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HomeMy WebLinkAbout11072013 minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD DISABILITY HEARING-MORGENSTERN Thursday,November 7, 2013 —12:00 P.M. 1. Call to Order and Roll Call The meeting was called to order at 1:10 p.m. by the Chairman, Darrel Presley. The following members were present: Chris Collison, John Dovydaitis, Bill Elliott, and Alan Smith. Also in attendance was Scott Christiansen, the Plan Attorney, and the claimant, Mr. David Morgenstern. 2. Review Medical Information and Disability Application 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 medical records that were collected were reviewed and a very lengthy discussion ensued. It was noted for the record that the doctor who performed the IME did not fully answer the questions that were asked of him and even recommended some additional testing. However; there were other medical reports in the disability file that supported Mr. Morgenstern"s limited physical abilities due to his injury. The Trustees then asked direct questions of Mr. Morgenstern, which he answered. Following some additional discussion, a motion was made by John Dovydaitis to authorize additional testing as requested by Dr. Vega. The motion died for lack of a second. Following more discussion, a motion was made by Alan Smith to approve of an in -line - of -duty disability, effective November 7, 2013. Seconded by Chris Collison, the motion carried 3-2 with John Dovydaitis and Darrel Presley 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 2:15 p.m. (For Ffe"_Board) SANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, November 7, 2013 — 10:30 A.M. 1. Call to Order and Roll Call The meeting was called to order at 10:50 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, David Lee, Investment Consultant and Peter Hapgood and Andrew Dietz, Investment Managers. Peter Staffieri, from the Finance Department, was also present. 2. ARRrovall of Minutes A motion was made by John Dovydaitis to approve the minutes from the regular meeting held August 8, 2013 and the special meeting held September 9, 2013. Seconded by Chris Collison, the motion carried unanimously. 3. Disbursements The Plan Administrator made note of two add-on items to the Disbursement Report. A motion was then made by Alan Smith to approve the disbursement report as amended. Seconded by Chris Collison, the motion carried unanimously. (Copy is attached for the record) 4. Investment Manager's Reports (a) Andrew Dietz reviewed the ASB Real Estate Investment Portfolio. The total value of the Plan assets as of September 30, 2013 was $1,626,081. (b) Peter Hapgood reviewed the Intercontinental Real Estate Investment Portfolio. The total value of the Plan assets as of September 30, 2013 was $1,570,160. S. Investment Consultant's Report — Dahab Associates David Lee reviewed the performance report as of September 30, 2013. Asset allocation for the period: Large Cap Equities — 41.7%, SMid Cap Equities — 12.5%, International Equity — 11.6%, Real Estate — 9.3%, Fixed Income — 19.9% and Cash — 5.1%. Total portfolio value was $34,387,517. A lengthy discussion then took place regarding additional investment allocations into the Real Estate asset class. Following the discussion, a motion was made by John Dovydaitis to transfer $500,000 from the R&D Account and to allocate $200,000 to Intercontinental Real Estate and $300,000 to ASB Real Estate. Seconded by Alan Smith, the motion carried unanimously. David continued his report to the Board by handing out and reviewing the Small Cap Manager search results. Following the review and some discussion, the Trustees scheduled a special meeting for Monday, December 9, 2014 at 2:00 p.m. to interview the following Investment Managers: Glenmede, RBC, and Systematic. David will also review the revised Investment Policy Statement at the special meeting. 6. Attorney's Report Scott Christiansen reminded the Administrator to send the annual investment letter to the City. Page 2 of 2 Sanford Police Officers' Retirement System November 7, 20 7. Old Business There was none. 8. New Business A motion was made by John Dovyclaitis to continue to have Darrel Presley as the Pension Board Chairman, Chris Collison as the Vice -Chairperson, and Alan Smith as the Secretary for another two-year period. Seconded by Chris Collison, the motion carried unanimously. The 2014 Meeting Schedule was reviewed and discussed. Greg McNeillie had some issues with the proposed schedule and has requested that Scott consider changing one of the meeting dates so that he could attend at least two of the four scheduled meetings. Following some discussion, a motion was made by Alan Smith to approve the 2014 meeting schedule as presented. Seconded by John Dovydaitis, the motion carried unanimously. 9. Public Comments There were none. 10. Next Meeting Date The next regular meeting date was set for Thursday, February 6, 2014 at 10:30 am. 11. Adjournment The meeting ended at 1:00 p.m. ,,-ifor the 965—rd) on; Date Issued to: 08/09/13 Dahab 08/09/13 Great Lakes Advisors 08/12/13 State Street Global 08/14/13 Christiansen & Dehner 08/16/13 Foster & Foster 09/01/13 Susy Pita 09/16/13 Christiansen & Dehner 10/01/13 10/15/13 10/15/13 10/16/13 10/22/13 10/28/13 11/01/13 1110511?) Date 11/05/12, Date Issued for: Amount Consulting Svcs. $4,052.25 Management Svcs. $8,345.98 Management Svcs. $7,990.45 Legal Services $286.12 Actuarial Services $485.00 Administrative Svcs. $1,000.00 Legal Services $830.92 Susy Pita Administrative Svcs. $1,000.00 Salem Trust Custody Svcs. $4,281.27 Lee Munder Capital Management Svcs. $8,096.26 Sawgrass Asset Mgmt. Management Svcs. $11,851.00 Garcia Hamilton Management Svcs. $2,542.86 Foster & Foster Actuarial Services $360.00 Susy Pita Administrative Svcs. $1,000.00 :5�ak meek 's 81,61.2-1 Contribution Refunds: Amount ,,Nene —Fevyy Mi -M6 02--31010.32 DROP Distributions: None Amount