HomeMy WebLinkAbout02072019 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 7, 2019 —10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:30 a.m. by the Acting Chairman, Bill Erwin. The following
members were present- Christopher Henry and Hector Rosado. Darrel Presley and Michael
Taylor were excused. The following service providers were also in attendance: Scott
Christiansen, Plan Counsel, Patrick Donlan, Actuary, and Tom Donegan, Investment Consultant.
Also present was Cynthia Lindsay, Finance Director.
2. APRroyall of Minutes
A motion was made by Hector Rosado to approve the minutes from the regular meeting held on
November 1, 2018. Seconded by Christopher Henry, the motion carried unanimously.
3. Approval -of Disbursement RepQrt
A motion was made by Christopher Henry to approve the report as presented. Seconded by
Hector Rosado, the motion carried unanimously. (Copy is attached for the record.)
4. Actuarial Valuation Re rt
Patrick Donlan presented the Actuarial Valuation Report as of October 1, 2018. Following the
review, and a brief discussion, a motion was made by Hector Rosado to approve the report as
presented. Seconded by Christopher Henry, the motion carried unanimously.
A discussion then took place regarding the annual Declaration of Returns letter. Following input
from the investment professionals, attorney, and the Trustees, a motion was made by
Christopher Henry to submit the annual letter to the Division of Retirement stating that the total
expected annual rate of investment return for the fund for the next year, the next several
years, and the long-term thereafter, shall be 7%, net of investment expenses. Seconded by
Hector Rosado, the motion carried unanimously.
5, Investment Manager's ReRgirts
Samantha Lowry and Christopher Colarik presented the Glenmede Investment Report as of
December 31, 2018. Total market value was at $2,097,065.
6. Investment _C=sultantrs ReRgrt— Dahab Assmiates
Tom Donegan reviewed the performance report as of December 31, 2018. Asset allocation for
the period: Large Cap Equities — 28.3%, Mid Cap Equities — 9.0%, Small Cap Equities — 8.9%,
International Equity —12.9%, Real Estate —19.2%, Fixed Income — 18.3% and Cash — 3.4%.
Total portfolio value was $43,913,700.
7. Attorney's ReRg
Scott Christiansen provided his report under agenda items requiring his input.
8. Old Business
A revised IRC Compliance Ordinance has been sent to the City. As soon as they receive the
Actuarial Impact Statement it will be presented to the City Commission for adoption. The Plan
Administrator will provide another update for the Trustees at the next meeting.
Pa-ge 2 of2 Sanford Poliae Officers' Retirement &gern February 7, 2019
9. New Business
There was none.
10. Public Comments
There were none.
11, Next Meeting Date
The next regular meeting date was set for Thursday, May 2, 2019 at 10:30 a.m.
12. Adjournment
The meeting ended at 11:35 a.m.
Fort