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Home My WebLink About01-26-2023 MinutesIN ON I I ZIA 310 1 DICY E a 0 t►0 1 agog I 10L�Fl 111MIAN]MMI Call to Order: Chairman Brown called the meeting of the City of Ocoee Police Officers'/Firefighters' Retirement Trust Fund to order at 1:00 p.m. in the Commission Chambers of City all. Roll Call: The roll was called and a quorum was declared present. Trustees Present: Chairman Charles Brown, Bryan Pace, Joe Moy and Trey Littlefield Absent: William Maxwell Others present: Brad Hess of AndCo Consulting, and Pete Prior of Benefits USA, Inc. Others present by telephone: Board Attorney Pedro Herrera of Sugarman Susskind Braswell & Herrera. Core Fund Managers Abby Bowden and Mac Johnson from Stockbridge and Kate Davis and is Dennis from Harrison Street Core and Value Advisors. Harrison Street Core Property Fund Mia Dennis and Kate Davis Ms. Davis reviewed addressed the Board noting that Harrison Street has been doing business since November 201 1. Their gross portfolio is valued at 14 billion dollars with nearly 400 properties with an average gross investment size of $35.6 million. They manage a diversified portfolio consisting of medical offices, life sciences, student and senior housing and storage. The fund manages portfolio leverage to 22- 27% emphasizing on fixed rate and interest only debt. Ms. Davis reported that the fourth quarter was negative -0.4 1% and for the one-year period the core fund returned 15. 10% vs. the ODCE of 22. 10%. Mr. Hess questioned the timing of getting into the fund since most of these funds are closed. Ms. Davis noted that the redemptions are being distributed and they are looking for additional properties to purchase. Ms. Davis thanked the Board for allowing them to present. Stockbridge CVA Smart Markets Fund Abby Bowden and Mae Johnson Mr. Johnson addressed the board providing a brief overview of the company since inception in October 2011, the Core and Value Advisors manage 15.7 billion dollars in assets. Their diversified portfolio consists of Industrial, multifamily, office & retail. Mr. Johnson reviewed the strategy used to select their assets and acquisitions noting that the bulk of their investments are on the West Coast in San Francisco but also in the Midwest, the South and the East. The maximum leverage allowed is 35% but the firm rarely goes that high and the fund is usually in the twentieth percentile. Mr. Johnson spoke on the redemptions noting the redemption queue is around 25% valued at $212 million. He also noted that they do have clients taking partial �i_Vvm fir the quarter and I -year were 0. 97% and 3.86% respectively. He also stated that since inception they have outf,terformed the Vu-?ri of lvj�A tit, fi,resent. After the presentations a brief discussion ensued and Mr. Hess said the board can select one manager or both of the managers. One manager would accept a $ Imillion investment and the other manager would accept a $500.000 investment. Trustee Littlefield moved to invest$ 1 million to Harrison Street and $500,000 to Stockbridge pending contract review by the Board attorney and Trustee Moy seconded the motion and it passed. NEW BUSINESS: Detail of Administrative Expenses (no action required) The Administrator reported that the Administrative Expenses for fiscal year ending 9/30/2022 was $214,453 which was over budget of 195,106 and the budget had to be amended. Amended Administrative Budget The Administrator reported that she amended the Budget from $195,106 to $224,810. That being said, Trustee Moy moved to approve the amended budget and Trustee Littlefield seconded the motion and it passed. The Administrator will file accordingly with the City. IITIFITIISAED BUSINESS: Trustee Littlefield asked the Attorney about the DROP Plan Ordinance. Attorney Herrera noted that he has been in touch with the actuary and said the impact statement should be ready in two weeks. Attorney Herrera also noted that he spoke to the city attorney regarding the ordinance and as soon as he hears something from him, he will report back to the Board. COTISENT AGENDA: For Approval: Warrant #237 DRZ (Q4-22 Mgmt Fee; Invoice #202204026 dated 1/6/2023) $7,150.00 Fiduciary Trust (Q4-2022 Custodian Fee -Brandywine; Invoice dated 1/20/2023) $728.83 Fiduciary Trust (Q4-2022 Custodian Fee-DRZ; Invoice dated 1/20/2023) $794.44 Fiduciary Trust (Q4-2022 Custodian Fee-GHA; Invoice dated 1/20/2023) $2,180.45 Fiduciary Trust (Q4-2022 Custodian Fee -Mar Vista Invoice dated 1/20/2023) $619.60 Fiduciary Trust (fry -2022 Custodian Fee -R&D Invoice dated 1/20/2023) $3,098.70 Garcia Hamilton Assoc. (Q4-2022 Mgmt Fee; Invoice #36695 dated 1/3/2023) $10,958.35 Mar Vista (Q4-22 Mgmt Fee; Invoice #12373 dated 1/5/2023) $5,581.18 Total $31,111.55 Consent Agenda Continued: For Ratification: Warrants 9334—VA ILFPPTA (2023 Membership renewal) $750:84, UPPTA (CPPT Certification; Brown, Littlefield, Maxwell, Mo): & Pace; $31 ea.) S155M, FPPTA (2023 Winter School Registration for 5 Trustees @ $850 each) $4,250.00 Joe Moy (Hotel & Per them for Winter Trustees School 1/29-2/1-2023) $783.36 Total $5,938.36 Benefits USA, Inc. (Flat Monthly Fee for December 2022) $2,500.00 Trey Littlefield (Hotel & Per them for Winter Trustees School 1/29-2/l/2023) $783.36 William Maxwell (Hotel & Per them for Winter Trustees School 1/29-2/1-2023) $776.61 Total $4,059.97 AndCo (Q4-2022 Consulting Fee; Invoice #43156 dated 12/30/2022) $7,000.00 Benefits USA, Inc. (Flat Monthly Fee for January 2023) $2,500.00 Sugarman, Susskind ETAL (Legal Fees -Invoice #174497 dated 12/8/2022) $3,010.68 Total $12,510.68 Pension Payments for Ratification: Ron Howard (Monthly Benefit Payments effective I/l/23) $3,044.80 Brandon Ganesh (Refund of Contributions -Cash out) $5,679.15 Andre Holzendorf (Refund of Contributions -Cash out) $5,854.95 Total $14,578.90 Trustee Moy moved to approve the consent agenda as presented and Trustee Littlefield seconded the motion and the motion passed. Attorney's Report: Attorney Herrera reported on the Secure Act 2.0 noting that it included several amendments to the tax code affecting public saftey officers. Currently, there is a $3,000 tax exclusion for public safety officers' provided such are applied towards health insurance premiums. This exclusion requires that the ]i,,remiums must be deducted from the retiree's �cen 'on Gwa*wments and i�caid dircctlpAoii&;,; insurance company by the pension plan. This act now repeals this requirement and allows retirees to make payment directly to the insurance carrier. Effective for amounts received in taxable years beginning 12/31/2026, the Secure 2.0 act permits first responders to exclude service incurred disability payments from gross income after reaching retirement age despite the respective pension plan converting the form of benefit from a disability retirement to a normal form pursuant to its terms. ";CIIaILJ PIT O-M, oes not, Tp?1Yy7Mru-IF Y=csa My oilicers Tno, are 50.5 years of age. The SECURE Act 2.0 extends this exemption to public safety officers with 25 years of service regardless of their age. This amended act also expands the definition of public safety officers to include corrections officers. Further, the age to take required mandatory distributions is currently age 72. This act increases the age to 73 beginning l/l/2023 and to age 75 beginning January 1, 2033. Additionally, this act reduces the penalty for failure to take the RMD from 50% to 25% and if corrected in a timely manner, the penalty is further reduced from 25% to 10%. Finally, for defined benefit plans, the act extends the ability of an employer to use funds from an overfunded pension plan to pay retiree health and life insurance benefits from December 3 1, 2025 to December 31, 2032. Administrator's Report: . . . . . . . . . . . . . . . . i - - PukitTiWir-PLY" No action was needed. Comments from Trustees: No Comments from the trustees. login - 0. * POPWIVIBIMUMPI, 1, , 4 1 1# 1 1 If I Adjournment: Trustee Moy moved to adjourn and Trustee Littlefield seconded the motion. The meeting adjourned at 3:04 pm. Mzm��- �- � . . . . ........ . - Chairinan