HomeMy WebLinkAbout11-06-2024 MinutesCITY OF OCOEE
*JJ�4TIU RETIREMENT TRUST FUND
BOARD OF TRUSTEES QUARTERLY MEETING MINUTES
City Hall, Commission Chambers
I N. Bluford Avenue, Ocoee, FL 34761
Wednesday, November 6, 2024 — 1 O:OOAM
TRUSTEES PRESENT: Gequita "Gee" Cowan, Chair
Steven Sanders, Vice Chair
Patricia "Pat" Gleason, Secretary
Gary Gleason
Shannon Hopper
TRUSTEES ABSENT: None
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera (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 10:03AM and a quorum was
determined.
2. Roll Call —As reflected above.
3. Public Comments — None.
4. Approval of Minutes
a. August 7, 2024, quarterly meeting
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by Pat Gleason and second by Gary Gleason; motion carried 4-0.
5. New Business
a. Election of Officers (ChairNice/Secretary)
i. Chrissy Stoker commented the Officer positions were Chair, Vice Chair, and
Secretary and should be elected (or reelected) every two years as stated in
the Operating Rules and Procedures. The current Officers were Gee Cowan
as Chair, Steven Sanders as Vice Chair, and Patricia Gleason as Secretary.
The Board could elect to retain the current Officers or select different trustees
for these positions.
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and second by Pat Gleason; motion carried 4-0.
b. Auditor Engagement Letter
i. The Board discussed the pricing information in the engagement letter.
ii. Chrissy Stoker highlighted language on Page 3 stating the auditors had
"identified the following significant risk of material misstatement as part of
[their] audit planning: Management override of controls and improper revenue
recognition." Chrissy read an email from the auditor clarifying this verbiage
was standard and there was no reason for concern.
iii. Pedro Herrera noted he had seen fees increasing in this sector and he did not
have any concerns with the pricing, but the Board had the right to go out for
bid if they wanted to see what other audit firms were charging.
iv. Chrissy Stoker noted the auditors planned to attend next quarter.
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Gleason; motion carried 4-0.
6. Reports (Attorney/Consultants)
a. Mariner Institutional, Brad Hess, Investment Consultant
i. Quarterly Report as of September 30, 2024
1.
Brad Hess introduced himself and gave a brief overview of Mariner
Institutional and his role as the investment consultant for the Board.
2.
Brad Hess gave an overview of the market environment over the
quarter, noting this was one of the best years the Plan has had.
3.
Brad Hess reviewed the asset allocation of the fund relative to the policy
targets and did not recommend any rebalancing, as they were well
within the parameters of the policy.
4.
The market value of assets as of September 30, 2024, was
$51,896,228.
5.
Brad Hess reviewed financial reconciliation for the Fund for the quarter
and fiscal year to date.
6.
The total fund gross returns for the quarter were 5.44%. Trailing
returns for the 1, 3, 5, and 1 0-year periods were 20.18%, 3.37%,
7.58% and 7.51 %, respectively. Since the inception (04/01/2004), total
fund gross returns were 7.11 %.
7.
Brad Hess reviewed the performance of each manager and did not
make any recommendations.
8.
Brad Hess gave a more recent Fund update, noting the market value of
assets as of November 6, 2024, was approximately $51.2 million.
Note: Steven Sanders joined the meeting at 10:40AM.
ii. Mariner Educational Presentation
1, Brad Hess commented the Police & Fire board requested education on
closed -end private investment strategies (CE-PS) and offered to give
the same presentation to the General board.
2. Brad Hess and the Board discussed investment minimums and the
number of his clients who participated in private investment programs.
Brad noted most investors had an asset base of at least $200 million.
Pedro Herrera commented he had seen many public pension clients
investing in these strategies over the last five years, not just clients with
a significant asset base.
3. After some discussion, it was the consensus of the Board to leverage
future meetings to learn more about this investment strategy.
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b. Sugarman & Susskind, Pedro Herrera, Board Attorney
i. Mariner Agreement for Investment Advisory Services
1. Pedro Herrera advised the new agreement was consistent with the
prior agreement with AndCo and he recommended its execution.
ii. Update on overpayment to deceased beneficiary
1. Pedro Herrera confirmed he contacted a relative of the decedent who
had access to her account and agreed to return the overpaid funds.
Tiffany Fair confirmed the funds had been recouped.
2. Gee Cowan reminded everyone present that the names of members
andlor beneficiaries should not be used to protect their privacy.
iii. Credit card policy draft
1. Pedro Herrera advised he will bring the draft policy to the next meeting
but comm that it will be similar policy that they use for their other clients.
2. After some discussion of other expenses the cards may be used for, the
Board decided the card should only be used for hotel reservations.
1 The Board discussed delays in receiving reimbursements for out-of-
pocket expenses incurred while travelling for education.
iv. Plan Restatement
1. Pedro Herrera advised the restatement should be completed next week.
There were no new provisions; the restatement would clarify verbiage,
reorganize sections for better flow, delete obsolete information, and
include any ordinances that had been adopted after the last restatement
was published
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carried 5-0.
v. Legislative/legal updates
1. Pedro Herrera reviewed two new statutes that would impact the Board's
agreements with vendors that were non -governmental entities. Pedro
advised all service providers going forward would need to complete
affidavits confirming they complied with these statutes and did not use
coercion as a labor practice and were not entities of any of the listed
foreign countries of concern. Chrissy Stoker confirmed she had already
received affidavits from various service providers.
8. Consent Agenda
a. Payment ratification
i. Warrants #116 and #117
b. New invoices for payment approval
i. None
c. Fund activity report for August 1, 2024 — October 30, 2024
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by Shannon Hopper; motion carried 5-0.
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Chrissy Stoker/Tiffany Fair, Plan Administrators
i. Board membership renewal
1. Tiffany Fair commented the cost to renew the Board's membership with
the Florida Public Pension Trustees Association (FPPTA) was $750.00.
Chrissy Stoker gave an overview of the FPPTA organization for the new
trustee. Gee Cowan noted the Operating Rules & Procedures required
the trustees and the plan administrator to obtain a Certified Public
Pension Trustee (CPPT) certification within three years.
and second by Steven Sanders; motion carried 6-0.
ii. Educational opportunities
1. Tiffany Fair and Chrissy Stoker reviewed the FPPTA Winter Trustee
School and the Division of Retirement Conference.
10. Trustees' Reports, Discussion, and Acfion
a. Shannon Hopper introduced herself to the Board and gave some background
information, noting she was born and raised in Ocoee, had experience as a
paralegal, and began working for the City in the CRA (Community Redevelopment
Agency) in 2017 then transferred to the Finance Department in 2019.
11. Chairperson's Report
a. Gee Cowan noted all trustees were welcome to attend the Sunday session at
FPPTA, but the session was specifically for new trustees and only new trustees
could attend the lunch.
b. Gee Cowan gave an update on the status of the credit cards for the trustees. All
trustees should receive a new card before the next conference. Gee noted while the
cards were not being used, the account was earning interest.
c. Gee Cowan discussed the Trustee Leadership Council (TLC) which would conclude
in 2025 and she would be a mentor for FPPTA as a whole, not just new trustees.
12.Adiournment — The meeting adjourned at 12:OOPM.
13. Next Meeting — Wednesday, February 5, 2025, at I O:OOAM, Quarterly Meeting
Respectfully submitted by:
liipffany �Fair, Plan Administrator
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