HomeMy WebLinkAbout05042017 PP minSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, May 4,, 2017 —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: Chris Henry, Nigel Price, and Michael Taylor. Bill Erwin was excused.
The following service providers were also in attendance: Scott Christiansen, Plan Counsel, and
Tom Donegan, Investment Consultant. 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 and the
Disability Hearing held on February 2, 2017. Seconded by Nigel Price, the motion carried
unanimously.
3. ARProvall of Disbursement Report
A motion was made by Chris Henry to approve the disbursement report as presented.
Seconded by Michael Taylor, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manager's Report
Brian Devine presented the Lee Munder Capital investment report as of March 31, 2017. Ending
market value was $4,983,408.89.
5. Investment Consultant's Report — Dahab ciates
Tom Donegan reviewed the performance report as of March 31, 2017. Asset allocation for the
period: Large Cap Equities — 29.0%, Mid Cap Equities — 10.9%, Small Cap Equities — 10.6%,
International Equity — 10.1%, Real Estate — 18.4%, Fixed Income — 17.8% and Cash — 3.2%.
Total portfolio value was $44,618,432.
Tom continued his report by recommending a rebalancing allocation. Following some
discussion, a motion was made by Michael Taylor to move $1.35MM ($450,000 each) from Lee
Munder Capital, ASB Real Estate, and Intercontinental Real Estate, and reallocate the funds to
the international sector of the Portfolio. Seconded by Nigel Price, the motion carried
unanimously.
6. Attorney's Report
Scott Christiansen began his report by reminding the Trustees to file their Financial Disclosure
forms by July V and provided a brief legislative update.
He continued his report by updating the trustees on two pending disability cases: Tina Leman
has completed the IME with Dr. Kaplan and a Formal Disability Hearing has been scheduled for
Tuesday, June 2011 at 9:00 a.m. The Dendekker case is still on hold and there is nothing new
to report.
Scott continued his report to the Board under agenda items requiring his input.
7. Old Business
There was none.
Pacie 2 of 2 — Sanford Police Officers' Retirement System May 4, 2017
8. New Business
Scott Christiansen reviewed the drafted Ordinance for the plan closure. Following a brief
discussion, a motion was made by Nigel Price to approve of the Ordinance with the additional
language regarding in-service distributions and to authorize the Attorney to forward it to the
City for subsequent approval by the City Commission. Seconded by Michael Taylor, the motion
carried unanimously.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting will be held on Thursday, August 3, 2017 at 10:30 a.m.
11. Adjournment
The meeting ended at 11:30 a.m.
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