HomeMy WebLinkAbout02042016 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 4, 2016 — 10:30 A.M.
1. call to order and Roll Call
The meeting was called to order at 10:40 a.m. by the Chairman, Darrel Presley. The following
members were present: John Dovydaitis, Bill Erwin, and Michael Taylor. The following service
providers were also in attendance: Scott Christiansen, Plan Counsel, Christine O'Neal, Plan
Actuary, Tom Donegan, Investment Consultant, and Allison Corbally, 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
November 5, 2015. Seconded by Michael Taylor, the motion carried unanimously.
3. Approval of Disbursement Report
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. Actuarial Valuation Report,
Christine O'Neal presented the Actuarial Valuation Report as of October 1, 2015. Following the
review, and a brief discussion, a motion was made by John Dovydaitis to approve the report as
presented. Seconded by Bill Erwin, the motion carried unanimously.
A discussion then took place regarding the annual Declaration of Returns letter. Following
lengthy input from the investment professionals, attorney, and the Trustees, a motion was
made by John Dovydaitis 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 Michael Taylor, the motion carried unanimously.
5. Investment Manager's Report
Allison Corbally presented the State Street Global Advisors report as of December 31, 2015.
Market value was $4,020,025. Fund return since investment inception was 5.65%.
6. Investment Consult -ant's Report - Dahab Associates
Tom Donegan reviewed the performance report as of December 31, 2015. Asset allocation for
the period: Large Cap Equities - 31.0%, Mid Cap Equities -10.2%, Small Cap Equities - 9.6%,
International Equity - 10.1%, Real Estate - 16.2%, Fixed Income - 20.2% and Cash - 2.9%.
Total portfolio value was $39,953,272.
7. FIA Growth & Value Fund Amended Partnership Agreement
Recently the Plan Administrator received two amendments from the professionals at the FIA
Growth & Value Fund. The first Amendment removes certain tax restrictions for international
investors and the second provides an extension in the partners fund raising period to February
12th, 2016. Both Scott and Tom addressed these Amendments and recommended that the
Chairman sign them and submit them to FIA. A motion was made by John Dovydaitis to
authorize the Chairman to execute the documents on behalf of the Plan. Seconded by Bill Erwin,
the motion carried unanimously. The Chairman affixed his signature and the Plan Administrator
will see to the distribution.
PaQe 2 of 2 Sanford Police -Officers' Retirement System February 4, 2016
A. Attorney's Report
Scott Christiansen began his report by discussing some pending legislation. He continued his
report by informing the Trustees that the Hinkley case has been settled with the City (via
arbitration) and the Plan Administrator confirmed that the term/vested retirement calculations
have been requested.
9-- Old Business
There was none.
10. New Business
(a) Scott Christiansen reviewed the drafted IRC Compliance Ordinance which also included
Share Plan language and a new Disability Provision regarding re-employment with another
agency. Following some discussion, and some clarification on the whether or not the disability
provision changes need input from the Union, a motion was made by John Dovydaitis to add
Federal Service to the re-employment restrictions, to remove the Share Plan language until the
Union has had their input, to authorize the Attorney to prepare the final version of the
Ordinance for the adoption by the City and to request the Actuarial Impact Statement from the
Actuary. Seconded by Bill Erwin, the motion carried unanimously.
(b) The Travel & Education Policy was reviewed and discussed. This matter will be discussed
again at the next meeting.
(c) A motion was made by John Dovydaitis to approve of the DROP exit/retirement for Chris
Collison, effective 01/29/16. Seconded by Bill Erwin, the motion carried unanimously.
11. Public Comments
There were none.
12. Next Meeting Date
The next regular meeting date was set for Thursday, May 5, 2016 at 10:30 a.m.
13. Adiournment
The meeting ended at 12:05 p.m.
For the Board: