HomeMy WebLinkAbout08082013 minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 8, 2013 — 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:30a'rn' by the Chairman, Darrel Presley. The following members
were present: Chris Collison, John Dovydaitis, and Alan Smith. Bill Elliott was excused. The following
service providers were also in attendance: Scott Christiansen, Plan Counsel, and Greg McNeiUie,
Investment Consultant. Also present was Cindy Lindsay from the Finance Department.
2. Approval of Minutes
Amotion was made bvJohn Dom/daitistoapprove the minutes from the special nneebnghe|dMaoch2O,
3O13and the regular meeting held May 9,2O13. Seconded bvChris Collison, the motion carried
unanimously.
3. Disbursemen
A motion was made by John Dovydaitis to approve the disbursement report as presented. Seconded by
Chris Collison, the motion carried unanimously. (Copy /s attached for the /econt
4. Investment Consultant's ReRort — Dahab Associates
Greg McNeillie reviewed the performance report as of June 30, 2013. Asset allocation for the period:
Large Cap Equities —41.896,SM|dCap Equities —12.496,International Equity —11.3196,
Real Estate —9.496, Fixed Incorne— 31.696 and Cash — 3.596. Total portfolio value was $33,388,009.
Greg also recommended that the Board allow him to revise the Investment Policy regarding the asset
allocations and conduct asearch for aSmall Cap Manager. Hewill present the results etthe next
meeting. The Trustees agreed with his recommendations.
5. Attom@j's Report
Scott Christiansen discussed the passage of Senate Bill 534. This bill imposed additional filing and
disclosure requirements by the Plan Actuaries. Foster 8L Foster will most likely address this issue with the
Board prior topreparing the FY3O13reports.
6. Old Business
The Internal Revenue Compliance Ordinance (No. 4297) passed the second reading at the City
Commission meeting on July 22, 2013 and has been submitted to the Division of Retirement along with
the accompanying Actuaha|IolpactStatement.
7. New Business
The Plan Administrator informed the Board that during her review ofthe Commission onEthics Web Site,
it appears that they have not received the Financial Disclosure Form for Trustee Chris Collison. Chris
stated that hewould file the Form after today's meeting.
8. Next Meeting Date
The next regular meeting date was set for Thursday, November 7, 2013 at 10:30 a.m.
9. Adiournmen
The meeting ended at11:15p.mn.
Date
05/15/13
05/15/13
06/01/13
06/18/13
07/01/13
07/18/13
07/15/13
07/18/13
07/18/13
07/22/13
07/30/13
08/01/13
Date
06/20/13
06/20/13
07/26/13
Date
CITY OF SANFORD
Auciust 8 2013
Issued to:
State Street Global
Foster & Foster
Susy Pita
Christiansen & Dehner
Susy Pita
Christiansen & Dehner
Sawgrass Asset Mgmt.
FL Municipal Ins. Trust
FL Municipal Ins. Trust
Lee Munder Capital
Garcia Hamilton
Issued for: Amount
Management Svcs. $7,921.61
Actuarial Services $9,868.00
Administrative Svcs. $1,000.00
Legal Services $1,458.77
Administrative Svcs.
$1,000.00
Legal Services
$1,907.76
Management Svcs.
$11,108.00
Fiduciary Insurance
$7,095.05
*Waiver of Recourse
$101.30
Management Svcs.
$7,735.49
Management Svcs.
$2,522.31
Susy Pita Administrative Svcs. $1,000.00
Contribution Refunds: Amount
Steven Santiago $27,959.81
Ramez Massoud $19,584.68
Vanessa Knode $4,677.89
DROP Distributions:
None
Amount
*The City reimbursed the Board for payment of the "Waiver of Recourse" fee in the
amount of $101.30 on 08/02/13.