HomeMy WebLinkAbout05022019 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, May 2, 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 Chairman, Darrel Presley. The following
members were present: Bill Erwin, Christopher Henry, Hector Rosado, and Michael Taylor. The
following service providers were also in attendance: Scott Christiansen, Plan Counsel, and Tom
Donegan, Investment Consultant. Also present was Cynthia Lindsay, Finance Director, and
Pedro Herrera, Attorney/Partner with Sugarman & Susskind.
2. ApRrovall of Minutes
A motion was made by Bill Erwin to approve the minutes from the regular meeting held on
February 7, 2019. Seconded by Hector Rosado, the motion carried unanimously.
3. Approval of Disbursement Re rt
A motion was made by Michael Taylor to approve the report as presented. Seconded by Bill
Erwin, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manager's ReRQ
Anthony Brooks presented the Sawgrass Asset Management report as of March 31, 2019. Total
market value was at $5,042,482.
S. Investment Consultant's Re rt — Dahab Ass ggiates
Tom Donegan reviewed the performance report as of March 31, 2019. Asset allocation for the
period: Large Cap Equities — 29.9%, Mid Cap Equities — 9.8%, Small Cap Equities — 9.3%,
International Equity — 13.2%, Real Estate — 18.1%, Fixed Income — 17.5% and Cash — 2.2%.
Total portfolio value was $47,283,230.
Tom concluded his report by handing out a Mid Cap Core Manager Search to the Trustees. The
performance of the current manager is improving, and he does not feel that the Trustees need
to take any action at this time, but encouraged them to read over it and to call him with any
questions. He also recommended that the Trustees consider a new Small Cap Manager and an
Index Fund as possible asset class modifications. He will plan to bring additional information for
the Trustees consideration at the next meeting.
6. Attorney's Repo
Scott Christiansen began his report by reminding the Trustees that their Financial Disclosure
Forms are due by July 1st. He continued by discussing the current legislation regarding the
cancer provision for firefighters.
Scott concluded his report by explaining that, due to the death of his law partner, Lee Dehner,
he has had to reduce his current client load and, unfortunately, he will need to end the firm's
legal representation of the Sanford Police Officers` Plan. He introduced Pedro Herrera, Partner
with Sugarman & Susskind, and recommended that the Trustees consider a transition to his
firm. Pedro discussed his firm and their qualifications.
Following some discussion, a motion was made by Michael Taylor to consent to the assignment
of the legal services agreement effective June 1, 2019, under the same terms and conditions for
at least a 3 -year period. Seconded by Christopher Henry, the motion carried unanimously.
Pace 2 of 2 Sanford Police Officers' Retirement system May 2, 2019
The Chairman and Secretary signed the agreement and the Plan Administrator will see to the
proper distribution.
The Trustees thanked Scott for his many years of service and wished him well.
7. Old Business
The IRC Compliance Ordinance was approved by the City Commission (at first reading) on April
22nd, The second (and final) reading is scheduled for May 13t".
S. New Business
There was none.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, August 1, 2019 at 10:30 a.m.
11. Adiournment
The meeting ended at 11:25 a.m.
For the Board