HomeMy WebLinkAbout083012 spm agn & min Sanford POike Officers' Retirement System ler
Susy Pita, Pension Plan Administrator •
21629 Stirling Pass ♦ Leesburg, Florida 34748 II AL
Phone: 352 -787 -9795 ® Fax: 352-787-2699 r
POSTED: August 23, 2012
NOTICE OF A SPECIAL MEETING
THURSDAY, AUGUST 30, 2012 at 9:00 a.m.
City Hall — Railroad Conference Room - 2 " Floor
AGENDA
1. CaII to Order and Roll CaII
2. Declaration of Returns Assumption
3. 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
* *SPECIAL MEETING **
Thursday, August 30, 2012 —10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:40 a.m. by the Chairman, Darrel Presley. The following
members were present: Chris Collison, Alan Smith and Bill Elliott. Cynthia Lindsay, Finance
Director, was also present.
2. Declaration of Returns Assumption
Darrel Presley began by discussing the impact that the declaration of returns assumption has on
the funding requirements for the Plan. Prior additional input had also been provided by the
attorney and the investment professionals who were not able to attend todays meeting. A very
lengthy discussion took place regarding how both the City and the Plan Members can begin
taking steps to alleviate some of the funding issues. The Actuary is expected to provide the FY
2012 Valuation Report after the first of the year which will produce a truer picture of the Plan
funding issues and healthier discussions can then take place by and between the City and the
Plan Members when planning for the 2014 Fiscal Year Budget. The Chairman also stated that
he would be willing to send a letter to the City Staff Members, the Mayor, and Commissioners,
informing them of the Board's position regarding the annual rate of return assumption.
A motion was made by Chris Collison to continue with the 8% rate of return assumption and to
state the following language in the letter to the Division of Retirement:
"The Pension Board of Trustees for the City of Sanford Police Officers' Retirement Trust Fund,
with input from our consultants, discussed the total expected annual rate of return for our fund.
We maintain a well- diversified portfolio and, even with the year over year volatility that is a
reality in modern financial markets, we are comfortab /e stating that we shall earn 8 %, net of
investment expenses, over the next several years and the long -term. We also recognize that
investment returns over the short term (i.e., any single Fiscal Year) may fall short of
expectations due to general market conditions. We review our portfolio and its allocations on
an ongoing basis in order to maximize the Plan's ability to achieve its long -term objectives As
such, we will continue to review the potential of additional asset classes and /or investment
strategies that we expect will assist us in meeting our long -term objectives."
Seconded by Alan Smith, the following vote was recorded: Chris Collison — Yes
Bill Elliott - No
Alan Smith — Yes
Chairman Presley - Yes
Greg McNeillie will provide the required back -up data to the Administrator to include with the
letter. The Plan Administrator will issue the letter to the Division of Retirement and distribute to
the appropriate personnel /agencies.
3. Adjournment
The meeting ended at 11:40 p.m.
For the Board: