HomeMy WebLinkAbout11072019 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, November 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 Chairman, Darrel Presley. The following
members were present: Bill Eriwn, Christopher Henry, Hector Rosado, and Michael Taylor. The
following service providers were also in attendance: Pedro Herrera, Plan Counsel, and Tom
Donegan, Investment Consultant.
2. Approval of Minutes
A motion was made by Michael Taylor to approve the minutes from the regular meeting held on
August 1, 2019. Seconded by Hector Rosado, the motion carried unanimously.
3. Approval of Disbursement Report
A motion was made by Michael Taylor to approve the report as presented. Seconded by
Christopher Henry, the motion carried unanimously.
4. Investment Manager's ReRQ
Jana Hamilton presented the Garcia Hamilton investment management report as of September
30, 2019. Portfolio value was $6,527,031 at the end of the quarter.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of September 30, 2019. Asset allocation for
the period: Large Cap Equities — 31.0%, Mid Cap Equities — 9.8%, Small Cap Equities — 8.9%,
International Equity — 12.8%, Real Estate — 17.8%, Fixed Income — 18.5% and Cash —1.2%.
Total portfolio value was $48,143,577.
Tom concluded his report by recommending that the Board allow the Lee Munder portfolio to be
bench marked by the S&P 400 in place of the Russell Mid -Cap and to update the Investment
Policy to include that language. Following a brief discussion, a motion was made by Michael
Taylor to approve of the Investment Consultant's recommendation. Seconded by Hector
Rosado, the motion carried unanimously.
6. Attorney's Report
Pedro Herrera began his report by discussing the need to look into obtaining cyber insurance.
He continued his report throughout the meeting under agenda items that required his input.
7. Old Business
The announcement for the member elected position held by Bill Erwin was posted at the City in
September. No one else expressed an interest in running for it and, therefore; Bill will serve
another 4 -year term which will expire in October 2023. The Commission re -appointment for
Michael Taylor is on the November 18t City Commission Agenda. The Plan Administrator will
follow-up with the City Clerk after that meeting takes place.
8. New Business
(a) The Plan Administrator reviewed the Annual Expense Report for the Fiscal Year ending
09/30/19. A motion was made by Bill Erwin to approve the report as presented. Seconded by
Christopher Henry, the motion carried unanimously. The Plan Administrator will see to the
proper distribution.
Page 2 of 2 Sanford Police Officers' Retirement System November 7, 201
(b) The 2020 Meeting Schedule was reviewed and approved.
(c) A motion was made by Michael Taylor to approve of the early retirement of Rebecca
Villalona effective 01/01/20. Seconded by Hector Rosado, the motion carried unanimously.
Added On;
A motion was made by Michael Taylor to approve of the DROP entry for Pedro Rivera effective
09/30/19. Seconded by Christopher Henry, the motion carried unanimously.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, February 6, 2020 at 10:30 a.m.
11. Adjournment
The meeting ended at 11:30 a.m.
For the Boar
,17