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BOARD MEMBERS PRESENT:
Jim Freeman, Chair
Micah Mathews, Secretary
Mike Fuller (Not Present)
Robert Rotondo
Benjamin Schlabach
STAFF AND OTHERS PRESENT:
Lindsey Garber, Board Attorney
John Thinnes, Mariner Consulting
Cassi Bailey, Assistant City Clerk/ Pension Plan Administrator
Chair Freeman called the meeting to order at 11:02 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 Amended August 26th, 2024 Police Officers’ Pension Board Agenda to add item # 11 and update item # 12 to reflect Attorney Garber’s attendance.
2. PUBLIC COMMENT
No public comment.
3. APPROVAL OF MINUTES
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the
motion carried 4-0 to approve the May 20th, 2024 minutes.
4. 2025 PROPOSED MEETING DATES
MOTION: Mr. Rotondo moved, Mr. Mathews seconded, and the
motion carried 4-0 to approve the 2025 meeting dates.
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August 26, 2024
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5. FY 2024-2025 POLICE PENSION BUDGET
MOTION: Mr. Rotondo moved, Mr. Schlabach seconded, and the
motion carried 4-0 to adopt the fiscal year 2024-2025 Police Pension Plan Budget.
6. ADDENDUM TO THE OPERATING RULES AND PROCEDURES
Ms. Garber explained the updates that were made by Attorney Christiansen to the operating rules and procedures.
MOTION: Mr. Rotondo moved, Mr. Freeman seconded, and the
motion carried 4-0 to approve the addendum to the operating rules and procedures and authorize the Chairman to sign.
7. APPROVAL OF EXPENSES
a.) Salem Trust Invoice dated 07/11/2024
b.) Foster & Foster Invoice dated 08/06/2024
c.) Sawgrass Asset Management Invoice dated 07/10/2024
d.) Christiansen and Dehner, P.A Invoices dated 07/31/2024, 06/30/2024, 05/31/2024
e.) Mariner Institutional, LLC Invoices dated 06/25/2024, 03/08/2024 (received 06/28/2024)
f.) City of Palmetto Reimbursement Invoices dated 08/13/2024, 08/01/2024
MOTION: Mr. Schlabach moved, Mr. Mathews seconded, and the
motion carried 4-0 to ratify the paid expenses as presented.
8. INVESTMENT REVIEW
John Thinnes, Senior Institutional Advisor with Mariner, presented the end of the quarter investment review, which was included in the agenda.
He started off by explaining how our plan did relative to the benchmarks. Everyone is expecting the FED to cut rates in September.
As of this morning we have just over $17 million in our portfolio. We received $280,000 from our redemption in real estate. Cash is pretty high; we will need to reallocate to get everything back in compliance. We have had a 0.72% return for the quarter and 15.7% return for the fiscal year so far. As of today, we are upwards of 19 % return for the year. Mr. Thinnes went on to discuss individual managers and their performance. He felt like our fund is well balanced.
Police Officers’ Pension Board of Trustees
August 26, 2024
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Mr. Mathews asked for clarification on the rankings within the portfolio summary. The best is 1 %, and 100 % is the worst.
Mr. Freeman opined that overall, their choices seem to have been working to their benefit. He reiterated that they should discuss the real estate redemption at the next meeting. Mr. Freeman went on to ask about risk adjustment and how we relate to other plans. He also questioned how Mr. Thinnes would characterize our plan related to risk. Mr. Thinnes highlighted page 35 of the packet and explained the risk chart. He believed our plan was appropriately balanced.
MOTION: Mr. Schlabach moved, Mr. Rotondo seconded, and the
motion carried 4-0, with the influx of cash that has come in to rebalance the portfolio back into range according to the investment policy statement.
He wanted to rebalance cash to be between $150-200,000 in cash. He will work with Salem Trust to make the appropriate adjustments.
9. BENEFITS DISBURSEMENT APPROVAL
a. DROP PARTICIPANT
· N/A
b. SEPARATED NON-VESTED EMPLOYEE
· Michael Watson (07/02/2024)
· Casey Odell (07/14/2024)
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. Rotondo moved, Mr. Schlabach seconded, and the
Motion carried 4-0 to approve the Benefits Disbursements as presented.
10. NEW MEMBER ACKNOWLEDGEMENT (Informational Only)
· Trevor Cutlip (07/05/2024)
· Justin Johns (07/05/2024)
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August 26, 2024
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11. PROFESSIONAL SERVICES AGREEMENT WITH KLAUSNER, JENSEN & LEVINSON
Ms. Garber explained that this agreement was for the transition of legal services from Attorney Christiansen to Attorney Garber.
MOTION: Mr. Schlabach moved, Mr. Mathews seconded, and the
motion carried 4-0 to approve the professional services agreement and authorize the Chairman and Secretary to sign.
12. ATTORNEY GARBER’S REPORT
Ms. Garber had nothing additional to report.
12. PLAN ADMINISTRATOR’S REPORT
Nothing additional to report.
Chair Freeman adjourned the meeting at 11:38 am.
Minutes approved: NOVEMBER 18, 2024
MICAH MATHEWS
MICAH MATHEWS
Secretary