HomeMy WebLinkAbout111110 rm agn & min Sanford Police Officers' Retirement System
Susy Pita, Pension Plan Administrator •
21629 Stirling Pass • Leesburg, Florida 34748 1 A
Phone: 352-787-9795 ♦ Fax: 352-787-2699
NOTICE OF MEETING - Posted November 2, 2010
Thursday, November 11, 2010 at 10:30 a.m.
City Hall — Railroad Conference Room - 2 Floor
AGENDA
1. CaII to Order and Roll Call
2. Appointment of Officers to the Board
3. Approval of Minutes: (a) Regular Meeting — August 12, 2010
(b) Disability Hearing for Wilt — August 12, 2010
(c) Disability Hearing for Johns — August 12, 2010
4. Approval of Disbursements
5. Investment Manager's Report — Great Lakes Advisors
6. Investment Consultant's Report — Dahab
7. Attorney's Report
8. Old Business: (a) IRS Favorable Determination Letter
(b) Appointment of 5 Member
(c) Member Elected Trustee Position
(d) Commission Appointed Trustee Position
9. New Business: (a) DROP Request — David DelRosso — Effective 08/01/10
(b) DROP Request — Brian Tooley — Effective 08/31/10
(c) 2011 Meeting Schedule
10. Next Meeting Date: Thursday, February 10, 2011 at 10:30 .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 deddes 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, November 11, 2010 — 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:50 a.m. The following members were present: Chris
Collison, John Metsopoulos and Greg Smith. Nigel Price and Bill Kirchhoff had both resigned
since the last meeting. The following service providers were also in attendance: Scott
Christiansen, Plan Counsel, Catherine Kelly and Wells Frice, Money Managers, and Greg
McNeillie, Plan Consultant.
2. Appointment of Officer's to the Board
A motion was made by Greg Gre Smith to appoint Metsopoulos John Metso oulos as the new Chairman.
Seconded by Chris Collison, the motion carried unanimously. A motion was made by John
Metsopoulos to appoint Greg Smith as the new Secretary. Seconded by Chris Collison, the
motion carried unanimously. A Vice - Chairman will be selected when the Board has five
Trustees again.
3. Approval of Minutes
A motion was made by Greg Smith to approve the minutes from the regular meeting held
August 12, 2010 and both of the Disability Hearings held August 12, 2010. Seconded by John
Metsopoulos, the motion carried unanimously.
4. Disbursements
The Plan Administrator made note of two add -on items to the Disbursement Report. A motion
was then made by Greg Smith to approve the disbursement report as amended. Seconded by
John Metsopoulos, the motion carried unanimously. (Copy is attached for the record.)
5. Investment Manager's Report — Great Lakes Advisors
Catherine Kelly and Wells Frice presented the quarterly performance report. Total portfolio
value at September 30, 2010, was $5,708,854.03.
6. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of September 30, 2010. Asset allocation for
the period: Large Cap Equities — 42.4 %, Small Cap Equities — 8.9 %, International Equity -
8.9 %, Fixed Income — 31.7% and Cash - 8.1 %. Total fund value was $24,234,343.
Greg continued his report by recommending an asset reallocation as follows: Move $1.4 million
of the portfolio funds from Fixed Income to Small Cap and $1.4 million of the portfolio funds
from Cash to International. Following a brief discussion, a motion was made by Greg Smith to
approve of the reallocation of funds as recommended. Seconded by Chris Collison, the motion
carried unanimously.
7. Attorney's Report
Scott informed the Board that he had been in contact with John Wilt regarding the status of the
next phase of his disability hearing. Mr. Wilt did not have any new information to provide for
today's meeting, however; we will attempt to have him at the next meeting whereby the new
Trustees can be brought up -to -speed and resolve this matter. The Plan Administrator will email
the medical information to the new Trustees so that they can begin reviewing the material.
Page 2 of 2 Sanford Police Officers' Retirement System November 11, 2010
8. Old Business
(a) Scott discussed his memo to the board, dated October 15, 2010, regarding the IRS
favorable determination letter. Following some discussion, the Trustees decided to take this
information under consideration and discuss it again at the next meeting.
(b) Nigel Price, who held the 5 member appointed position, submitted his resignation to the
Plan Administrator yesterday. Darrel Presley was present at the meeting, introduced himself and
provided the new Trustees with his background and experience. Following a brief discussion, a
motion was made by Greg Smith to appoint Darrel Presley to the 5 member Trustee position
for a two -year term. Seconded by Chris Collison, the motion carried unanimously. The Plan
Administrator was directed to send the letter confirming the appointment to the City Clerk as
quickly as possible since the next City Commission meeting is scheduled for November 22, 2010
and this could potentially make the consent agenda for that date.
(c) In September, a membership election took place for the Trustee position held by Michael
Taylor and Chris Collison was elected as the new Trustee.
(d) The Commission Appointed Trustee position vacated by Chief Tooley has now been filled by
John Metsopoulos, however; there is still a Commission Appointed vacancy due to the
resignation of Bill Kirchhoff. The Plan Administrator will continue to follow -up on this matter
with the City Clerk.
9. New Business
(a) DROP request — David DelRosso — Effective August 1, 2010.
(b) DROP request — Brian Tooley — Effective August 31, 2010.
A motion was made by Chris Collison to approve of both DROP requests. Seconded by Greg
Smith, the motion carried unanimously.
(c) The Trustees reviewed and approved the 2011 meeting dates, however; the new starting
time will be 11:00 a.m. in order to allow the Firefighters' Board 30 minutes of additional
meeting time.
The Plan Administrator informed the Trustees that the Firefighters' Board will be holding a
special meeting in December to discuss records retention and storage issues and to review and
update the operating rules and procedures. It was the consensus of the Police Pension Board
of Trustees to hold a special meeting on the same day for those same two issues, the IRS
favorable determination letter and, possibly, the Wilt disability hearing.
10. Next Meeting Date
Next regular meeting date was set for Thursday, February 10, 2011 at 11:00 a.m.
11. Adjournment
The meeting ended at 12:35 p.m.
Gre '1 S...ith, Secretary
CITY OF SANFORD
POLICE OFFICERS' PENSION FUND
Disbursement Report
November 11, 2010
Date Payment Issued To: Amount
08/17/10 Christiansen & Dehner $97.50
09/09/10 State Street Global $4,101.89
09/23/10 Christiansen & Dehner $3,425.55
10/05/10 Christiansen & Dehner $162.50
10/13/10 Lee Munder Capital Group $4,580.55
10/13/10 Sawgrass Asset Management $8,091.00
10/25/10 Great Lakes Advisors $6,599.35
10/25/10 Salem Trust Company $3,898.15
Plea On \ Nosh /► 0 R -tr 1,535.00
Itios /to ►4kl 54,
Date Contribution Refunds: Amount
10/25/10 Heath Evans $14,126.86