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Home My WebLink About08-04-2021 MinutesCITY OF OCOEE MUNICIPAL L' RETIREMENT TRUST FUND BOARD OF TRUSTEES Wednesday, ugu t 4„ 2021 - 10:00 Ali TRUSTEES PRESENT: Gequita Cowan, Chair Robert Briggs, Vice Chair (via phone) Stefanie Wilson, secretary Patricia G9 son Jean Grafton TRUSTEES T: Nana OTHERS PRESENT: Jeanine lttirngar, Saltmarsh, Cleaveland & Gund Tlrrn bash, AndCo Consuffing Pedro Herrera, ugarmarn & Susskind (via phone) Kim Kil gore, Foster & Fenster (via phone) 1. Call to Order — Gequita Cowan called the meeting to order at 1:0 M. 20 Roll Call — As reflected above. . Public Comments — Norma 4, rural f Winutes The minutes from tl 2t 2 ma rt tlr� r r d rr� tl�ar� darn Grafton and second tfartia wlam nrotln arrld �o . Consent Ag2nda a. Warrants , 7 and #88 for ratification n b. Quarterly fund activity report for Aprii 29, 2021, to July 28, 2021 The carafton and second by Stefanie Wilson, motion carded ® . , New Business a. Trustee Term expirations i. Stefanie Wilso n"s term on the board would be expiring on 9/30/2¢ 21 and Stefanie commented she woud pke to rerun for another term, Kim Kilgore commented we would mead to reach out to playa members for rn0rr0 natio ns and if we receive more than one nornina'don are election woud mead to be held. ll. Jean rafto n's terms on the beard would be expiring on 9/ 0/2G 21 and Jean commented she woun d not be requesting to be reappointed. The beard thanked Jean for her many years of service on the board and wished her the best for the future. Kim KHgore commented she woWd reach OU't to the Cty for a repacement, 7. Old Business a. Kirn Kilgore commented at the previous meeting we 6d not dedare the rate of return of 7.00% used in the valuation as required, The Board voted the declaration rate of return for tine [an at 7400% for the nft2q_year , _the next several fears.. and the x eases u on Stgfanie Wits rr motion cqrr -0 _je�L5 . 8. Reiaorll.(AI!2LM/Co�nSLI[ta�nts� a. Saltmarsh, Cieaveiand & Gund, Jeanine &tfinger, Board Auditor L September 30, 2020, Audit Report 'I . JeanMe Bittinger introdUced herseff and expiained her role as the pian's independent aUditor was to express an opinion on the fUnd's financiap statements based on their akidit. 2, JeanMe Bittinger reviewed the assets and Habiiities of the fund. -rhe net position restricted for pensions increased from previous year of $4.1,438,700 to $43,507,125 through 9/3012020, Jeanine Bitflnger commented the ppan had a good year. 1 Jeanine Bitfinger commented the pp an was at 0.21 % for investment expenses and 0.30% for adMinistrative expenses. Jeanine commented the pian shoWd be below a tot of 1.0% for these expenses. 4, Robert. Briggs asked if there were any new notes or new requirements to discuss and Jeanine Bittinger stated there was not. The Board voted to g2proye the audit AqSresented motiorrb RolIgg rir s q!ld second b f Jean Graftoiv, rrjotlon carried 5-0. 5. Jeanine BittMger reviewed their new agreement for the next 3 years and commented the fee woWd increase by $500 for the next audit year and then wouid increase by $500 each year thereafter. Pedro Herrera commented he had reviewed the agreernent and it was acceptaWe if the board was good with the fee increase. The Boa[g _gp _,.�.nlotlon b .proved the audit se resented g&EnMUMg y_RqLbert ied 5-0. b, AndCo Consulting, Tim Nash, Investment Consultant L QUarterly Report as Of JLjne 30, 2021 1. Trn Nash Mshed Jean Grafton the best for the future, and he appreciated serving her whHe on the board. Z, -rim Nash reviewed the market environment dUr4ig the past quarter and year with Growth outperforming "aloe stocks in the past two qUarters. I Tim Nash reviewed the top 10 weighted stocks during the past quarter and year, 4e Tim Nash reviewed the schedWe of inn estabie assets over the past 10 years with a begNrining rnarket vaCue of $21,515,851 and ending market vaNue as Of JUne 30, 2021, of $51,680,308 with an 9.05% net average return, 5. -rhe asset 0ocation surnmw y for the quarter en&ig was Domestic Equity 50,70%, Qnternational EqUity 15.30%, Domestic Fixed Nncome 18.50%, Gioba8 Fixed income 4.40%, ReaN Estate 9.70%, and Cash 1.40%. 61'4n Nash reviewed the fund's asset aNEocatNon versus the lnvestment PoiNcy Statement (NPS). TNm cornmented the fund was a litfle under on the Domestic Fixed Nncorne aNNocafion and woWd need to be rebalance back to target ranges per IPS. The Board roved to rebalance the fund back to the IPS ran. ..pAr recommendation 17 _y the Investment QonsjLlt�a�nt yjp 2n nLotiogj4y n Grafton and second d tLMleasqn ;iofi(Tn carried 5-0. 7. Tim Nash reviewed the financiai reconcifiation for the past quarter with a beginn4ig tots{ market vaiue of $49,100,971 and ending marketvalue of $51,680,308 showing a gain around $2.5 mN�Mon for the quarter'. 8. The tasted fund gross returns for the quarter were 6.07%, Trailing returns for FYTD, 1, 3, and 5-year periods were 21 A5%, 27,09%, 12,02%, and 11 .54%, respectively. Since Nnception (4/1104), gross returns were 7,89%. 9,, 'rim Nash reviewed each of the investment manager's returris ln tl,-ie portfolio for the past quarter. TM'-� cornmerat ed he had no recommendation to change aniy managers at tMs time. 10, 1-Mi Nash reviewed the compiance checWst and estirnated fees for ea(,,,h investrnent manager M the farad's portfoio. 11. Tim Nash reviewed handout on American ReaVty Advisors manager showing their, current gross asset vaiue of the ARA Core Property and was $7.03 biMon with gross return target of 7,00% to 9,,009/6, Tirn Nash cornmented their, ieverage ratio of 21,20% was reiabvey Bow compared to others. Tim Nash reviewed the percer�tag es of the ARA Core Property Fund's asset Oocafion in industria, resldenfia, and retabL C. SLIgarman & SussWid, Pedro Herrera, Board Attorney N. Surnmary PYan DescrNption (SPD) update 1. Pedro l--I�errera revdewed the requlrerrient of the SPI) 'to be updated and distribUted every two years. Z, Pedro Herrera commented there were no updates made except for changing the City logo on the front cover gage try new City logo. The Bomrdq ap provq,,d the_MRS!_qted §Egj,2s sented u c�n,Mc io n—j- — _ It .2rLq §y r gricia Gleason motion carded 5 JL—,—n�--- -0. Lega&egislative update 1, Pedro Herrera stated there were no bpassed in Rorida ieguslafion which would affect. any Rohda municipaiibes, 9, Staff RnIpqrts Discuss lon,,an d Action a. Foster & Foster, KiM Ki6gore,alarm Administrator L Educafional Opportunffies 1. Korn Kilgore reviewed the PPTVI'rustee School wou, d be held on October 3-6, 2021, in Ponte Vedra Beach, Florida. Kirn Kilgore requested the b"Ustees to make their hotel reservations and send her an ernaU with the con firmafion numbers. Kim further stated they would send a check &ecfly to the hote@ to pay for the Iodg4ig for each trustee attending. 10, Trustees' R scussiand Action -- None. ieEqILs, on 11. ALdLqurnmen�t — The meefing adjourned atI 1.33 AM 12,NextMe2tin —Wednesday, November 3,2021, at 10,00 AM, quarterly meeting . _q RespeCftffly subrnitted by: Approved by: *Z A4�r Kim KoGgore,alarm Administrator Date Approved by the Pension Board'.