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Home My WebLink About021110 rm agn & min • Sanford Police Officers' Retirement System Susy Pita, Pension Plan Administrator 21629 Stirling Pass • Leesburg, Florida 34748 Phone: 352-787-9795 o Fax: 352-787-2699 r NOTICE OF MEETING - Posted February 4, 2010 Thursday, February 11, 2010 at 10:30 a.m. City Hall — Railroad Conference Room - 2 Floor AGENDA 1. CaII to Order and Roll CaII 2. Approval of Minutes: Regular Meeting — November 12, 2009 3. Approval of Disbursements 4. Appointment of Officers to the Board 5. Investment Manager's Report — Atlanta Capital 6. Investment Consultant's Report — Dahab 7. Actuarial Valuation Report — Foster & Foster 8. Attorney's Report 9. Old Business: (a) Update — Status of New Plan Ordinance (b) Investment Policy Revisions (c) Actuarial Study Results 10. New Business: Trustee Positions 11. Next Meeting Date: Thursday, May 13, 2010 at 9:00 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 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 11, 2010 — 10:30 A.M. 1. Call to Order and Roll Call The meeting was called to order at 10:50 a.m. by the Acting Chairman, Michael Taylor. The following members were present: Bill Kirchhoff and Nigel Price. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Mary McTague, Money Manager, 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 November 12, 2009. Seconded by Bill Kirchhoff, 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 Nigel Price, the motion carried unanimously. (Copy is attached for the record.) 4. Appointment of Officer's to the Board A motion was made by Nigel Price to nominate Michael Taylor as the new Chairman, Bill Kirchhoff as the new Vice - Chairman and himself as the new Secretary. Seconded by Bill Kirchhoff, the motion carried unanimously. 5. Investment Manager's Report — Atlanta Capital Mary McTague presented the quarterly performance report. Total portfolio value at December 31, 2009, was $7,365,763. 6. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of December 31, 2009. Asset allocation for the period: Large Cap Equities — 42.8 %, Small Cap Equities — 9.2 %, International Equity — 9.1%, Fixed Income — 32.3% and Cash 6.6 %. Total fund value was $22,608,528. Greg then led a discussion regarding a possible asset reallocation. Following some questions by the Trustees, a motion was made by Bill Kirchhoff to transfer $500,000 from the R &D Cash Account at Salem Trust to Great Lakes Advisors for investment purposes. Seconded by Nigel Price, the motion carried unanimously. Greg completed his report to the Board by discussing some investment plan revisions and the letters he had prepared to the money managers regarding divestiture from scrutinized companies required by the passage of Senate Bill 538. 7. Actuary's Report Doug Lozen presented the Actuarial Valuation Report as of October 1, 2009. Following some discussion, a motion was made by Bill Kirchhoff to approve of the report as presented. Seconded by Nigel Price, the motion carried unanimously. 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 Nigel Price to submit the annual letter to the Division of Retirement stating that the total expected annual rate of investment return for the fund for the next year is 6.5 %, the next several years is 8 %, and the Tong -term thereafter, shall be 8 %, net of investment expenses. Seconded by Bill Kirchhoff, the motion carried unanimously. Greg McNeillie will provide the required back -up data to the Administrator to include with the letter. Page 2 of 2 Sanford Police Officers' Retirement System February 11, 2010 8. Attorney's Report Scott updated the Board on the status of some pending legislative issues. He also asked the Trustees to review the draft of the Summary Plan Description for discussion and approval at the next meeting. Scott continued his report by informing the Trustees that he has now sent two additional follow - up letters to Mr. Wilt advising him that they are still awaiting some of the required documents in order to proceed with the disability process. He still has not heard back from Mr. Wilt. Nigel and Michael agreed to follow up with him (since he is on light duty). In closing his report P ( 9 tY) 9 ort to the p Board, he informed the Trustees that, with their approval, his office will consolidate all past Ordinances into one new, fully updated, Plan Document. A motion was made by Nigel Price to approve of this task and the associated costs. Seconded by Bill Kirchhoff, the motion carried unanimously. Scott presented the addendum to the Operating Rules & Procedures. Upon review, a motion was made by Nigel Price to approve addendum 11.6, Actuarial Studies for Individual Members. Seconded by Bill Kirchhoff, the motion carried unanimously. 9. Old Business (a) The restatement of the Plan Ordinance was approved by the City Commission, at second reading, on January 11, 2010. (b) Greg McNeillie will bring the revised Investment Policy Statement to the next meeting for review and approval. (c) Doug Lozen presented the results of the 20 and out cost study analysis. A discussion ensued and the Actuary was directed to revise the study to provide the costs associated with a normal retirement at 20 years. 10. New Business Brian Tooley resigned from the Pension Board of Trustees due to the dual office holding position taken by the City Attorney. Darrel Price retired from the Sanford Police Department on February 5, 2010 and, therefore; can lo longer continue to serve in the member elected Trustee position on the Board. The Plan Administrator was directed to coordinate a member election to replace Darrel Presley and to follow -up with the City regarding a Commission Appointment to replace Brian Tooley. 11. Next Meeting Date Next regular meeting date was set for Thursday, May 13, 2010 at 10:30 a.m. 12. Adjournment The meeting ended at 1:05 p.m. ichael Tay or Chairma Nig • CITY OF SANFORD POLICE OFFICER'S PENSION FUND Disbursement Report February 11, 2010 Date Payment Issued To: Amount 11/16/09 F.P.P.T.A. $100.00 11/16/09 Dahab $2,722.42 11/27/09 Christiansen & Dehner $116.00 12/01/09 F.P.P.T.A. $600.00 12/09/09 SSgA - International Balanced $1,262.11 12/09/09 SSgA -AII Intl. Allocation SL Fund $2,731.53 12/16/09 Christiansen & Dehner $1,020.15 01/08/10 Christiansen & Dehner $116.00 01 /11 /10 Lee Munder Capital Group $4,211.57 01/18/10 Sawgrass Asset Management $7,852.00 01/20/10 Great Lakes Advisors $6,061.27 01/20/10 Salem Trust Company $3,656.23 ff' C t`2 /off /I0 A-I Vt. Cap) 0- 44-6,00 f 2ADAo _Paka. I� Z i g 27.34