HomeMy WebLinkAbout05072015 PP minsSANFORD POUCE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday,. May 7, 2015 — 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 Elliott, Bill Erwin, and new Trustee, John LaBree.
The following service providers were also in attendance: Scott Christiansen, Plan Counsel, and
Tom Donegan, Investment Consultant. Also present was Peter Staffieri, from the Finance Dept.
2. Approval of Minutes
A motion was made by Bill Erwin to approve the minutes from the regular meeting held on
February 12, 2015. Seconded by Bill Elliott, the motion carried unanimously.
3. Disbursements
A motion was made by Bill Elliott to approve the disbursement report as presented. Seconded
by Bill Erwin, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of March 31, 2015. Asset allocation for the
period: Large Cap Equities — 30.5%, Mid Cap Equities — 10.3%, Small Cap Equities — 10.2%,
International Equity — 10.4%, Real Estate — 14.1%, Fixed Income — 18.0% and Cash — 6.5%.
Total portfolio value was $41,228,825.
5. Attomgy's Report
Scott Christiansen began his report by reminding the Trustees to file their Financial Disclosure
Forms by July 1st. He then discussed form PF -1 which was sent to the City and not yet signed
and returned to the Plan Administrator. She will continue to follow-up on this request.
Scott continued his report by discussing the issues that have plagued Salem Trust this past year
(at the request of the Finance Director). The most recent issue is their SAC letter. This caused
the City's auditors to perform additional testing at a cost of $3,500. The City has paid the
invoice and is requesting reimbursement from the Plan. Scott stated that the Board cannot
reimburse the City for this expense and that it should be covered by Salem Trust. The Plan
Administrator is working on this request with Salem Trust. Our Salem Trust representatives
also wanted to attend today's meeting but, unfortunately, had a scheduling conflict. They have
asked to be placed on the agenda for the next meeting. Following some discussion, a motion
was made by Bill Elliott to authorize the Attorney to perform an RFP for Custodial Services. The
motion died for lack of a second. Following some additional discussion, the Plan Administrator
was directed to contact Salem Trust and request their attendance at the August meeting.
Scott closed his report by updating the Trustees on the recent legislative session and the
adoption of two Bills by the House and Senate, but not yet signed by the Governor. As always,
he will continue to monitor these for the Trustees.
6. Old Business
There was none.
Page 2 of 2 — Sanford Police Officers' Retirement System May 7 2015
7. New Business
(a) The Ceres Farms investment of $1.6 million was funded on April Ist. The Forest Investment
Associates/Timber Partners agreement has not been finalized and sent to Scott for his review
(though he has been communicating with them via emails).
(b) A motion was made John Dovydaitis to approve of the DROP exit/retirement for Robert
Shull, effective 01/31/15 and Arthur Barnes, Willie Harden, and Michael Taylor, effective
04/30/15. Seconded by Bill Erwin, the motion carried unanimously.
(c) The service provider review was tabled to the next meeting due to time constraints.
Added On;
A brief discussion took place regarding member who is receiving a disability benefit from the
Plan but is re-employed by another Police Department. Scott has been investigating the
Board's options regarding this situation and we will place this matter on the agenda for the next
regular meeting.
8. Public Comments
There were none.
9. Next Meeting Date
The next regular meeting date was set for Thursday, August 13, 2015 at 10:30 a.m.
10. Adjournment
The meeting ended at 11:55 a.m.
1111 II101
Date
Issued to:
Issued for:
Amount
02/15/15
Foster & Foster
Actuarial Svcs.
$17,957.00
02/24/15
Christiansen & Dehner
Legal Services
$277.40
03/01/15
Susy Pita
Administrative Svcs.
$1,000.00
03/16/15
Great Lakes Advisors
Management Svcs.
$9,798.74
03/25/15
Christiansen & Dehner
Legal Services
$2,348.10
03/25/15
Foster & Foster
Actuarial Svcs.
$3,000.00
04/01/15
Susy Pita
Administrative Svcs.
$1,000.00
04/14/15
Sawgrass Asset Mgmt.
Management Svcs.
$9,650.00
04/14/15
Great Lakes Advisors
Management Svcs.
$7,777.25
04/15/15
Lee Munder Capital
Management Svcs.
$7,990.28
04/21/15
State Street
Management Svcs.
$9,014.19
04/21/15
Christiansen & Dehner
Legal Services
$4,017.40
04/23/15
Garcia Hamilton
Management Svcs.
$3,823.54
04/30/15
Salem Trust
Custody Svcs.
$5,745.55
05/01/15
Susy Pita
Administrative Svcs.
$1,000.00
Date
Contribution Refunds:
Amount
03/19/15
Indiana Walsh-Durning (Beneficiary)
$40,242.22
04/28/15
Edward Schneider
$10,733.56
Date
DROP Distributions:
Amount
03/04/15
Edgar Morales
$37,312.50
03/04/15
Robert Schull
$46,451.69