HomeMy WebLinkAbout081408 rm agn & min Sanford Police Officer's Retirement System
s .' Pita CPPT. Plan Administrator
Stirling Pass q s i °P Florida 34748 4 A
Phone: 35 E 352-787-2699 r ?
NOTICE OF MEETING — Posted August 7, 2008
Thursday, August 14, 2008 at 10:30 a.m.
City Hall — Railroad Conference Room - 2 Floor
AGENDA
1. CaII to Order and Roll CaII
2. Approval of Minutes: Regular Meeting — May 15, 2008
Disability Hearing — May 15, 2008
3. Approval of Disbursements
4. Old Business: (a) Status of PLOP Ordinance
(b) Meeting with Finance Re: Salary Definition
5. Investment Consultant's Report - Dahab
6. Investment Manager's Report — State Street Global
7. Attorney's Report
8. New Business: Annual Declaration of Returns Letter
9. Next Meeting Date — Thursday, November 13, 2008 at 10:30 a.m.
10. 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, AUGUST 14, 2008 - 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:30 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, Allison
Corbally, Money Manager, and David Lee and Greg McNeillie, Plan Consultants.
2. Approval of Minutes
A motion was made by Bill Kirchhoff to approve the minutes from the regular meeting held May
15, 2008 and the Disability Hearing held May 15, 2008. Seconded by Nigel Price, the motion
carried unanimously.
3. Disbursements
A motion was made by Michael Taylor to approve the disbursement report. Seconded by Brian
Tooley, the motion carried unanimously. (Copy is attached for the record.)
4. Old Business
(a) The PLOP Ordinance was approved by the City Commission at the final reading on June 23,
2008. A signed coy has been sent to the Division of Retirement.
(b) Darrel discussed his meeting with the Finance Manager regarding the definition of salary for
reporting purposes. Because there are still some differences regarding the gross and base
salary reporting matters, he will follow -up this discussion with a call to the Actuary.
5. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of June 30, 2008. Asset allocation for the
period: Large Cap Equities — 46.2 %, Small Cap Equities — 9.9 %, International - 11.0 %, Cash &
Equivalents — 3.5% and Fixed Income — 29.4% Total fund value was $23,256,687.
6. Investment Manager's Report — State Street Global
Allison Corbally presented the quarterly report from State Street Global. Total market value at
June 30, 2008 was $2,560,444.
Allison continued her repot to the Board by discussing the new CTF process that will soon be
taking place at State Street due to federal regulations. It involves Plans with assets greater and
smaller than $25 million. The changes will be transparent to their clients and there are no
changes regarding the fees or investment strategy but she wanted the Trustees to be aware of
them. She and Greg will establish the Sanford Police Pension asset amount and date for the
record.
7. Attorney's Report
Scott Christiansen began his report by reviewing the Trustees' current terms. The terms of
office for Bill Kirchhoff, as a City Commission appointment, Michael Taylor, as the member
elected Trustee, and Nigel Price, the 5 member, all expire at the end of September. Bill
Kirchhoff and Michael Taylor verbally expressed their interest in another two -year term and the
Plan Administrator will work to coordinate the member election and prepare the Commission
appointment letter. A motion was made by Brian Tooley re- appointing Nigel Price as the 5
member, contingent upon the re- election of Michael Taylor and the Commission re- appointment
of Bill Kirchhoff. Seconded by Michael Taylor, the motion carried unanimously.
Page 2 of 2 Sanford Police Officers' Retirement System August 14, 2008
Scott continued his report to the Board by informing them of the new forms package and the
annual schedule of events that his office has distributed to the Plan Administrators. Additionally,
they have sent a lengthy memo to the Plan Actuaries regarding the Section 415 testing required
under the IRS Code.
In closing, Scott stated that he is also working to prepare an Ordinance to update the Plan on
IRS compliance issues and he will be sending a new Special Tax Notice form to the
Administrator regarding contribution roll -overs into Roth IRA's.
8. New Business
A discussion took place regarding the annual Declaration of Returns letter. Following input from
the Attorney and the Consultant, a motion was made by Bill Kirchhoff to amend the annual
letter to the Division of Retirement to reflect that the total expected annual rate of investment
return for the fund for the next year is 4 %, the next several years is 6 %, and the long -term
thereafter, shall be 8 %, net of investment expenses. Seconded by Brian Tooley, the motion
carried unanimously. Greg McNeillie will provide the required back -up data to the Administrator
to include with the letter to Mr. Slavin.
The Administrator handed out the schedule for the upcoming conference presented by the
Division of Retirement. Anyone interested in attending should let Susy know as soon as
possible to get registered.
9. Next Meeting Date
Next regular meeting date was set for Thursday, November 13, 2008 at 10:30 a.m.
10. Adjournment
The meeting ended at 12:10 p.m.
Darrel Presley, Chairman
Mike Taylor, Secretary
CITY OF SANFORD
POLICE OFFICER'S PENSION FUND
DISBURSEMENT REPORT
August 14, 2008
I I
Date Payment Issued To: Amount
05/20/08 Dahab $2,956.76
05/20/08 Great Lakes Advisors $7,239.65
05/28/08 Christiansen & Dehner $391.65
06/23/08 Christiansen & Dehner $1,290.66
07/07/08 Sawgrass Asset Mgmt. $8,489.00
07/07/08 State Street $5,042.59
07/10/08 Independence Advisors $5,138.58
07/24/08 Salem Trust Co. $3,216.66
07/24/08 Atlanta Capital $6,034.00
07/30/08 Christiansen & Dehner $203.00
08/05/08 Dahab $2,908.38
Date Contribution Refunds: Amount
06/23/08 Joseph Bellizio $7,653.53