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HomeMy WebLinkAbout12-13-2007 Minutes Minutes of the Special Session of the CITY OF OCOEE GENERAL EMPLOYEES' PENSION BOARD Held on December 13, 2007 At 150 N. Lakeshore Drive Ocoee, FL 34761 AGENDA ITEM I. CALL TO ORDER—Chairman Wagner A. Chairman Russ Wagner called the meeting to order at 10:07 a.m. in the Commission Chambers in City Hall. The roll was called and a quorum declared present. Present were Trustees Terry Reed, Jean Grafton, Russ Wagner and Tom Hendrix. Absent was Trustee Wendy West. Also present were H. Lee Denner, Attorney; Joe Bogdahn and Michael Welker, Bogdahn Consulting. AGENDA ITEM II. NEW BUSINESS A. Discussion/Selection of Money Managers—Bogdahn Consulting,LLC Joe Bogdahn handed out the Investment Manager Search to the Board. He went over the document and talked about strategy. Mike Welker then spoke about the Plans performance for Cif fiscal year ending September 30, 2007. Mr. Welker said the good news is the portfolio was up 15.6%net of investment related fees; however, the longer term had some under performance. He said the bad news is our plan was highly allocated for Equities. Mike Welker said there are a lot of different styles and went on to explain. Mike Welker then spoke about the Core Managers and said he would help the Board narrow down the selection. Discussion ensued. Mr. Welker summarized how they developed the short list of Managers and continued with the presentation. He asked if the Board had any questions and went on to say that he likes the mix of two opportunistic Core Managers. Chairman Wagner stated he liked the blend because of the discussion about them balancing against each other. Joe Bogdahn then suggested blending ICC Capital and Rockwood together and said he could give the Board some numbers. Discussion ensued. Trustee Grafton asked if Bogdahn had compared Trusco's figures. Joe Bogdahn stated they had compared Trusco and went on to explain why they didn't recommend them. Mike Welker continued to go over the handout moving on to the Value section. Mr. Welker said the best Manager was Fifth Third as far as being a true opportunistic Manager was concerned. He continued with the presentation. Mike Welker said Fifth Third and Snow were the best options if they liked the All Cap approach. Chairman Wagner asked if they were recommending two Managers, to which Mike Welker stated no. He said they were only recommending one dedicated All Cap Manager and said Firth Third or Snow would be the best options. Chairman Wagner asked why they were recommending two Core Managers. Mr. Welker explained and discussion ensued. Trustee Grafton asked Mr. Welker to explain about the process they used to come up with these Managers like he did with the Core Managers. Mike Welker went on to explain and continued with the presentation. General Employees Pension Board Special Session,December 13,2007 Page 2 of 2 Chairman Wagner asked Mike Welker to briefly go over the Growth section of the handout. Cry Mike Welker said they do not like Small Cap Growth because it has way too much volatility and not enough return. He said these Managers being presented are Large and Mid Cap Managers and each one is a true Growth Manager. Mr. Welker continued with the presentation. Discussion ensued and it was suggested that four Managers be brought in to interview. Mike Welker then moved on to the Fixed Income section of the handout and explained the differences in the Managers. Discussion ensued. Attorney Denner recommended the Board interview two or possibly three Managers. Mr. Welker said he would recommend Agincourt and Galliard or Galliard and Integrity. Further discussion ensued. Chairman Wagner asked the Board if they wanted to interview a couple of Managers and it was agreed they would interview Agincourt and Galliard. Mike Welker continued with the International section. He said Baring & Voyageur are a wonderful mix and went on to explain why. Mr. Welker continued with the presentation. He said the Board would not have to rush on this selection since the Ordinance hasn't been adopted yet. He said they could still bring the Managers in to give a presentation and then wait until the Ordinance has been changed and in the interim maybe go to an International Index Fund. Chairman Wagner asked if the Board would pick only one Manager, to which Mike Welker stated the Board could pick two and went on to explain. Chairman Wagner inquired about being able to get all the Managers here if the Board decided to do the interviews during one meeting. Further discussion ensued regarding the selections and CY after discussing schedules, a decision was made to hold the meeting on Friday, January 18, 2008 at 8:30 a.m. Chairman Wagner later requested a notice be sent out early to employees in case they wanted to attend. B. Approve Certification Training for Plan Administrator(CAPPP Certification Program in February & November 2008)—Jim Carnicella, Plan Administrator I n a motion made by Trustee Hendrix, seconded by Trustee Grafton, unanimously ,, RESOLVED to approve payment of Plan Administrator Carnicella's Certification Training and travel expenses for attendance at the International Foundation CAPPP Certification Program being held on February 23 & 24, 2008 and half the associated expenses of the November 15 & 16, 2008 Certification Program (the City 11\ will be asked to pay the other half). AGENDA ITEM III. ADJOURN There being no other business, the meeting was adjourned at 12 noon. Respectfully submitted by Appr-. :4 by: L a Debbie Bertling HR Analyst Russell B. Wagner, C airman