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BOARD MEMBERS PRESENT:
Jim Freeman, Chair
Micah Mathews, Secretary
Mike Fuller
Robert Rotondo
Benjamin Schlabach (Entered the meeting at 11:01 am)
STAFF AND OTHERS PRESENT:
Scott Christiansen, Board Attorney
John Thinnes, &Co Consulting
Cassi Bailey, Assistant City Clerk
Chair Freeman called the meeting to order at 11:00 am. and conducted a roll call.
1. AGENDA APPROVAL
MOTION: Mr. Mathews moved, Mr. Rotondo seconded, and the motion
carried 4-0 to approve the August 28, 2023 Police Officers’
Pension Board Agenda.
2. PUBLIC COMMENT
None
3. APPROVAL OF MINUTES
MOTION: Mr. Mathews moved, Mr. Rotondo seconded, and the motion
carried 5-0 to approve the May 22, 2023 minutes.
4. APPROVAL OF EXPENSES
a.) Christiansen & Dehner, P.A Invoices dated 05/31/2023, 06/30/2023, 07/31/2023
b.) Foster & Foster Invoice dated 08/10/2023
c.) Sawgrass Asset Management Invoice dated 07/12/2023
d.) AndCo Invoice dated 06/30/2023
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the motion
carried 5-0 to ratify the paid expenses as presented.
Police Officers’ Pension Board of Trustees
August 28, 2023
Page 2 of 4
5. INVESTMENT REVIEW
John Thinnes, &Co Consulting, presented the end of the quarter Investment Review, which was included in the Agenda. He highlighted individual managers and discussed the volatility in the market. He reviewed that they put in for full redemption in real estate, but it will be a while before they get their money back. Mr. Thinnes noted that we are close to our targets, therefore there is no need to do a big rebalance at this time. We are up 3% for returns in the quarter, and 13% year to date.
Attorney Christiansen mentioned his memo on House Bill #3 (Chapter 2023-28), which became effective July 1st, 2023. This requires them not to consider Environmental, Social and Governance Factors, ESG, in making investments. This was included in the Agenda as item #8. A compliance report will have to be filed to the state, but no one knows what a comprehensive report will entail yet.
John Thinnes discussed the updates in the Investment Policy Statement, IPS. He showed specifically in the IPS where this new policy for ESG is addressed. Mr. Thinnes noted that &Co has never invested in this way, therefore nothing will need to change.
MOTION: Mr. Fuller moved, Mr. Schlabach seconded to approve the IPS
recommended changes as presented.
Mr. Fuller questioned how we keep from hiring a manager that is utilizing ESG factors. Attorney Christiansen explained the varying opinions on whether it is only imperative for the Board of Trustees to not consider ESG factors when investing, or how they can ensure Managers aren’t either. He is hoping the State will provide further clarification.
The motion carried 5-0.
6. MONEY MARKET FUND SUMMARY PROSPECTUS (Informational Only)
7. ELECTION OF OFFICERS
MOTION: Mr. Fuller moved to maintain the same officers, Mr. Schlabach
seconded, and the motion carried 5-0.
8. CHAPTER 2023-28, LAWS OF FLORIDA (ATTORNEY CHRISTIANSEN)
This item was discussed as part of item number 5.
9. FY24 POLICE PENSION BUDGET
Police Officers’ Pension Board of Trustees
August 28, 2023
Page 3 of 4
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the motion
carried 5-0 to adopt the fiscal year 2023-2024 Police Pension Plan Budget.
10. BENEFITS DISBURSEMENT APPROVAL
a. DROP PARTICIPANT
· None
b. SEPARATED NON-VESTED EMPLOYEE
· None
c. SEPARATED VESTED EMPLOYEE
· None
d. RETIRED EMPLOYEES
· None
e. DECEASED RETIREES
· None
f. DECEASED ACTIVE EMPLOYEE PAYOUT
· None
11. NEW MEMBER ACKNOWLEDGEMENT (Informational Only)
· NONE
12. SEPARATED MEMBER ACKNOWLEDGEMENT (Informational Only)
· None
13. ATTORNEY CHRISITANSEN REPORT
Attorney Christiansen noted that everyone was in compliance with filing Form 1. He noted a memo he sent out for the 2024 meeting dates. It was included in the Minutes. The dates are February 26th, 2024, May 20th, 2024, August 26th, 2024 and November 25th, 2024 all at 11:00 am. State Money received $171, 077.
MOTION: Mr. Freeman moved, Mr. Mathews seconded, and the motion
carried 5-0 to approve the 2024 Meeting dates as presented.
Attorney Christiansen also noted that Ordinance 2023-09 was adopted on July 31st by City Commission.
He stated that the Summary Plan Description needed to be updated. The last time it was done was in December 2021.
MOTION: Mr. Rotondo moved, Mr. Mathews seconded, and the motion
carried 5-0 to authorize Attorney Christiansen to update the Summary Plan Description.
Police Officers’ Pension Board of Trustees
August 28, 2023
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14. PLAN ADMINISTRATOR’S REPORT
Ms. Bailey reported that Mr. Fuller would like to attend the FPPTA Fall conference in October. Mr. Freeman and Mr. Mathews also expressed a desire to attend an upcoming conference in October or January, depending on availability.
MOTION: Mr. Schlabach moved, Mr. Rotondo seconded, and the motion
carried 5-0 to allow Mr. Fuller, Mr. Freeman, and Mr. Mathews to attend an upcoming FPPTA conference pending availability.
Chair Freeman adjourned the meeting at 11:37 am.
Minutes approved: NOVEMBER 27, 2023
MICAH MATHEWS
MICAH MATHEWS
Secretary