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2019-03-11 Police Fund Special MeetingCITY OF OKEECHOBEE POLICE O�FICERS' RE7IREMENT SYSTEM • SPECIAL MEETING MINUTES, March 'I'1, 2019 CITY HALL, 55 SE THIRD AVENUE OKEECHOBEE, FL 34874 • • Before the meeting was called to order, Ms. 7intle disiributed two emails from the Law office of Christiansen & Dehner. She informed the Trustees of the untimely passing of Attorney lee Dehner. An emait from the Attorney Scott Chrlstiansen assured the Trustees that he wilf provide legal services to the Board; until he identifies permanent representation by his firm or another attorney that he will recommend to the Board. A moment of silence was observed to honor Aitorney lee Dehner. 1. CALl70 ORDER Jack Baon called a meeting of the Board of irustees for the City of Okeechobee Police Officers' Pension Board to order at 5:10 PM in the Council Chamber at City Hall. Those persons present lncluded: TRUSTEES POLICE JacSc Boon -- Chairman Bettye Taylor — Secretary Ryan Holroyd Dallon 8oyd 2. PUBLIC COMMENT OTHERS Kyie Tintle, Scott Baur, and Wancia Gordon, The Resource Centers John McCann, Investment Consultant, AndCo - Via tetephone 7here were no additional comments from the pubtic. 3. REPORTS Investment Consultant Report (John McCann) Mr. McCann thanked the Trustees for letting him attend the meeting remotely via telephone. He began his presentation by drawing the Board's attentian to a letter on page one of the quarterty Report from the President / CEQ of AndCo Ivlike Welker. The letter began as a thank you to clients reassuring them that they only serve the Interest of the dients. Mr. McCann stated there are 89 emptoyees and one new partner was promoted from within the organization. He announced an anonymous questlonnaire wlll be cflming from a third party firm to collect feedback on the service and the investment consultant. Mr. McCann presented the returns far the first quarter of the fiscal year, which was dismal. The total asset allocations as of December 31, 2018 were $8,645,662 down from the September 30, 2018 close at $9,500,497 with a difference of -$854,835. He reviewed the lndividual fund's pe�formance for the quarter, lyear, 3 year, 5 year and returns since inception. The numbers for the quarter ending December 31, 2018 are as foilows: Total International Equity Composite was -12.59% versus the policy of -11.41%, a difference of -1.18%; the Total Fixed Income Composite was 0.29% the Total Fixed Income Policy was 1.64%, a difference of -1.35%. Mr. McCann reviewed the performance of the individual managers for the quarter. He said the good news is that the Fund has 9 months to recover from the bad quarter. Current(y the numbers are almost back to where they were at the end of the end of the previous quarter. • Administrator (Kvle TintleZ Ms. Tintle presented the items from the Attorney, the Proposed Ordinance and the Addendum to the Operating Rules and Procedures. She referred to the Actuarial lmpact Statement shawing the changes are at no cost to the Plan. The Trustees revlewed the following items and proceeded with motions. Bettye Tay[or made a motion to approve the Proposed Ordinance. The motion received a second by Datlott Boyd, approved by the Trustees 4-0. Bettye Taylor made a motion to approve the Addendum to the Operating Rules and Pracedures. The motion received a second by Ryan Holroyd, approved by the Trustees 4-0. Ms. Tintle reviewed ihe 2019 Upcoming Conference List highlighting the in-state and no entrance fee conferences. The Salem Trust 4uarterly Service Report Summary and the Salem Trust office retocation were discussed. Ms. 7intle informed the eoard of the new IRS mileage rate of $0.58 up from last years rate of 54.5 cents. She presented the Minutes from the Quarterly Meeting held on November 5, 2019 and the Specia{ Meeting Minutes from November 9, 2018 for consideration. Bettye Taylor made a motion to approve the {Vovember 5, 2018 Quarterly Meeting and {Vovember 9, 2018 Speciat Meeting Minutes. The motion received a second by Jack Boon, approved by the Trustees 4-0. The Plan financial reports were presented and received by the Board. lack Boon made a motion to accept the financial statements as presented.. The motion received a • second by Ryan Holroyd, approved by the Trustees 4-0. Ms. Tintle presented the following Warrants and Invoices for review: November 19, December 19 & 28, 2018, January 28, and February 21, 2019. Jack Boon made a motion ta accept the Warrants and Invoices for IVovember 19, December 19 & 28, 2018, lanuary 28, and February 21, 2019. The motion received a second by Ryan Hofroyd, approved by the Trustees 4-0. Ms. Tintle presented a iVew Member Acknowledgement for Todd Burk. Jack Boon made a motion to accept the new member, Todd Burk. The motion received a second by Bettye Taylor, approved by the Trustees 4-0. Ms. Tintle presented the Senefit Approvals fQr a retirement for John Zeigler and a refund of contributlons forlohn lordan. Bettye Taylor made a motion to accept the new member, Todd Burk. The motion received a second � by Jack Boon, approved by the Trustees 4-0. Seeing there was no other business the Police Board adjourned at 5:39 PM.Ir�,, � �., . �� ��� ���� �