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Home My WebLink About051310 rm agn & min Sanford Police Officers' Retirement System vps Susy Pita. Pension Plan Administrator 21629 Stirling Pass • Leesburg, Florida 34748 ,4 I Phone: 352-787-9795 t Fax: 352-787-2699 r NOTICE OF MEETING - Posted May 6, 2010 Thursday, May 13, 2010 at 10:30 a.m. City Hall — Railroad Conference Room - 2n Floor AGENDA 1. CaII to Order and Roll Call 2. Status of Trustee Positions: (a) Member Elected /Certify Election Results (b) Commission Appointed /Replacing Brian Tooley 3. Approval of Minutes: Regular Meeting — February 11, 2010 4. Approval of Disbursements 5. Investment Manager's Report — State Street Global Advisors 6. Investment Consultant's Report — Dahab 7. Attorney's Report 8. Old Business: (a) Investment Policy Revisions (b) Actuarial Study Results (c) Review and Approve the Summary Plan Description (d) Status of Disability Applications: Aaron Johns & John Wilt 9. New Business 10. Next Meeting Date: Thursday, August 12, 2010 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, May 13, 2010 — 10:30 A.M. 1.. Call to Order and Roll Call The meeting was called to order at 10:40 a.m. by the Acting Chairman, Michael Taylor. The following members were present: Bill Kirchhoff, Nigel Price and new Trustee Greg Smith. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Allison Corbally, Money Manager, and Greg McNeillie, Plan Consultant. 2. Status of Trustee Positions (a) Greg Smith was introduced and welcomed to the Board of Trustees. A motion was made by Nigel Price to certify the election results. Seconded by Bill Kirchhoff, the motion carried unanimously. (b) The City Commission has not yet named and appointment to replace Brian Tooley. The Plan Administrator will continue to follow -up on this matter with the City Clerk's Office. 3. Approval of Minutes A motion was made by Bill Kirchhoff to approve the minutes from the regular meeting held February 11, 2010. Seconded by Nigel Price, the motion carried unanimously. 4. Disbursements The Plan Administrator made note of three add -on items to the Disbursement Report. A motion was then made by Nigel Price to approve the disbursement report as amended. Seconded by Bill Kirchhoff, the motion carried unanimously. (Copy is attached for the record.) S. Investment Manager's Report — State Street Global Allison Corbally began her report by discussing the SEC investigation that took place at State Street Global this past year. They did pay restitution to some investors and the case has been settled. She continued her report by informing the Trustees that State Street does not participate in any securities lending investment funds. A discussion ensued and a motion was made by Bill Kirchhoff that, should State Street Global find that they have entered into any securities lending funds, they are to liquidate the Plan's investment from the All International Allocation Securities Lending Fund and transfer those funds into the Passive Non Lending AC World EX US Fund. Additionally, Greg McNeillie, as the Plan Consultant, is to monitor this activity for the Board and act accordingly on the Plan's behalf. Seconded by Greg Smith, the motion carried unanimously. Allison then presented the quarterly performance report. Total portfolio value at March 31, 2010, was $2,103,795. 6. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of March 31, 2010. Asset allocation for the period: Large Cap Equities — 43.4 %, Small Cap Equities — 9.5 %, International Equity — 9.0 0 /0, Fixed Income — 31.6% and Cash 6.5 %. Total fund value was $23,417,447. Greg then discussed the recent correspondence from Lee Munder Capital Group. They made a purchasing error in April which violated the policy guidelines. They realized their error, made necessary corrections to ensure that this does not happen again, and notified the Plan Consultant. Greg said that the error did not cost the Plan and that, in fact, the Fund actually made money on the transaction. No further action was required. Greg concluded his report by recommending that the Investment Policy revisions he is working on include allowing Lee Munder Capital Group to invest in Small to "SMID" (Small -Mid Cap). The Trustees agreed and Greg will bring the revised Investment Policy to the August meeting for review and approval. Page 2 of 2 Sanford Police Officers' Retirement System May 13, 2010 7. Attorney's Report Scott informed the Trustees that SB 1902 did not make it to the floor this year, however; the consensus is that these issues will continue to be discussed by legislative officials and possibly be brought back to the floor next year. He continued his report by reminding the Trustees to file their Financial Disclosure Forms by July 1, 2010. The Plan Administrator will email the form to the Trustees. Scott then addressed his letter to the Board, dated April 5, 2010, requesting a fee increase from $290 to $325 per hour for legal services, and half of that amount for travel time. Additionally, there will be a 4% increase every year beginning July 1, 2011. Following a brief discussion, a motion was made by Nigel Price to approve of the increases as requested. Seconded by Bill Kirchhoff, the motion carried unanimously. 8. Old Business (a) Due to additional recommended changes (under Item 6) Greg McNeillie will bring the revised Investment Policy Statement to the next meeting for review and approval. (b) The Trustee have received the revised study to provide the costs associated with a normal retirement at 20 years from Doug Lozen. There was no action taken. (c) Scott reviewed the Summary Plan Description with the Trustees. A motion was made by Greg Smith to approve the updated Summary Plan Description dated February 1, 2010. Seconded by Nigel Price, the motion carried unanimously. (d) Due to a recent traffic accident, the disability application from John Wilt will need to be updated to include the new medical information. Scott informed the Board that they would be required to grant a 90 day extension on the processing time for his disability application. A motion was made by Nigel Price to grant the 90 day extension period. Seconded by Bill Kirchhoff, the motion carried unanimously. Scott's office is in receipt of the disability application for Aaron Johns and they are in the process of gathering the interrogatories. He will continue to keep the board appraised. 9. New Business The Plan Administrator asked that those Trustees planning on attending the FPPTA Conference in June let her know of their plans as soon as possible. 10. Next Meeting Date Next regular meeting date was set for Thursday, August 12, 2010 at 9:00 a.m. 11. Adjournment The meeting ended at 12:10 p.m. Michael Tay •• airman AN CITY OF SANFORD POLICE OFFICERS' PENSION FUND Disbursement Report May 13, 2010 Date Payment Issued To: Amount 02/19/10 Foster & Foster $10,410.00 02/24/10 Christiansen & Dehner $584.98 03/16/10 Christiansen & Dehner $952.46 03/26/10 State Street Global $4,263.47 04/13/10 Christiansen & Dehner $2,272.45 04/13/10 Lee Munder Capital Group $4,509.77 04/15/10 Sawgrass Asset Management $8,163.00 04/23/10 Salem Trust Company $3,772.89 04/27/10 Great Lakes Advisors $6,462.14 05/03/10 Atlanta Capital $6,534.00 and ow D5 /►, /to -Da -ha.h /21 06/"/P c— grof,leAc eP 1 501.00 Date Contribution Refunds: Amount 04/23/10 James Holt $22,630.50 /Act of o5/o6,/ "Piz -h-c.Ic ktnite5 15139312