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Home My WebLink About111011 rm agn & min Sanford Police Officers' Retirement System Susy Pita, Pension Plan Administrator • 21629 Stirling Pass v Leesburg, Florida 34748 3 A Phone: 352-787-9795 • Fax: 352 -787 -2699 t NOTICE OF MEETING - Posted November 3, 2011 Thursday, November 10, 2011 at 9:00 a.m.* City Hall — Railroad Conference Room - 2n Floor *Please make note of the new starting time. AGENDA 1. Call to Order and Roll Call 2. Election of Officers 3. Approval of Minutes: Regular Meeting — August 11, 2011 4. Approval of Disbursements 5. Investment Manager's Reports: Lee Munder Capital Group 6. Investment Consultant's Report — Dahab 7. Actuary's Report — Experience Study 8. Attorney's Report 9. Old Business: (a) Status of Trustee Positions (b) Status of Ordinance Allowing the Chief to Opt -Out of the Plan 10. New Business: 2012 Meeting Schedule 11. Next Meeting Date: February 9, 2012 at 9:00 a.m. 12. 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, November 10, 2011— 9:00 A.M. 1. CaII to Order and Roll Call The meeting was called to order at 9:00 a.m. The following members were present: Darrel Presley, Chris Collison and new Trustees Alan Smith and Bill Elloitt. John Metsopoulos was excused. The following service providers were in attendance: Scott Christiansen, Plan Counsel, and Greg McNeillie, Plan Consultant. Also in attendance were the following Money Managers: Greg Gosh, (Sawgrass), Tom Capobianco, and Jim GribbeII (Lee Munder) and Lynn Skinner from Salem Trust Company. 2. Election of Officers A motion was made by Chris Collison to nominate Darrel Presley as the Chairman. Seconded by Alan Smith, the motion carried unanimously. A motion was made by Alan Smith to nominate Chris Collison as the Vice - Chairman. Seconded by Darrel Presley, the motion carried unanimously. A motion was made by Chris Collison to nominate Alan Smith as the Secretary. Seconded by Darrel Presley, the motion carried unanimously. 3. Approval of Minutes A motion was made by Chris Collison to approve the minutes from the regular meeting held August 11, 2011. Seconded by Alan Smith, the motion carried unanimously. 4. Disbursements The Plan Administrator made note of one add -on item to the Disbursement Report. A motion was then made by Chris Collison to approve the disbursement report as amended. Seconded by Alan Smith, the motion carried unanimously. (Copy is attached for the record.) 5. Investment Manager's Reports Gregg Gosch presented the Sawgrass Portfolio Summary as of September 30, 2011. Ending Market Value was $5,713,385. Tom Capobianco and Jim Gribbell presented the Lee Munder Portfolio Report to the Board. Total assets as of October 31, 2011 were $3,530,536.96. They continued their report to the Board by reviewing their letter, dated October 13, 2011, detailing their amended fee schedule and ADR investment recommendation. Following some discussion, a motion was made by Chris Collison to approve of the new fee schedule, to increase the ADR investments from 5% to 15% of the Plan Portfolio, and to have the Investment Consultant amend the Investment Schedule with Lee Munder to reflect that change. Seconded by Alan Smith, the motion carried unanimously. 6. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of September 30, 2011. Asset allocation for the period: Large Cap Equities — 43.9 %, SMid Cap Equities — 12.5 %, International Equity — 12.1%, Fixed Income — 27.1% and Cash — 4.5 %. Total portfolio value was $24,158,442. Greg continued his report to the Board by advising the Trustees that, due to the lack of performance for the post few quarters, the time has come to search for a new fixed income manager to replace Atlanta Capital. Following a brief discussion, a motion was made by Chris Collison to authorize the Investment Consultant to conduct a search for a new fixed income manager, short list the results, and report back to the Board at the next meeting. Seconded by Alan Smith, the motion carried unanimously. Page 2 of 2 Sanford Police Officers' Retirement System November 10, 2011 A lengthy discussion then took place regarding the possibility of Real Estate Investments. A motion was made by Chris Collison to authorize the Attorney to prepare an Ordinance allowing the Pension Board to invest in Real Estate and Comingled Funds. The Attorney is also directed to request the letter of no impact from the Actuary and, upon receipt, send the Ordinance to the City for approval by the Commission as soon as administratively possible. Seconded by Alan Smith, the motion carried unanimously. Another motion was then made by Chris Collison authorizing the Investment Consultant to conduct a search for a Real Estate Investment Firm and to bring the results back to the Board at the next meeting. Seconded by Alan Smith, the motion carried unanimously. 7. Actuary's Report Patrick Donlan was unable to attend today's meeting to review the Experience Study results. Due to time constraints, the Trustees agreed to schedule a special meeting for this item. The Plan Administrator will coordinate a special meeting date and time and get back to everyone as soon as possible. 8. Attorney's Report Scott discussed the newly proposed House Bill 365 and the potential implications on the Plan. 9. Old Business (a) John Metsopoulos was reappointed to the Pension Board by the City Commission on September 19, 2011. He will serve a four -year term which will expire on September 30, 2015. Bill Elliott was appointed to the Pension Board by the City Commission on September 19, 2011. He will serve a four -year term which will expire on September 30, 2015. Alan Smith ran against Greg Smith for the Member Election Trustee position and won the seat. He will serve a four year term which will expire on September 30, 2015. (b) The Ordinance allowing the Police Chief to opt -out of the Plan passed at second reading on August 22, 2011. The fully executed Ordinance has been sent to the Division of Retirement. 10. New Business A motion was made by Chris Collison to approve of the proposed 2012 meeting schedule. Seconded by Alan Smith, the motion carried unanimously. The Plan Administrator will see to the distribution. Lynn Skinner, from Salem Trust Company, briefly explained some of the services provided by the Custodian (for the benefit of the new Trustees) and handed out on -line access applications to those Trustees who want to have that option going forward. 11. Next Meeting Date The next regular meeting date was set for Thursday, February 9, 2012 at 9:00 a.m. 12. Adjournment The meeting ended at 11:15 a.m. (for the Board) • CITY OF SANFORD POLICE OFFICERS' PENSION FUND Disbursement Report November 10, 2011 Date Issued to: Issued for: Amount 08/15/11 Christiansen & Dehner Legal Services $33.40 08/15/11 Dahab Consulting Svcs. $3,368.21 09/01/10 Susy Pita Administrative Svcs. $1,000.00 09/06/11 State Street Global Management Svcs. $8,091.18 09/13/11 Christiansen & Dehner Legal Services $964.65 10/01/10 Susy Pita Administrative Svcs. $1,000.00 10/12/11 Christiansen & Dehner Legal Services $171.73 10/12/11 Lee Munder Capital Management Svcs. $5,524.82 10/25/11 Sawgrass Asset Mgmt. Management Svcs. $8,570.00 10/25/11 Great Lakes Advisors Management Svcs. $6,633.47 11/01/11 Susy Pita Administrative Svcs. $1,000.00 11/02/11 Atlanta Capital Management Svcs. $5,832.00 11/02/11 Salem Trust Custody Services $3,986.03 AAA On: 004/0 Fos k r - c ra.l 5■)66 ° $(3.00 Date Contribution Refunds: Amount None Date DROP Distributions: Amount None