HomeMy WebLinkAbout05052016 PP minsSANFORD POLICE • RETIREMENT SYSTEM
PENSION
• MEETING MINUTES
Thursday., May 5,, 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: John Dovydaitis, Bill Erwin, Michael Taylor, and new
Trustee, Nigel Price. The following service providers were also in attendance: Scott
Christiansen, Plan Counsel, Tom Donegan, Investment Consultant, and Kent Weaver,
Investment Manager. Also present was Cynthia Lindsay, from the Finance Department,
and Officer Hamel.
2. ARRrovall of Minutes
A motion was made by Bill Erwin to approve the minutes from the regular meeting held
on February 4, 2016 and the Disability Hearing held on February 4, 2016. 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. Investment Manager's Report
Kent Weaver presented the Glenmede Investment Management report as of March 31,
2016. Market value was $1,972,642.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of March 31, 2016. Asset allocation
for the period: Large Cap Equities — 30.9%, Mid Cap Equities — 10.3%, Small Cap
Equities — 9.5%, International Equity — 9.8%, Real Estate — 16.2%, Fixed Income —
20.7% and Cash — 2.6%. Total portfolio value was $40,282,350.
6. Attorney's Report
Scott Christiansen began his report by reminding the Trustees to file their annual
Financial Disclosure Forms. He continued his report by informing the Trustees that it is
time again to update the Summary Plan Description. A motion was made by John
Dovydaitis to authorize the attorney to update the SPD and bring it to the Board for
their review and subsequent approval. Seconded by Nigel Price, the motion carried
unanimously.
7. Old Business
(a) The IRC Compliance Ordinance was sent to the City Manager on March 23rd.
Cynthia Lindsay stated that it is scheduled to be on the City Commission's agenda at
their first meeting in June.
Page 2 of 2 Sanford Police Officers' Retirement System May 5, 2016
(b) The Chairman led a discussion regarding the travel & education policy currently
used by the City and the Pension Board. Following some discussion, it was decided that
he would approach the City Manager when there is a request for overnight/multi-day
travel by a trustee within the 50 mile radius restriction. Bill Eriwn requested that the
Chairman ask for an exception on his part so that he can attend the upcoming FPPTA
Conference in Orlando. Chairman Presley will make the request and report back to Bill
and the Plan Administrator.
S. New Business
There was none.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, August 4, 2016 at 10:30 a.m.
11. Adjournment
The meeting ended at 11:35 a.m.
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