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Home My WebLink About08022018 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES 1. - Call to Order and Roll Call The meeting was called to order at 1O:3Oa.Ol.bxthe Chairman, DarrelPresley.The ~ e nbers were present Michael Taylor and Hector Rosado. Bill Erwin was U| and excused. �u�pncrHcnryvas absent. The following sen/ice providers were also in attendance: Scott Christiansen, Plan Counsel, and Tom Donegan, Investment Consultant. Also present was Cynthia Lindsay, Finance Director. Note. The Plan Administrator was asked to reach out to Chris Henry to see if he intends to remain on the Board or relinquish his position (due to his current job demands). 2. ARRroval of Minutes * motion was made byBill Michael Taylor toapprove the minutes from the regular meeting held onMay 3,3O18.Seconded bvHector Fbzsado,the motion carried unanimously. 3. APRroval of Disbursement Report The Plan Administrator made note of two add-on items to the Disbursement Report. A motion was then made bvMichael Taylor tVapprove the report as amended. Seconded bxHector Rosad��the motion carried unanimously. (Copy is a�ecƒxeffor �xe/ecoo� ' 4. Investment Manager's Reports Clyde Robinson presented the ASB Real Estate Investment Report asofJune 3O,3O18. Total portfolio value was at$2,336,5O6. Kristin Phelan presented the Intercontinental Real Estate Investment Report as of June 30, 2018. Total portfolio value was at$2,412,391. S. Investment Consultant's Report — Dahab Associates Tom Donegan reviewed the performance report as of June 30, 2018. Asset allocation for the period: Large Cap Equities —29.496,Mid Cap Equities —9.996,Small Cap Equities —1D.596,International EquiL96x- 1].�, Real Estate 16.8%, Fixed Income 17.896 and C�sh-2.196. Total portfolio value ' $47,509,639. Tom then distributed two hand-outs and discussed the Large Cap Analysis and how the Trustees can potentially earn better returns by adding a third portfolio manager (an Index 500 Fund). Following the review and discussion, a motion was made by Michael Taylor to transfer 1/3 of the total Large Cap Portfolio fund (approximately $4.5mm) to the Vanguard Index Fund as soon as administratively possible. Seconded bvHector Rosado,the motion carried unanimously. 6. Experience Study — Foster & Foster Patrick Donlan presented the Experience Study. Following the presentation, a lengthy discussion, and input from the Finance Director, amotion was made bvMichael Taylor boadopt the "Combo 796'Fresh Start UAAL"beginning with the 1O/O1/18Valuation Report. Seconded bvHector Roaado,the motion carried unanimously. 7. Attorney's ReRort Scott Christiansen began his report by reminding the Trustees that their Financial Disclosures Forms were due by July 1st. He continued his report by informing the Board that it is time, once again, to update the Summary Plan Description. Amotion was made bvMichael Taylor toauthorize the Attorney toupdate the SPD and bring it to the next meeting for review and adoption. Seconded by Hector Rosado, the motion carried unannimnous|y. Hethen informed the Trustees that itisalso time for him toprepare an updated IRC Compliance Ordinance. A motion was made by Hector Roaodoboauthorize Scott to present the drafted Ordinance hothe Trustees attheir next meeting. Seconded bvMichael Taylor, the motion carried unanimously. He then discussed the new IRS procedure that requires the Board hoestablish a process |nwhich to search for members who are due a benefit or contribution refund. Following the discussion, a motion was made by Michael Taylor toauthorize the Attorney to update the Operating Rules &Pmcedures for the Trustees approval atthe next meeting. Seconded by Hector Rosado,the motion carried unanimously. Note., When the Fire Board met, a discussion took place regarding benefit options that can be permitted while someone is still employed. Scott recommended that hebepermitted toinclude alife time option (in addition to the Life and 10 Year Certain) since it will not have any cost to the Plan. The Police Trustees were in agreement and asked him to include that same new language in the IRC Compliance Ordinance he was authorized to draft for their next meeting. Scott continued his report by recommending that the Trustees authorize him to draft an amendment to the current agreement with Foster & Foster to accurately reflect the fees that they are charging due to State mandated reporting requirements. Amotion was made b»Michael Taylor toauthohzepreparation of the amendnoenLasdiscussed. Seconded bvHector Rosado, ' the motion carried unanimously. Scott concluded his report by informing the Board that his Offios is processing a Disability Application that they received �ornOfficer Shawn Kelley onO4/11/18. Because his Iy4Ehas not yet tmyescheduled, he asked that the Trustees grant 90 day extension in order toaccommodate the timeline. A motion was made bvMichael Taylor toauthorize the 9Oday extension. Seconded bvHector Roaado,the motion carried unanimously. 8. Old Busines There was none. 9. New Business (a)The Plan Administrator reviewed the Annual Budget Projectionfor the Fiscal Year ending 09/30/19. Amotion was made bvMichael Taylor to approve the proposed budget as presented. Seconded by Hector Rosado, the motion carried unanimously. The Plan Administratorwill see tothe proper distribution. (b) A motion was made by Hector Rosado to approve of the DROP exit/retirement for William Ellenburg, effective ]une2M,ZO18. Seconded byMichael Taylor, the motion carried unanimously. (c) A motion was made by Hector Rosado to approve of the early retirement for Leon Ciea|a, effective April 13, 2018. Seconded byMichael Taylor, the motion carried unanimously. (d) A motion was made by Hector Rosado to approve of the normal retirements for Greg Smith, effective May 31,2O18and Leticia Price, effective March ]1,2O18. Seconded bvMichael Taylor, the motion carried unanimously. 10. Public Comments There were none. 11. Next Meeting Date The next regular meeting date was set for Thursday, November 1,2O18at1O:3Oa.nn. 12. Adiournment The meeting ended at12:25pxn. For the Board: