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BOARD MEMBERS PRESENT:
Jim Freeman, Chair
Micah Mathews, Secretary
Mike Fuller
Robert Rotondo
Benjamin Schlabach
STAFF AND OTHERS PRESENT:
Scott Christiansen, Board Attorney
Lindsey Garber, Attorney
John Thinnes, Mariner Investment Consultant
Cassi Bailey, Assistant City Clerk/ Pension Plan Administrator
Chair Freeman called the meeting to order at 11:00 a.m. and conducted a roll call.
1. AGENDA APPROVAL
MOTION: Mr. Fuller moved, Mr. Schlabach seconded, and the motion
carried 5-0 to approve the May 20th, 2024 Police Officers’ Pension Board Agenda.
2. PUBLIC COMMENT
No public comment.
3. APPROVAL OF MINUTES
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the motion
carried 5-0 to approve the February 26th, 2024 minutes.
4. APPROVAL OF EXPENSES
a.) Salem Trust Invoice dated 04/10/2024
b.) Sawgrass Asset Management Invoice dated 04/05/2024
c.) Christiansen & Dehner, P.A Invoices dated 02/29/2024 & 03/31/2024
d.) City of Palmetto Reimbursement Invoices dated 03/05/2024
Police Officers’ Pension Board of Trustees
May 20, 2024
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MOTION: Mr. Schlabach moved, Mr. Rotondo seconded, and the motion
carried 5-0 to ratify the paid expenses as presented.
5. INVESTMENT REVIEW
John Thinnes, Senior Institutional Advisor with Mariner, presented the end of the quarter investment review, which was included in the Agenda.
He reiterated that the whole team from andCo moved over to Mariner.
Mr. Thinnes noted that the market was reaching all-time highs. He believed the FED was done raising rates. Inflation is stubborn. There may only be one interest rate cut by the FED in September for the year. We just got back another redemption for Principle. As of this morning, 7.9% is allocated for real estate, as opposed to close to the 15% we had allocated in November before we began the redemption. We just recently got back about $200,000. Mr. Christiansen and Mr. Thinnes discussed how Mr. Thinnes will get the fund back in compliance for domestic equity. We are up 5.9% for the quarter, and about 15% for the current fiscal year. He believed the changes he’s made over the last few years have put us back on track and the managers are outperforming. Everything is moving in the right direction. He went on to discuss individual managers and how they performed for the quarter. He opined that we are off to a great start for this fiscal year.
Mr. Fuller asked Mr. Thinnes to explain to him the difference between the total fund and total fund policy. The total fund is our actual fund number. The total fund policy is the benchmark. Balancing active vs. passive was discussed.
6. BENEFITS DISBURSEMENT APPROVAL
a. DROP PARTICIPANT
· N/A
b. SEPARATED NON-VESTED EMPLOYEE
· Jordan Caouette (03/26/2024 to Reserve)
c. SEPARATED VESTED EMPLOYEE
· N/A
d. RETIRED EMPLOYEES
· N/A
e. DECEASED RETIREES
· N/A
f. DECEASED ACTIVE EMPLOYEE PAYOUT
· N/A
MOTION: Mr. Schlabach moved, Mr. Fuller seconded, and the motion
carried 5-0 to approve the Benefits Disbursements as presented.
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May 20, 2024
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7. NEW MEMBER ACKNOWLEDGEMENT (Informational Only)
· Cathleen Alleyne (02/28/2024)
· Kyle Crum (02/28/2024)
8. SEPARATED MEMBER ACKNOWLEDGEMENT (Informational Only)
· N/A
9. RETIREMENT OF ATTORNEY SCOTT CHRISTIANSEN AND INTRODUCTION OF ATTORNEY LINDSEY GARBER
Mr. Christiansen shared that he would be retiring as of August 1st, 2024. He has represented Palmetto’s Pension Boards since 1994. He is recommending that all 48 of his clients transfer their legal representation to Klausner, Kauffman, Jensen and Levinson. Lindsey Garber would be our Attorney. They have 8 Lawyers in their firm. Debbie McCord is his assistant, and she will be transferring to the Klausner firm as well. Mr. Christiansen will also be of council for their firm. He won’t be attending meetings, but he will be able to assist if they need his guidance.
Lindsey Garber spoke to the Board and shared a little about herself. She has about a dozen clients right now. The fees will be a little bit different. The fees for associates will be $400/hour. Their rate for travel is half of her hourly rate at $200/hour. This will then be split between the General and Police Pension Boards. They will freeze an increase for at least 3 years. Mr. Christiansen’s current fee is $515/hour.
MOTION: Mr. Fuller moved, Mr. Mathews seconded, and the motion carried
5-0 to approve the transfer of legal services from Christiansen & Dehner, P.A. to Klausner, Kaufman, Jensen & Levinson effective August 1, 2024 subject to the adjustment of fees.
10. ATTORNEY CHRISTIANSEN’S REPORT
Mr. Christiansen reminded the Board that the financial disclosure forms are due July 1st through the portal.
He reminded us that we will need to present a budget at the next meeting for the Police Pension Board to approve.
They are still working through the Mariner contract. Once it is finalized, we will receive it to sign.
He wanted to update the operating rules and procedures before he retired. The changes that need to be made include the electronic filing of the financial disclosure forms, the ESG reporting requirements, and a change in the health insurance credit.
Police Officers’ Pension Board of Trustees
May 20, 2024
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MOTION: Mr. Freeman moved, Mr. Fuller seconded, and the motion carried
5-0 to authorize Attorney Christiansen to update the operating rules and procedures.
Everyone thanked Mr. Christiansen for his time with the City.
11. PLAN ADMINISTRATOR’S REPORT
Nothing additional to report.
Chair Freeman adjourned the meeting at 11:31 am.
Minutes approved: AUGUST 26, 2024
MICAH MATHEWS
MICAH MATHEWS
Secretary