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HomeMy WebLinkAbout081309 rm agn & min • Sanford Police Officer's Retirement System top Susy Pita, Pension Plan Administrator • 21629 Stirling Pass ♦ Leesburg, Florida 34748 4 I Phone: 352 -787 -9795 4 Fax: 352-787-2699 r NOTICE OF MEETING - Posted August 4, 2009 Thursday, August 13, 2009 at 10:30 a.m. City Hall — Railroad Conference Room - 2 Floor AGENDA 1. CaII to Order and Roll Call 2. Approval of Minutes: Regular Meeting — May 22, 2009 3. Approval of Disbursements 4. Old Business 5. Investment Manager's Report — Independence Investments 6. Investment Consultant's Report — Dahab 7. Review Plan Amendments and Draft Ordinance 8. Attorney's Report 9. New Business: Trustee Election and Appointments 10. Next Meeting Date: Thursday, November 12, 2009 at 10:30 a.m. 11. 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, AUGUST 13, 2009 - 10:30 A.M. 1. CaII to Order and Roll Call The meeting was called to order at 10:35 a.m. by the Acting Chairman, Brian Tooley. The following members were present: Bill Kirchhoff, Nigel Price and Michael Taylor. Darrel Presley was excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Charles Glovsky and Thomas Capobianco, Money Managers, and Greg McNeillie, Plan Consultant. 2. Approval of Minutes A motion was made by Nigel Price to approve the minutes from the regular meeting held May 22, 2009. Seconded by Michael Taylor, the motion carried unanimously. 3. Disbursements The Plan Administrator made note of two add -on items to the Disbursement Report. A motion was then made by Bill Kirchhoff 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. S. Investment Manager's Report — Independence Investments Thomas Capobianco began the report by discussing the Lee Munder Capital Group and Independence Investment merger. Charles Glovsky then presented the quarterly performance report. Total asset allocation as of June 30, 2009, was $1,793,232.55. 6. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of June 30, 2009. Asset allocation for the period: Large Cap Equities — 39.5 %, Small Cap Equities — 9.2 %, International Equity — 8.6 %, Fixed Income — 36.7% and Cash & Equivalents — 5.6 %. Total fund value was $19,214,921. Greg continued his report by discussing some recommended changes and a rebalancing of the Plan portfolio. Following the discussion, a motion was made by Bill Kirchhoff to reallocate the Bond Funds by transferring $1 million to Great Lakes Advisors, and $200,000 each to State Street Global and Sawgrass Asset Management. The transactions will take place in two parts; one on September 1, 2009 and the other on October 1, 2009. Seconded by Nigel Price, the motion carried unanimously. A discussion then ensued with regard to the investment changes that have been passed under Senate Bill 538. Following a brief discussion, a motion was made by Michael Taylor to direct the Investment Consultant to amend the Investment Policy to extend the international investments to a 15% target, with a maximum of 20 %, and to include the divestiture language. Seconded by Bill Kirchhoff, the motion carried unanimously. Greg will bring the new draft of the Investment Policy to the next meeting for review and discussion. 7. Review Plan Amendments and Draft Ordinance Several weeks ago, Scott provided the Trustees with a draft of the Plan restatement so that they would have time to review it before today's meeting. Foster & Foster has already provided the Statement of No Impact. A discussion ensued with regard to dual office holding and other official positions. Page 2 of 2 Sanford Police Officers' Retirement System August 13, 2009 A motion was made by Michael Taylor to amend the language to read that, "If the Police Chief is appointed as a Trustee, his duties will be deemed as exofficio as his duties to Police Chief ". Seconded by Bill Kirchhoff, the motion carried unanimously. Following some additional discussion with regard to Scott and Lonnie (the City Attorney) agreeing on the final language modification, a motion was made by Michael Taylor to approve of the new Plan Ordinance to be presented to the City Commission for adoption. Seconded by Nigel Price, the motion carried unanimously. 8. Attorney's Report The Commission Appointed Trustee position currently occupied by Brian Tooley will expire in October 2009. Brian has expressed his interest in seeking another term. The Plan Administrator will submit a letter of request to the City Clerk for reappointment by the City Commission. The member elected Trustee position currently occupied by Darrel Presley will expire in October 2009. Darrel has expressed his interest in seeking another term. The Plan Administrator will coordinate the member election in mid September. The 2008 State check has been mailed. The Plan can expect to receive $317,480.54. 9. New Business The Plan Administrator discussed the State Conference that will be held in October and, given all the changes with the passage of Senate Bill 538, encouraged the Trustees to attend. Bill Kirchhoff discussed the July 14 letter he received from the City Clerk. He is not ready to make a decision, but will notify the Board of Trustees as soon as he does. Michael Taylor led a discussion regarding some plan improvements that some of the members have been asking about. Following a discussion, a motion was made by Michael Taylor to request a two -part actuarial study from Foster & Foster: (1) An early retirement of 20 years and out, and (2) A cap on 25 years of credited service at 87.5 %. Seconded by Nigel Price, the motion carried unanimously. 10. Next Meeting Date Next regular meeting date was set for Thursday, November 12, 2009 at 9:00 a.m. 11. Adjournment The meeting ended at 12:05 p.m. Darrel Presley, Chairma Michae lay or, Secretary CITY OF SANFORD POLICE OFFICER'S PENSION FUND Disbursement Report August 13, 2009 Date Payment Issued To: Amount 06/16/09 Christiansen & Dehner $897.17 07/13/09 Independence Investments $3,623.03 07/13/09 Sawgrass Asset Mgmt. $6,507.00 07/15/09 Christiansen & Dehner $1,624.08 07/16/09 Salem Trust Company $3,116.52 07/29/09 Great Lakes Advisors $4,790.93 08/03/09 Atlanta Capital $6,299.00 ick on i D3/06) /tc■ 2, bS(0.0 08/1 o /cock 7a-ha—b 2,40 (.2_5 Date Contribution Refunds: Amount 06/15/09 Derek Johnson $12,265.24