HomeMy WebLinkAbout11022015 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursdayr November 5,. 2015 — 10:30 A.M.
1. Call to -Order and Roll Calln
The meeting was called to order at 10:35 a.m. by the Chairman, Darrel Presley. The following
members were present: John Dovydaitis, Bill Erwin and, new Trustee, Michael Taylor, who is
replacing Bill Elliott who decided not to seek reappointment by the City Commission when his
term expired in September. John LaBree was excused. Tom following service providers were
also in attendance: Scott Christiansen, Plan Counsel, Greg McNeillie and Tom Donegan,
Investment Consultants, and Daniel Singh and Jenna Welsh, Investment Managers. Also
present was Karen Simkins from the Finance Department.
Due to the recent changes in the Trustees on the Board, the current officers' positions were
reviewed. A motion was made by John Dovydaitis to continue to have Darrel Presley serve as
Chairman. Seconded by Michael Taylor, the motion carried unanimously. A motion was made
Bill Erwin to name John Dovydaitis as the Vice -Chairman. Seconded by Michael Taylor, the
motion carried unanimously. A final motion was made by John Dovydaitis to name Bill Erwin as
the new Secretary. Seconded by Michael Taylor, the motion carried unanimously.
2. Approval of Minutes
A motion was made by John Dovydaitis to approve the minutes from the regular meeting held
on August 13, 2015. Seconded by Bill Erwin the motion carried unanimously.
3. Disbursements
The Plan Administrator made note of one add-on item to the Disbursement Report. A motion
was then made by John Dovydaitis to approve the disbursement report as amended. Seconded
by Bill Erwin, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manager's ReRgrt
Daniel Singh and Jenna Welsh presented the Lee Munder Capital report as of September 30,
2015. Market value was $4,010,650. Fund return since investment inception was 5.7%.
5. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of September 30, 2015. Asset allocation for
the period: Large Cap Equities — 29.8%, Mid Cap Equities — 10.1%, Small Cap Equities — 9.5%,
International Equity — 10.0%, Real Estate — 16.1%, Fixed Income — 20.8% and Cash — 3.7%.
Total portfolio value was $38,779,429.
Following the presentation, and a lengthy discussion on the current asset allocations and
related performance, a motion was made by John Dovydaitis to move approximately $600 000
in funds from GHA and the R&D account to the International investment allocation. The motion
died for lack of a second.
6. Attorney's Report
Scott Christiansen began his report by reminding the Plan Administrator to send the annual
investment letter to the City and explained that he is continuing to work on a draft of the newly
required IRS Compliance/Share Plan Ordinance and will bring it to the Board early next year.
Scott continued his report to the Board by informing the Trustees that his office is in receipt of
a written opinion from the Division of Retirement regarding his inquiry about re-employment
while receiving a disability benefit payment.
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They have agreed that a pension board can move to suspend disability benefits if they find that
the member is working in law enforcement with one agency while collecting a disability benefit
from another. He stated that the Pension Board cannot retroactively take action; but he will
incorporate the language in the new Compliance Ordinance he is working on and that will allow.
the Board to take action should this situation occur in the future. Following the discussion a
motion was made by John Dovydaitis to authorize the Attorney to add this new language in the
Compliance Ordinance. Seconded by Michael Taylor, the motion carried unanimously.
7. Old Business
After receiving a letter from attorney Paul Parrish, a recalculation of benefits was done for
former officer Marc Kovacs which resulted in a $168 increase in his monthly benefit. The Plan
Administrator emailed the required form to Mr. Kovacs and, upon receipt, will coordinate the
required payment adjustments, including the PLOP option.
S. New Business
(a) The Plan Administrator presented and reviewed the Annual Expense Report for the FYE
09/30/15. Following the review a motion was made by John Dovydaitis to approve the final
version of the Expense Report and distribute as required. Seconded by Bill Erwin, the motion
carried unanimously.
(b) The 2016 meeting schedule was reviewed and approved.
(c) A motion was made by Bill Erwin to approve of the term/vested retirement for William
McMurrer, effective 09/01/2015. Seconded by Michael Taylor, the motion carried unanimously.
(d) Chairman Presley stated that, because the Trustees conduct ad hoc reviews of the service
providers as needed, he did not feel that this was a necessary agenda item going forward. The
Trustees concurred.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, February 4, 2016 at 10:30 a.m.
11. Adjournment
The meeting ended at 11:50 a.m.
For the Boara
Date
Issued to:
Issued for:
Amount
08/18/15
Christiansen & Dehner
Legal Services
$3,488.54
09/01/15
Susy Pita
Administrative Svcs.
$1,000.00
09/16/15
Christiansen & Dehner
Legal Services
$1,829.62
10/01/15
Susy Pita
Administrative Svcs.
$1,000.00
10/19/15
Garcia Hamilton
Management Svcs.
$3,790.65
10/19/15
Great Lakes Advisors
Management Svcs.
$7,300.31
10/19/15
Lee Munder Capital
Management Svcs.
$7,866.26
10/19/15
Sawgrass Asset Mgmt.
Management Svcs.
$9,151.00
10/26/15
State Street
Management Svcs.
$8,706.32
10/30/15
Dahab
Consulting Svcs.
$4,847.43
11/01/15
Susy Pita
Administrative Svcs.
$1,000.00
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