HomeMy WebLinkAbout08012019 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 1, 2019 —10:30 A.M.
I. Call to Order and Moll Call
The meeting was called to order at 10:30 a.m. by the Chairman, Darrel Presley. The following
members were present: Christopher Henry, Hector Rosado, and Michael Taylor. Bill Erwin was
excused. The following service providers were also in attendance: David Robinson, Plan
Counsel, and Tom Donegan, Investment Consultant. Also present was Cynthia Lindsay, Finance
Director.
2. AP.Proyal of Minutes
A motion was made by Michael Taylor to approve the minutes from the regular meeting held on
May 2, 2019. Seconded by Hector Rosado, the motion carried unanimously.
3. ARRroval of Disbumement Rep_Qrt
A motion was made by Hector Rosado to approve the report as presented. Seconded by
Michael Taylor, the motion carried unanimously.
4. Investment Manager's Repgrt
Jon Sokol presented the Forest Investment Associates management report as of June 30, 2019.
Total market value was at $1,593,286.
5, Investment Consultant's Rep-Qrt — Dahab Associates
Tom Donegan reviewed the performance report as of June 30, 2019. Asset allocation for the
period: Large Cap Equities — 30.6%, Mid Cap Equities — 9.8%, Small Cap Equities — 9.3%,
International Equity — 13.2%, Real Estate —17.8%, Fixed Income — 18.0% and Cash —1.2%.
Total portfolio value was $48,023,748.
Tom continued his report by handing out and reviewing a Small Cap Core Manager search.
Following the review and some discussion, a motion was made by Michael Taylor to terminate
the investment agreement with RBC Global Asset Management and to transfer the funds to
Fidelity Investments as soon as administratively possible. Seconded by Hector Rosado, the
motion carried unanimously. Tom also indicated that they will continue to monitor Glenmede
and Lee Munder Capital and he will have additional information to report on them at the next
meeting.
Tom concluded his report by reviewing the fee reduction notification from State Street Global
from 85 basis points to 75 basis points effective July 19, 2019. A motion was made by Michael
Taylor to authorize the Chairman to execute the agreement addendum. Seconded by Chris
Henry, the motion carried unanimously. The Plan Administrator will see to the proper
distribution.
6. Attorney's ReRgirt
David Robinson began his report by reminding the Trustees that their Financial Disclosure
Forms were due by July V. He continued his report to the Board under the agenda items
requiring his input.
7. Old BusilLness
There was none.
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8. New Business
(a) The Plan Administrator reviewed the Annual Budget Projection for the Fiscal Year ending
09/30/20. A motion was made by Hector Rosado to approve the proposed budget as
presented. Seconded by Michael Taylor, the motion carried unanimously. The Plan
Administrator will see to the proper distribution.
(b) A motion was made by Chris Henry to approve of the early retirement of Jayne Noyes
effective 05/31/19. Seconded by Hector Rosado, the motion carried unanimously.
Added On:
The term of office for Michael Taylors Commission Appointment will expire on October 1st.
Michael expressed his interest in another term. The Plan Administrator will send a letter to the
City requesting another appointment. The term of office for Bill Erwin's member elected
position will also expire on October 1st. The Plan Administrator will reach out to him to see if he
is interested in serving another term. The Plan Administrator will post the election
announcement and coordinate an election if that becomes necessary.
9. Public Comments
There were none.
10. Next Meeting Da
The next regular meeting date was set for Thursday, November 7, 2019 at 10:30 a.m.
11. Adjoymment
The meeting ended at 11:40 a.m.
For the Boarsi