HomeMy WebLinkAbout081210 rm agn & min Sanford Police Officers' Retirement System
Suss. Pita, Pension Plan Administrator
21629 Stirling Pass • Leesburg, Florida 34748 .4
Phone: 352-787-9795 87 -9795 4 Fax: 352 -787 -2699 r
NOTICE OF MEETING - Posted August 3, 2010
Thursday, August 12, 2010 at 10:30 a.m.
City Hall — Railroad Conference Room - 2 Floor
AGENDA
1. Call to Order and Roll Call
2. Approval of Minutes: Regular Meeting — May 13, 2010
3. Approval of Disbursements
4. Investment Manager's Report — Sawgrass Asset Management
5. Investment Consultant's Report — Dahab
6. Attorney's Report
7. Old Business: (a) Investment Policy Revisions
(b) Status of Disability Applications: Aaron Johns & John Wilt
(c) Vacant Trustee Position — Commission Appointment
(d) Trustee Positions
8. New Business: Preparation of Annual State Report
9. Next Meeting Date: Thursday, November 11, 2010 at 10:30 a.m. (Veteran's Dav'
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 includes the
testimony and evidence upon which appeal is to be based.
SANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 12, 2010 — 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:45 a.m. by the Chairman, Michael Taylor. The following
members were present: Bill Kirchhoff and Greg Smith. Nigel Price was excused. The following
service providers were also in attendance: Scott Christiansen, Plan Counsel, Dean McQuiddy,
Money Manager, 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 May
13, 2010. Seconded by Greg Smith, 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 Bill Kirchhoff to approve the disbursement report as amended. Seconded by
Greg Smith, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manager's Report — Sawgrass Asset Management
Dean McQuiddy presented the quarterly performance report. Total portfolio value at June 30,
2010, was $4,921,545.
5. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of June 30, 2010. Asset allocation for the
period: Large Cap Equities - 41.1 %, Small Cap Equities - 9.2 %, International Equity - 8.3 %,
Fixed Income - 33.4% and Cash - 8.1 %. Total fund value was $22,204,372.
6. Attorney's Report
Scott informed the Trustees that their Premium Tax Distribution is expected to be $104,280.16
as soon as the report is approved by the Division of Retirement. The City is currently in the
process of responding to some questions posed by the Division and as soon as those are
resolved, they will issue the check.
Scott continued his report by discussing the possibility of an IRS favorable determination letter.
He reviewed some of the pros and cons and asked that the Trustees give the matter some
consideration and make a decision as to whether or not they want to proceed at the November
meeting.
7. Old Business
(a) Greg presented the new Investment Policy Statement (including the Addendum for Lee
Munder Capital Group) to the Board. Following some discussion, a motion was made by Bill
Kirchhoff to approve of the new Investment Policy Statement and Addendum. Seconded by
Greg Smith, the motion carried unanimously. The Chairman affixed his signature to the
documents and the Plan Administrator will distribute the documents to the appropriate parties.
(b) The Disability Applications and IME's have been completed for Aaron Johns and John Wilt.
Their initial disability hearings are scheduled for this afternoon.
(c) The Commission Appointed Trustee position vacated by Chief Tooley has still not been filled.
(d) The Trustee positions held by Michael Taylor (member elected) and Nigel Price (5th
member) are set to expire on October 1, 2010. The Plan Administrator will coordinate the
member election for Michael Taylor. Since Nigel Price was absent, his position will be placed on
the agenda for the next meeting.
Page 2 of 2 Sanford Police Officers' Retirement System August 12, 2010
8. New Business
The Plan Administrator met with the interim City Finance Director, Ms. Cynthia Lindsay, after
the May Pension Board Meeting. The subject of the Annual State Report came up. She asked
that the Pension Board consider having the Actuary begin preparing the report beginning with
the 2010 Fiscal Year. The Plan Administrator contacted Foster & Foster and asked them for a
quote for this service and they responded with an approximate fee of $2,000. Their current
agreement with the Board has a $1,500 fee quoted for this particular service. Following a brief
discussion, a motion was made by Greg Smith to approve of Foster & Foster preparing the
Annual State Report starting in FY 2010 at the $1,500 fee stated in the current services
agreement. Seconded by Bill Kirchhoff, the motion carried unanimously.
The Plan Administrator asked that those Trustees planning on attending the FPPTA School in
September let her know of their plans as soon as possible.
9. Next Meeting Date
Next regular meeting date was set for Thursday, November 11, 2010 at 10:30 a.m.
10. Adjournment
The meeting ended at 12:30 p.m.
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CITY OF SANFORD
POLICE OFFICERS' PENSION FUND
Disbursement Report
August 12, 2010
Date Payment Issued To: Amount
05/14/10 Christiansen & Dehner $2,341.77
06/09/10 State Street Global $4,166.14
06/15/10 Christiansen & Dehner $4,575.90
07/12/10 Lee Munder Capital Group $4,728.37
07/12/10 Sawgrass Asset Management $7,382.00
07/19/10 Great Lakes Advisors $5,872.27
07/21/10 Florida Municipal Insurance Trust $6,316.54
07/26/10 Salem Trust Company $3,603.50
07/30/10 Atlanta Capital $6,759.00
AM OW, Dg/ a/1 0 - a,ti a.b 2 775.41
Date Contribution Refunds: Amount
07/12/10 Brian Bridgeford $17,349.95