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HomeMy WebLinkAbout020912 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 r NOTICE OF MEETING - Posted February 2, 2012 Thursday, February 9, 2012 at 9:00 a.m.* City Hall — Railroad Conference Room - 2 Floor *Please make note of the new starting time. AGENDA 1. Call to Order and Roll Call 2. Approval of Minutes: Regular Meeting — November 10, 2011 3. Approval of Disbursements 4. Actuarial Valuation Report — Foster & Foster 5. Investment Manager's Report - Sawgrass Asset Management 6. Investment Consultant's Report 7. Attorney's Report 8. Old Business: Status of Ordinance Allowing for Real Estate Investments 9. New Business: (a) Real Estate Investment Manager Search Results (b) Fixed Income Manager Search Results (c) Approval of DROP Entry: Peter Jankowski — 10/30/11 Franklin Hilton — 10/31/11 10. Next Meeting Date: May 10, 2012 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 decides to appeal any dedsion 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, February 9, 2012 — 9:00 A.M. 1. Call to Order and Roll Call The meeting was called to order at 9:00 a.m. by the Chairman, Darrel Presley. The following members were present: Chris Collison, Bill Elliott, John Metsopoulos, and Alan Smith. 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), and Michael Howard and Edward Calkins (Great Lakes). Cynthia Lindsay, Finance Director, and Mayor Jeff Triplett were present as were several Plan Members. 2. Approval of Minutes A motion was made by John Metsopoulos to approve the minutes from the regular meeting held November 10, 2011. Seconded by Chris Collison, 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 John Metsopoulos to approve the disbursement report as amended. Seconded by Chris Collison, the motion carried unanimously. (Copy is attached for the record.) 4. Actuarial Valuation Report Patrick Donlan presented the Actuarial Valuation Report as of October 1, 2011. During the presentation he also addressed the Experience Study he prepared back on July 21, 2011. Following a lengthy discussion, a motion was made by Chris Collison to approve the Actuarial Valuation Report as presented. Seconded by Alan Smith, the motion carried unanimously. Another motion was made by John Metsopoulos to authorize the Actuary to work directly with the City and the Union to come up with some ideas that would help reduce the funding requirements for the Plan. Seconded by Bill Elliott, the motion carried unanimously. 5. Investment Manager's Reports Gregg Gosch presented the Sawgrass Asset Management Portfolio Summary as of December 31, 2011. Ending Market Value was $6,335,057. Michael Howard and Ed Calkins presented the Great Lakes Advisors Report to the Board. Total market value at December 31, 2011 was $5,684,819.69. 6. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of December 31, 2011. Asset allocation for the period: Large Cap Equities — 45.6 %, SMid Cap Equities — 13.3 %, International Equity — 11.7%, Fixed Income — 24.3% and Cash — 5.1 %. Total portfolio value was $26,110,928. 7. Attorney's Report Scott began his report by discussing the Skiba overpayment. A letter has been sent to Ms. Skiba and we will address the issue in more depth at the next meeting. He continued his report by discussing the current legislative issues and the potential impacts on the Plan. He then reminded the Trustees that it is time to update the Summary Plan Description. A motion was made by John Metsopoulos to authorize the Attorney to bring a draft of the revised Summary Plan Description to the next meeting for the Trustee's review. Seconded by Chris Collison, the motion carried unanimously. Page 2 of 2 Sanford Police Officers' Retirement System February 9, 2012 8. Old Business Scott reported that he provided a drafted Ordinance and cover letter to the City Manager on January 13, 2012 allowing the Board to invest in real estate. It is expected that it will go before the City Commission at first reading on February 27 The Actuary will have the impact statement ready prior to the second reading of the Ordinance. 9. New Business (a) and (b) The Investment Consultant was prepared to bring the Real Estate Investment Manager and Fixed Income Manager search results to the Trustees. However, due to the length of the agenda, he will address these items with the Board at their next meeting. (c) A motion was made by Alan Smith to approve of the following DROP entries: Peter Jankowski — October 30, 2011 and Franklin Hilton — October 31, 2011 Seconded by Chris Collison, the motion carried unanimously. 10. Next Meeting Date The next regular meeting date was set for Thursday, May 10, 2012 at 9:00 a.m. A discussion took place regarding the possibility of having an interim meeting in order to keep up with the current issues. A tentative date was set for March 29, 2012 at 9:00 a.m. The Plan Administrator will keep the Trustees appraised on the status of the meeting. 11. Adjournment The meeting ended at 11:15 a.m. (fort a B•ard) CITY OF SANFORD POLICE OFFICERS' PENSION FUND Disbursement Report February 9, 2012 Date Issued to: Issued for: Amount 11/11/11 Dahab Consulting Svcs. $3,069.45 11/21/11 Christiansen & Dehner Legal Services $135.20 11/21/11 State Street Global Management Svcs. $7,021.94 12/01/11 Susy Pita Administrative Svcs. $1,000.00 12/07/11 Christiansen & Dehner Legal Services $975.86 12/19/11 F.P.P.T.A. Annual Dues $600.0 01/01/12 Susy Pita Administrative Svcs. $1,000.00 01/16/12 Sawgrass Asset Mgmt. Management Svcs. $9,503.00 01/16/12 Lee Munder Capital Management Svcs. $6,641.27 01/16/2 Foster & Foster Actuarial Services $11,108.00 01/23/12 Salem Trust Custody Services $4,248.69 01/23/12 Great Lakes Advisors Management Svcs. $7,462.79 01/30/12 F.P.P.T.A. CEU Fee - Presley $30.00 02/01/12 Susy Pita Administrative Svcs. $1,000.00 A \COP 02--/03/0_ 1a414-0�. i4-61.1 ' Jrk• 5■1 CS . 65,8250o Date Contribution Refunds: Amount 01/16/12 Geoffrey Field $7,279.72 Date DROP Distributions: Amount None