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NOTICE OF MEETING — Posted May 15, 2009
Friday, May 22, 2009 at 10:30 a.m.
City Hall — Lake Monroe Conference Room* - 2 Floor
*Please note change in location
AGENDA
1. Call to Order and Roll Call
2. Approval of Minutes: Regular Meeting — February 12, 2009
3. Approval of Disbursements
4. Old Business
5. Investment Consultant's Report - Dahab
6. Investment Manager's Report — Great Lakes Advisors
7. Attorney's Report
8. New Business: Retirement Request — Ronald Daugherty — Effective 04/30/09
9. Next Meeting Date — Thursday, August 13, 2009 at 9:00 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 indudes the
testimony and evidence upon which appeal is to be based.
SANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
FRIDAY, MAY 22, 2009 — 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:35 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, Catherine Kelly and Ed Calkins, Money Managers, 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 February 12, 2009. Seconded by Michael Taylor, 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
There was none.
5. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of March 31, 2009. Asset allocation
for the period: Large Cap Equities — 37.5 %, Small Cap Equities — 8.2 %, International
Equity — 7.3 %, Fixed Income — 37.5% and Cash & Equivalents — 9.6 %. Total fund value
was $17,734,500.
State Street Global sent an email to Scott Christiansen on May 15 regarding the
changes in the portfolio to a no securities lending status. Scott has not had a chance to
review it, however; he plans to do so as soon as possible. Following a brief discussion
and clarification on what will change in the documents, a motion was made by Michael
Taylor to approve of the changes and, upon final review and approval by the Attorney,
have the Chairman affix his signature to the documents. This will allow the process to
be completed by the close of business on June 30, 2009. Seconded by Nigel Price, the
motion carried unanimously.
6. Investment Manager's Report — Great Lakes Advisors
Ed Calkins presented the quarterly performance report. Total asset allocation, at Market
Value, as of April 30, 2009, was $3,698,652.37.
7. Attorney's Report
Scott Christiansen began his report by reminding the Trustees that the Financial
Disclosure Forms are due by July 1 He then discussed the new Ordinance No. 2009-
4172 recently passed by the City.
Page 2 of 2 Sanford Police Officers' Retirement System May 22, 2009
There were some additions and deletions made that he disputes, however; the Plan
Administrator was instructed to forward it to the Division of Retirement and await their
response.
Scott continued his report by discussing the new legislative changes that were passed
just two weeks ago. A lengthy discussion ensued regarding items passed under Senate
Bill 538. The two optional items were: (1) Buy -Back provisions were expanded to
include federal and out -of -state time, and (2) Trustee terms can be expanded from 2
years to 4. The four required items were: (1) Investments in Foreign Securities were
increased from 10% to 25% at Market Value, (2) Direct Investments in Sudan, Darfur
and Iraq must be divested by September 2010, (3) Pension Funds can direct payments
to outside agencies for retirees' health and life insurance, and (4) Provisions have
changed guiding the vesting requirements and payouts when terminating a Plan.
Following the discussion, the Trustees agreed to have Scott incorporate all the required
provisions and only the buy -back provision into the draft Compliance Ordinance and
Plan Restatement he is currently working on and bring it back to the Board for a final
review.
8. New Business
Retirement Request — Ronald Daugherty — Effective April 30, 2009. A motion was made
by Michael Taylor to approve of the retirement. Seconded by Nigel Price, the motion
carried unanimously.
The FPPTA Conference was discussed. Nigel Price will plan to attend to receive his
plaque for his CPPT Certification.
Bill Kirchhoff distributed three articles regarding pension funds and investments and
asked the Trustees to review them for future reference.
9. Next Meeting Date
Next regular meeting date was set for Thursday, August 13, 2009 at 10:30 a.m.
10. Adjournment
The meeting ended at 12:35 p.m.
c
Darrel Presley, Chairman
Michael r, Secretary
CITY OF SANFORD
POLICE OFFICER'S PENSION FUND
Disbursement Report
May 22, 2009
Date Payment Issued To: Amount
02/18/09 Dahab $2,340.09
02/23/09 Great Lakes Advisors $4,915.96
02/24/09 State Street Global $2,932.88
03/13/09 Christiansen & Dehner $816.28
03/20/09 Salem Trust Company $3,021.81
04/13/09 Independence Investments $2,918.44
04/13/09 Sawgrass Asset Mgmt. $5,838.00
04/16/09 Salem Trust Company $2,857.73
04/20/09 Christiansen & Dehner $117.50
04/21/09 Great Lakes Advisors $4,187.30
05/11/09 State Street Global $2,628.70
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Date Contribution Refunds: Amount
03/11/09 William Willis $36,631.56
04/06/09 Michael Johnson $5,535.86