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Home My WebLink About051211 rm agn & min Sanford Police Officers' Retirement System icy Susy Pita, Pension Plan Administrator 21629 Stirling Pass • Leesburg, Florida 34748 ,) Phone: 352-787-9795 ♦ Fax: 352 -787 -2699 r NOTICE OF MEETING - Posted May 4, 2011 Thursday, May 12, 2011 at 11:00 a.m. City Hall — Railroad Conference Room - 2 Floor AGENDA 1. Call to Order and Roll CaII 2. Approval of Minutes: Regular Meeting — February 14, 2011 3. Approval of Disbursements 4. Investment Manager's Reports: (a) Atlanta Capital (b) Sawgrass 5. Investment Consultant's Report — Dahab 6. Actuary's Report — Experience Study 7. Attorney's Report 8. Old Business: (a) Commission Appointed Trustee Position (Vacancy) (b) Review Draft of Ordinance (Terms & RP 200 Act. Table) 9. New Business: (a) Draft Ordinance Allowing Police Chief to Opt Out of the Plan (b) DROP Requests: James Smith — 01/31/11 & William Crapps — 03/05/11 (c) Retirement Request — David Del Rosso — Effective 04/15/11 (d) F.P.P.T.A. Conference 10. Next Meeting Date: August 11, 2011 at 11:00 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 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 12, 2011— 11:00 A.M. 1. CaII to Order and Roll Call The meeting was called to order at 11:00 a.m. The following members were present: Chairman John Metsopoulos, Darrel Presley and Greg Smith. Chris Collison was excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Greg McNeillie, Plan Consultant and the Money Mangers from Atlanta Capital and Sawgrass Asset Management. Caryn Simpkins, from the Finance Department, was also present. 2. Approval of Minutes A motion was made by Darrel Presley to approve the minutes from the regular meeting held February 14, 2011 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 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 Reports (a) Mary McTague and Brad Buie presented the Atlanta Capital report for the first quarter 2011. Market Value of Assets as of March 31, 2011, was $6,471,924. (b) Greg Gosh and Rusty Creighton presented the Sawgrass Asset Management report as of March 31, 2011. Asset allocation was as follows: Cash -3.7% ($227,397) and Equity — 96.3% ($5,968,523) for a total portfolio value of $6,195,921. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of March 31, 2011. Asset allocation for the period: Large Cap Equities — 44.6 %, SMid Cap Equities — 14.5 %, International Equity — 13.9 %, Fixed Income — 23.2% and Cash — 3.9 %. Total portfolio value was $26,794,634. 6. Actuary's Report Patrick Donlan will present the Experience Study to the Board at the August meeting. 7. Attorney's Report Scott focused his report on Senate Bill 1128 that was passed in Tallahassee last week. He concluded his report by reminding the Trustees that the annual Financial Disclosure Forms are due on July 1, 2011. 8. Old Business (a) There is still a Commission Appointed vacancy on the Pension Board due to the resignation of Bill Kirchhoff. The Chairman requested that the Plan Administrator email the pertinent information regarding this issue to him and he will address it with the City officials. (b) The Ordinance amending the definition of Actuarial Equivalent to reflect current mortality tables used by the Actuary and extending the Trustee's terms of office from two years to four years was approved by the Trustees at the last meeting. Scott sent the draft and a letter to the City Manager's office on February 25, 2011. We have not heard if this has been passed by the City Commission. Darrel agreed to follow -up and get back to the Plan Administrator with the information regarding the status of the Ordinance. Page 2 of 2 Sanford Police Officers' Retirement System May 12, 2011 9. New Business (a) The City has requested that the Pension Board consider the adoption of an Ordinance that will allow the Police Chief to opt -out of the Plan if they so choose. This is a common practice among Pension Boards and is allowable under the Florida Statutes. Following a brief discussion, a motion was made by Darrel Presley to authorize the Attorney to draft the Ordinance and send it to the City on behalf of the Pension Board of Trustees. Seconded by Greg Smith, the motion carried unanimously. (b) A motion was made by Darrel Presley to approve of the following DROP requests: James Smith — Effective 01/31/11 and William Crapps — Effective 03/05/11. Seconded by Greg Smith, the motion carried unanimously. (c) A motion was made by Darrel Presley to approve of the retirement request for David DelRosso — Effective 04/15/11. Seconded by Greg Smith, the motion carried unanimously. (d) The Plan Administrator discussed the upcoming F.P.P.T.A. Conference which will be held at the end of June in Orlando. Those Trustees wishing to attend were asked to contact her as soon as possible so that the registration can be done in a timely fashion. Added On: The Plan Administrator received a letter from Great Lakes Advisors on May 5, 2011 advising the Board of a merger with Chicago -based Wintrust Capital Management, an investment manager and subsidiary of Wintrust Financial Corporation. The merged company will be called Great Lakes Advisors, LLC. They have asked that the Board acknowledge this merger by signing the consent agreement that they included with their letter. Neither the Attorney nor the Investment Consultant expressed any concerns with the document. A motion was made by Darrel Presley to authorize the Chairman to affix his signature. Seconded by Greg Smith, the motion carried unanimously. 10. Next Meeting Date Next regular meeting date was set for Thursday, August 11, 2011 at 11:00 a.m. 11. Adjournment The meeting ended at 12:50 p.m. , _w l�iS•1 \• C *CA e 30�10t CITY OF SANFORD POLICE OFFICERS' PENSION FUND Disbursement Report May 12, 2011 Date Issued to: Issued for: Amount 02/15/11 Foster & Foster Actuarial Services $9,730.00 02/18/11 Christiansen & Dehner Legal Services $162.50 03/01/10 Susy Pita Administrative Svcs. $1,000.00 03/16/11 Christiansen & Dehner Legal Services $2,061.92 03/28/11 State Street Global Management Svcs. $4,735.12 04/01/11 Susy Pita Administrative Svcs. $1,000.00 04/12/11 Lee Munder Capital Management Svcs. $5,672.44 04/12/11 Sawgrass Asset Mgmt. Management Svcs. $9,294.00 04/19/11 Great Lakes Advisors Management Svcs. $7,817.27 04/19/11 Salem Trust Company Custodial Services $4,348.34 05/01/11 Susy Pita Administrative Svcs. $1,000.00 05/02/11 Atlanta Capital Management Svcs. $5,957.00 Add. ow, 05 /ovi1 Dam, a-6 Co-n5Lul - 1-;,A 3165. 3 Date Contribution Refunds: Amount None