HomeMy WebLinkAbout08042016 PP minsSANFORD POLICE OFFICERSY RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 4,, 2016 — 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:30 a.m. by the Chairman, Darrel Presley. The following
members were present: Bill Erwin and Michael Taylor. John Dovyclaitis and Nigel Price were
excused. The following service providers were also in attendance: Scott Christiansen, Plan
Counsel, Tom Donegan, Investment Consultant, and Gregg Gosch, Investment Manager. Also
present was Cynthia Lindsay, 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
5, 2016 and the Continuation of the Disability Hearing for Carla Dendekker held on July 19,
2016. Seconded by Michael Taylor, the motion carried unanimously.
3. Approval of Disbursement Report
The Plan Administrator made note of one add-on item to the Disbursement Report. A motion
was then made by Michael Taylor to approve the disbursement report as amended. Seconded
by Bill Erwin, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manager's ReRg
Gregg Gosch presented the Sawgrass Investment Management report as of June 30, 2016.
Ending market value was $5,983,119.
Greg continued his report to the Board by reviewing the Addendum to the Sawgrass Investment
Management Agreement. The addendum reduces the annual fee to 55 basis points on the
market value of all assets in the investment account (from the current fees of 60bp/first $10mm
and 50bp/next $10mm). Following a brief discussion, a motion was made by Michael Taylor to
approve of the addendum and to authorize the Chairman and Secretary to execute the
agreement. Seconded by Bill Erwin, the motion carried unanimously.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of June 30, 2016. Asset allocation for the
period: Large Cap Equities — 29.3%, Mid Cap Equities — 10.6%, Small Cap Equities — 9.6%,
International Equity — 9.5%, Real Estate — 18.1%, Fixed Income — 20.7% and Cash — 2.2%.
Total portfolio value was $40,810,939.
6. Attorney's Rept
Scott Christiansen began his report by reminding the Trustees that their annual Financial
Disclosure Forms were to be filed by July 1st. The Plan Administrator confirmed that she has
checked the COE web site and everyone has filed.
Scott then stated that his office is in the process of handling the disability application process
for Officer Tina Leman and requested that the Trustees grant a 90 day extension of the
processing time. A motion was made by Bill Erwin to grant the extension. Seconded by
Michael Taylor, the motion carried unanimously.
Scott continued his report to the Board under agenda items requiring his input.
Page 2 of 2 Sanford Police Officers' Retirement System August 4, 2016
7. Old Business
The IRC Compliance Ordinance (No. 2016-4381) was approved by the City Commission, at
second/final reading, on June 27, 20016.
8. New Business
(a) The Plan Administrator presented and reviewed the proposed Budget of Administrative
Expenses for the FYE 09/30/17. Following a brief discussion, a motion was made by Bill Erwin
to adopt the Budget and provide it to the City as required. Seconded by Michael Taylor, the
motion carried unanimously.
(b) Scott conducted a review of the updated Summary Plan Description. A motion was then
made by Michael Taylor to approve the SPD for disbursement to the membership. Seconded by
Bill Erwin, the motion carried unanimously.
(c) A motion was made by Bill Erwin to approve of the DROP entry for John Hamel, effective
03/01/16. Seconded by Michael Taylor, the motion carried unanimously.
(d) A motion was made by Bill Erwin to approve of the DROP entry for Darren Scott, effective
05/01/16. Seconded by Michael Taylor, the motion carried unanimously.
(e) A motion was made by Bill Erwin to approve of the early retirement for Joseph Santiago,
effective 04/11/16. Seconded by Michael Taylor, the motion carried unanimously.
(f) A motion was made by Bill Erwin to approve of the term/vested retirement for Gregory
Smith, effective 07/01/16. Seconded by Michael Taylor, the motion carried unanimously.
9. Public Comments
There were none.
10. Next Meeting Date
The Fire Pension Board asked that the Police Pension Board swap starting times with them for
the next regular meeting. Therefore; the next regular meeting will be held on Thursday,
November 3, 2016 at 9:00 a.m.
11. Adjournment
The meeting ended at 11:35 a.m.
few 174 - =*. I
Aygust 4, 2016
Date
Issued to:
Issued for:
Amount
05/17/16
Great Lakes Advisors
Management Svcs.
$7,922.48
06/01/16
Susy Pita
Administrative Svcs.
$1,000.00
06/14/16
FL Municipal Ins. Trust
Fiduciary Insurance
$7,485.00/"
06/15/16
Christiansen & Dehner
Legal Services
$987.67/1'
06/15/16
Christiansen & Dehner
Disability Processing
$368.27/
07/01/16
Susy Pita
Administrative Svcs.
$1,000.00 ---
07/06/16
FL Municipal Ins. Trust
Dishonesty Policy
$454.00-"'
07/08/16
State Street Global
Management Svcs.
$8,041.01/
07/21/16
Salem Trust
Custody Services
$5,444.74 V-
07/21/16
Christiansen & Dehner
Legal Services
$596.32,--
07/21/16
Sawgrass Asset Mgmt.
Management Svcs.
$8,974.68
07/22/16
State Street Global
Management Svcs.
$8,455.11
07/28/16
Lee Munder Capital
Management Svcs.
$8,211.79
07/28/16
Garcia Hamilton
Management Svcs.
$3,993.87/
07/28/16
Great Lakes Advisors
Management Svcs.
$8,053.36
07/28/16
Foster & Foster
Actuarial Svcs.
$2,080.00
08/01/16
Susy Pita
Administrative Svcs.
$1,000.00/
()S/C)31 ((.p
D o -h o -b
CDYA5LL14iVn 54C -s -
!V5,101-3*7 --,
Date Contribution Refunds: Amoun
05/07/16 James Blake $41,164.86
07/20/16 Andrew Mamone $8,894.25
07/28/16 Timothy Smith $42,245.84