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HomeMy WebLinkAbout11022016 PP minsSANFORD POLICE OFFICERS" RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, November 3. 2016 — 9:00 A.M. 1. Call to Order and Roll Call The meeting was called to order at 9:00 a.m. by the Chairman, Darrel Presley. The following members were present: Bill Erwin, Michael Taylor, and new Trustee, Chris Henry. Nigel Price arrived at 10:00 a.m. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Tom Donegan, Investment Consultant, Jana Hamilton, Investment Manager, and Lynn Skinner from Salem Trust. Also present was Peter Staffiero, from the Finance Department. Chairman Presley took a few minutes to welcome Chris Henry, who was recently appointed by the City Commission (replacing John Dovydaitis who resigned at the end of his last term). Chris provided a brief background of his qualifications and thanked everyone for the opportunity to serve his community. Due to the resignation of former Vice -Chairman John Dovydaitis, a motion was made by Bill Erwin to appoint Michael Taylor to the position of Vice -Chairman. Seconded by Chris Henry, the motion carried unanimously. 2. Approval of Minute A motion was made by Bill Erwin to approve the minutes from the regular meeting held on August 4, 2016. Seconded by Michael Taylor, the motion carried unanimously. 3. ARRroyall of Disbursement Report The Plan Administrator reviewed the new Disbursement Report layout with the Trustees. A motion was then 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 Repg Jana Hamilton presented the Garcia Hamilton & Associates Investment Management report as of September 30, 2016. Ending market value was $6,078,876.94. S. Investment Consultant's Report — Dahab Associates Tom Donegan reviewed the performance report as of September 30, 2016. Asset allocation for the period: Large Cap Equities — 29.3%, Mid Cap Equities — 10.6%, Small Cap Equities — 10.1%, International Equity — 10.0%, Real Estate — 18.3%, Fixed Income — 19.4% and Cash — 2.1%. Total portfolio value was $41,984,658. 6. Custodian's Report Lynn Skinner, from Salem Trust Company, handed out and reviewed a proposal from Globe Tax Services. This agency provides tax reclamation services to custodial banks. As a result, the Plan has an opportunity to recover taxes paid on overseas investments. Scott Christiansen recommended that the Trustees accept this opportunity to claim additional funds for the Plan. Following a brief discussion, a motion was made by Bill Erwin to proceed with a services agreement. Seconded by Michael Taylor, the motion carried unanimously. Page 2 of 2 Sanford Police Officers' Retirement System November 3, 2016 7. Attorney's ReP4rt Scott Christiansen began his report by updating the trustees on the two pending disability cases. Carlena Dendekker's attorney has postponed the deposition for the IME doctor twice now. He does not expect anything to happen with this case until after the New Year. They are continuing their work on the disability application process and the collection of records for Officer Tina Leman and expect to have her IME scheduled soon. Scott continued his report to the Board under agenda items requiring his input. 8. Old Business There was none. 9. New Business (a) A motion was made by Bill Erwin to approve of the term/vested retirement for Ted Butler, effective 10/01/16. Seconded by Chris Henry, the motion carried unanimously. (b) The Plan Administrator presented and reviewed the Annual Expense Report for the FYE 09/30/16. Following a brief discussion, a motion was made by Michael Taylor to adopt the report and to distribute it and post it as required. Seconded by Bill Erwin, the motion carded unanimously. (c) The Trustees reviewed and approved the 2017 meeting schedule. (d) A motion was made by Michael Taylor to re -appoint Darrel Presley to another 4 -year term as the V Member to the Board of Trustees. Seconded by Bill Erwin, the motion carried unanimously. 10. Public Comments There were none. 11. Next Meeting Date The next regular meeting will be held on Thursday, February 2, 2017 at 10:30 a.m. 12. Adjournment The meeting ended at 10:15 a.m. Forthe-Board: