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HomeMy WebLinkAbout02072013 minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, February 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, Bill Elliott, Alan Smith and new Trustee John Dovydaitis. The following service providers were in attendance: Scott Christiansen, Plan Counsel, David Lee, Investment Consultant and Greg Gosch, Investment Manager. Commissioner Tom George was also present as was Cindy Lindsay from the Finance Department. 2. Approval of Minutes A motion was made by Alan Smith to approve the minutes from the regular meeting held November 8, 2012. Seconded by Chris Collison, the motion carried unanimously. 3. Disbursements The Plan Administrator distributed a revised/updated report in an email to the Trustees on February 5th. A motion was made by John Dovydaitis to approve the disbursement report as amended on February 5th. Seconded by Alan Smith, the motion carried unanimously. (Copy is attached for the record) 4. Actuarial Valuation Report Patrick Donlan presented the Actuarial Valuation Report as of October 1, 2012. Following a lengthy discussion, a motion was made by Chris Collison to approve the report as presented. Seconded by John Dovydaitis, the motion carried 4-1 with Bill Elliott voting no; preferring to await the results of the Experience Study. Additional discussion ensued with regard to the assumptions used in the report. A motion was made by Chris Collison to authorize the Actuary to prepare an Experience Study. Under discussion, Patrick stated that he felt he could have the study completed by March 15th so that the Board could hold a special meeting. Seconded by John Dovydaitis, the motion carried unanimously. The Plan Administrator will coordinate the special meeting date and advise the Trustees accordingly. The Trustees decided to perform the Declaration of Returns exercise after the Experience Study has been reviewed at the special meeting. S. Investment Manager's Report — SaMrass Asset Management Gregg Gosch presented the Sawgrass Asset Management Portfolio Summary as of December 31, 2012. Ending Market Value was $6,487,390. 6. Investment Consultant's Report — Dahab Associates David Lee reviewed the performance report as of December 31, 2012. Asset allocation for the period: Large Cap Equities — 43.8%, SMid Cap Equities — 13.8%, International Equity — 12.1%, Real Estate — 2.5%, Fixed Income — 23.2% and Cash — 4.6%. Total portfolio value was $29,809,189. 7. Attorney's Report Scott began his report by informing the Trustees that a new Ordinance will be required by the end of the 2013 Fiscal Year in order for the Plan to be in compliance with the Internal Revenue Code. A motion was made by Chris Collison to authorize the Attorney to draft the Ordinance for the Trustee's review at the next meeting. Seconded by Alan Smith, the motion carried unanimously. Paae 2 of 2 Sanford Police Officers' Retirement Svstern February 7, 2013 Scott continued his report by discussing the proposed Senate Bill 458 and detailed some of the items contained in that Bill. It has only been through one Committee and there are several weeks left in this legislative period, so we are in a "wait and see" position for now. At the last meeting Bill Elliott offered to reach out to Ms. Skiba to see if she has the ability to repay the survivor benefits she had received in error. He informed the Board that he was able to find some contact information, however; he has not been able to make actual contact with Rosie Skiba or any family members. He has a new address lead in an Orange City Trailer Park. He will continue his efforts to make contact with her and report back to the Trustees at the next meeting. 8. Old Business On November 12, 2012 the City Commission appointed John Dovydaitis to a four year term on the Pension Board (replacing John Metsopoulos). 9. New Business (a) A motion was made by John Dovyclaitis to approve of the DROP entry for Randolph Smith effective December 1, 2012. Seconded by Alan Smith, the motion carried unanimously. (b) A motion was made by John Dovyclaitis to approve of the retirement for William Crapps effective January 31, 2013. Seconded by Alan Smith, the motion carried unanimously. The Plan Administrator informed the Trustees that Salem Trust is in the process of enhancing some of the services for the Retiree and Beneficiaries. Should any of them hear any concerns expressed, they are encouraged to have the participant contact the Plan Administrator or Salem Trust Company. Scott Christiansen noted that, though the Investment Policy was updated, signed and distributed, the Trustees needed to make a form approval. A motion was made by Chris Collison to approve of the updated Investment Policy Statement, dated August 9, 2012. Seconded by John Dovyclaitis, the motion carried unanimously. 10. Next Meeting Date The next regular meeting date was set for Thursday, May 9, 2013 at 10:30 a.m. 11. Adjournment The meeting ended at 1:00 p.m. ,;04 Boa7rr- P Februapf 7, 2013 Date Issued to: Issued for: Amount 11/12/12 Foster & Foster Actuarial Svcs. $920.00 11/16/12 Christiansen & Dehner Legal Services $272.95 11/26/12 State Street Global Management Svcs. $6,937.42 12/01/12 Susy Pita Administrative Svcs. $1,000.00 12/03/12 F.P.P.T.A. Annual Dues $600.00., 12/11/12 Christiansen & Dehner Legal Services $1,134.21 01/01/13 Susy Pita Administrative Svcs. $1,000.00 01/11/13 Lee Munder Capital Management Svcs. $7,711.05 01/14/13 Foster & Foster Actuarial Svcs. $11,152.00 01/14/13 Sawgrass Asset Mgmt. Management Svcs. $9,731.00 02/01/13 Susy Pita Administrative Svcs. $1,000.00 02/01/13 Garcia Hamilton Management Svcs. $2,567.87 02/01/13 Salem Trust Custody Svcs. $4,691.22 Date Contribution Refunds: Amount 11/28/12 Michelle Tucker $35,830.94 01/15/13 Ned Golden $14,232.77 Date DROP Distributions: Amount None *Re visedlReissued 02105113