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HomeMy WebLinkAbout02022017 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, February 2, 2017 — 10:30 A.M. I. 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: Bill Erwin, Chris Henry, Nigel Price, and Michael Taylor. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Tom Donegan, Investment Consultant, Clyde Robinson and Peter Hapgood, Investment Managers, and Patrick Donlan, Plan Actuary. Also present was Finance Director Cynthia Lindsay. 2. Approval of Minutes A motion was made by Michael Taylor to approve the minutes from the regular meeting held on November 3, 2016. Seconded by Bill Erwin, the motion carried unanimously. 3. Approval of Disbursement Report A motion was made by Chris Henry to approve the disbursement report as presented. Seconded by Nigel Price, 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, 2016. Following the review, and a lengthy discussion, a motion was made by Bill Erwin to approve the report as presented. Seconded by Michael Taylor, the motion carried unanimously. A discussion took place regarding the annual Declaration of Returns letter. Following input from the investment professionals, attorney, and the Trustees, a motion was made by Bill Erwin 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 Chris Henry, the motion carried unanimously. S. Investment Manager's ReRQ Clyde Robinson presented the ASB Real Estate management report as of December 31, 2016. Ending market value was $2,626,740. Peter Hapgood presented the Intercontinental Real Estate management report as of December 31, 2016. Ending market value was $2,555,735. 6. Investment Consultant's Resort — Dahab Associate Tom Donegan reviewed the performance report as of December 31, 2016. Asset allocation for the period: Large Cap Equities — 29.0%, Mid Cap Equities — 11.0%, Small Cap Equities — 10.8%, International Equity — 9.7%, Real Estate — 18.8%, Fixed Income — 18.4% and Cash — 2.4%. Total portfolio value was $43,262,760. 7. Attorney's ReRg Scott Christiansen began his report by updating the trustees on two pending disability cases: Dr. Nicoloff is still waiting to get the requested data for the deposition regarding Carlena Dendekker's case and the Initial Hearing for Tina Lehman will take place immediately following today's regular meeting. Page 2 of 2 Sanford Police Officers' Retirement System February 2, 2017 We are in receipt of a letter from State Street Global letting us know that State Street Bank and Trust Company ("SSBT) will appoint it affiliate State Street Global Advisors Trust Company ("SSGA Trust Company's as successor Trustee to the SSGA ERISA Collective Investment Trust. SSBT is seeking the Boards consent to assign the Participation Agreement that govern their investments in Comingled Funds to SSGA Trust Company. Following a brief discussion, a motion was made by Michael Taylor to authorize the Chairman to execute the document on behalf of the Plan. Seconded by Bill Erwin, the motion carried unanimously. The Plan Administrator will see to the proper distribution of the agreement. Scott continued his report to the Board under agenda items requiring his input. 8. Old Business There was none. 9. New Business (a) A motion was made by Michael Taylor to approve of the DROP entry for William Ellenburg, effective 10/31/16. Seconded by Nigel Price, the motion carried unanimously. (b) A motion was made by Michael Taylor to approve of the DROP exit/retirement for Anthony Esoff, effective 01/14/17. Seconded by Nigel Price, the motion carried unanimously. 10. Public Comments There were none. 11. Next Meeting Date The next regular meeting will be held on Thursday, May 4, 2017 at 10:30 a.m. 12. Adjournment The meeting ended at 12:25 p.m. &�-- 2, For the Board--*�,��)