HomeMy WebLinkAbout11012018 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursdav, November 1, 2018 — 9:00 A.M.
I. Call to Order andRollCall
The meeting was called to order at 9:00 a.m. by the Chairman, Darrel Presley. The following
members were present: Bill Erwin, Christopher Henry, Michael Taylor and Hector Rosado. The
following service providers were also in attendance: Scott Christiansen, Plan Counsel, and Tom
Donegan, Investment Consultant. Also present was Cynthia Lindsay, Finance Director.
2. Approval of Minutes
A motion was made by Michael Taylor to approve the minutes from the regular meeting held on
August 2, 2018 and the Disability Hearing on August 30, 2018. Seconded by Hector Rosado, the
motion carried unanimously.
3_. A112112rovall of Disbursement Report
A motion was made by Hector Rosado to approve the report as presented. Seconded by
Michael Taylor, the motion carried unanimously. (Copy is attached for the record)
4. Investment Manager's Reports
Brian Devine presented the Lee Munder Capital Group Investment Report as of September 30,
2018. Total market value was at $4,930,628.12.
5.Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of September 30, 2018. Asset allocation for
the period: Large Cap Equities — 30.7%, Mid Cap Equities — 9.8%, Small Cap Equities — 10.4%,
International Equity — 13.2%, Real Estate — 16.4%, Fixed Income — 17.1% and Cash — 2.3%.
Total portfolio value was $49,098,283.
6. Attorney's Report
Scott Christiansen began his report by reminding the Plan Administrator to send the Annual
Report of Investment Activity letter to the City. He then reviewed the memo he was sent out to
this clients reminding them to review the stop -payment dates with their Custodians. Scott
concluded his report to the Board by discussing the email that was sent out by the City Clerk's
Office regarding Board/Committee Policies. Chairman Presley has discussed this matter with
the City Clerk and she is aware that the Pension Board must follow mandated State guidelines.
Scott offered to review any policies issued by the City should the Trustees request him to do so
7. Old Business
The Chairman and Secretary signed the Addendum to the Actuarial Services Agreement with
Foster & Foster. The Plan Administrator will see to the proper distribution.
8. New Business
(a) The Attorney reviewed the drafted IRC Compliance Ordinance with the Trustees. Following
the review a motion was made by Hector Rosado to approve the Ordinance as presented.
Seconded by Michael Taylor, the motion carried unanimously. The Ordinance will be sent to the
City for presentation to the City Commission at a future meeting.
(b) The Attorney reviewed the updated Summary Plan Description. A motion was then made by
Bill Erwin to approve the updated SPD. Seconded by Michael Taylor, the motion carried
unanimously. Scott will provide a final copy for distribution to the membership once the IRC
Compliance Ordinance is approved due to some of the language changes.
Page 2 of 2 C -f -A Police Retirement System November 1, 2018
(c) The Attorney reviewed the updated Operating Rules & Procedures. A motion was then made
by Michael Taylor to approve of the updated Operating Rules & Procedures. Seconded by Chris
Henry, the motion carried unanimously.
(d) The Plan Administrator reviewed the Expense Report for the Fiscal Year Ending 09/30/18. A
motion was made by Michael Taylor to approve the report presented. Seconded by Hector
Rosado, the motion carried unanimously. The Plan Administrator will see to the proper
distribution.
(e) The 2019 Meeting Schedule was reviewed and approved.
(f) A motion was made by Michael Taylor to approve of the retirement of Charles Locher,
effective 08/30/18. Seconded by Hector Rosado, the motion carried unanimously.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, February 7, 2019 at 10:30 a.m.
11. Adjournment
The meeting ended at 10:05 a.m.
For the Boar
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