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HomeMy WebLinkAbout080714 minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD SPECIAL MEETING Thursday, August 7, 2014 —12:30 P.M. 1. Call to Order and Roll Call The meeting was called to order at 12:30 p.m. by the Chairman, Darrel Presley. The following members were present: John Dovydaitis and Bill Elliott. Chris Collison and Alan Smith were excused. Also in attendance was Scott Christiansen, the Plan Attorney. 2. Investment Consulting Services and Fees Chairman Presley requested that Trustee Bill Elliott lead the meeting by discussing a concern that he has regarding the services and fees for the Pension Board with respect to the accountability, transparency, and fiduciary obligation born by the Trustees. Following the discussion, a motion was made by John Dovydaitis to have the Board review one service provider at each regular meeting. Seconded by Bill Elliott, the motion carried unanimously. 3. Adjournment The meeting ended at 12:50 p.m. SANFORD POLICE OFFICERS" RETIREMENT SYSTEM PENSION BOARD DISABILITY HEARING-LITTLES Thursday August 7. 2014 — 11:30 A.M. 1. Call to Order and Roll Call The meeting was called to order at 11:30 a.m. by the Chairman, Darrel Presley. The following members were present: Chris Collison, John Dovydaitis, and Bill Elliott. Alan Smith was excused. Also in attendance was Scott Christiansen, the Plan Attorney, the claimant, Ms. Cynthia Littles, and her attorney, Mr. Paul Kelly. 2. Review Medical Information and Disabillht ARRIlication Scott Christiansen began by reviewing the disability processes and procedures with everyone. He went on to review the disability criteria detailed in the Pension Plan Ordinance explaining that the Trustees were also going to have to determine whether or not the disability occurred in the line of duty. The circumstances surrounding the two strokes suffered by Ms. Littles, and several of the medical records that were collected, were reviewed by her attorney, Mr. Paul Kelly. Trustee John Dovydaitis commented regarding the pre-hypertension evidence and made a motion to grant Ms. Littles a not-in-line of duty disability. The motion died for lack of a second and additional discussion ensued. Trustee Chris Collison then made a motion to grant Ms. Littles an in-line of duty disability. The motion died for lack of a second and additional discussion ensued. Following more discussion, a motion was again made by John Dovydaitis to approve of a not-in-line-of-duty disability, effective August 7, 2014. Seconded by Bill Elliott, the motion carried 3-1 with Chris Collison voting no. The Attorney will prepare the Order for the Chairman's signature and the Administrator will work with the Actuary to finalize the calculations. 3. Adjournment The meeting ended at 12:35 p.m. (For the ard) SANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, August 7, 2014 —10:00 A.M. 1. Cant to Order and Roll Call The meeting was called to order at 10:00 a.m. by the Chairman, Darrel Presley. The following members were present: Chris Collison, John Dovydaitis, and Bill Elliott. Alan Smith was excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, and Tom Donegan, Investment Consultant. 2. Approval of Minutes A motion was made by Bill Elliott to approve the minutes from the regular meeting held May 8, 2014. Seconded by Chris Collison, the motion carried unanimously. 3. Disbursements A motion was made by John Dovydaitis to approve the disbursement report as presented. Seconded by Chris Collison, the motion carried unanimously. (Copy Is attached for the record.) 4. Investment Manager's Reports Gregg Gosch presented the Sawgrass Asset Management portfolio results for the period ending June 30, 2014. Market value of the Plan portfolio was $7,318,716. S. Investment Consultant's Report — Dahab Associates Tom Donegan reviewed the performance report as of June 30, 2014. Asset allocation for the period: Large Cap Equities — 36.8 %, Mid Cap Equities — 10.1 %, Small Cap Equities — 10.2 %, International Equity — 11.4 %, Real Estate — 9.3 %, Fixed Income — 18.2% and Cash — 3.9 %. Total portfolio value was $39,047,014. 6. Attorney's Report Scott Christiansen began his report by reminding the Trustees to file their Financial Disclosure Forms. Scott then explained that they are still in the process of collecting records for Disability Applicant Brandon Worrall. Due to the fact that the initial 90 day period will expire in September, and we will will not have another regular meeting until November, he recommended that the Trustees grant a 90 day extension for this member. A motion was made by John Dovydaitis to grant the 90 day extension. Seconded by Chris Collison, the motion carried unanimously. Scott continued his report to the Board under the remaining agenda items requiring his input. 7. Old Business There was none. 8. New Business (a) Scott conducted a review of the updated Summary Plan Description. Following a brief discussion, a motion was made by Chris Collison to approve the revised SPD. Seconded by John Dovydaitis, the motion carried unanimously. The Plan Administrator will see to the proper distribution. (b) A motion was made by John Dovydaitis to approve the DROP exit/retirement for Ronald Carter effective 07/07/14. Seconded by, Chris Collision, the motion carried unanimously. Page 2 of 2 Sanford Police Officers' Retirement System August 7, 2014 9. Public Comments There were none. 10. Next Meeting Date The next regular meeting date was set for Thursday, November 6, 2014 at 10:30 a.m. 11. Adjournment The meeting ended at 11:20 a.m. 0 Amust 7, 2014 Date Issued to: Issued for: Amount 05/16/14 Salem Trust Custody Svcs. $5,540.54 05/16/14 Dahab Consulting Svcs. $4,696.29 05/16/14 Great Lakes Advisors Management Svcs. $8,862.98 05/16/14 Foster & Foster Actuarial Svcs. $4,545.00 05/19/14 State Street Global Management Svcs. $8,909.48 05/19/14 Christiansen & Dehner Legal Services $1,117.25 06/01/14 Susy Pita Administrative Svcs. $1,000.00 06117/14 Christiansen & Dehner Legal Services $3,269.45 07/01/14 Susy Pita Administrative Svcs. $1,000.00 07/09/14 Sawgrass Asset Mgmt. Management Svcs. $10,978.00 07/11/14 Lee Munder Capital Management Svcs. $7,327.95 07/16/14 Salem Trust Custody Svcs. $5,728.03 07/16/14 Christiansen & Dehner Legal Services $2,588.37 07/22/14 Garcia Hamilton Management Svcs. $2,688.33 07/30/14 Foster & Foster Actuarial Svcs. $620.00 08/01/14 Susy Pita Administrative Svcs. $1,000.00 08/04/14 Dahab Consulting Svcs. $4,880.88 Date Contribution Refunds: Amount None Date DROP Distributions: Amount None