HomeMy WebLinkAbout08032017 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday,, August 3,, 2017 —10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:35 a.m. by the Chairman, Darrel Presley. The following
members were present: Bill Erwin, Chris Henry, and Michael Taylor. Nigel Price was excused.
The following service providers were also in attendance: Scott Christiansen, Plan Counsel, and
Tom Donegan, Investment Consultant. Also present was Caryn Simpkins from the Finance
Department.
2. Approval of Minutes
A motion was made by Bill Erwin to approve the minutes from the regular meeting held on May
4, 2017. Seconded by Michael Taylor, the motion carried unanimously.
3. ARRrovall of Disbursement ReRQrt
A motion was made by Michael Taylor to approve the disbursement report as presented.
Seconded by Bill Erwin, the motion carried unanimously. (Copy is attached for the record)
4. Investment Manager's Repasts
Michael Hart presented the Forest Investment Associates portfolio report as of June 30,
2017. Ending market value was $306,625,944.
Barbara Keady presented the Ceres Farms portfolio report as of June 30, 2017. Ending market
value was $1,722,118.73.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of June 30, 2017. Asset allocation for the
period: Large Cap Equities — 29.2%, Mid Cap Equities — 9.9%, Small Cap Equities — 10.6%,
International Equity — 11.6%, Real Estate — 18.3%, Fixed Income — 17.0% and Cash — 3.5%.
Total portfolio value was $45,356,004.
6. Attorney's Report
Scott Christiansen began his report by reminding the Trustees that their Financial Disclosure
Forms were due by July 1st and, if not filed by the September 1st deadline, penalties will be
imposed.
He continued his report by updating the trustees on two pending disability cases. Tina Leman
has returned to full duty as of July 31, 2017. With regard to the Dendekker case: The
deposition of Dr. Nicoloff has taken place and deposition with Kakkar has been scheduled for
the end of August. Once that has taken place, we will schedule a meeting to continue with her
disability hearing.
He concluded with a legislative update.
7. Old Business
The Impact Statement for the Plan Closing Ordinance was just completed by the Actuary last
week. The Plan Administrator will forward the information to the City and request that the
Ordinance be presented to the Commission as soon as possible.
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8..- New Business
(a) Scott Christiansen led a discussion regarding the recent amendments to the Public Records
Act including a recommendation for an action plan. Following the discussion, the Plan
Administrator was directed to post the notice at City Hall and on the City's web site.
(b) The Plan Administrator reviewed her memo to the Board regarding a proposed fee increase.
Following a brief discussion, a motion was made by Bill Erwin to approve the Administrator's fee
increase of $100 per month, effective October 1, 2017, and guaranteed for three
years. Seconded by Chris Henry, the motion carried unanimously. Scott will prepare the
Amendment to the Administrative Services Agreement for execution.
(c) The Plan Administrator reviewed the Annual Budget Projection for the Fiscal Year ending
09/30/18. A motion was made by Michael Taylor to approve the proposed budget with the
amendment to the Administrative Services line item. Seconded by Bill Erwin, the motion carried
unanimously. The Plan Administrator will see to the proper distribution.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting will be held on Thursday, November 2, 2017 at 10:30 a.m.
11. Adjournment
The meeting ended at 12:00 p.m.
For the Board,