HomeMy WebLinkAbout08-02-2023 Minutesa I IN 11 M WI 12, V I
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Others present:
Brad Hess of AndCo Consulting, Board Attorney Pedro Herrera of Sugarman, Susskind, Braswell
& Herrera via Zoom, Livia Giuliani of Benefits USA, Inc.
Call to Order:
Roll call and determination of quorum: The roll was called and a quorum declared present.
Approval of Minutes from Regular Meeting May 3, 2023
Trustee Littlefield moved to approve the minutes and Trustee Maxwell seconded the motion and
the motion passed.
Public Comments:
TTe—A-d[Ministrator rep e at haff-m-a-n—iCIFar-Tesbrown had to resign due to relocation and
that Secretary Pace would be acting Chairman. She also reported on the voting system notin_,Ai
that each trustee had to vote electronically in order for each vote to be counted.
Ms. Mindy Johnson from Fiduciary Trust introduced herself as the newest member of the
Fiduciary Relationship management team, noting that she is the lead relationship manager for
this Plan. She noted that everything was running smoothly with the account and she just wanted
to attend the meeting to meet the Trustees and update the Board. She said they strive to provide
the highest level of service to their clients, and value their relationships. The Administrator noted
that they work with Fiduciary Trust on several accounts and never had a problem. Ms. Johnson
thanked the Board for allowing her to attend.
Quarterly Investments Update: Q/E6/30/2023
AndCo Consulting
Mr. Hess reported on the economy noting that the GDP's final revision rose to 2% which was
higher than the previously reported 1.3%. The Fed raised interest rates in May 0.25% paused in
June. US equities rose higher in the 2 d quarter as the S&P 500 large cap index rose to 8.7% vs.
4.8% for mid cap and 5.2% for small cap. The developed market EAFE index rose to 3% and
the Emerging markets index 0.9%. Domestic equity benchmarks posted positive returns for the
second quarter in a row with the Russell 1000 returning 12.8% followed by the Russell 2000 and
the Russell mid cap returning 7. 1 % and 6.2% respectively.
Mr. Hess reported on the returns noting that the total fund return for the quarter was 2.92% vs.
` policy of ..irr the equity fund returned i r vs. the equity policy of r i.-;.r r domestic
equity returned 6.95% vs. the domestic policy of 8.39%: the value composite returned 2.16 vs,
the Russell 100 value of 4 f'; rr Brandywine and fl-■ . returned 2.66%and 1.70%
respectively.. growth ci I# returned 11. i r r vs. the Russell 1000 growth of i 1 rr.
Alger and Mar Vista returned 13.99% and 9.75%. Vanguard returned 8.41 in line with the total
market index and outperformed the multi cap core index of 7.16%. International equity returned
rr i rr Americani returned 2.16% vs. the MSCI growthindexof 1•srr Di•+_
i Cox returned i irr vs. the MSCI value indexof 8r r The fixed income fund returned
-0.95% vs. the fixed income policy of -0.84%; For the domestic fixed income, Garcia Hamilton
returned-1.24 vs the Barclays' Aggregate of -0.84%. The global fixed income returned 0.46 vs.
` policy of # PIMCO diversified a `f i rf'r r vs. the indexof i irr PIMCO Global
returned f i4r r vs. the indexof f f •r r American Realty returned r r vs. the NCREIF index
of -2.87%. Mr. Hess recommended
off the dividend reinvestment feature from American
■ • moved i acceptthe Consultant's. and Trustee
Maxwell seconded i • and it passed.
Mr. Hess provided an updated Investment policy statement to comply with HB3 and reviewed
the changes with the Board. The Consultant provides non -discretionary advice to Board
regarding asset al• in, implementing Investment Policy Statement,r- •
and 3erformance monitoring of the -jdan and its investments. He also noted that
report will be due by December 15 and confirm to the board that reports have been prepared and
in compliance with C.I 1 Consultant provide • the managersit
consideration based solely on pecuniary factors. Finally, he reported that the Board can review
the IPS changes periodically. That being said, Trustee Littlefield moved to approve the changes
to the Investment Policy Statement & Trustee Maxwell seconded the motion and it passed.
"1 i
None at this meetin
2023-2024 Proposed Administrative Budget
The Administrator reported that she budgeted 23 8,700 which includes $ 10,000 for contingent
expenses. She noted that if the Fund goes over budget, then they will need to schedule a
special meeting to amend he budget. That bein said, Trustee Littlefield moved to approve ths
Administrative and Trustee Pace passed.
Benefits USA, Inc. (Flat Monthly Fee for June, 2023)
$2,500.00
1-nefits USA, Inc. (Flat Monthly Fee fori
If 11
USA, Inc. (Flat Monthly Fee for August, 2023)
$2,500.00
Foster & Foster (Services Rendered; Invoice #26762 dated 4/25/2023)
$25,589.00
TotalBenefits
AndCo (QI-2023 Consulting Fee -Invoice #43941 dated 3/15/2023)
Fiduciary Trust (QI-2023 Custodian Fee -Brandywine; Invoice dated 4/29/2023)
Fiduciary Trust (Q] -2023 Custodian Fee-DRZ, Tflvoice dated 4/29/2023)
Fiduciary Trust (QI-2023 Custodian Fee-GHA; Invoice dated 4/29/2023)
Fiduciary Trust (Q 1 -2023 Custodian Fee -Mar Vista Invoice dated 4/29/2023)
Fiduciary Trust (Q 1 -2023 Custodian Fee -R&D Invoice dated 1/20/2023)
Trey Littlefield (Hotel & Per them for FPPTA Annual Conference)
William Maxwell (Hotel & Per them for FPPTA Annual Conference)
Sugarman, Susskind ETAL (Legal Fees -Invoice #178456 dated 4/6/2023)
Total
Sugarman, Susskind ETAL (Legal Fees -Invoice #179263 dated 6/8/2023)
Total
AndCo (Q2-2023 Consulting Fee -Invoice #44765 dated 6/30/2023)
Charlie Brown (per them & mileage for FPPTA Annual Conference)
Garcia Hamilton Assoc. (Q2-2023 Mgmt Fee; Invoice #37952 dated 7/5/2023)
Trey Littlefield (Mileage expense for FPPTA Annual Conference)
Joe Moy (Mileage Expenses for FPPTA Annual Conference)
Sugarman, Susskind ETAL (Legal Fees -Invoice #I 79908dated 7/10/2023)
Total
Pension Payments for Ratification:
Brian Satterlee (DROP Exit -Monthly Benefit Payments effective 05/01/2023) $6,085.36
Brian Satterlee (DROP Distribution/Rollover) $104,425.84
Brian Satterlee (Partial Share Plan payment 80%) $5,621.05
Jonathan Pena (Refund of Contributions/Rollover) $2,062.05
Trustee Littlefield moved to approve the Consent Agenda and Trustee Maxwell seconded the
motion and it passed.
Attorney's Report:
Attorney Herrera reported on House Bill 3 noting that it was signed into law on July 1, 2023.
also noted that in December of this year, a report will need to be filed with the State requiring
certain investment advisors
solely on pecuniary factors.
Attorney Herrera reminded the Board that the financial disclosure forms were due July I't. They
should be submitted to the supervisor of elections in the county which you reside. The
Administrator reported that all the forms have been filed.
Administrator's Report:
The Administrator revorted that FPPTA Fall Trustees School was being
Marriott in Ponte Vedra on October 1-4, 2023. All of the Trustees expressed interest in
attending. The Administrator told them to make their hotel reservations as soon as possible.
No action needed.
Comments from Trustees:
Comments from Trustees:
The Trustees had nothing to report.
Adjournment: Trustee Maxwell moved to adjourn and Trustee Littlefield seconded the motion -
The meeting adjourned at 2:45 pra.
I
Secretary
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