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HomeMy WebLinkAbout051012 rm agn & min Sanford Police Officers' Retirement System my Susy Pita, Pension Plan Administrator • 21629 Stirling Pass s Leesburg, Florida 34748 4 I' Phone: 352-.787.9795 • Fax: 352 -787 -2699 r NOTICE OF MEETING - Posted May 3, 2012 Thursday, May 10, 2012 at 10:30 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 — February 9, 2012 Special Meeting — March 29, 2012 3. Approval of Disbursements 4. Investment Manager's Report — Great Lakes Advisors 5. Investment Consultant's Report 6. Attorney's Report 7. Old Business: (a) Status of Ordinance Allowing for Real Estate Investments (b) Declaration of Returns Letter (c) Review and Approve Revised SPD 8. New Business: (a) Real Estate Investment Manager Search Results ? ? ?? (b) Fixed Income Manager Search Results ? ? ? ?? (c) Approval of Retirement: Peter Jankowski — 03/31/12 Ned Golden — 03/16/12 (d) Approval of DROP: Arthur Barnes — 01/31/12 9. Next Meeting Date: August 9, 2012 at 10:30 a.m. 10. 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 10, 2012 — 10:30 A.M. 1. Call to Order and Roll CaII The meeting was called to order at 10:30 a.m. by the Chairman, Darrel Presley. The following members were present: Chris Collison and Bill Elliott. John Metsopoulos was absent and Alan Smith was excused. The following service providers were in attendance: Scott Christiansen, Plan Counsel, and Dave Lee, Plan Consultant. Cynthia Lindsay, Finance Director, was also present. 2. Approval of Minutes A motion was made by Bill Elliott to approve the minutes from the regular meeting held February 9, 2012 and the special meeting held March 29, 2012. 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 Bill Elliott to approve the disbursement report as amended. Seconded by Chris Collison, the motion carried unanimously. (Copy is attached for the record.) 4. Investment Manager's Reports Due to the time required to review the Real Estate Manager and Fixed Income Manager search results, there was no Investment Manager report. 5. Investment Consultant's Report — Dahab Associates Dave Lee reviewed the performance report as of March 31, 2012. Asset allocation for the period: Large Cap Equities — 47.1 %, SMid Cap Equities — 13.7 %, International Equity — 12.0 %, Fixed Income — 22.7% and Cash — 4.5 %. Total portfolio value was $28,412,219. 6. Attorney's Report Scott began his report with a brief legislative update. He continued by discussing the Skiba overpayment. Thomas Skiba retired from the Sanford Police Department in December 1997 and selected the 10 year certain benefit option. He passed away on January 25, 2004 and Rosie Skiba, as his beneficiary, was eligible to begin collecting the same monthly benefit ($1,552.27) for the remainder of the 10 year window which ended in January 2008. However, when the City Finance Department sent the paperwork to Salem Trust in 2005, notifying them that Rosie Skiba was the new payee, it failed to note when the payments were to stop. The Plan Administrator was made aware of the overpayment in January 2012. She immediately notified Salem Trust to stop all future benefit payments, informed the Plan Attorney, and sent a certified letter to Rosie Skiba informing her of the situation. There has been no response from her. Scott suggested that he be permitted to send her a letter with a proposed repayment schedule and the Trustees concurred. He will update the Board at the next meeting. He concluded his report by reminding the Trustees to file their Financial Disclosure Forms by July 1St Page 2 of 2 Sanford Police Officers' Retirement System May 10, 2012 7. Old Business (a) Ordinance No. 4268, allowing the Board to invest in real estate, was passed and approved by the City Commission on March 12, 2012. (b) The Declaration of Returns letter was tabled to the next meeting. (c) The Attorney reviewed the revised Summary Plan Description with the Trustees. Approval was tabled to the next meeting. 8. New Business (a) Dave Lee handed out and reviewed the Real Estate Investment Manager search results. Following a lengthy discussion, a motion was made by Bill Elliott to schedule a special meeting (sometime in July) to interview ASB Capital Management and Intercontinental. Seconded by Chris Collison, the motion carried unanimously. (b) The Investment Consultant handed out and reviewed the Fixed Income Manager search results. Following a lengthy discussion, the Trustees decided that they wanted to have additional time to consider this option and will continue the discussion on this matter at the special meeting in July. (c) A motion was made by Chris Collison to approve of the following retirements: Peter Jankowski — March 31, 2012 and Ned Golden — March 16, 2012 Seconded by Bill Elliott, the motion carried unanimously. (d) A motion was made by Chris Collison to approve of the following DROP entries: Arthur Barnes — January 31, 2012 and Doug Bottalico — March 1, 2012 Seconded by Bill Elliott, the motion carried unanimously. 9. Next Meeting Date The next regular meeting date was set for Thursday, August 9, 2012 at 10:30 a.m. 10. Adjournment The meeting ended at 11:15 a.m. •r the Board) CITY OF SANFORD POLICE OFFICERS' PENSION FUND Disbursement Report May 10,2012 Date Issued to: Issued for: Amount 02/20/12 Christiansen & Dehner Legal Services $476.93 02/20/12 Dahab Consulting Svcs. $3,263.74 02/27/12 State Street Global Management Svcs. $6,673.75 03/01/12 Susy Pita Administrative Svcs. $1,000.00 03/16/12 Christiansen & Dehner Legal Services $1,662.58 04/01/12 Susy Pita Administrative Svcs. $1,000.00 04/12/12 Lee Munder Management Svcs. $7,310.44 04/16/12 Sawgrass Asset Mgmt. Management Svcs. $10,719.00 04/18/12 Christiansen & Dehner Legal Services $516.35 04/23/12 Great Lakes Advisors Management Svcs. $8,320.26 04/23/12 Salem Trust Custody Services $4,615.72 05/01/12 Atlanta Capital Management Svcs. $5,879.00 05/01/12 Susy Pita Administrative Svcs. $1,000.00 Ajj CA: 05/o7/i2 Ufa b Con,514-4; 6Jcs . *3,552.92 Date Contribution Refunds: Amount 02/14/12 Sabounji, Jeffrey $41,082.62 02/27/12 Hernandez, Michael $13,854.78 03/16/132 Lucius, Devin $18,431.59 Date DROP Distributions: Amount 04/30/12 Jankowski, Peter $26,355.67