HomeMy WebLinkAbout08062020 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 6, 2020 — 10:30 A.M.
Pursuantto Executive Order 2O'179signe6 by Governor De5anhson]u|y ZA, 2020, and in oocordmncew�th
F.S. I20.54(5) (b) 2, notice of use of communications medla techno|ogy for public p3rdcipadon and
avBi|abi{ity8t Lhis0eebng was hereby provided.
Anyorietvi�;Nng,&oattend the virtl.lal nlee&ll�g o@recteyrl to dise the atta7r*e,r1 instructions
1. Call to Order and Roll Call
The meeting was called to order at 1O:4Oa.m.bvthe Chairman, Darrel The following members
were present: Hector Rosadoand Michael Taylor. BiUEriwn and Christopher Henry were excused.The
following service providers were also in attendance: Pedro Herrera, Plan Counsel, Laurie Watson and
Wells Fhce,Investment Managers, and Tom Donegan, Investment Consultant.
2. Approval of Minutes
A motion was made by Hector Rosado to approve the minutes from the regular meeting held on February
5,3O2D.Seconded bvMichael Taylor, the motion carried unanimously,
3. Approval of Disbursement Report
The Plan Administrator presented the disbursements reports for the quarterly meeting that was cancelled
(O5/OJ/2O)eswell asthe report for today's meeting. Amotion was made bvMichael Taylor toapprove
of both disbursement reports. Seconded byHector Rosadn' the motion carried unanimously.
4. Investment Manager's Reoorts
Laurie Watson and Wells Frice presented the Great Lakes Advisors portfolio report as of June 30, 2020.
Ending value was ¢4,261,983.99 with a current yield of 2.5%.
5. Investment Consultant's Report - Dahab Associates
Tom Donegan reviewed the performance report as of June 30, 2020. Asset allocation for the period:
Large Cap Equities -3O.596, Mid Cap Equities - 10.096, Small Cap Equities -0.596, International Equity -
13.I96, Real Estabs- 18.496, Fixed Income- 19.796 and Cash -O,696, Total portfolio value was
$47,276,000.
Tom continued his report by reviewing the Sawgrass Large cap Growth Portfolio Investment Policy
guidelines under items 6and 7. Herecommended that these 3items beamended asfollows:
�-Inol vidual posNonJshall be limited b7the greater m=5916or a 2 91b grea6erwelght than the index.
7 No more than 5,0 96 of the total market vilueu/the outstanding capital stock ofany issuing company
shall be owned.
This change in the IPS will allow Sawgrass to make better investment holdings on behalf of the Plan.
Following a brief discussion, a motion was made by Michael Taylor to amend the IPS as recommended by
the Investment Consultant. Seconded bvHector R0G5d0/the motion carried unanimously.
Tom concluded his report by discussing the underperformance ofG|enmede. He recommended that the
Trustees authorize him to prepare Small Cap Core Manager search for their review and discussion at
the next quarterly meeting.
6. Attorney's ReDort
Pedro Herrera began his report byreminding the Trustees that their Financial Disclosure Forms were due
qM9L)t —62Q20
The Plan Administrator stated that she checked the COE Web Site earlier today and it indicated that
Christopher Henry has not submitted his Form 1 yet. She will send him an email after today's meeting to
remind him about it. Pedro continued his report under the agenda items requiring his input.
Pedro concluded his report by discussing a topic that was brought upearlier today bythe Fire Board
regarding the current death benefit options for beneficiaries inthe event ofthe death ufamember while
still working. Currently both Plans only have two options: The 10 Year Certain and the Lifetime nfthe
Beneficiary. They would like bosee the 3oinL& Survivor Options that are currently available to members
who retire orgmout oo a disability. The Plan Administrator was directed to request Cost Study Analysis
from the Actuary for the Trustees review at the next meeting, The Police Board discussed this information
and decided to wait and see what costs and additional information the Actuary will be able to provide to
the Fire Board attheir next meeting prior 0otaking any action.
7. Old Busin
The Mm��ngAgp�me�v�h�M[w�ha��md�the R�mo�m�d�
however; ��the Trustees wanted time to review it. In summary, they will begin to charge contingency fee
of 4% which will beapplicable toall claim recovery payments related
to claims filed onorafter January I, 2020. A motion was made by Hector Rosado to approve Of the
Addendum and to authorize the Chairman to sign the agreement on behalf ofthe Board.
Seconded by Michael Taylor, the motion carried unanimously. The Plan Administrator will see tothe
proper distribution.
8. New Business
(a) Pedro reviewed the drafted Ordinance regarding the SECURE Act Following a brief discussion, a
motion was made byMichael Taylor toapprove of the drafted Ordinance. Seconded byHector Rosadu
the motion carried unanimously. The Plan Administrator will request the Actuarial Impact Statement from
the Actuary and forward the documents to the City for subsequent adoption by the City Commission.
(b) The Plan Administrator reviewed the Annual Budget Projection for the Fiscal Year ending 09/30/2021.
A motion was made by Michael Taylor to approve the proposed budget as presented. Seconded by Hector
Rusado, the motion carried unanimously. The Plan Administrator will see to the proper distribution.
(c) A motion was made by Hector Rosado to approve of the early retirement for )ohn Foshee effective
02/28/2020Seconded byMichael Taylor, the motion carried unanimously.
(d)The Tru Trustee position currently held by Darrel Presley will expire in September. Darrel expressed his
inienestin--serving another term onthe Board. His 5*member reappointment will beonthe Agenda for
the next m-ing. The Commission Appointed posiboncurvendyheld byChristopher Henry wiUexpire in September. Due his absence today, �t
he Plan Administrator will reach out to him to see if he is
interested /nanother term. The Member Elected position currently held byHector Rosadowill expire in
September. Hector expressed
his interest in serving another term. The Plan Administrator will
coordinate the election announcement and conduct anelection should that beneeded.
9. Public Comments
There were none.
10. Next Megfing_PALe
The next regular meeting date was set for Thursday, November S, 2020 at 10:30 a.m.
11. Adiournmen
The meeting ended at 11:35a.m.
For the Board: