HomeMy WebLinkAbout111308 rm agn & min Sanford Police Officer's Retirement System •
S P y<j CPPT, Plan Administrator
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NOTICE OF MEETING — Posted November 3, 2008
Thursday, November 13. 2008 at 10:30 a.m.
2 Hall — Railroad Conference Room - 2 Floor
City Ha o
AGENDA
1. CaII to Order and Roll CaII
2. Approval of Minutes: Regular Meeting — August 14, 2008
3. Approval of Disbursements
4. Old Business
5. Investment Consultant's Report - Dahab
6. Investment Manager's Report — Sawgrass Asset Management
7. Attorney's Report
8. New Business: 2009 Meeting Schedule
9. Next Meeting Date — Thursday, February 12, 2009
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 Busy 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 13, 2008 — 10:30 A.M.
1. CaII 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, Mary McTague, Money Manager, and
David Lee and Greg McNeillie, Plan Consultants.
2. Approval of Minutes
A motion was made by Brian Tooley to approve the minutes from the regular meeting held August 14,
2008. Seconded by Nigel Price, the motion carried unanimously.
3. Disbursements
The Plan Administrator made note of one add -on item to the Disbursement Report. A motion was then
made by Nigel Price to approve the disbursement report as amended. Seconded by Michael Taylor, the
motion carried unanimously. (Copy is attached for the record.)
4. Old Business
The current City Commission Appointment of Trustee Bill Kirchhoff was discussed. There is a discussion
going on between the City Attorney and the Mayor with regard to dual office positions and until it is
resolved, Bill will remain on the Firefighter's Board and the Police Officer's Pension Board of Trustees.
Scott Christiansen asked Jim Poulalion to see that this matter is settled before the February meeting.
Because the re- appointment of Nigel Price as the 5 member was contingent upon the re- election of
Michael Taylor andthe Commission re- appointment of Bill Kirchhoff, Scott recommended that the
Trustees reconfirm the 5 member reappointment due to the pending issue regarding Bill Kirchhoff. A
motion was made by Brian Tooley to reappoint Nigel Price as the 5 member. Seconded by Michael
Taylor, the motion carried unanimously.
5. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of September 30, 2008. Asset allocation for the
period: Large Cap Equities — 45.3 %, Small Cap Equities — 10.2 %, International — 8.9 %, Cash &
Equivalents — 5.6% and Fixed Income — 30.1% Total fund value was $21,823,629.
6. Investment Manager's Report — Atlanta Capital
Mary McTague presented the quarterly report from Atlanta Capital. Total market value at September 30,
2008 was $6,848,237.
7. Attorney's Report
Scott began his report by reminding the Administrator to prepare and send the Fiscal Year End Letter #2
to the City. He concluded his report by stating that his office is still working on the Ordinance regarding -
the Internal Revenue Code changes and he will keep the Board up to date as they make progress.
8. New Business
The 2009 meeting schedule was discussed. There were no changes to be made at this time.
9. Next Meeting Date
Next regular meeting date was set for Thursday, February 12, 2009 at 9:00 a.m.
10. Adjournment
The meeting ended at 11:20 a.m.
Darrel Presley, Chairman
Michael Taylor, Secretary
CITY OF SANFORD
POLICE OFFICER'S PENSION FUND
Disbursement Report
November 13, 2008
Date Payment Issued To: Amount
08/15/08 Florida Municipal Ins. Trust $6,461.06
08/19/08 Great Lakes Advisors $7,071.04
08/26/08 Christiansen & Dehner $189.78
08/27/08 State Street Global $5,594.80
09/16/08 Christiansen & Dehner $798.09
10/09/08 Independence Investments $5,044.18
10/13/08 Sawgrass Asset Mgmt. $7,810.00
10/17/08 Salem Trust Co. $3,593.95
10/31/08 Atlanta Capital $5,984.00
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Date Contribution Refunds: Amount
10/01/08 Frank Davis $46,381.60