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2018-02-05 General & Police Fund MeetingCITY OF OKEECHOBEE GENERAL EMPLOYEES/POLICE/FIRE PENSION BOARDS REGULAR MEETING MINUTES, February 5, 2018 CITY HALL, 55 SE THIRD AVENUE OKEECHOBEE, FL 34974 1. CALL TO ORDER Nathan Pippin called a meeting of the Board of Trustees for the City of Okeechobee General Employees/Police/Fire Pension Boards to order at 5:11 PM in the Council Chamber at City Hall. TRUSTEES OKEECHOBEE GENERAL Nathan Pippin —Chairman Jackie Dunham - Secretary Melissa Henry Daryl Roehm POLICE Jack Boon - Chairman Bettye Taylor — Secretary Ray Worley Ryan Holroyd FIRE Herby Smith — Chairman Michael Skipper —Secretary Adam Crum John Koepke Glen Hodges OTHERS Scott Baur & Kyle Tintle, Resource Centers Scott Christiansen, Attorney John McCann, AndCo It was noted that the Firefighters' did not have a quorum. 2. PUBLIC COMMENT There were no additional comments from the public. 3. REPORTS Investment Consultant Report (John McCann) Before Mr. McCann began the quarterly performance report he gave a firm update. In 2016 AnclCo added 6 new partners and one in 2017 year, Dan Johnson, a name some may know as he has been with the firm for almost 10 years. Mr. McCann continued with an economic overview and the portfolio's performance. He reminded the Boards that the fiscal year to date was very good, the total fund numbers were: General Employees 11.68% beating the bench by 0.56%, Police 11.66% beating the bench by 0.47%, Fire 12.18% beating the bench by 0.99%. The General plan ended the quarter year with $4,825,744 in assets. The gross trailing and net returns for the quarter for the General plan were 3.57% missing the policy of 3.81% by-0.24%. The Police plan ended the year with $9,191,262 in assets. The gross trailing returns and net returns for the Police for the quarter were 3.59% lagging behind the policy of 3.75% by-0.16%. The Fire plan ended the quarter Meeting February 5, 2018 Page 2 of 3 with assets of $4,072,625 up from $3,910,601 at the end of the previous quarter. The gross trailing returns and the net for the Fire's fund year to date were 3.57% versus the policy of 3.75%. A discussion was held about the Federal Reserve raising interest rates and the impact that would have on the economy. As well as the administration's promise of new tax codes and the effect it would have on the markets. Mr. McCann reviewed the current asset allocations and asset compliance for each of the Plans and noted that all were within their investment policy guidelines. Attorney Report (Scott Christiansen) Mr. Christiansen went down his checklist addressing the following: he asked for a signed copy of the Audit Engagement letter from each of the Boards. Jackie Dunham was selected to remain Secretary for the General Employees plan. The election of Willie Hall, Jr. needs to be voted on, noted in the minutes, and brought before the City Council for confirmation. There is still an open position for the Police Board for the Residential Board member. Mr. Christiansen needs a signed copy of the Investment Policy Statement for the General Employees Board. He noted that all of the Boards approved the fee increases for the Actuary's electronic submission of reports. Mr. Christiansen will prepare an addendum to the Gabriel, Roeder, Smith & Company (GRS) contracts to include the new fees. He stated that the Administrative Budgets for Police and Fire need to be presented at the next quarterly meeting. The Firefighter's will need to approve the updated Operating Rules and Procedures and elect officers at their Special Meeting. Officers for the Boards need to be appointed every other even year. Mr. Christiansen addressed the issue of Records Management Officer; City Clerk Ms. Lane Gamiotea, has agreed to remain as the Records Management Officer. She will need to receive the electronic and hard copy records quarterly. Discussion was held about Police Chief Petersen's recalculation of his pension while Chief Davis's recalculation is still pending. Administrator (Scott Baur) Mr. Baur presented that the conference list for local and national conferences. He noted that the IRS mileage changed however the Boards follow the City's policy which follows the State's policy. The Special Meeting to review the Audits and Valuations for the Plans is scheduled for February 26, 2018 at 5:00 PM. No other business. The Boards adjourned the open session at 5:42 PM and the Trustees proceeded to their individual sessions. Ms. Tintle will go to the Police and Fire Boards and Mr. Baur to the General Board. INDIVIDUAL SESSION: POLICE BOARD Bettye Taylor called the individual meeting of the Police Trustees to order. Bettye Taylor made a motion to approve the November 6, 2017 meeting minutes. The motion received a second by Mr. Holroyd, approved by the Trustees 3-0. Bettye Taylor made a motion to approve the Attorney to draft the Addendum to the GRS contract. The motion received a second by Mr. Holroyd, approved by the Trustees 3-0. Mr. Holroyd made a motion to approve the cost of living increase for retirees. The motion received a second by Mr. Worley, approved by the Trustees 3-0. Meeting February 5, 2018 Page 3 of 3 Ms. Taylor made a request to Ms. Tintle review the benefit calculations for Chief Davis and others before the next meeting. The Police Board adjourned their individual session at 5:50 PM. INDIVIDUAL SESSION: GENERAL BOARD Mr. Baur called the individual meeting of the General Board Trustees to order. Ms. Henry made a motion to approve the meeting minutes for May 31 and November 6, 2017. The motion received a second by Ms. Dunham, approved by the Trustees 3-0. Mr. Pippin asked if Trustees need Board approval to attend conferences. Mr. Baur discussed the Ordinance which says that Trustees attend an educational event such as Conferences or Trustee Schools, once a term. Ms. Henry made a motion to approve Scott Christiansen to draft the amendment for the GRS fee increase for the electronic filing. The motion received a second by Ms. Dunham, approved by the Trustees 3-0. Ms. Henry made a motion to approve the Warrants from November 11 and December 26 of 2017 and January 22, 2018. The motion received a second by Ms. Dunham, approved by the Trustees 3-0. Ms. Henry made a motion to sign the Audit Engagement Letter. The motion received a second by Ms. Dunham, approved by the Trustees 3-0. Ms. Henry made a motion to acknowledge Trevor Lane Brady as a new employee. The motion received a second by Ms. Dunham, approved by the Trustees 3-0. The ratification of the refund of contributions for Victoria DaVito for was discussed. Ms. Dunham made a motion to table the approval for the refund of contributions for Victoria DaVito until the next quarterly meeting. The motion received a second by Ms. Henry, approved by the Trustees 3-0. Mr. Pippin adjourned the General Board's individual session at 6:20 pm.