HomeMy WebLinkAbout080912 rm agn & min Sanford Police Officers' Retirement System
Susy Pita. Pension Plan Administrator •
21629 Stirling Pass • Leesburg, Florida 34748 3
Phone: 352 + Fax: 352-787-2699 r
NOTICE OF MEETING - Posted August 2, 2012
Thursday, August 9, 2012 at 10:30 a.m.
City Hall — Railroad Conference Room - 2n Floor
AGENDA
1. Call to Order and Roll Call
2. Approval of Minutes: (a) Regular Meeting — May 10, 2012
(b) Special Meeting — July 19, 2012
3. Approval of Disbursements
4. Custodian's Report — Salem Trust Company
5. Investment Manager's Report — Lee Munder Capital
6. Investment Consultant's Report
7. Attorney's Report
8. Old Business: (a) Fixed Income Asset Class Investment
(b) Status of Real Estate Investment Agreements
9. New Business: (a) Commission Appointed Trustee Position
(b) Member Elected Trustee Position
(c) 5 Member Appointed Trustee Position
10. Next Meeting Date: November 8, 2012 at 10:30 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 9, 2012 — 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:40 a.m. The following members were present:
Chris Collison, Bill Elliott and Alan Smith. Darrel Presley was excused. The following
service providers were in attendance: Scott Christiansen, Plan Counsel, and Greg
McNeillie, Investment Consultant. Jessica Rochelle, from the Finance Dept., was also
present.
2. Approval of Minutes
A motion was made by Chris Collison to approve the minutes from the regular meeting
held May 10, 2012 and the special meeting held July 19, 2012. Seconded by Bill Elliott,
the motion carried unanimously.
3. Disbursements
A motion was made by Alan Smith to approve the disbursement report as presented.
Seconded by Chris Collison, the motion carried unanimously. (Copy is attached for the
record.)
4. Custodian's Reports — Salem Trust Company
Lynn Skinner handed out and reviewed a new proposed fee schedule. Following some
discussion, a motion was made by Chris Collison to approve of the new fee schedule
and to authorize the Attorney to prepare an addendum to the Agreement with Salem
Trust Company. Seconded by Alan Smith, the motion carried unanimously.
5. Investment Manager's Report — Lee Munder Capital
Tom Capobianco and James Gribbell presented the Lee Munder Capital portfolio results
for the period ending June 30, 2012. Market value of the Plan portfolio was
$3,834,468.69.
6. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of June 30, 2012. Asset allocation
for the period: Large Cap Equities — 47.0 %, SMid Cap Equities — 13.4 %, International
Equity — 11.3 %, Fixed Income — 24.5% and Cash — 3.7 %. Total portfolio value was
$27,687,801.
7. Attorney's Report
Scott provided the Trustees with a legislative update. He discussed, at length, the new
law passed under House Bill 401 regarding designations of beneficiaries and then
addressed the record keeping /housekeeping regarding overpayments of benefits. Scott
concluded his report by discussing the memo from the Division of Retirement with
regard to funding requirements. The Trustees agreed that they wished to have the Plan
Actuary continue the funding by utilizing the payroll percentage method. Jessica
Rochelle will pass this information on to the Finance Director and, unless the City has
an issue, the Actuary will continue to prepare the valuation report utilizing the
percentage method.
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Page 2 of 2 Sanford Police Officers' Retirement System August 9, 2012
8. Old Business
(a) Greg McNeillie led a discussion regarding the fixed income investment manager
search. Following some discussion, a motion was made by Alan Smith to terminate
Atlanta Capital and to distribute the funds equally between Garcia Hamilton and the
PIMCO Total Return Mutual Fund. Seconded by Chris Collison, the motion carried
unanimously. Scott was directed to draw up the agreement with Garcia Hamilton for
execution.
(b) The Real Estate Investment Agreement with Intercontinental has been reviewed by
the Attorney and is in route to the Chairman for execution. Scott led a discussion
regarding the language in the ASB contract with regard to Group Investment Trust
allocations. Following some discussion, a motion was made by Chris Collison to include
the addition of Group Investment Trust allocations and to have Scott send the
Ordinance to the City for presentation to the Commission. Seconded by Alan Smith, the
motion carried unanimously.
9. New Business
(a) The City Commission has not yet appointed someone to the Trustee position that
was held by John Metsopoulos.
(b) The Member Elected Trustee position currently held by Chris Collison will expire in
September. Chris expressed his interest in serving another term. The Plan
Administrator will coordinate this effort with the assistance of the Board Secretary.
(c) The 5 Member Appointed Trustee position currently held by Darrel Presley will
expire in September. Due to his expected absence at today's meeting, Darrel
expressed his interest in seeking another appointment via an email to the Plan
Administrator on July 2rd. A motion was made by Bill Elliott to appoint Darrel Presley to
another term (contingent on Chris Collison's re- election for voting purposes). Seconded
by Alan Smith, the motion carried unanimously.
NOTE: The Declaration of Returns will be addressed at a special meeting in September.
10. Next Meeting Date
The next regular meeting date was set for Thursday, November 8, 2012 at 10:30 a.m.
11. Adjournment
The meeting ended at 12:35 p.m.
- -
(for the Board)
CITY OF SANFORD
POLICE OFFICERS' PENSION FUND
Disbursement Report
August 9, 2012
Date Is sued t o: Issued for: Amount
05/14/12 Foster & Foster Actuarial Svcs. $5,092.00
06/01/12 Susy Pita Administrative Svcs. $1,000.00
06/04/12 State Street Global Management Svcs. $7,159.71
06/11/12 Christiansen & Dehner Legal Services $739.09
07/01/12 Susy Pita Administrative Svcs. $1,000.00
07/10/12 Christiansen & Dehner Legal Services $136.60
07/16/12 Florida Municipal Trust Fiduciary Insurance $6,732.90
07/18/12 Salem Trust Custody Services $4,461.90
07/25/12 Dahab Consulting Svcs. $3,461.39
07/30/12 Great Lakes Advisors Management Svcs. $8,123.79
08/01/12 Susy Pita Administrative Svcs. $1,000.00
08/01/12 Atlanta Capital Management Svcs. $5,990.00
D Contribution Refunds: Amount
05/30/12 Myers, Richard $358.78
07/05/12 Lee, Jr., Bill $12,444.29
07/06/12 Foster, Joshua $8,271.31
Date DROP Distributions: Amount
None