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Home My WebLink About05-02-2018 MinutesCITY OF OCOEE MUNICIPAL GENERAL EMPLOYEES' RETIREMENT TRUST FUND BOARD OF TRUSTEES QUARTERLY MEETING MINUTES City Hall, Commission Chambers Wednesday, May 2, 2018 at 1 O:OOAM TRUSTEES PRESENT: Patricia Gleason Jean Grafton Gequita Cowan Pam Brosonski TRUSTEES ABSENT: Robert Godek OTHERS PRESENT: Tim Nash, AndCo Consulting Zach Chenisky, AndCo Consulting Lee Dehner, Christiansen & Dehner Ferrell Jenne, Foster & Foster Kim Kilgore, Foster & Foster Melanie Sibbitt, Ocoee City Clerk 1. Call to Order — Gequita Cowan called the meeting to order at 10:03 a.m. 2, Roll Call — As reflected above. 3. Public Comments — None. 4. Approval of Minutes a. Jean Grafton understood the travel policy requested by the board would allow for prepayment to traveler due to personal limited funds available. Gequita Cowan said the board did not discussed prepayment, only a reimbursement policy. Ferrell Jenne explained the travel policy she was presenting was for reimbursement, but she could make a change if needed. The minutes from the February 7, 2018, quarterly meeting were approved upon motion b Patricia Gleason and second by Pam Brosonski, motion carried 4-0. 5. Consent Agenda a. Warrants #43 and #44 for ratification. b. Warrant #45 for payment approval. The consent agenda was approved as presented upon motion by Jean Grafton and second by Pam Brosonski, motion carried 4-0. 6. New Business a. Quarterly Fund Activity Report for February 1, 2018 — April 25, 2018 i. Ferrell Jenne briefly reviewed the fund activity since they last meeting with the board. The quarterly fund activ!�y report for October 26, 2017 — January 31, 2018 was approved as presented upon motion by Pam Brosonski and second I by Patricia Gleason, motion carried Discussion educational session with plan members, GeqUita Cowan i GeqUit8Cowan requested that 8retirement educational session was needed for the active General employees covering what tOexpect when retiring. ii. P8nl B[080OGki stated this will help the 8nlp/Oye8S understand how a defined benefit plan works. Pam further discussed when 8nemployee iS hired and are given loads Ofinformation 8tonce itcan bevery overwhelming, so it would be beneficial to reach out again after that initial meeting. iii. Kim Kilgore commented that FoSter& Foster would be able to perform the meetings along with the actuary. Kim Kilgore also stated this would be special meeting and there will beadditional charges 8tthe rate Of$150 per hour including travel time. iv. <38quit8 Cowan stated she would coordinate with the departments the dates, times and locations. GgqUit8further commented that itwould be more than one meeting needed tOaccommodate all General employees. C. 0isCUS8k}O of elected officials new term UrnhS. Melanie S/bbhtt |. Melanie SibbittiOf0rDed the board of Ordinance NO. 2017-025 adopted hv the City |8S1 year changing from tw�>fOfour years terms with 8 |inniof ' terms for newly elected City officials effective June 1' 2018. K4e|8nie8ibbitt further reviewed the current vesting provision for elected officials being nine years of service which will not allow them to get to vesting status. Melanie Sibbitt was not asking for action currently she was only informing the board Ofthis change. ii. Jean Grafton commented the board would need to request to change Our current p|@D provision or not do anything, therefore, not @||Ovv/ng elected officials to be future pensioners. iii. Jean Grafton question ifthe board needed tOact 8tthis time. iv. Gee Cowan explained tnboard that itwas information only. 7. Old Business 8. Travel Policy i Ferrell Jenne drafted a statement of travel policy for the board that would allow for reimbursement Onall reasonable travel costs. Ferrell gave each Ofthe board members @ copy Ofthe form tOuse when submitting for travel n8inoburSennmnL Ferrell Jenne will 8rn8i| the board the form in excel format that auto calculates expenses. ii. Lee [}ehDe[stated hewill add the new travel policy tUthe board's Operating Rules and Procedure once adopted hVthe board. The Travel -Policy was approved as presented upon motion by Pam Brosonski and second by Patricia Gleason, motion carried 4-0. 8. Reports a. Christiansen & Dehner,Board Attorney, LeeOehOeF i. Lee Dehner commented that legislatively there was nothing to report from Washington 0[Tallahassee. ii Lee DehOer reminded the board to file the OiSdOSUFe Form by JUk/ 151tO their local election office or penalties will be charged. b. AndCO COnSu|bOg' Investment Consultant, Tim Nash i. Tim Nash introduced Z8ch Cheni8kvt0the board and explain his current role with the firm is collecting and verifying the data presented in the reports handed out at each meeting. Tim stated that ZaCh was present at the meeting to learn the aspects Of his rO|8 in the presentation of the report to the boards. ii. Tim Nash reviewed the market eDvi[OnnneOL during the past quarter. Market returns were broadly in the negative territory 8crO8G the OOEV0[ equity and fixed income indices for February and MGrCh, with a slight i[DD[OV8Dlent in April, International market benchmarks were mixed with developed markets with [OOde8dV negative returns and emerging markets earning 8 slightly positive result for the quarter. iii. The market value 0fthe fund 8SofMarch 31.2018,was $38`34U.941. iv. Total fund net returns for the quarter were .11%. outperforming the policy benchmark Of`48%, placing the fund in the 18 m percentile on o gross basis. Total fund net trailing returns for the 1' 3 and 5-yea[ periods were 10.16%. 6.71%, and 8.46% respectively. Since iDD8pLiOD (4/1/2004). total fund net returns were 6.99%, outperforming the benchmark of 6.92%. 9. Staff ReDorts. Discussion and Action 8. Kim K]|gOrekF8rr8UJenne, Plan Administrator i Educational opportunities 1. Kim Kilgore reminded the board about the upcoming Division of Retirement Trustee School OO jUDe 4-6' 2018 in T8ll8h8SS88. Florida. 2. Kim Ki|QOn3 asked the board to let her know who will be attending the FPPTA conference OO June 24-27 in [)d8DdO, Florida registration has opened. G8qUitBCowan i6planning tOattend. 3. Kim Kilgore commented that the SIB 534posting requirements were CODlp|6t8d for this year. 18. Trustees' Reports, Discussion, and Action 12. Next Meetinq —Wednesday, August 1, 2018, quarterly meeting. Name: Kim Kilgore Title Plan Administrator Date Approved by the Pension Board: Approved by: Na: )Gequita Cowan Title: Vice Chair