HomeMy WebLinkAbout11022017 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday., November 2, 2017 —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: Bill Erwin, Chris Henry, and Michael Taylor. The following service
providers were also in attendance: Scott Christiansen, Plan Counsel, Tom Donegan, Investment
Consultant, Laurie Watson, Gary Lenhoff and Ed Calkins, Investment Managers, and Lynn
Skinner from Salem Trust Company. Also present was Cynthia Lindsay, Finance Director.
A motion was made by Bill Eriwn to re -appoint Darrel Presley as Chairman, Michael Taylor as
Vice -Chairman, and Bill Erwin as Secretary. Seconded by Michael Taylor, the motion carried
unanimously.
2. Approval of Minutes
A motion was made by Michael Taylor to approve the minutes from the regular meeting held on
August 3, 2017. Seconded by Bill Erwin, the motion carried unanimously.
3. Approval of Disbursement Report
The Plan Administrator made note of two add-on items to the Disbursement Report. A motion
was then made by Bill Erwin to approve the disbursement report as amended. Seconded by
Michael Taylor, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manager's Reports
Laurie Watson, Gary Lenhoff and Ed Calkins presented the Great Lakes Advisors investment
report as of September 30, 2017. Ending market value was $7,395,243.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of September 30, 2017. Asset allocation for
the period: Large Cap Equities — 29.3%, Mid Cap Equities — 9.9%, Small Cap Equities — 10.7%,
International Equity — 12.8%, Real Estate — 16.8%, Fixed Income — 18.3% and Cash — 2.3%.
Total portfolio value was $47,282,642. Tom concluded his report to the Board by discussing
investment portfolio management strategies for a closed Plan.
6. Custodian's Report
Lynn Skinner handed out and reviewed the Salem Trust quarterly newsletter. Lynn continued
her report by discussing the Securities Monitoring Services provided by Salem Trust and the
associated fees that will be imposed going forward. Scott informed the Trustees that there is a
legal firm that the Sanford Fire Board uses for this service and he will provide the Trustees with
that information at the next meeting so that they can make an informed decision.
7. 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 discussed his letter to the Board
regarding his Firms' transition and reduction of their client base.
Scott continued his report to the Board under agenda items requiring his input
Page 2 of 2 C—f—A Police Retirement System . ...... November 2, 2017
8. Old Business
The Plan Closing Ordinance (No. 4417) was passed by the City Commission (at second reading)
on 09/18/17. The Plan Administrator received a list of 45 members who decided to move to the
FRS Plan (rather than stay in the DB Plan). She has prepared letters for each of them advising
them of their options with regard to their member contributions.
9. New Business
(a) The Plan Administrator presented and reviewed the Annual Expense Report for the FYE
09/30/17. Following a brief discussion, a motion was made by Bill Erwin to approve the Expense
Report and provide it to the City as required. Seconded by Michael Taylor, the motion carried
unanimously.
(b) The 2018 Meeting Schedule was review and approved.
Added On:
Trustee Nigel Price will be retiring from the DB Plan and, therefore; will be required to
relinquish his member elected position on the Pension Board. The Plan Administrator will
coordinate a membership election to replace him.
10. Public Comments
There were none.
11. Next Meeting Date
The next regular meeting date was set for Thursday, February 1, 2018 at 10:30 a.m.
12. Adjournment
The meeting ended at 11:50 a.m.
For the Bo