11-07-2018 MinutesTHE CITY OF OCOEE POLICE OFFICERS'/FIREFIGHTERS'
RETIREMENT FUND BOARD MEETING — November 7, 2018
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.
PRESENT: Chairman Charles Brown, William Maxwell, Trey Littlefield and Bryan Pace
Others present: Tim Nash of AndCo Consulting, Lee Dehner, Board Attorney, Pete Prior of
Benefits USA. Inc.
ABSENT and EXCUSED: Joe Moy
CALL TO ORDER —
Roll was called and determination of a quorum was present.
APPROVAL OF MINUTES
Regular Meeting dated 8/1/18
Trustee Maxwell moved to approve the minutes as presented. Trustee Pace seconded the motion
and the motion passed
Special Meeting Rodriguez Disability Hearing 8/1/18
Trustee Pace moved to approve the minutes as presented. Trustee Littlefield seconded the motion
and the motion passed.
PUBLIC COMMENTS
There were no public comments at this time.
QUARTERLY INVESTMENT UPDATE: Quarter Ending 9/30/2018
AndCo Consulting
Mr. Nash reported on the economy briefly and noted that since 2016 the plan is still up 30% despite
the market volatility during the month of October. The total fund earned 3.7% for the quarter and
7.99% for the fiscal year vs. the policy of 3.44% and 8.58% respectively. For three years the plan
earned 9.14% vs. 10.44% and for five years the fund earned 7.83% vs. 8.44% respectively. Since
inception the plan earned 6.49%. vs. the policy of 6.75%. GAMCO returned 4.88% vs. the Russell
3000 of 5.39%; Vanguard returned 7.09% vs. 7.08%; Alger and Mar Vista returned 7.60% and
6.94% respectively vs. Russell 1000 Growth index of 9.17%; American Funds Euro Pacific was
down -0.84 vs. the MSCI AW index of .80%. The fixed income total return was 0.13% vs. the
fixed income policy of 0.02%. Garcia Hamilton was down -0.03% vs. the Barclays's Aggregate
Index of 0.02%; Templeton Global Bond returned 1.02% vs. the FTSE World Government Bond
Index of -1.62%. American Realty returned 2.19% vs. the NCREIF ODCE of 2.08%.
Mr. Nash reported the beginning market value at 7/1/18 was $52,262,813; the Contributions
totaled $1,497,741; the distributions totaled $759,469; the management fees totaled $42,492; the
other expenses totaled $49,285; the income was totaled $350,107 the appreciation was $1,630,773
resulting in an ending market value at 9/30/18 of $54,890,189.
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Mr. Nash noted that the plan is invested 65.38% in equity and within the 70% limits. Regarding
the asset allocation for real estate, Mr. Nash recommended increasing the dollar amount
rebalancing from the equity bringing the real estate allocation back to 10%. Trustee Pace moved
to accept the consultant's recommendation. Trustee Maxwell seconded the motion and the motion
passed.
NEW BUSINESS:
Insurance premium tax for Pension
This was just FYI for the board to know that they did get the check.
2019 Meeting dates
It was noted that due to the FPPTA Trustees School, the February 6, 2019 meeting date was
changed to January 30, 2019 @1:00 pm.
Operating Procedures
Trustee Maxwell expressed his concerns noting that the Trustees should be allowed to stay in the
hotel for local conferences in case there is an emergency where they would need to change
clothes. He asked that the travel policy be amended to reflect this. Trustee Pace moved to
approve the Operating Procedures pending the changes and Trustee Littlefield seconded the
motion and the motion passed.
FPPTA 2019 Membership
Mr. Prior noted that the 2019 membership is due on 12/31/18. Trustee Pace moved to renew the
membership and Trustee Maxwell seconded the motion. The motion passed.
UNFINISHED BUSINESS:
Rodriguez Disability Continuance 11/19/18 @ 1:00 am
Chief Brown noted that the Disability hearing for Stephanie Rodriguez will continue on 11/19/18
at 1:00 pm.
CONSENT AGENDA
For Approval: Warrant #170
Benefits USA, Inc. (Flat Monthly fee for November 2018; Invoice #11-2018)
Fiduciary Trust (Q3-18 Custodian Fee-GHA; Invoice dated 10/16/18)
Fiduciary Trust (Q3-18 Custodian Fee-GAMCO Invoice dated 10/16/18)
Fiduciary Trust (Q3-18 Custodian Fee -Mar Vista Invoice dated 10/16/18)
Fiduciary Trust (Q3-18 Custodian Fee -R&D Invoice dated 10/16/18)
Foster & Foster (Services Rendered; Invoice #13319 dated 10/22/18)
FPPTA (CPPT Certification Program Onsite Registration -Trey Littlefield)
Garcia Hamilton Assoc. (Q3-18 Mgmt. Fee -Invoice #29820 dated 10/10/18)
GAMCO (Q3-18 Mgmt. Fee -Invoice #20180930-157-4967-A dated 10/18/18)
Mar Vista Q3-18 Mgmt. Fee -Invoice #4990 dated 10/24/18)
Total
$2,100.00
$1,415.14
$1,289.92
$688.99
$2,957.16
$1,115.00
$1,000.00
$7,116.72
$19,348.00
$6,118.02
$43,148.95
For Ratification: Warrants #167-169
Christiansen & Dehner (Legal Fees; Invoice #32455 & 32456 dated 7/.31/18) $2,873.72
Davidson, Jamieson & Cristini (Final Billing for 9/30/17 Audit Inv dtd 8/6/18) $9,500.00
Fiduciary Trust (Q2-18 Custodian Fee-GHA; Invoice dated 7/17/18)
$1,419.05
Fiduciary Trust (Q2-18 Custodian Fee-GAMCO Invoice dated 7/17/18)
$1,232.58
Fiduciary Trust (Q2-18 Custodian Fee -Mar Vista Invoice dated 7/17/18)
$645.07
Fiduciary Trust (Q1-18 Custodian Fee -Mar Vista Invoice dated 7/17/18)
\$245.06
Fiduciary Trust (Q2-18 Custodian Fee -R&D Invoice dated 7/17/18)
$2,738.52
GAMCO Q2-18 Mgmt Fee -Invoice #20180630-157-4967-A dated 7/13/18)
$18,488.00
Total
$37,142.00
Benefits USA, Inc. (Flat Monthly Fee for September 2018; Inv #09-2018)
$2,100.00
Christiansen & Dehner (Legal Fees; Invoice #32562 & 32563 dated 8/31/18)
$4,042.30
FPPTA (Trustee School Registration for 3 Trustees @ $600 each)
$1,800.00
Hyatt Regency Coconut Point (Hotel Reservation for Joe Moy)
$597.00
Hyatt Regency Coconut Point (Hotel Reservation for Bryan Pace)
$597.00
Joe Moy (Mileage & Per Diem for FPPTA Fall Trustees School)
$286.94
Bryan Pace (Per Diem for FPPTA Fall Trustees School)
$95.00
Poinsett Littlefield (Hotel, Mileage & Per Diem for FPPTA Fall Trustees School) $949.51
Total
$10,467.75
AndCo (Q3-18 Consulting Fee -Invoice #26239 dated 9/28/18)
$6,250.00
Benefits USA, Inc. (Flat Monthly Fee for October 2018; Inv #10-2018)
$2,100.00
Christiansen & Dehner (Legal Fees; Invoice #32667 dated 9/30/18)
$1,693.25
Total
$10,043.25
Pension Disbursements for Ratification:
Craig Anderson (Refund of Contributions)
$21,443.89
Andrew Motes (Refund of Contributions)
$18,274.78
Carl Curtis (Monthly Benefit Payments eff 9/1/18)
$750.78
Carl Curtis (Partial Lump Sum Option -cash out)
$26,799.06
William Mendoza (Monthly Benefit Payments eff 8/1/18)
$2,833.19
William Mendoza (Partial Lump Sum Option -Rollover)
$94,411.16
Randall Root (Monthly Benefit Payments eff 7/1/18)
$272.56
Total Pension Disbursements
$1645785.42
Trustee moved to approve the consent agenda. Trustee seconded the motion and the motion
passed.
Attorney' Report:
Mr. Dehner noted at the last meeting, the board has adopted a budget and now for the next
meeting, the Board will need to review the actual administrative expenses to determine if they
went over budget. If the Plan is over budget, a special meeting will need to be set to amend the
budget.
Trustees Comments:
The Trustees had nothing further to comment.
Next Regular Meeting date: Mr. Prior noted that the next regular meeting will be held on
1/30/19 at 1:00 PM.
Adjournment: The meeting adjourned at 3:30 pm.
Respectfully submitted by,
,Q
Chairrii
Contact the City Clerk's Office to listen to an electronic copy of the complete minutes.
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