HomeMy WebLinkAbout071912 spm agn min Saner Police Officers' Retirement System OP
Susy Pita, Pension Plan Administrator •
21629 Stirling Pass ♦ Leesburg, Florida 34748 4 A
Phone: 352-787-9795 o F4 =..x:352- 787 -2699 "
POSTED: July 12, 2012
NOTICE OF A SPECIAL MEETING
THURSDAY, JULY 19, 2012 at 9:00 a.m.
City Hall — Railroad Conference Room - 2nd Floor
AGENDA
1. Call to Order and Roll Call
2. Interview Real Estate Investment Managers: ASB Capital Management
Intercontinental
3. Action Plan
4. Additional Information Regarding Fixed Income Manager Search Results
5. Approve Revised Summary Plan Description
6. 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
SPECIAL PENSION BOARD MEETING MINUTES
Thursday, July 19, 2012 — 9:00 A.M.
1. CaII to Order and Roll CaII
The meeting was called to order at 9:30 a.m. by the Chairman, Darrel Presley. The following
members were present: Alan Smith and Bill Elliott. Greg McNeillie, Investment Consultant was
also present.
2. Interview Real Estate Investment Managers
Greg McNeillie began by discussing the different types of Real Investment opportunities. Two
Real Estate Investment firms were scheduled to make a presentation to the Pension Board: ASB
Allegiance Real Estate Fund and Intercontinental.
Andrew Dietz, Managing Director, presented an overview of the ASB Allegiance Real Estate
Fund. He discussed their investment strategies, the queue process, exit process, fee structures
and payment of investment returns. After answering questions from the Trustees and the
Investment Consultant, he closed his presentation.
Devin Sullivan, Institutional Services Director, presented an overview of Intercontinental
Realty. He discussed their investment strategies, the queue process, exit process, fee
structures and payment of investment returns. After answering questions from the Trustees and
the Investment Consultant, he closed his presentation.
3. Action Plan
Following a lengthy discussion, a motion was made by Alan Smith to hire both agencies and to
allocate $1.5 million to each of them. Seconded by Bill Elliott, the motion carried unanimously.
Greg McNeillie will notify ASB and Intercontinental and ask that they send the prospective
management agreements to the Plan Attorney for his review. Once the agreements are fully
executed, the Investment Consultant and the Plan Administrator will coordinate the transfer of
the funds.
4. Additional Information Regarding Fixed Income Manager Search Results
Greg McNeillie informed the Trustees that he was not ready to review the search results at
today's meeting and asked that this matter be placed on the agenda for the August meeting.
The Trustees concurred.
5. Approve Revised Summary Plan Description
The Pension Board Attorney reviewed the revised Summary Plan Description with the Trustees
at the May meeting. Approval was tabled to the next meeting in order to allow the Trustees
additional time to review the document. Following a brief discussion, a motion was made by Bill
Elliott to approve the revised Summary Plan Description. Seconded by Alan Smith, the motion
carried unanimously. The Plan Administrator will coordinate the distribution to the membership
with the Pension Board Secretary.
6. Adjournment
The meeting ended at 12:30 p.m.
For the Board: