HomeMy WebLinkAbout02062020 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 6, 2020 — 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 10:40 a.m. by the Chairman, Darrel Presley. The following
members were present: Bill Eriwn, Christopher Henry, and Hector Rosado. Michael Taylor was
excused. The following service providers were also in attendance: Drew Ballard, Plan Actuary,
Pedro Herrera, Plan Counsel, and Tom Donegan, Investment Consultant.
2. Approval of Minutes
A motion was made by Bill Erwin to approve the minutes from the regular meeting held on
November 7, 2019. Seconded by Christopher Henry, the motion carried unanimously.
3. Al2provall of Disbursement ort
A motion was made by Bill Erwin to approve the report as presented. Seconded by Hector
Rosado, the motion carried unanimously.
4. Investment Ma r' ReRQrts
Clyde Robinson presented the ASB investment report as of December 31, 2019. Portfolio value
was $2,471,150 at the end of the quarter.
Kristin Phalen presented the Intercontinental investment report as of December 31, 2019.
Portfolio value was $2,711,305 at the end of the quarter.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of December 31, 2019. Asset allocation for
the period: Large Cap Equities — 31.9%, Mid Cap Equities —10.2%, Small Cap Equities — 9.4%,
International Equity — 13.2%, Real Estate — 17.2%, Fixed Income — 17.6% and Cash — 0.6%.
Total portfolio value was $50,575,391.
6. Actuarial Valuation Reoort
Drew Ballard presented the Actuarial Valuation Report as of October 1, 2019. Following the
review, and a brief discussion, a motion was made by Hector Rosado to approve the report as
presented. Seconded by Bill Erwin, the motion carried unanimously.
Drew concluded his report by recommending that the Board consider changing the funding
methodology from a percentage of payroll to a fixed dollar amount beginning with the
10/01/2020 valuation. A motion was made by Bill Erwin to adopt the recommendation.
Seconded by Hector Rosado, 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 Hector
Rosado 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 7.0%, net of investment expenses. Seconded by Christopher
Henry, the motion carried unanimously.
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7. Attorney's Repo
Pedro Herrera began his report by discussing his firm's memo regarding the SECURE Act and
the annual |i[OiL5 under the IRS Code. He continued his report under agenda items requiring his
input.
S. Old Business
Amotion was made byChristopher Henry k)authorize the Investment Consultant b3update the
Investment Policy Statement k»include the new bench mark for Lee Munder. Seconded byBill
Erwin, the motion carried unanimously.
9. New Business
A motion was made by Bill Erwin to approve of the term/vested early retirement for Alan Smith
effective 02/01/2020, Seconded byHector RoGado,the motion carried unanimously.
10, Public Comments
There were none.
11. Next Meeting Da
The next regular meeting date was set for Thursday, May 7,2020 at1O:30a.m.
12. Adiournment
The meeting ended at 12:10 p.m.
For the Board�