HomeMy WebLinkAbout111209 rm agn & min Sanford Police Officer's Retirement System
Susy Pita, Pension Plan Administrator •
21629 Stirling Pass s Leesburg, Florida 34748 4 A
Phone: 352-787-9795 ♦ Fax: 352-787-2699 r
NOTICE OF MEETING - Posted November 2, 2009
Thursday, November 12, 2009 at 10:30 a.m.
City Hall — Railroad Conference Room - 2"d Floor
AGENDA
1. CaII to Order and Roll Call
2. Approval of Minutes: Regular Meeting — August 13, 2009
3. Approval of Disbursements
4. Investment Manager's Report — State Street Global
5. Investment Consultant's Report - Dahab
6. Attorney's Report
7. Application for Disability Retirement — John Wilt
8. Approval of Retirement — William Wixson — Effective 09/16/2009
9. Old Business: (a) Update — Status of New Plan Ordinance
(b) Commission Appointed Trustee
(c) Member Elected Trustee
(d) Investment Policy Revisions
10. New Business: (a) Actuarial Study Results
(b) 2010 Meeting Schedule
(c) Actuarial Fee Waiver Request — Michael Horan
11. Next Meeting Date: Thursday, February 11, 2010 at 10:30 a.m.
12. 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 includes the
testimony and evidence upon which appeal is to be based.
SANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, November 12, 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 Acting Chairman, Brian Tooley.
The following members were present: Bill Kirchhoff, Darrel Presley, Nigel Price and
Michael Taylor. The following service providers were also in attendance: Scott
Christiansen, Plan Counsel, Chris Greco and Gregg Gosch, Money Managers, and Greg
McNeillie, Plan Consultant.
2. Approval of Minutes
A motion was made by Michael Taylor to approve the minutes from the regular meeting
held August 13, 2009. Seconded by Nigel Price, the motion carried unanimously.
3. Disbursements
The Plan Administrator made note of an add -on item to the Disbursement Report. A
motion was then made by Michael Taylor to approve the disbursement report as
amended. Seconded by Bill Kirchhoff, the motion carried unanimously. (Copy is
attached for the record.)
4. Investment Manager's Report — Sawgrass Asset Management
Chris Greco and Gregg Gosch presented the quarterly performance report. Total
portfolio value at September 30, 2009, was $4,898,121.
5. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of September 30, 2009. Asset
allocation for the period: Large Cap Equities — 40.5 %, Small Cap Equities — 9.0 %,
International Equity — 9.1 %, Fixed Income — 32.7% and Cash & Equivalents — 8.7 %.
Total fund value was $21,764,786
6. Attorney's Report
Scott updated the Board on the status of some operating procedures. Following a brief
discussion, a motion was made by Michael Taylor to have the Attorney draft the new
Summary Plan Description as soon as the City approves the new Plan restatement.
Seconded by Nigel Price, the motion carried unanimously.
Due to an email from Firefighter Craig Radzak back in September, Scott also addressed
the question of furlough time and how it relates to credited service for Plan members.
The Administrator was instructed to send a letter to the City Commission regarding the
annual report of investment activity in accordance with Section 112.661(15), Florida
Statutes.
7. Application for Disability Retirement — John Wilt
On November 3, 2009 Scott sent a letter to Mr. Wilt advising him that they are still
awaiting some of the required documents in order to proceed with the disability
process. They are waiting for Mr. Wilt's response.
Page 2 of 2 Sanford Police Officers' Retirement System November 12, 2009
8. Approval of Retirement — William Wixson
A motion was made by Michael Taylor to approve the retirement of William Wixson
effective September 16, 2009. Seconded by Nigel Price, the motion carried
unanimously.
9. Old Business
(a) Scott submitted the draft of the new Plan Ordinance to the City Attorney on
September 28, 2009. He has not heard from him but will follow -up with them upon his
return to the office.
(b) Bill Kirchhoff and Brian Tooley were reappointed to another two -year term by the
City Commission on August 24, 2009.
(c) Darrel Presley did not have any member opposition and, therefore; will retain his
seat on the Board for another two -year term.
(d) Greg McNeillie is currently working on the Investment Policy revisions and will bring
the new Investment Policy Statement for the Trustees' review at the February meeting.
10. New Business
(a) Patrick Donlan will present the requested Actuarial Study to the Board when he
attends the February meeting (in conjunction with the Actuarial Valuation Report.)
(b) The 2010 meeting schedule was reviewed and approved by the Board.
(c) The Board received a letter from Michael Horan requesting another calculation for
his personal use, at the Board's expense. The past practice has been to allow a member
one calculation at no cost, and a final calculation upon retirement. Any additional
calculations are at the member's expense (usually $150.00). Following some discussion,
a motion was made by Bill Kirchhoff to (1) Have Scott place this language directly in the
Operating Rules and Procedures and, (2) Deny Mr. Horan's request for another
calculation at the Board's expense; including sending him a letter stating that he may
request another calculation by paying the $150.00 fee, unless it is his intention to
request an actual retirement calculation benefit (in which case the Plan would bear the
cost). Seconded by Michael Taylor, the motion carried unanimously.
11. Next Meeting Date
Next regular meeting date was set for Thursday, February 11, 2010 at 9:00 a.m.
12. Adjournment
The meeting ended at 11:40 a.m.
eawzrmsteitelleirmzmp
/-1 icivt l Ty I o-.r A C YuialCctYi14'c vi
CITY OF SANFORD
POLICE OFFICER'S PENSION FUND
Disbursement Report
November 12, 2009
Date Payment Issued To: Amount
08/14/09 Florida Municipal Insurance $6,086.54
09/01/09 State Street Global $3,329.74
09/14/09 Christiansen & Dehner $726.16
10/12/09 Lee Munder Capital Group $4,066.54
10/12/09 Christiansen & Dehner $1,124.15
10/12/09 Sawgrass Asset Management $7,347.00
10/20/09 Salem Trust Company $3,511.46
10/20/09 Great Lakes Advisors $5,620.19
10/30/09 Atlanta Capital $6,456.00
Xh 011. i' /c 5 /ocit ` v g � Sk 1 I10'7D.CD
Date DROP Distribution: Amount
09/02/09 Jacob Cohen $67,592.07
Date PLOP Distribution: Amount
10/13/09 William Wixson $47,381.57
Date Contribution Refund: Amount
10/02/09 Christopher McClendon $16,693.52