HomeMy WebLinkAbout020614 minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 6, 2014 —10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:30 a.m. by the Chairman, Darrel Presley. The following
members were present: Chris Collison, John Dovydaitis, Bill Elliott, and Alan Smith. The
following service providers were also in attendance: Scott Christiansen, Plan Counsel, and David
Lee and Tom Donegan, Investment Consultants. Cynthia Lindsay, Finance Director, was also
present.
2. Approval of Minutes
A motion was made by Chris Collison to approve the minutes from the regular meeting held
November 7, 2013, the Disability Hearing held November 7, 2014, and the special meeting held
December 9, 2013. Seconded by Alan Smith, the motion carried unanimously.
3. Disbursements
The Plan Administrator made note of one add-on item to the Disbursement Report. A motion
was then made by John Dovydaitis to approve the disbursement report as amended.
Seconded by Chris Collison, the motion carried unanimously. (Copy is attached for the record.)
4. Actuarial Valuation Resort as of October 1, 2013
Christine O'Neal presented the Actuarial Valuation Report as of October 1, 2013. Following
some discussion, a motion was made by John Dovydaitis to approve the report as presented.
Seconded by Alan Smith, the motion carried unanimously.
A discussion then took place regarding the annual Declaration of Returns letter. Following
lengthy input from the investment professionals, attorney, and the Trustees, a motion was
made by John Dovydaitis to submit the annual letter to the Division of Retirement stating that
the total expected annual rate of investment return for the fund for the next year, the next
several years, and the long-term thereafter, shall be 7.75%, net of investment expenses.
Seconded by Alan Smith, the motion carried unanimously.
S. Investment Manager's Reports
Lee Munder Capital was scheduled to present the December 31, 2013 report to the Board,
however; severe weather conditions in the Boston area prevented them from attending today's
meeting. They provided an electronic copy of their report to the Administrator and she
forwarded it to the Trustees.
6. Investment Consultants Report — Dahab Associates
David Lee and Tom Donegan reviewed the performance report as of December 31, 2013. Asset
allocation for the period: Large Cap Equities — 43.6%, SMid Cap Equities — 12.7 %, International
Equity — 11.4%, Real Estate — 9.0%, Fixed Income — 18.5% and Cash — 4.8%. Total portfolio
value was $36,744,963.
7. Attorney's Report
Scott Christiansen provided a brief legislative update to the Board regarding two pending Bills:
Senate Bill 246 and House Bill 509. They will be monitoring the progress of these Bills for their
clients and keep them appraised of any updates.
Page 2 of 2 Sanford Police Officers' Retirement System February 6, 2014
8. Old Business
There was none.
9. New Business
(a) A motion was made by John Dovydaitis to approve the following DROP entries: Anthony
Esoff — Effective 10/31/13 and Edgar Morales — Effective 12/02/13. Seconded by Bill Elliott,
the motion carried unanimously.
(b) A motion was made by John Dovydaitis to approve the following DROP exits/retirements:
James Smith — Effective 11/22/13 and Douglas Bottalico — Effective 12/31/13. Seconded by Bill
Elliott, the motion carried unanimously.
10. Public Comments
There were none.
11. Next Meeting Date
The next regular meeting date was set for Thursday, May 8, 2014 at 10:30 a.m.
12. Adjournment
The meeting ended at 12:05 p.m.
(For the Board) �j
Februanj 6, 2014
Date
Issued to:
Issued for:
Amount
11/08/13
Dahab
Consulting Svcs.
$4,298.12
11/13/13
Christiansen & Dehner
Legal Services
$2,256.41
11/26/13
FPPTA
Annual Dues
$600.00
12/01/13
Susy Pita
Administrative Svcs.
$1,000.00
12/03/13
Great Lakes Advisors
Management Svcs.
$8,699.49
12/03/13
Salem Trust
Custody Svcs.
$4,514.22
12/13/13
Christiansen & Dehner
Legal Services
$2,192.08
01/01/14
Susy Pita
Administrative Svcs.
$1,000.00
01/17/14
Sawgrass Asset Mgmt.
Management Svcs.
$13,178.00
01/17/14
Lee Munder Capital
Management Svcs.
$8,745.66
01/29/14
Garcia Hamilton
Management Svcs.
$2,565.97
02/01/14
Susy Pita
Administrative Svcs.
$1,000.00
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Date
Contribution Refunds: Amount
None
Date DROP Distributions: Amount
12/13/13 James Smith $191,333.17