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Home My WebLink About081111 rm agn & min Sanford Police Officers' Retirement System Susy Pita, Pension Plan Administrator • 21629 Stirling Pass • Leesburg, Florida 34748 .4 A Phone: 352-787-9795 • Fax: 352- 787 -2699 �` ? NOTICE OF MEETING - Posted August 3, 2011 Thursday, August 11, 2011 at 11:00 a.m. City Hall — Railroad Conference Room - 2 Floor AGENDA 1. CaII to Order and Roll Call 2. Approval of Minutes: Regular Meeting — May 12, 2011 3. Approval of Disbursements 4. Investment Manager's Reports: State Street Global 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) Status of Ordinance Allowing the Chief to Opt -Out of the Plan (c) Status of Ordinance (Terms & RP 2000 Act. Table) 9. New Business: (a) Approval of Retirement - Coolidge Hargrett — 06/06/11 Michael Horan — 07/15/11 (b) Trustee Terms: 1 Appointment & 1 Member Elected 10. Next Meeting Date: November 10, 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, August 11, 2011 — 11:00 A.M. 1. CaII to Order and Roll CaII The meeting was called to order at 11:20 a.m. The following members were present: Chairman John Metsopoulos, Darrel Presley and Chris Collison. Greg Smith was excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Greg McNeillie, Plan Consultant and Allison Corbally, Money Manager. 2. Approval of Minutes Darrel Presley made note of a correction to Item #9(b) and (c). A motion was then made by Darrel Presley to approve the minutes from the regular meeting held May 12, 2011. Seconded by Chris Collison, the motion carried unanimously. 3. Disbursements The Plan Administrator handed out an updated Disbursement Report. A motion was then made by Darrel Presley to approve the disbursement report as presented. Seconded by Chris Collison, the motion carried unanimously. (Copy is attached for the record.) 4. Investment Manager Report — State Street Global Allison Corbally presented the Investment Report. Market Value as of June 30, 2011 was $3,742,269 with a year -to -date return rate of 4.76 %. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of June 30, 2011. Asset allocation for the period: Large Cap Equities — 45.4 %, SMid Cap Equities — 14.3 %, International Equity — 13.9 %, Fixed Income — 23.5% and Cash — 2.9 %. Total portfolio value was $26,925,137. Greg continued his report to the Board by advising the Trustees that Atlanta Capital is out of compliance with their performance and he will be placing them on official notice after today's meeting. If their performance had not improved by the next meeting, he will ask that they come and discuss the matter with Board of Trustees. 6. Actuary's Report Patrick Donlan provided a written Experience Study for the Trustee's review. He will plan to attend the November meeting to review it with the Board. 7. Attorney's Report Scott discussed the passage of SB 1128 and the implications on the Plan. He also reminded the Trustees that the Financial Disclosure Forms were due on July 1s 8. Old Business (a) There is still a Commission Appointed vacancy on the Pension Board due to the resignation of Bill Kirchhoff. The Chairman sent a letter to the Mayor notifying him that the premium tax monies may now be in jeopardy (in light of the letter we received from the Division of Retirement dated July 27, 2011). Chairman Metsopoulos followed it up with a phone call and is hopeful that we will soon have our Commission Appointment position filled by our next meeting. (b) The Ordinance allowing the Police Chief to opt -out of the Plan passed at first reading by the City Commission on August 8 Second reading is scheduled to take place on August 22nd Page 2 of 2 Sanford Police Officers' Retirement System August 11, 2011 (c) 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 City Commission on June 27, 2011. 9. New Business (a) A motion was made by Darrel Presley to approve of the retirement request for Coolidge Hargrett — effective 04/15/11 and the DROP exit and subsequent retirement of Michael Horan — effective 07/15/11. Seconded by Chris Collison, the motion carried unanimously. (b) The term of office for John Metsopoulos Commission Appointment will expire on October 1s John expressed his interested in seeking another term. The Plan Administrator will send a letter to the City requesting another appointment. The term of office for Greg Smith's member elected position will expire on October 1 Due to his absence at today's meeting, the Plan Administrator will contact him to see if he is interested in another term on the Board. If so, she will coordinate the posting of the election announcement. Added On: The passage of SB 1128 will have an immediate impact on most all of the local law plans in the State of Florida. Foster & Foster provided a letter to the Board, dated July 14, 2011, detailing the new fee structure for additional actuarial and administrative work that will be required of the Plan Actuaries. Following a brief discussion, a motion was made by Darrel Presley to approve of the amended fee structure for Foster & Foster. Seconded by Chris Collison, the motion carried unanimously. 10. Next Meeting Date The Fire Pension Board of Trustees agreed to switch meeting times with the Police Board. The next regular meeting date was set for Thursday, November 10, 2011 at 9:00 a.m. 11. Adjournment The meeting ended at 11:55 a.m. Far -+he .v�1) CITY OF SANFORD POLICE OFFICERS' PENSION FUND Disbursement Report August 11, 2011 Date Issued to: Issued for: Amount 05/13/11 Foster & Foster Actuarial Services $2,899.00 05/23/11 State Street Global Management Svcs. $6,935.50 06/01/10 Susy Pita Administrative Svcs. $1,000.00 06/14/11 Christiansen & Dehner Legal Services $1,015.62 06/21/11 FI. Municipal Insurance Trust Fiduciary Insurance $6,335.44 07/01/10 Susy Pita Administrative Svcs. $1,000.00 07/05/11 Christiansen & Dehner Legal Services $263.02 07/11/11 F.P.P.T.A. CPPT Certification $300.00 07/15/11 Sawgrass Asset Mgmt. Management Svcs. $9,569.00 07/18/11 Lee Munder Capital Management Svcs. $6,449.66 07/18/11 Great Lakes Advisors Management Svcs. $7,715.46 07/26/11 Atlanta Capital Management Svcs. $5,764.00 08/01/11 Susy Pita Administrative Svcs. $1,000.00 08/09/11 Foster & Foster Actuarial Svcs. $4,835.00 Date Contribution Refunds: Amount 05/13/11 De'Anthony Shamar $36,672.09 08/03/11 Benjamin Chisari $15,461.44 Date DROP Distributions: Amount 07/19/11 David DelRosso $50,108.42 08/10/11 Michael Horan $83,760.22