HomeMy WebLinkAbout050814 minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, May 8, 2014 —10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:45 a.m. by the Chairman, Darrel Presley. The following
members were present: Chris Collison and Bill Elliott. John Dovydaitis and Alan Smith were
excused. The following service providers were also in attendance: Scott Christiansen, Plan
Counsel, and Greg McNeillie and Tom Donegan, Investment Consultants. 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 6, 2014. Seconded by Chris Collison, the motion carried unanimously.
3. Disbursements
A motion was made by Bill Elliott 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
Allison Corbally presented the State Street portfolio results for the period ending March 31,
2014. Market value of the Plan portfolio was $4,261,475.
S. Investment Consultant's Report — Dahab Associates
Greg McNeillie and Tom Donegan reviewed the performance report as of March 31, 2014. Asset
allocation for the period: Large Cap Equities — 36.5%, Mid Cap Equities — 10.1 %, Small Cap
Equities — 10.4 %, International Equity — 11.3%, Real Estate — 9.1%, Fixed Income — 18.6%
and Cash — 4.0%. Total portfolio value was $37,568,859.
6. Attorney's Report
Scott Christiansen informed the Trustees that there were no legislative changes made this year.
He then informed the Trustees that is was time again to update the Summary Plan Description.
A motion was made by Chris Collison to authorize the Attorney to prepare and present the
updated SPD to the Board for approval at the next meeting. Seconded by Bill Elliott, the motion
carried unanimously. Scott concluded his report by discussing the two pending disability
applications: Cynthia Littles
They are still in the process of collecting records for Cynthia Littles and have
scheduled her IME. Due to the time it has taken to get this far, Scott
recommended that the Board provide a 90 day extension for the hearing
date. A motion was made by Chris Collison to authorize the 90 day extension.
Seconded by Bill Elliott, the motion carried unanimously.
Brandon Worrall
They have been contacted by Brandon Worrall's attorney and are waiting to
receive the interrogatories from the claimant.
7. Old Business
There was none.
Page 2 of 2 Sanford Police Officers' Retirement System May 8, 2014
8. New Business
(a) A motion was made by Chris Collison to approve the Term /Vested Retirement for Lucia
Stridiron effective 04/01/14. Seconded by, Bill Elliott, the motion carried unanimously.
(a) A motion was made by Chris Collison to approve the DROP entry for Ronald Carter effective
02/01/14. Seconded by, Bill Elliott, the motion carried unanimously.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, August 7, 2014 at 10:30 a.m.
11. Adjournment
The meeting ended at 11:45 a.m.
(For the Board)
Date
Issued to:
Issued for:
Amount
02/13/14
Dahab
Consulting Svcs.
$4,592.79
02/13/14
Christiansen & Dehner
Legal Services
$73.00
02/13/14
State Street Global
Management Svcs.
$8,860.54
02/13/14
Great Lakes Advisors
Management Svcs.
$9,688.35
02/27/14
Salem Trust
Custody Svcs.
$5,416.97
03/01/14
Susy Pita
Administrative Svcs.
$1,000.00
03/25/14
Christiansen & Dehner
Legal Services
$3,172.33
03/26/14
FPPTA-Recertification
Collison
$30.00
03/26/14
FPPTA-Recertification
Presley
$30.00
04/01/14
Susy Pita
Administrative Svcs.
$1,000.00
04/08/14
Christiansen & Dehner
Legal Services
$1,581.89
04/15/14
Sawgrass Asset Mgmt.
Management Svcs.
$10,575.00
04/15/14
Lee Munder Capital
Management Svcs.
$7,640.01
04/22/14
Garcia Hamilton
Management Svcs.
$2,565.97
04/22/14
FL Municipal Ins. Trust
Fiduciary Insruance
$7,916.41
04/22/14
FL Municipal Ins. Trust
Waiver of Recourse
$102.20
04/28/14
Garcia Hamilton
Management Svcs.
$61.67
04/29/14
FL Municipal Ins. Trust
Dishonesty Policy
$168.15
05/01/14
Susy Pita
Administrative Svcs.
$1,000.00
Date Contribution Refunds: Amount
03/05/14 Ronald Gibson $1,714.66
Date DROP Distributions: Amount
02/08/14 Doug Botallico $88,277.57
Date PLOP Distributions: Amount
04/17/14 Lucia Stridiron $43,648.74