HomeMy WebLinkAbout05-01-2019 MinutesCITY OF OCOEE
MUNICIPAL GENERAL EMPLOYEES' RETIREMENT TRUST FUND
BOARD C]FTRUSTEES
QUARTERLY MEETING MINUTES
City Hall, Commission Chambers
TRUSTEES PRESENT: Gequha Cowan, Chair
Robert Briggs, Vice Chair
Stefanie Wilson, Secretary
Patricia G|e8SOO
Jean Grafton
OTHERS PRESENT: ZachChemiekyAndCoConsulting
Tim Nash, /\OdC0Consulting
Scott Christiansen, Christiansen &OehnHr
Pedro Herrera, Sugarman @SUSSkiOd
Gene Williford, HR Director
Kim Kilgore, Foster & Foster
1. Call to Order— Gequita Cowan called the meeting to order at 10:00 a.m.
2. Roll Call —ASreflected above.
3. Public Comments —None.
The board voted to approve the minutes from the January 30, 2019, quarterly meeting,
upon motion by Robert Briggs and second bV Stefanie Wilson, motion carried 5-0.
5. Consent Agenda
8. Warrants #54'#55.#58and #57for ratification.
b. Quarterly fund activity report for January 24, 2019 to April 25, 2019.
The board voted to approve the consent agenda as presented, upon motion by Jean
Grafton and second by Robert Briggs, motion carried 5-0.
6. New Business
@. Actuarial Studies for Individual Plan Members paid bvthe plan.
i. G8qUit8Cowan reviewed the charge Of$75for the actuary tOprovide the
total contributions due for disbursement for a terminated employee.
ii. Stefanie Wilson stated the total CODthbUtiOO b@|8OCe provided by the City
is double-checked.
iii. Robert Briggs asked who provided contribution totals t0the actuary.
Stefanie Wilson said the City provided the contributions to the 8CtU8rV.
iv. NiDl Kilgore stated if the 8DlOUOt provided was incorrect it would be On the
City, not the pension fund, tOabsorb any loss.
The board voted that a refund calculation does not need to be performed by the Actua
for terminated members, upon motion by Robert Briggs and second by Stefanie Wilson;
motion carried 5-0.
7. Old Business —None.
8. Reports (Attorney/Consultants)
8. ADdCo CODSUhiDg. Investment Consultant, Z8Ch Ch8rDiSkvand Tim Nash
i. Quarterly Report aSOfMarch 31`2O1S
1. Z8ChCherniSkvreviewed the survey OnAndCOConsulting which
board trustees needed tOcomplete,
2. Z8dlCher0kskvreviewed the market environment commenting
this past quarter iSrebounding from one Ofthe worst quarters in
seven years.
3. Z8ChCheOniSkycommented that Growth outperformed the Value
the past quarter.
4. Z8ChCherniSkycommented technology and utilities had the best
sector performance.
5. Tim Nash advised that all asset allocations were in line with p|8D`S
investment policy.
6. Tim Nash reviewed the cash flow for the past quarter noting the
transfer for [88| estate fund.
7. The total market value a8OfMarch 31.20198S$39'881.482`with
8total gain around $4OO,000from January 1,2819.
8. The [O[8| fund gross returns for the quarter were 9.63%. Trailing
returns for FYTD. 1, 3' and 5-year periods were -1.05%, 5.45%'
8.88%and 7.O1%respectively. Since inception /4/1/84\,gross
returns were 0.89%.
9. Tim Nash commented fund pHrfOrrn8nC8 was very strong for the
pOS1 quarter with fund in the top third of all plans.
10.Tirn Nash stated GAMC(]and International dragged Onthe
portfolio.
11. Tim Nash commented three rO@O8gerS did 8xtnBrne|y well which
were Eaton Vance, Vanguard and yWFGGrowth.
12. Tim Nash stated Eaton Vance and MFG Growth did very good
protecting fund 0nthe down market.
13.Tim Nash reviewed publication OnGAMC{}'Sperformance
breakdown for the quarter ending March 31'2019.
14. Tim Nash reviewed quarterly snapshot pUb|iC8ii0O OD Fe8| estate
fund added tOportfolio inJanuary with American Core Realty
Fund.
b. Christiansen &[)ehn8r.Board Attorney, Scott Christiansen
i. Legal Representation Letter
1. Scott Christiansen explained tothe board with the passing of Lee
[}8hn8rhe was not able to continue to service all Of LBB'S clients.
Scott reCOrnnn8nd8d BUg8rnn8n & 8USSkind |8vv firm as their
replacement.
2Scott Christiansen reviewed that the board coWd go with his
recommendation or not.
1 Pedro Herrera from Sugamian & Suss,kind introduced himself to the
board. He reviewed his firm currenfly had ten attorneys and were
looking to hire two more. Pedro stated if the board chose, to continue
with his fin-n, it woWd be either him or David Robinson attending
quarterly meetings. Pedro reviewed his experience and career as
an attorney.
4Robert Briggs asked Pedro if he could -foresee any issues with the
transitions from the forraer attorney.
5. Pedro Herrera stated the transition would be a seamless process.
6, Scott Christiansen stated he would provide the new attorney with
0 the plain's files and digitai information.
ii. Financiai Forms
I . Scott Christiansen reminded the board to file Form I by July 1, 2019
to avoid penaities.
M. ,egal/Legislative Update
1. Scott Chrisfiansen stated there was nothing to report from the
legislation that was in session.
iv, Foster & Foster portai contract
1. Scott Christiansen stated he had not had a chance to view the
contract, Pedro Herrera and he woWd review the contract and
advise the board of any concerns.
The boa
Wilson and second ja _Jean
Grafton;.mobon carried 5-0.
v. Proposed Ordinance
1. Scott Chdstiansen reviewed the proposed ordinance with the
changes for Internal Revenue Code regulations and Internal
Revenue Service guidance.
The boa sternal Revenue Code
Mgulations and Internal Revenue S
second by_Stefanie Wilson, motion carried 5-0.
The board voted toa r e tie eratin pies r ed res as resented ith,
revision to 11.5 to state each one final actuarial
on motion
and sewn gly_flobert BrIggsmotion carried 5-0.
vii, Summary Plan Description update
1. Scott Christiansen reviewed the updates made to the Surnmary
Plan Description.
carried 5-0.
C. Stefanie Wilson asked how new hires would be notified of the member plan portal.
Kim Stated G process was in place to send an enn8i| to the newly hired members
on a quarterly basis, providing them with instructions and a registration code to log
On.
9. Staff Reports, Discussion, and Action
8. Foster & Foster, K]rn Ki|oOrB' Plan Administrator
i. Kim Kilgore updated the board onthe Member Portal rollout and site visits
hosted byGeqUita Cowan, O[8vv B@U8[d and Kim Kilgore. Kim stated the
members were very appreciative of this new retirement planning [OO|.
ii. Kim Kilgore announced the educational opportunity with the FpPTAAnnual
Conference in {}r|8Ddo' Florida. GeqUita Cowan, Patricia Gleason and
Jean Grafton said they would he attending and needed tOberegistered,
iii. Kim Kilgore stated the City OfOcoee has contacted her Onpicking Upsome
additional pension files which have been located.
of
carried 5-0.
11. Adjournment — The meeting adjourned at 11:15 a.m.
12. Next Meeting —Wednesday, August 7, 2019 @ 10:00 am, quarterly meeting.
Respectfully �Ybmitted by:
N me: Kim Kilgore
Tide: Plan Administrator
Approved