and as soon as he receives them back he will continue with the process and schedule an IME. 10. New Business (a) The disability status of Thomas Ponicki was discussed. He went out on a service connected disability on March 22, 2004 and has since, recovered from his injury. He applied for, and was awarded, a full -time certified police officer's position with the City of Winter Park. The City of Sanford has a policy not to rehire employees who settle their Worker's Compensation claims and, therefore; he cannot come back to work at the Sanford Police Department. Because of the City's rehire policy, he will continue to collect his disability benefit. After some discussion, it was the consensus of the Board to have the Administrator draft a letter to the City, from the Pension Board Chairman, detailing the matter and informing them of the costs attributed to this issue. (b) The 2008 meeting schedule was distributed and reviewed. 11. Any Other Business Mr. Jim Poulalion, Finance Director, asked that the Board approve of an actuarial study to be done by Foster & Foster, detailing the costs associated with providing a COLA to future retirees. Following a brief discussion, a motion was made by Mike Taylor to authorize the study and to provide a separate invoice to the City for payment to the Actuary (via the Pension Board). Seconded by Bill Kirchhoff, the motion carried unanimously. The Trustees discussed the possibility of adopting a PLOP provision. After a brief discussion it was the consensus of the Board to have Scott draft an Ordinance and present it to them at their next meeting. 12. Next Meeting Date Next regular meeting date was set for Thursday, February 14, 2008 at 10:30 a.m. 13. Adjournment The meeting ended at 12:15 p.m. Darrel Presley, - . Mike Taylor, Secretary