HomeMy WebLinkAbout021411 rm agn & min Sanford Police Officers' Retirement System
Susy Pita, Pension Plan Administrator •
21629 Stirling Pass • Leesburg, Florida 34748 4 A
Phone: 352-787-9793 • Fax: 352 - 787 -2699
NOTICE OF MEETING - Posted February 7, 2011
Monday, February 14, 2011 at 2:00 p.m.
City Hall — Railroad Conference Room - 2"d Floor
*REVISED* AGENDA
1. Call to Order and Roll Call
2. Approval of Minutes: (a) Regular Meeting — November 11, 2010
(b) Disability Hearing — December 13, 2010
(c) Special Meeting — December 13, 2010
3. Approval of Disbursements
4. Investment Manager's Report — Lee Munder Capital
5. Investment Consultant's Report — Dahab
6. Actuary's Report
7. Attorney's Report
8. Old Business: (a) Affirmation of 5 Member Appointment
(b) Commission Appointed Trustee Position (Vacancy)
(c) Asset Reallocation Changes
(d) Approval of Operating Rules & Procedures
(e) Records Storage
9. New Business: (a) Approval of DROP — Michael Taylor — Effective 11/01/10
(b) Review Draft of Ordinance for Term Changes
(c) RMLO Resolution
(d) Administrative Services Agreement
10. Next Meeting Date: May 12, 2011 at 9:00 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 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
Monday, February 14, 2011— 2:00 P.M.
1. CaII to Order and Roll Call
The meeting was called to order at 2:00 p.m. by the Chairman, John Metsopoulos. The
following members were present: Darrel Presley and Greg Smith. Chris Collison was absent. The
following service providers were also in attendance: Scott Christiansen, Plan Counsel, Patrick
Donlan, Plan Actuary, and David Lee, Plan Consultant. Cynthia Lindsay, Finance Director, was
also present.
2. Approval of Minutes
A motion was made by Darrel Presley to approve the minutes from the regular meeting held
November 11, 2010, the Disability Hearing held December 13, 2010 and the Special Meeting
held December 13, 2010. Seconded by Greg Smith, the motion carried unanimously.
3. Disbursements
The Plan Administrator made note of a few 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.)
4. Investment Manager's Report — Lee Munder Capital
Due to the change in the pension board's meeting date; a representative from Lee Munder was
not able to attend the meeting.
5. Investment Consultant's Report — Dahab Associates
David Lee reviewed the performance report as of December 31, 2010. Asset allocation for the
period: Large Cap Equities — 43.6 %, SMid Cap Equities — 10.1 %, International Equity — 9.1 %,
Fixed Income — 30.2% and Cash — 7.0 %. Total fund value was $25,566,115.
6. Actuary's Report
Patrick Donlan presented the Actuarial Valuation Report as of October 1, 2010. Following a
brief discussion, a motion was made by Greg Smith to approve of the Actuarial Valuation Report
as presented. Seconded by Darrel Presley, the motion carried unanimously. Patrick Donlan led
a discussion on his letter to Cynthia Lindsay regarding a Stop /Restart analysis. The Division of
Retirement has tentatively approved of a method by which the City may use available State
monies to fund the current level of benefits above the minimums under Chapter 185. The City
and the Plan Members would need to negotiate any potential use of these monies prior to
adopting any respective Ordinances. A discussion then took place regarding the annual
Declaration of Returns letter. Following input from the investment professionals, attorney, and
the Trustees, a motion was made by Darrel Presley 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 %, and the next several years and the long -term thereafter, shall be 8 %, net of
investment expenses. Seconded by Greg Smith, the motion carried unanimously. The
Consultant will provide the required back -up data to the Administrator to include with the letter.
A brief discussion then took place regarding the last time the Actuary performed an experience
study. A motion was then made by Darrel Presley to direct the Actuary to perform an
experience study at a not -to- exceed cost of $4,000. Seconded by Greg Smith, the motion
carried unanimously.
7. Attorney's Report
Scott provided the Trustees with a legislative update and discussed some potential issues that
public pension plans may face in the coming session.
Page 2 of 2 Sanford Police Officers' Retirement System February 14, 2011
8. Old Business
(a) The City Commission affirmed the 5 member appointment of Darrel Presley at their
meeting held on November 22, 2010.
(b) There is still a Commission Appointed vacancy on the Pension Board due to the resignation
of Bill Kirchhoff. The Plan Administrator will continue to follow -up on this matter with the City
Clerk's Office.
(c) Because the December returns changed, the reallocation of funds (approved by the Trustees
at the last meeting) was slightly reduced as follows: $1.1 million to Lee Munder (SMid), down
from $1.4 million; and another $1.3 million to SSgA (International); down from $1.4 million.
(d) The Operating Rules and Procedures were reviewed at length during the special meeting on
December 13, 2010. Scott reviewed the incorporated changes with the Board and a motion
was made by Greg Smith to approve of the revised Operating Rules & Procedures. Seconded
by Darrel Presley, the motion carried unanimously.
(e) The Plan Administrator discussed the records storage options with the Trustees: Iron
Mountain was highly expensive for such a small amount of storage and included high retrieval
and exit fees as well. The Plan Administrator contacted a local storage facility near her office
which offered climate controlled security at a nominal fee, which the Plan Administrator agreed
to pay as part of the services agreement with the Board. The Trustees made an administrative
decision to approve of the off site storage facility near the office of the Plan Administrator and
the Board Secretary will be provided with a key for access in case of an emergency.
9. New Business
(a) DROP request — Michael Taylor — Effective November 1, 2010 and, (added on the agenda at
the meeting) Retirement (exiting the DROP) Brian Tooley — Effective January 13, 2011.
A motion was made by Darrel Presley to approve of both requests. Seconded by Greg Smith,
the motion carried unanimously.
(b) At the last meeting, the Trustees requested Scott to draft an Ordinance extending the
Trustee's terms of office from two years to four years. Scott handed out the draft and, based
on the Actuarial Valuation Report presented at today's meeting, recommended that, he revised
it to include the actuarial equivalent table changes from the 1983 Group Mortality Table to the
RP 2000 Table. A motion was made Greg Smith to approve of the drafted ordinance as
amended by the Attorney. Seconded by John Metsopoulos, the motion carried unanimously.
(c) Scott discussed his memo, dated January 18, 2011, regarding records management.
Following some discussion, a motion was made by Darrel Presley to appoint the Plan
Administrator as the RMLO and to adopt Records Schedule GS1 -SL. Seconded by Greg Smith,
the motion carried unanimously. The Plan Administrator will see to the proper distribution of
the required memo and the resolution.
(d) A motion was made by Darrel Presley to renew the Plan Administrator's agreement at a fee
of $1,000 per month, effective March 1, 2011 for a period of three years. Seconded by Greg
Smith, the motion carried unanimously.
10. Next Meeting Date
Next regular meeting date was set for Thursday, May 12, 2011 at 11:00 a.m.
11. Adjournment
The meeting ended at 3:45 p.m.
:
Greg Smith, Secretary
CITY OF SANFORD
POLICE OFFICERS' PENSION FUND
Disbursement Report
February 10, 2011
Date Issued to: Issued for: Amount
11/16/10 Christiansen & Dehner Legal Services $130.00
11/16/10 Dahab & Associates Consulting Svcs. $3,029.16
12/01/10 Susy Pita Administrative Svcs. $800.00
12/15/10 Christiansen & Dehner Legal Services $1,287.73
12/15/10 State Street Global Management Svcs. $4,322.68
12/27/10 F.P.P.T.A. Annual Dues $600.0
01/01/11 Susy Pita Administrative Svcs. $800.00
01/10/11 Lee Munder Capital Management Svcs. $4,035.35
01/12/11 Sawgrass Asset Mgmt. Management Svcs. $8,694.00
01/21/11 Great Lakes Advisors Management Svcs. $7,170.90
01/25/11 Salem Trust Company Custodial Services $4,117.77
02/01/11 Susy Pita Administrative Svcs. $800.00
02/04/11 Dahab & Associates Consulting Svcs. $3,197.65
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