HomeMy WebLinkAbout05-04-2016 Minutes THE CITY OF OCOEE POLICE OFFICERS'/FIREFIGHTERS'
RETIREMENT FUND BOARD MEETING—MAY 4, 2016
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 Hall. The roll was called
and a quorum declared present.
PRESENT: Charles Brown,Joe Moy, William Maxwell, Brain Pace, and Joe Moy
Also present: Mr. Tim Nash of Bogdahn Consulting, Lee Dehner Board Attorney, and Pete Prior
of Benefits USA
ABSENT and EXCUSED:
CALL TO ORDER—
Roll call and determination of quorum
Roll call was taken and it was determined that there was a quorum.
APPROVAL OF MINUTES
Approval of Minutes from Regular Meeting dated February 3, 2016. Trustee Maxwell moved to
approve the minutes as presented. Trustee Moy seconded the motion and the motion passed.
PUBLIC COMMENTS
There were no public comments at this time.
QUARTERLY INVESTMENT UPDATE: Period ending 3/31/2016
Bogdahn Consulting
Mr. Nash provided a brief report on the economy. It was noted that the real estate portfolio does
not show a return at this time but if real estate reports the same as the index, the total portfolio
would increase by .23%. In February 2016, the S&P has fell by -10.3% however equity prices
recovered during the second half. As a result, the S&P finished the quarter with a 1.3% return.
For the quarter, each of the stock indices has a positive return with the exception of the Russell
2000 returning a negative -1.5%. For the 1-year period; domestic large cap indices were the best
performer with the S&P 500 returning 1.8% and the Russell 1000 returning 0.5% respectively.
Although the market started off the year terribly, the portfolio finished positive for the quarter
returning 1.58%and for the fiscal year to date the plan earned 4.19%. Mr. Nash reported that the
market value as of January 1, 2016 was$42,195,367 and the market value on March 31,2016 was
$43,017,821, an increase of $822,454. Mr. Nash said the Plan is within the guidelines of
Investment Policy Statement and is not recommending any changes to the policy or managers at
this time. Chairman Brown asked Mr. Nash if he is going to change the Assumed Rate of Return
and Mr.Nash said not at this time. Chairman Brown suggested that the Board discuss lowering the
rate at the next meeting. Mr. Nash said he would provide some information for review.
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NEW BUSINESS:
Financial Disclosure Forms
Mr. Prior reported that his office provided the trustees copies of the Form 1 Financial Disclosure
forms for completion for this year. This is provided in case the Trustees do not receive the forms
from the Supervisor of Elections.
UNFINISHED BUSINESS:
Mr. Prior noted that at the last meeting the board wanted to postpone the implementation of the
experienced study to this meeting. Chairman Brown said he would like to speak on this at the next
meeting as he has had a chance to speak to the plan sponsor on the implications of adopting all or
some of the study. Mr. Prior said he would put this on the next agenda and make copies of the
study
CONSENT AGENDA
For Approval: Warrant#125
Benefits USA, Inc. (Flat Monthly Fee for May 2016) $2,100.00
Garcia Hamilton&Assoc. (1st Qtr. 16 Mgmt Fee-Invoice#26861 dated 4/16/16) $6,895.49
Joe Moy(Reimbursement of expenses from FPPTA Wall Street) $88.80
Total $9,084.29
For Ratification: Warrants#119-124
Benefits USA, Inc. (Copy and Shipping Charges for Collado Disability) $381.51
Charles Brown(Expenses Incurred at FPPTA Trustees School) $54.30
William Wagner(Expenses Incurred at FPPTA Trustees School) $21.00
GAMCO (4th Qtr. 15 Mgmt Fee-Invoice#20151231-167-4987-A dated 2/8/16) $14,749.00
Professional Indemnity Agency(Fiduciary Liability Policy Renewal) $4,063.00
Total $19,268.81
Christiansen& Delmer(Legal Fees-Invoice#27775 dated 1/31/16) $165.94
Total $165.94
Benefits USA, Inc. (Administration Services for March, 2016) $2,100.00
Christiansen& Dehner(Legal Fees-Invoice#27904; dated 2/29/16) $1,183.96
Joe Moy(Expenses Incurred at FPPTA Wall Street) $1,826.25
Total $5,110.21
Christiansen&Dehner(Legal Fees-remaining pmt on Inv#27904; dated 2/29/16)$1,119.80
Total $1,119.80
Benefits USA, Inc. (Flat Monthly Fee for April 2016; Inv#04-2016) $2,100.00
Bogdahn Group (Pt Qtr. 16 Consulting Fee-Invoice#13614 dated 3/30/16) $5,500.00
Sawgrass Asset Management(1st Qtr. 16; Mgmt Fee-Invoice dated 4/11/16) 12,670.54
Total $20,270.54
Christiansen& Dehner(Legal Fees-Invoice#26464 dated 3/31/16) $39.40
Fifth Third Bank(Pt Qtr. 16 Custodian Fee-Inv#4786643 dated 4/5/16) $3,585.12
Foster and Foster(Services Rendered-Invoice#8626 dated 4/22/16) $7,751.00
Total $11,375.52
Trustee Moy moved to approve the consent agenda as presented.Trustee Pace seconded the motion
and the motion passed.
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ATTORNEY COMMENTS:
H. Lee Denner, Esq.
Attorney Dehner noted the 60t calculation and the results of the valuation should be posted on
the City's website.
Attorney Dehner reported on the pending legislation, noting that both bills never came out of
committee; one being the presumptive cancer bill and the other was to extend confidential
information for the active firefighters as well retired firefighters. This is currently the case for
police officers.
Attorney Denner also spoke on Senate 172 noting they have to make sure that mutual consent
agreement is reached regarding the share plan. If no mutual consent is reached, then the money
will go into default with 50% going to the City and 50%to the members. Attorney Denner said
he can provide the Share Plan language for the Mutual Consent Agreement; however; it has to be
written into an Ordinance that there is a provision for a Share Plan. Trustee Moy said he will
provide Attorney Dehner with a copy of the new Collective Bargaining Agreement. It was
noted that the police officers have not yet concluded their contract negotiations.
Chairman's report:
Chairman Brown had nothing further to report.
Trustees:
Trustee Moy gave very positive feedback on the Wall Street Conference. He said he would like
to thank all involved with the education as well as the accommodations and entertainment.
NEXT REGULAR MEETING DATE: AUGUST 3,2016 AT 1:00 PM.
ADJOURNMENT: The meeting is adjourned at 2:30 pm.
Respectfully submitted by,
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Contact the City Clerk's Office to listen to an electronic copy of the complete minutes.
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