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HomeMy WebLinkAbout05092013 minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, May 9 2013 —10:30 A.M. 1. Call to Order and Roil Call The meeting was called to order at 10:30 a.m. by the Acting Chairman, Alan Smith. The following members were present: Chris Collison, Bill Elliott, and John Dovydaitis. Chairman Darrel Presley was excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, David Lee, Investment Consultant, and Ed Calkins and Jeff Detwiler, Investment Managers. Also present was Karen Simpkins from the Finance Department. 2. Approval of Minutes A motion was made by John Dovydaitis to approve the minutes from the regular meeting held February 7, 2013. Seconded by Bill Elliott, the motion carried unanimously. The Administrator noted that the March 20th special meeting minutes required an additional paragraph and, therefore; will be placed on the agenda for approval at the next meeting. 3. Disbursements The Plan Administrator made note of one add-on item to the Disbursement Report. A motion was then made by Bill Elliott to approve the disbursement report as amended. Seconded by John Dovydaitis, the motion carried unanimously. (Copy is attached for the record.) 4. Investment Manager's Reports Jeff Detwiler presented the Garcia Hamilton portfolio results for the period ending March 31, 2013. The total market value of the Plan portfolio was $4,133,016.68 with a yield of 2.0%. Ed Calkins presented the Great Lakes Advisors portfolio results for the period ending March 31, 2013. The total market value of the Plan portfolio was $7,021,495.98 with a yield of 2.59%. A lengthy discussion ensued regarding investment strategies, market volatility, and future investment opportunities for the Plan portfolio. David Lee addressed the concerns of the Trustees and the investment strategies utilized by the managers as well as the diversification and allocations in the portfolio which allow for positive return opportunities. 5. Investment Consultant's Report — Dahab Associates David Lee reviewed the performance report as of March 31, 2013. Asset allocation for the period: Large Cap Equities — 45.6%, SMid Cap Equities — 12.3%, International Equity — 11.5%, Real Estate — 4.7%, Fixed Income — 21.7% and Cash — 4.1%. Total portfolio value was $32,118,584. David continued his report by recommending that the Trustees approve of the following allocations: Transfer $1.5 million from Great Lakes Advisors to fund the anticipated capital call from Intercontinental Real Estate by the end of the month and $800,000 from Sawgrass Asset Management to State Street Global as soon as administratively possible. The motion to proceed was made by Chris Collison, seconded by John Dovydaitis, and carried unanimously. David will coordinate this effort with the Plan Administrator. 6. Attorney's Report Scott began his report with a legislative update. Senate Bill 458 never made it to the floor during the legislative session and died. However, Senate Bill 534 did pass and is awaiting the Governor's signature. This bill imposed additional filing and disclosure requirements by the Plan Actuaries. If the Governor signs the bill, and it is expected that he will, Foster & Foster will be required to provide additional information in the Annual Valuation Reports. Scott concluded his report by reminding the Trustees to file their Financial Disclosure Forms by July 1st. 7. Old Business There was none. Page 2 of 2 Sanford Police Officers' Retirement System May 9, 2013 S. New Business (a) Scott reviewed his memo, dated April 22, 2013, detailing the addendum to the Operating Rules and Procedures: Rule 15.1 Extent of Confidentiality Pennitted Following a brief discussion, a motion was made by John Dovydaitis to adopt the Addendum. Seconded by Chris Callison, the motion carried unanimously. The Vice -Chairman affixed his signature to the document and the Plan Administrator will see to the proper distribution. (b) Scott reviewed the drafted IRC Compliance Ordinance with the Board. Following a brief discussion, a motion was made by John Dovydaitis to authorize the Attorney to submit the Ordinance to the City for subsequent Adoption. Seconded by Chris Collison, the motion carried unanimously. Additional Discussion Under New Business., Bili Elliott has made some efforts in attempting to locate Ms. Skiba to see if she has the ability to repay the survivor benefits she had received in error. Though he was able to find some basic contact information he has not been able to make actual contact with Rosie Skiba or any family members. At this point in time, the Trustees agreed to drop this matter until such time that she can be located or a notification of estate assets surfaces. The Plan Administrator informed the Trustees that the Fire Board is looking into the possibility of holding a joint meeting with the City Commissioners. Their Union is concerned that, in light of the Bolton Partners report to the City, there is strong need to provide additional education and information to the City Commissioners. Some of the educational information would be with regard to the investment policies and procedures, actuarial assumptions, and legal matters. The Fire Pension Board asked Union President David Frost to take the first step in reaching out to the City Manager to see if there would be an interest on behalf of the Commission in the two groups getting together for a workshop session. During this discussion, the Police Board members also agreed that a joint educational session would be a good idea and member's Chris Collison and Alan Smith will pass this information on to the Police Union President so that he, too, can reach out to the City Manager in this effort. In light of the discussion above, a motion was made by Chris Collison to allow the Plan's Actuary to work with Union and City Representatives for cost study purposes with the understanding that the requester reimburse the Plan for the fees charged by the Actuary. Seconded by Alan Smith, the motion carried unanimously. 9. Next Meeting Date The next regular meeting date was set for Thursday, August 8, 2013 at 10:30 a.m. 10. Adjournment The meeting ended at 12:40 p.m. (For Board) iz", mgjw U01-maj- V Date Issued to: Issued for: Amount 02/11/13 Great Lakes Advisors Management Svcs. $8,776.87 02/19/13 Dahab Consulting Svcs. $3,735.11 02/24/13 State Street Global Management Svcs. $7,410.95 03/01/13 Susy Pita Administrative Svcs. $1,000.00 03/19/13 Christiansen & Dehner Legal Services $1,089.49 04/01/13 Susy Pita Administrative Svcs. $1,000.00 04/09/13 Lee Munder Capital Management Svcs. $8,722.05 04/15/13 Sawgrass Asset Mgmt. Management Svcs. $10,878.00 04/23/13 Garcia Hamilton Management Svcs. $2,583.14 04/23/13 Great Lakes Advisors Management Svcs. $9,876.64 04/30/13 Salem Trust Custody Svcs. $4,964.22 04/30/13 Dahab Consulting Svcs. $4,012.18 05/01/13 Susy Pita Administrative Svcs. $1,000.00 05/0'71 r3 t,,,zt 6oe-5. d 438,92. Date Contribution Refunds: Amount 02/22/13 Anthony Alonzo $11,657.89 04/01/13 Robert O'Connor $8,704.40 Date DROP Distributions: Amount 02/14/13 Randolph Smith $9,652.93 02/19/13 William Crapps $74,006.21