HomeMy WebLinkAbout11052020 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday,, November 5,, 2020 —10:30 A.M.
Pursuant to Executive Order 20-179 signed by Governor DeSantis on 3fly 29, 2020, and in accordancC-.,,, vJth
F.S12154(5) (b) 2, notice of use of cornfIlUnications media technology for public participation and
availability at this meeting was hereby provided,
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1. Call to Order and Roll Call
The meeting was called to order at 10:35 a.m. The following Trustees were present in-person:
Chairman Darrel Presley, Bill Erwin, Hector Rosado, Michael Taylor, and new Trustee David
White. Attending virtually was Susy Pita, Plan Administrator, Pedro Herrera, Plan Attorney,
Greg McNeillie and Tom Donegan, Investment Consultants, Robert Guiliano and David Settles,
Investment Managers, and Cynthina Lindsey, City Finance Director.
A motion was made by Bill Erwin to re -appoint Darrel Presley to the 5th Member Trustee
position. Seconded by Michael Taylor, the motion carried unanimously.
2. Approval of Minutes
A motion was made by Hector Rosado to approve the minutes from the regular meeting held on
August 6, 2020. Seconded by Michael Taylor, the motion carried unanimously.
3. Approval of Disbursement Report
A motion was made by Bill Erwin to approve the Disbursement Report as presented. Seconded
by Hector Rosado, the motion carried unanimously.
4. Investment Managers Rem
Robert Guiliano and David Settles presented the State Street portfolio report as of September
30, 2020. Ending value was $6,184,150 at the end of the quarter.
.5. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the performance report as of September 30, 2020. Asset allocation for
the period: Large Cap Equities — 30.5%, Mid Cap Equities — 10.1%, Small Cap Equities — 8.6%,
International Equity — 12.5%, Real Estate — 17.6%, Fixed Income — 19.0% and Cash — 1.8%.
Total portfolio value was $49,522,337.
Tom continued his report by reviewing the Small Cap Core Manager search. Following a
lengthy discussion, a motion was made by Michael Taylor to liquidate the assets in the
Glenmede account and transfer them to the GW&K Investment Manager. Seconded by David
White, the motion carried unanimously.
Additional discussion took place regarding the under performance by Sawgrass Asset
Management. The Trustees directed Tom to bring some alternative investment options for the
Board to consider at their next meeting.
6. Attorney's Report
Pedro Herrera began his report by informing the Trustees that the Governor's Executive Order
regarding virtual meetings has officially expired and in-person quorums of Trustees will once
again be required. Pedro continued his report under the agenda items requiring his input.
Pace 2 of 2 Sanford Police Officers' Retirement Svstem November 5, 20
7. Old Business
At the last meeting the Fire Pension Board had a discussion regarding the current death benefit
options for beneficiaries in the event of the death of a member while still working. This
discussion was shared with the Police Board due to the pending SECURE Act Ordinance and the
possibility of some amendments to that Ordinance. The Actuary was able to clarify the options
for the Fire Trustees at their meeting earlier today and they did not see a need to make any
changes at this time.
The SECURE Act Ordinances for both Boards will now move forward (now that there will not be
any amendments) and the Actuary will provide the letter of no impact to the Plan Administrator
so that she can send it to the City for review and subsequent adoption.
8. New Business
(a) A motion was made by Bill Erwin to approve the DROP entry for Lawrence Blancett and
Matthew Thornton effective 10/01/2020. Seconded by Michael Taylor, the motion carried
unanimously.
(b) The Plan Administrator reviewed the Annual Expense Report for the Fiscal Year ending
09/30/2020. A motion was made by Michael Taylor to approve the report as presented.
Seconded by Hector Rosado, the motion carried unanimously. The Plan Administrator will see to
the proper distribution.
(c) The 2021 Meeting Schedule was reviewed and approved.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, February 4, 2021 at 10:30 a.m.
11. Adjournmen
The meeting ended at 12:15 p.m.
For the Board: