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Home My WebLink About021209 rm agn & min Sanford Police Officer's Retirement System P l a n d ,4 r _ • ... ii)...,, '"5:. Se k. ._ -.... 1 _. .s '`i r !`. Florida rida 1,474 4 A .. Phone: 352 "z '' - cfS • Fax: - 352.7 7-2699 r NOTICE OF MEETING — Posted February 5, 2009 Thursday, February 12, 2009 at 10:30 a.m. City Hall — Railroad Conference Room - 2n Floor AGENDA 1. Call to Order and Roll Call 2. Approval of Minutes: Regular Meeting — November 13, 2008 3. Approval of Disbursements 4. Old Business: Commission Appointment of Trustee Bill Kirchhoff 5. Investment Consultant's Report - Dahab 6. Investment Manager's Report — Sawgrass Asset Management 7. Attorney's Report 8. New Business: (a) DROP Update (b) Administrative Services Agreement 9. Next Meeting Date — Friday, May 22, 2009 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 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, FEBRUARY 12, 2009 — 10:30 A.M. 1. Call to Order and Roll CaII The meeting was called to order at 10:40 a.m. by the Chairman, Darrel Presley. The following members were present: Bill Kirchhoff, Nigel Price and Michael Taylor. Brian Tooley was excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Rusty Creighton, Money Manager, and Greg McNeillie, Plan Consultant. 2. Approval of Minutes A motion was made by Bill Kirchhoff to approve the minutes from the regular meeting held November 13, 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 Michael Taylor to approve the disbursement report as amended. Seconded by Nigel Price, the motion carried unanimously. (Copy is attached for the record.) 4. Old Business The discussion between the City Attorney and the Mayor with regard to dual office positions was resolved and the City Commission reappointment of Trustee Bill Kirchhoff has been done. Bill will remain on the Firefighter's Board andthe Police Officer's Pension Board of Trustees for another two -year term. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of December 31, 2008. Asset allocation for the period: Large Cap Equities — 40.4 %, Small Cap Equities — 8.0 %, International — 7.8 %, Cash & Equivalents — 6.7% and Fixed Income — 37.1% Total fund value was $18,731,335. Greg continued his report by discussing a letter received from Great Lakes Advisors, dated January 21, 2009, requesting a waiver to the investment guidelines and allow the flexibility to hold as much as 15% in cash. Following some discussion, a motion was made by Bill Kirchhoff to allow the temporary adjustment for Great Lakes Advisors. Seconded by Michael Taylor, the motion carried unanimously. Greg McNeillie will contact Great Lakes Advisors and advise them of the Board's decision. 6. Investment Manager's Report — Sawgrass Asset Management Rusty Creighton presented the quarterly report from Sawgrass Asset Management. Total market value at December 31, 2008 was $4,076,478. 7. Attorney's Report Scott began his report by discussing the proposed legislative changes and concluded his report by stating that his office is still working on the Ordinance regarding the Internal Revenue Code changes and he hopes to have the process completed by the next meeting date. 8. New Business (a) At the request of the Chairman, the Plan Administrator reported that there are now two DROP members: Jacob Cohen, whose five year DROP period ends on June 1, 2012 and Darrel Presley, whose five year DROP period ends on October 31, 2013. Page 2 of 2 Sanford Police Officers' Retirement System February 12, 2009 (b) The renewal of the Administrative Services Agreement was discussed. A motion was made by Michel Taylor to approve of a new two -year agreement at a monthly fee of $800 effective February 1, 2009. Seconded by Nigel Price, the motion carried unanimously. Add On: Actuarial Valuation Report — Foster & Foster Doug Lozen presented the Actuarial Valuation Report as of October 1, 2008. The methodology used to amortize the unfunded liability assumptions was discussed at length. A motion was made by Bill Kirchhoff to approve the report as presented using the new methodology of a 10- 20-30 amortization of the unfunded liability for the purpose of compliance with the legislative intent, and to maximize the likelihood of State acceptance. Seconded by Nigel Price, the motion carried unanimously. The Plan Administrator will submit the report to the Division of Retirement. A discussion then took place regarding the annual Declaration of Returns letter. Following lengthy input from the investment professionals, attorney and the Trustees, a motion was made by Michael Taylor to submit the annual letter to the Division of Retirement with the same language as last year stating 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 Nigel Price, the motion carried unanimously. Greg McNeillie will also provide the required back -up data to the Administrator to include with the letter to Mr. Slavin. Also under O/d Business, a discussion ensued regarding retiree Agostino Fontana. He has contacted the Plan Administrator and informed her that his pension benefit was scheduled to increase in May 2009 due to a Worker's Compensation settlement that was agreed upon at the time he retired. All attempts to locate any type of documentation that would indicate that a change in his benefit is in order have turned up nothing. Scott Christiansen referred to the Plan Ordinance where it is stated that Worker's Compensation settlements offset benefit payments for 10 years. He will work with Foster & Foster to investigate Mr. Fontana's claim and get back to the Plan Administrator with their findings. Finally, under O/d Business, the Chairman congratulated Nigel Price on his successful completion of the CPPT certification course. He will receive his plaque at the FPPTA Conference in June. 9. Next Meeting Date Next regular meeting date was set for Friday, May 22, 2009 at 10:30 a.m. 10. Adjournment The meeting ended at 12:10 p.m. Darrel Presley, Chair Michael Taylor, Secretary CITY OF SANFORD POLICE OFFICER'S PENSION FUND Disbursement Report February 12, 2009 Date Payment Issued To: Amount 11/25/08 F.P.P.T.A. $600.00 12/01/08 Great Lakes Advisors $6,467.47 12/19/08 Christiansen & Dehner $724.42 01/05/09 Independence Investments $3,324.29 01/05/09 Sawgrass Asset Mgmt. $6,114.00 01/26/09 Christiansen & Dehner $58.00 01/29/09 Atlanta Capital $6,335.00 MCi O1/10 /0 YC?` rL -Y' 10,6-11,c0 Date Contribution Refunds: Amount 11/24/08 Chaswon Blackmon $1,464.75