HomeMy WebLinkAbout08-02-2017 Minutes CITY OF OCOEE
MUNICIPAL GENERAL EMPLOYEES' RETIREMENT TRUST FUND
BOARD OF TRUSTEES
QUARTERLY MEETING MINUTES
City Hall, Commission Chambers
Wednesday, August 2, 2017, at 10:00AM
TRUSTEES PRESENT: Jean Grafton
Patricia Gleason
Robert Godek
Robert Briggs
Gequita Cowan
TRUSTEES ABSENT: None
OTHERS PRESENT: Ferrell Jenne, Foster&Foster
Tim Nash,AndCo Consulting
Debbie Kocsis, Salem Trust
Lynn Skinner, Salem Trust
1. Call to Order—Robert Godek called the meeting to order at 10:03AM.
2. Roll Call—As reflected above.
3. Public Comments—None.
4. Approval of Minutes
The minutes from the May 3, 2017, quarterly meeting were approved upon motion by Jean
Grafton and second by Patricia Gleason, motion carried 5-0.
5. Consent Agenda
a. Warrants#34,#35 for ratification.
b. Warrant#36 for payment approval.
i. Ferrell Jenne reviewed the warrants with the board.
The consent agenda was approved upon motion by Robert Briggs and second by Jean
Grafton, motion carried 5-0.
6. New Business
a. Quarterly Fund Activity report for April 27, 2017-July 26, 2017.
i. Ferrell Jenne reviewed the Fund Activity report with the board.
The fund activity report was approved as presented upon motion by Jean Grafton and
second by Geguita Cowan, motion carried 5-0.
b. Trustee term expirations
i. Ferrell Jenne reviewed the terms set to expire on September 30, 2017.
ii. All trustees expressed interest in serving another term.
iii. Ferrell Jenne commented that she will work with the City Clerk to send a
notice to the membership regarding Robert Brigg's seat. The notice will
inform the membership that his term is up and will ask if anyone is
interested in running against him.
7. Old Business—None
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8. Reports
a. Salem Trust Company, Lynn Skinner/Debbie Kocsis, Board Custodian
i. Lynn Skinner and Debbie Kocsis introduced themselves and advised that
the first benefit payments from Salem Trust were made to the retirees on
August 1, 2017.
ii. Lynn Skinner briefly reviewed the transition process that occurred with
Fifth Third.
iii. Lynn Skinner reviewed the forms needed to complete the plan set-up.
iv. Tim Nash reviewed the rebalancing letter that he can draft; Salem Trust
confirmed that was acceptable. The Board had no questions.
v. Lynn Skinner reviewed the class action authorization form, advising the
board that they use a third party(Chicago Clearing)to process the class
actions. Lynn advised that after the claims have been settled, Chicago
Clearing will deduct a 20% processing fee and the net proceeds would
then be deposited into the plan's account.
vi. Tim Nash recommended the Board to utilize the Salem Trust class action
processing service.
The board approved Salem Trust to provide the class action processing services for a fee
of 20% of the award upon motion by Robert Briggs and second by Jean Grafton, motion
carried 5-0.
vii. Tim Nash reviewed the money market sweep authorization form and all
options. Tim recommended the Goldman Sachs Treasury Fund.
The board approved the Goldman Sachs Financial Square Treasury Fund option as the
cash management sweep upon motion by Jean Grafton and second by Gequita Cowan,
motion carried 5-0.
viii. Debbie Kocsis reviewed the disbursement process and commented that
all requests are processed in 3-5 business days. Debbie reviewed the
1099-R process and informed the Board that all monthly payments are
made on the first business day of the month.
b. AndCo Consulting, Tim Nash, Investment Manager
i. Quarterly report as of June 30, 2017.
1. Tim Nash gave a brief overview of the market environment
during the quarter.
2. Tim Nash reviewed the performance of each manager and the
financial reconciliation through June 30, 2017.
3. Market value as of June 30, 2017, was$36,141,263.
4. Net returns for the quarter were 3.11%, outperforming the policy
benchmark of 2.94% and placing the fund in the 30th percentile
on a gross basis. Trailing net returns for the 1, 3, and 5 year
periods were 11.99%, 5.91%, and 8.92%. Since inception
(4/1/2004), net returns were 6.52% slightly underperforming the
policy benchmark of 6.77%.
5. Tim Nash reviewed the asset allocations commenting that Brown
advisory has been removed from the portfolio and the MFS
Growth Fund has been added.
6. Tim Nash reviewed the Peer Group Analysis, commenting the
plan has performed well for the third, fourth and fifth year trailing
periods.
7. Tim Nash reviewed the compliance checklist.
9. Staff Reports, Discussion and Action
a. Educational opportunities.
i. Ferrell Jenne reminded Board about upcoming FPPTA conferences.
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b. Confirmation of receipt of benefits verification.
i. Ferrell Jenne gave an update on the PF-1 is, commenting that 77 letters
went out on June 1, 2017, and follow-up letters went out on July 20,
2017 to five members who had not returned their form.
10. Adjournment—The meeting adjourned at 11:00am.
11. Next Meeting—November 1, 2017 at 10:00AM.
R- •ectfully sub itted by: Appr j y:
i
. 51.11 Jenne Name: Robert Godek
Title: Plan Administrator Title: Chairman
Date Approved by the Pension Board: NUv Lill(3F. ler \ t .,O 1
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