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HomeMy WebLinkAbout021408 rm agn & min Sanford Police Officer's : et r ..nt System ► NOTICE OF MEETING - Posted February 7, 2008 Thursday, February 14, 2008 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 — November 8, 2007 3. Approval of Disbursements 4. Old Business: (a) Trustee Position — Commission Reappointment (b) Letter to the City — Re: Thomas Ponicki (c) Status of Disability Application — John DiFatta 5. Actuary's Report: (a) Cost Study Analysis — Retiree COLA (b) Actuarial Valuation Report — 10/01/07 6. Investment Consultant's Report - Dahab 7. Investment Manager's Report — Great Lakes Advisors 8. Attorney's Report: (a) Draft - PLOP Ordinance (b) Reporting Requirements — Use of Social Security Numbers (b) Pre -Tax Health Insurance Premiums (b) Summary Plan Description 9. New Business: Deceased Retiree — William Dube 10. Any Other Business (that may legally come before the Board) 11. Next Meeting Date — Thursday, May 15, 2008 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 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 indudes the testimony and evidence upon which appeal is to be based. SANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES THURSDAY, FEBRUARY 14, 2008 - 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 were excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Greg McNeillie, Consultant, Thomas Kiley and Ed Calkins, Money Managers and Lynne Skinner from Salem Trust Company. 2. Approval of Minutes A motion was made by Bill Kirchhoff to approve the minutes from the regular meeting held November 8, 2007. Seconded by Mike Taylor, the motion carried unanimously. 3. Disbursements A motion was made by Mike Taylor to approve the disbursement report. Seconded by Bill Kirchhoff, the motion carried unanimously. (Copy is attached for the record.) 4. Old Business (a) Brian Tooley was re- appointed for another two -year term by the City Commission on November 12, 2007. (b) The letter of November 29, 2007 to the City regarding Thomas Ponicki was discussed. Darrel has heard from the Risk Manager verbally, but we have not received anything in writing. Following some discussion, it was the consensus of the Board to have Darrel discuss this with the City officials in an attempt to obtain something in writing before the Pension Board takes any further action. (b) The disability application submitted by John DiFatta is still in the processing phase. A motion was made by Mike Taylor to expend the processing time another 90 days so that the Attorney can continue to obtain the necessary documentation for the Trustees. Seconded by Bill Kirchhoff, the motion carried unanimously. 5. Actuary's Report (a) The Cost Study Analysis regarding the Retiree's COLA was tabled until the next meeting. (b) The Actuarial Valuation Report as of 10/01/07 was tabled until the next meeting. 6. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of December 31, 2007. Asset allocation for the period: Large Cap Equities — 48.9 %, Small Cap Equities — 7.7 %, International - 11.0 %, Fixed Income - 26.4% and Cash & Equivalents — 6.0 %. Total fund value was $25,612,267. Following the report, a motion was made by Mike Taylor to reallocate $600,000 from the cash account to Independence Advisors to target the allocation of 10 %. Seconded by Bill Kirchhoff, the motion carried unanimously. The Administrator will prepare the letter of instruction. 7. Investment Manager's Report — Great Lakes Advisors Thomas Kiley introduced himself to the Trustees, this being his first meeting with them. Ed Calkins then presented the quarterly report from Great Lakes Advisors. Total market value at December 31, 2007 was $6,483,872.41. Page 2 of 2 Sanford Police Officers' Retirement System February 14 2008 8. Attorney's Report (a) The draft of the PLOP Ordinance was reviewed. A motion was made by Bill Kirchhoff to direct the Attorney to send the Ordinance to the City for approval by the City Commission. Seconded by Mike Taylor, the motion carried unanimously. (b) The reporting requirements regarding the use of Social Security Numbers was discussed. The Plan Administrator has already complied with a letter to the Senate President and the Speaker of the House of Representatives. (c) The pre -tax health insurance premiums was briefly discussed. (d) The Summary Plan Description was reviewed. A motion was made by Bill Kirchhoff to approve the Report. Seconded by Mike Taylor, the motion carried unanimously. The Chairman affixed his signature and the Secretary will see that it is distributed to the members. Scott Christiansen continued his report by providing the Trustees with a current Legislative update and went on to inform the Trustees that the entire membership must have a vote to use the State monies for any cost associated with the retiree's COLA. (This report will be discussed at the May meeting.) 9. New Business William Dube retired from the Plan on February 24, 1995. The Plan Administrator was informed that he died on September 30, 2007. Upon researching Mr. Dube's pension documents, it was determined that he selected the 10 year certain option which would have ceased any beneficiary benefits in 2005. She immediately sent a letter to Salem Trust instructing them to discontinue all future benefit payments until further notice. The documented information will be passed on to Scott and he will begin to make attempts at colleting the unauthorized benefits. 10. Any Other Business Lynne Skinner from Salem Trust Company was present at the meeting and addressed the Board regarding the Custody Fee Schedule. Following a brief discussion, a motion was made by Bill Kirchhoff to approve the fee increase from 5.5 basis points to 6.5 basis points. Seconded by Mike Taylor, the motion carried unanimously. Scott will prepare an addendum to the contract. 11. Next Meeting Date Next regular meeting date was set for Thursday, May 15, 2008 at 10:30 a.m. 12. Adjournment The meeting ended at 12:40 p.m. Darrel Presley, Chairman Mike Taylor, Secretary V pfLsAN FoR D FP ., OFFICER'S 44 PENSJQN, FliNp DISBURSEMENT REPORT ; February 14, 2008 Date Payment Issued To: Amount 11/20/07 State Street Global $5,809.09 11/20/07 F.P.P.T.A. $500.00 11/29/07 Christiansen & Dehner $736.96 12/26/07 Christiansen & Dehner $1,666.85 01/07/08 Sawgrass Asset Mgmt. $9,673.00 01/08/08 Great Lakes Advisors $8,537.87 01/14/08 Independence Advisors $4,428.84 01/14/08 Salem Trust Co. $3,516.00 01/22/08 Christiansen & Dehner $85.48 02/01/08 Foster & Foster $8,240.00