The URL can be used to link to this page

Home My WebLink About03202013 sp mtgSANFORD POLICE OFFICERS' RETIREMENT SYSTEM SPECIAL PENSION BOARD MEETING MINUTES "SPECIAL MEETING" Wednesday, March 20, 2013 — 8:30 A.M. 1. Call to Order and Roll Call The meeting was called to order at 8:35 a.m. by the Chairman, Darrel Presley. The following members were present: Chris Collison, Alan Smith, Bill Elliott, and John Dovydaitis. Cynthia Lindsay, Finance Director, was also present. 2. Experience Study — Foster & Foster Patrick Donlan handed out and reviewed the Experience Study that was requested by the Board at the February meeting. A lengthy discussion ensued with regard to the Salary Increase Assumptions and Investment Returns over the past several years. A motion was then made by John Dovydaitis to increase the normal retirement assumption to 1 year after the normal retirement eligibility and decrease the early retirement rate to 2.5% per year, resulting in a payroll cost savings to the City of 0.1%. Seconded by Bill Elliott, the motion carried unanimously. 3. Declaration of Returns Assumption Based on discussion already taken place, a motion was made by John Dovydaitis to lower the rate of return assumption from 8% to 7.75%. Seconded by Alan Smith, the motion carried unanimously. Additional discussion then took place regarding the annual Declaration of Returns letter. Following 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. The Plan Administrator will issue the letter to the Division of Retirement and distribute to the appropriate personnel/agencies. Based on the motions above, Patrick Donlan was directed to revise/reissue the 10/01/12 Actuarial Valuation Report accordingly. 4. Adjournment The meeting ended at 9:40 a.m. For the Board: