Board Members Present:

Ryan LaRowe, Chair

Jim Freeman (Not Present)

Mike Fuller, Secretary

Robert Rotondo (Not Present)

Richard Wilson

 

Staff and Others Present:

John Thinnes, & Co Consulting

Scott Christiansen, Board Attorney

Amber LaRowe, Assistant City Clerk

Vanessa Cochran, Assistant City Clerk

 

Mr. LaRowe called the meeting to order 11:03 a.m.

 

1.          AGENDA APPROVAL

 

                    Motion:  Mr. Fuller moved, Mr. LaRowe seconded, and the motion carried 3-0 to approve the                                                        August 31, 2020 Police Officers' Pension Board.

 

2.          PUBLIC COMMENT

None

 

3.          APPROVAL OF MINUTES

 

                    Motion:  Mr. Fuller moved, Mr. LaRowe seconded, and the motion carried 3-0 to approve the                                                       May 18, 2020 minutes.

 

4.          APPROVAL OF EXPENSES

A) Christiansen and Dehner Invoice dated May 31, 2020

B)  Anchor Capital Quarter ending March 2020

C)  Salem Trust Invoice dated July 10, 2020

D)  Sawgrass Asset Management LLC Invoice dated July 8, 2020

E)  AndCo Invoice dated June 26, 2020

F)  Florida Public Pension Trustees Association Invoice dated June 23, 2020

G)  Foster & Foster Invoice #17804 dated August 13, 2020

 

                    Motion:  Mr. Fuller moved, Mr. Wilson seconded, and the motion carried 3-0 to ratify the paid                                                        expenses as presented.

 

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Board of Trustees Meeting

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5.      2021 PENSION BOARD PROPOSED MEETING DATES

         All meetings begin at 11:00 a.m. in City Hall Commission Chambers.

 

·         February 22, 2021

·         May 24, 2021

·         August 30, 2021

·         November 29, 2021

 

                      Motion:  Mr. Fuller moved, Mr. Wilson seconded, and the motion carried 3-0 to approve the 2021

                                         Police Pension Board Meeting Dates as presented. 

  6.     INVESTMENT REVIEW

Mr. Thinnes discussed the update market and the fiscal year to date progress.  The Investment Performance Review is a part of the minutes.  The Portfolio is valued just under $15 million and is on target with the investment policy.  He reported that there was a return just under 13% for the quarter that put the fiscal year number just over 3%. 

 

Mr. Thinnes reviewed the performance of each manager for the quarter and reminded the Board that Primecap was replaced with T. Rowe that resulted in the recent underperformance from Primecap.  But, with the Portfolio valued at $15 million, it places the fiscal year to date between the 11% to 12% range. 

 

Next, Mr. Thinnes addressed the global bonds and transfer assets into Baird Aggregate.  He declared that Sawgrass is high quality fixed income, and it protected our capital very well after the economy shut down.  Whereas, Baird is a little riskier with more corporate bonds, and it out performed Sawgrass by 1 ½ percent for that reason.  He commented that he prefers both because they performed very well for us.

 

Discussion ensued regarding the underperformance of Templeton Global Bond.   Mr. Thinnes communicated that Templeton is not feasible to remain in and recommended to liquidate and reallocate it into Baird Aggregate.  He specified that during the next meeting, he will discuss other opportunities.  

 

                    Motion:  Mr. LaRowe moved, Mr. Wilson seconded, and the motion carried 3-0 to liquidate the                                                        Templeton Global Bond Fund strategy and relocate the proceeds to Baird Aggregate                                                                 Bond Fund.

 

7.     RETIREE HEARING FOR STOP OF PAYMENT  

Mrs. LaRowe stated that a letter was sent to William Parrish, and it was returned.  She added that there were no responses, and she do not have any new information regarding Mr. Parrish. 

 

Motion:  Mr. LaRowe moved, Mr. Wilson seconded, and the motion carried 3-0 to stop payment                                                       for William Parrish for lack of response until Confirmation of Receipt of Retirement                                                               Benefits, Form PF-11 is returned.

Police Officers’ Pension Plan

Board of Trustees Meeting

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Attorney Christiansen requested that another letter be submitted to Mr. Parrish concerning the Board’s decision today.

 

8.     FISCAL YEAR 2021 POLICE PENSION BUDGET

                   

                    Motion:  Mr. Fuller moved, Mr. Wilson seconded, and the motion carried 3-0 to adopt the Fiscal                                                        Year 2020-2021 Police Pension Plan Budget

 

9.     BENEFITS DISBURSEMENT APPROVAL 

a.      DROP PARTICIPANT

·         None

 

b.      SEPARATED NON-VESTED EMPLOYEE

·         None

 

c.       SEPARATED VESTED EMPLOYEE

·         None

 

d.      RETIRED EMPLOYEES

·         Doug Marston

 

e.      DECEASED RETIREES

·         None

f.       DECEASED ACTIVE EMPLOYEE PAYOUT

·         None

 

 

                                 Motion:  Mr. LaRowe moved, Mr. Wilson seconded, and the motion carried 3-0 to approve the                                                                                  Benefits Disbursements as presented for Doug Marston.

 

 

10.  NEW MEMBER ACKNOWLEDGEMENT (Informational Only)

Michael Aponte

Derek Jackson

Richard Allen

James Volpe

Police Officers’ Pension Plan

Board of Trustees Meeting

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11.     ATTORNEY CHRISTIANSEN'S REPORT

Attorney Christiansen stated that everyone filed their Financial Disclosure Form. He asked Ms. LaRowe if the State money have been received.  She replied that she will check on it.

 

He expressed that the Actual Administration Expenses for FY 2020 needs to be prepared for the next meeting. He asked Ms. LaRowe if the Declaration Letters were submitted, and she responded yes. 

 

He reported that Anchor Capital lowered their fee due to a mistake on the addendum, and he thinks that the fee has been lowered now.  He pointed out that Anchor Capital is in the process of getting Cyber Insurance, and he will follow-up.   

 

12.      PLAN ADMINISTRATOR'S REPORT

Attorney recognized Amber LaRowe leaving and expressed good luck in new job. 

 

Amber LaRowe introduced new Assistant City Clerk Vanessa Cochran.

 

Mr. LaRowe asked about Foster & Foster’s pension cost of living savings.  Mrs. LaRowe stated that back in May 2019, there was a discussion, and Foster & Foster was present during the motion, however, nothing have been presented by Foster & Foster.   

 

Discussion among the Board regarding pension cost of living savings.  Mr. LaRowe will get with the Bargaining Committee and make another motion at next meeting.  Also, he requested that Foster & Foster be contacted to not fulfill the study request.      

 

 Mr. LaRowe adjourned the meeting at 11:49 a.m.