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HomeMy WebLinkAbout02042021 PP minsSANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, February 4, 2021 — 10:30 A.M. Pursuant to Executive Order 20-179 signed by Governor DeSantis on 3uly 29, 2020, and in accordance %AJth F,S, 1.20,54(5) (b) 2, notice of use of conwnunications media technology for public participation and availability at this meeting was hereby provided. Anjeone &Wshing to attend z"he V11 -teal flleetitq Was directed to use the at -tache "tri sti-uctions. 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, Hector Rosado, and Michael Taylor. Trustee Bill Erwin has retired and a member election for his replacement is underway. Trustee David White was absent. Also attending in person was Susy Pita, Plan Administrator, Drew Ballard, Plan Actuary, as well as Greg Gosch and Marty LaPrade, Investment Managers. Attending virtually was Pedro Herrera, Plan Attorney, Tom Donegan and Greg McNeillie, Investment Consultants, and Cynthia Lindsey, City Finance Director. 2. Approval of Minutes A motion was made by Michael Taylor to approve the minutes from the regular meeting held on November 5, 2020. Seconded by Hector Rosado, the motion carried unanimously, 3. Approval of Disbursement Report The Plan Administrator made note of one add-on item to the Disbursement Report. A motion was then made by Michael Taylor to approve of the Disbursement Report as amended. Seconded by Hector Rosado, the motion carried unanimously. 4. Investment Manager's ReRQ RBC was originally scheduled to attend today's meeting, but declined. Greg Gosch and Marty LaPrade presented the Sawgrass Asset Management portfolio report as of December 31, 2020. Ending value was $5,886,665 at the end of the quarter. A lengthy discussion took place regarding their underperformance in the past few quarters. S. Investment Consultant's Report — Dahab Associates Tom Donegan reviewed the performance report as of December 31 2020. Asset allocation for the period: Large Cap Equities — 31.0%, Mid Cap Equities — 11.2%, Small Cap Equities — 10.2%, International Equity —13.2%, Real Estate — 16.1%, Fixed Income — 17.4% and Cash — 0.8%. Total portfolio value was $54,568,914. Tom continued his report by discussing the Large Cap Growth Manager search that he had prepared for today's meeting. The Trustees agreed that it would be prudent to wait until there was a full quorum with the new Trustee present at the next regular meeting. Tom will plan to review the search with the Board at the next regular meeting. 6. Actuarial Valuation Report Drew Ballard presented the Actuarial Valuation Report as of October 1, 2020. Following the review, and a brief discussion, a motion was made by Michael Taylor to approve the report as presented. Seconded by Hector Rosado, the motion carried unanimously. Page 2 of 2 Sanford Police —Officers' Retirement Svstern February 4. 2021 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 Michael Taylor, the motion carried unanimously. 7.. Attorney's ReRgirt Pedro Herrera began his report by reviewing his Firm's memo regarding the new mandatory Florida Law for registration and use of the "E -Verify" System which took effect on January 1, 2021. The Plan Administrator will be working on this item for the Pension Board. Pedro concluded his report with a brief legislative update. S. Old Business The SECURE Act Ordinance was presented to the City Commission, at first reading, on January 2V and is scheduled for the second, and final, reading on February 8th 9. New Business (a) A motion was made by Michael Taylor to approve of the DROP exit/retirement for Pedro Rivera effective 12/31/2020. Seconded by Hector Rosado, the motion carried unanimously. (b) A motion was made by Michael Taylor to approve of the DROP entry for Matthew Thornton effective 10/01/2020. Seconded by Hector Rosado, the motion carried unanimously. ADDED QN; Chairman Darrel Presley announced that he will be retiring and relocating out of State so today was his official last meeting with the Pension Board of Trustees. Everyone expressed their appreciation for his many years of service and wished him well on his new journey. Because Darrel occupied the V member seat on the Board, the Trustees will need to make a new appointment as soon as the member elected position is filled (due to the retirement of Bill Erwin.) Hector Rosado will assist the Plan Administrator with the election announcement posting at the Police Department and, once that position has been filled, a special meeting will be scheduled to appoint the V member as well as the new officers. 10, Public Comments There were none. 11. N -ex -t Meeting Date The next regular meeting date was set for Thursday, May 6, 2021 at 10:30 a.m. 12., Adjoymment The meeting ended at 12:10 p.m. For the Board . ...............