HomeMy WebLinkAbout05032018 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, May 3, 2018 —10:30 A.M.
I.- Call to Order and Roll Call
The meeting was called to order at 10:30 a.m. by the Acting Chairman, Michael Taylor. The
following members were present: Bill Erwin and Hector Rosado. Darrel Presley and Christopher
Henry was absent. The following service providers were also in attendance: Scott Christiansen,
Plan Counsel, Tom Donegan, Investment Consultant, and Janna Hamilton, Investment Manager.
Also present was Cynthia Lindsay, Finance Director.
2. Approval of Minutes
A motion was made by Bill Erwin to approve the minutes from the regular meeting held on
February 1, 2018. Seconded by Hector Rosado, the motion carried unanimously.
3. Approval of Disbursement Rep.Qrt
The Plan Administrator reviewed the updated Contribution Refund spreadsheet and
Disbursement Report with the Board. A motion was then made by Hector Rosado to approve
both reports as presented. Seconded by Bill Erwin, the motion carried unanimously. (Copy is
attached for the record.)
4. Investment Manager's Report
Janna Hamilton presented the Garcia Hamilton & Associates Investment Report as of March
31, 2018. Total portfolio value was at $6,491,753.44 with a yield of 2.3%.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of March 31, 2018. Asset allocation for the
period: Large Cap Equities — 29.5%, Mid Cap Equities — 10.1%, Small Cap Equities — 10.2%,
International Equity — 13.4%, Real Estate — 16.4%, Fixed Income — 17.8% and Cash — 2.5%.
Total portfolio value was $47,090,057.
Tom concluded his report by recommending that the Trustees consider moving approximately
$2.5 million from Sawgrass; Asset Management and $2.5 million from Great Lakes Advisors and
reallocate to an Index Fund or Mutual Fund. Following some discussion, the Trustees directed
Tom to bring some recommendations of Firms back to the Board for their consideration at the
next meeting.
6. Attorney's Report
Scott Christiansen began his report with a brief legislative update and reminded the Trustees
that their Financial Disclosures Forms are due by July ls. He continued his report by informing
the Board that his Office is processing a Disability Application that they received from Officer
Shawn Kelley on 04/11/18.
7. Old Business
There was none.
8. New Business
A motion was made by Bill Erwin to approve of the retirement of Steven Lynch effective
November 24, 2017. Seconded by Hector Rosado, the motion carried unanimously.
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9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, August 2, 2018 at 10:30 a.m.
11. Adjournment
The meeting ended at 11:15 a.m.
For the Board: