BOARD MEMBERS PRESENT:

Jim Freeman, Chair

Micah Mathews, Secretary (Not Present)

Mike Fuller

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 11:09 am. and conducted a roll call.

 

1.    AGENDA APPROVAL

 

 

MOTION:                   Mr. Fuller moved, Mr. Rotondo seconded, and the motion carried

4-0 to approve the November 18^th, 2024 Police Officers’ Pension Board Agenda.

 

2. PUBLIC COMMENT

No public comments.

 

3.    APPROVAL OF MINUTES

 

 

                   MOTION:                   Mr. Schlabach moved, Mr. Rotondo seconded, and the motion

carried 4-0 to approve the August 26, 2024 minutes.

 

 

4.    APPROVAL OF EXPENSES

 

a.) City of Palmetto Reimbursements, invoices dated: 09/20/2024

b.) Florida Municipal Trust, invoice dated 08/21/2024

c.) Klausner, Kaufman, Jensen & Levinson, invoices dated: 09/30/2024 & 08/31/2024

d.) Salem Trust, invoice dated: 10/10/2024

e.) Sawgrass Asset Management, invoice dated: 10/08/2024

 

 

                       MOTION:                   Mr. Fuller moved, Mr. Schlabach seconded, and the motion

carried 4-0 to ratify the paid expenses as presented.

 

 

 

Police Officers’ Board of Trustees

November 18, 2024

Page 2 of 3

 

5.    APPROVAL FOR ROBERT SCHOFIELD, ACCOUNTANT, TO HAVE ACCESS TO CUSTODIAN STATEMENTS

 

                   MOTION:                   Mr. Schlabach moved, Mr. Fuller seconded, and the motion

carried 4-0 to approve custodian statement access to Robert Schofield.

 

6.    INVESTMENT REVIEW

John Thinnes, Senior Institutional Advisor with Mariner, presented the end-of-the-quarter investment review, which was included in the Agenda.

 

Our plan was up 5.35% for the quarter and 21.86% for the year. Overall, it was a great year. The net number will be over 21%, smoothing over the next several years. All our managers performed in line with expectations. It will be a great number to factor into our actuarial report.

 

 Mr. Thinnes would like to take off the full redemption for real estate and keep the allocation near 5%. If there’s excess funds from the redemption, Mr. Thinnes suggested keeping it in cash.   Mr. Fuller asked for a deeper dive into Baird vs. Sawgrass for the next meeting.

 

 Taurus market investments were discussed. The packet was included in the Agenda. Mr. Thinnes wanted to use this fund if they want to go further into private equity.  He will discuss it more at the next meeting. He suggested 5-6% of our fund would go into it.

 

 Mr. Freeman asked about the third fund being available. It will be open for about a year. This is about a 10-year commitment. Mr. Thinnes will have a further explanation about redemption possibilities before we commit that money. Mr. Fuller thinks it is a good move to go into private equity.

 

  

 

MOTION:                   Mr. Fuller moved, Mr. Schlabach seconded, and the motion

carried 4-0 to remove the full redemption for the Principal fund of real estate.

 

 

7. 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

 

Police Officers’ Board of Trustees

November 18, 2024

Page 3 of 3

 

8. FY 2024 BUDGET TO ACTUAL PLAN EXPENSES (Informational Only)

 

 

9. NEW MEMBER ACKNOWLEDGEMENT (Informational Only)

·         N/A

 

10. SEPARATED MEMBER ACKNOWLEDGEMENT (Informational Only)

·         N/A

 

 

11.    ATTORNEY GARBER’S REPORT

 

·         Board Memo to Klausner, Kaufman, Jensen & Levinson, KKJL, Clients

·         2024 KKJL Company Not an Entity of a Foreign Country of Concern

·         2024 KKJL Human Trafficking Affidavit

·         2024 Mariner Institutional Human Trafficking Form

 

Ms. Garber discussed the memo that came from her office regarding the two new Florida laws that came into effect. This memo was included in the Agenda.

 

 

12.    PLAN ADMINISTRATOR’S REPORT

 

·         Class Action Process

·         Cassi Received her CPPT

 

 Mr. Thinnes answered about the class action process. We have all mutual funds. Ms. Garber noted that we can send her the emails we’ve received regarding class action monitoring.

 

    Mr. Freeman handed out a document from Foster & Foster and discussed the comparisons between other cities. Mr. Thinnes explained the difference between the other plans he manages.

 

Chair Freeman adjourned the meeting at 11:51 am.