HomeMy WebLinkAbout08-07-2024 MinutesCITY OF OCOEE
MUNICIPAL GENERAL EMPLOYEES' RETIREMENT TRUST FUND
BOARD OF TRUSTEES QUARTERLY MEETING MINUTES
City Hall, Commission Chambers
1 N. Bluford Avenue, Ocoee, FL 34761
TRUSTEES PRESENT: Gequita "Gee" Cowan, Chair
Patricia "Pat" Gleason, Secretary
Gary Gleason
Steven Sanders
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OTHERS PRESENT: David Robinson, Sugarman & Susskind (via Zoom)
Chrissy Stoker, Foster & Foster
Tiffany Fair, Foster & Foster
Brad Hess, Mariner Institutional
1. Call to Order — Gequita Cowan called the meeting to order at 10:OOAM and a quorum
was determined.
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4. Approval of Minutes
a. May 1, 2024, quarterly meeting
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9.. Now Business
a. Discussion of 5th Trustee
i. Chrissy Stoker reminded the Board that the 5th Trustee seat was still
vacant, and whomever was selected to fill the vacancy was not required
to live in the city limits.
iii Gequita Cowan requested to change from a Member -elected position to
the 5th Trustee seat so she could continue to serve on the pension Board
when she retired.
b. Election of Vice Chair
i. Chrissy Stoker reviewed the role of the Vice Chair.
c. Proposed 2025 meeting dates
i. The meeting dates proposed for 2025 were February 5, May 7, August 6,
and November 5. All meetings will be held at 10:OOAM in the
Commission Chambers of City Hall.
ii. The attorney suggested the second quarter meeting be moved from May
7, 2024, to April 30, 2024.
iii. By consensus, the meeting dates were approved with a change to the
second quarter meeting from May 7 to April 30.
f. Discussion of credit cards for Trustee travel
L Gequita Cowan introduced the Valley government banking purchasing
card program, explaining the purpose of the card was to make booking
hotel accommodations easier for the trustees. Gequita shared that Valley
Bank was referred to by Salem Trust as Salem wasn't a bank that issued
credit cards to plans. Gequita explained the cost was $75 per card and
money would need to go into an account to cover card limit and the
money would gain interest. A direction letter was required to set up the
account, and the account would require two authorized signors.
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motion carried 4-0.
6. Reports (Aftomey/Consultants)
a. Mariner Institutional, Brad Hess, Investment Consultant
L Quarterly Report as of June 30, 2024
1 .
Brad Hess gave an overview of the market environment over th,1
quarter.
2.
Brad Hess reviewed the schedule of investment assets over 10
years and stated as of August 6, 2024, the ending market value
was $48.7 million which was 1.8% down from $49.6 million
reported for June 30, 2024.
3.
Brad Hess reviewed the asset allocation of the plan compared to
the target and stated he was not recommending a rebalance at
this time.
4.
Brad Hess reviewed Financial Reconciliation for the Fund showing
the activity in the pension for the quarter and fiscal year to date.
5.
The market value of assets as of June 30, 2024, was
$49,566,918,
6.
The total fund gross returns for the quarter were 0.33%. Trailing
returns for the 1, 3, 5, and 10-year periods were 10.84%, 1.56%,
6.59% and 6.83%, respectively. Since the inception (04/0112004),
total fund gross returns were 6.93%.
7.
Brad Hess commented the net return for the Plan fiscal year to
date was 13.75% so they were comfortably ahead of the
investment return assumption.
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b. Sugarman & Susskind, Pedro Herrera, Board Attorney
L David Robinson reminded the Board about completing their Form 1.
Tiffany Fair confirmed all trustees had completed the form.
Revised DROP form
1. The Board reviewed the revised DROP form and Gequita Cowan
asked for the social security number to be added back to the form.
Gequita Cowan explained the purpose of the form was to make it
easier for members to understand.
iii. Addendum No.2 to the Operating Rules & Procedures
1. Chrissy Stoker stated the addendum covered speaking time and
striking out the travel policy.
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.v Mariner Agreement for Investment Advisory Services
1. David Robinson advised the agreement was still being negotiated
but it should be ready for execution at the next meeting.
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v. lipdate on overpayment to deceased beneficiary
1 . David Robinson advised a demand letter was sent in July
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recoupment of the overpaid funds, but he would follow up wi
Pedro Herrera to ensure a follow-up demand letter was sent to thl
decedent's niece.
2_ Tiffany Fair commented after the last meeting she reached out to
Salem Trust to inquire about the frequency of death audits. Salem
advised the audits were done monthly for now, but they were
hoping to increase the frequency in the future.
8. Consent Aggenda
a. Payment ratification
L Warrants #114 and #115
b. New invoices for payment approval
i. None
c. Fund activity report for April 25, 2024 —July 31, 2024
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second by Patricia Gleason; motion carried 4-0.
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Foster & Foster, Chrissy Stoker/Tiffany Fair, Plan Administrators
i. Tiffany Fair presented the upcoming education opportunities available to
the Board. Gequita Cowan, Patricia Gleason, and Steven Sanders were
registered to attend the FPPTA Fall Trustee School. Gary Gleason would
follow up after the meeting to advise if he would also attend.
ii. Chrissy Stoker stated for the record Gequita Cowan no longer needed to
pay a registration fee for FPPTA trustee schools since she was part of
the educational committee.
Gequita Cowan stated she also planned to attend the Division of
Retirement conference in November.
iv. Gequita Cowan noted the FPPTA Fall Trustee School event would begin
early on Sunday morning and it would be appropriate for any trustees
who wanted to stay an extra night to arrive on Saturday instead of
Sunday.
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11 . Chairperson's Report
a. Gequita Cowan informed the Board that she registered for the FPPTA Trust
Leadership Council (TLC) and said that it was new but at the end of t
session, you become a mentor. I
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_parried 4-0.
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Respectfully submitted by,
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Date Approved by the Pension Board: NQvernbgr Q, 2Q24
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