05-05-2021 MinutesTHE CITY OF OCOEE POLICE OFFICERS'/FIREFIGHTERS'
RETIREMENT FUND BOARD MEETING — May 5, 2021
Chairman Brown called the hybrid meeting of the City of Ocoee Police Officers'/Firefighters' Retirement
Trust Fund to order at 1:03 p.m. in the Commission Chambers of City Hall.
Trustees Present: Chairman Charles Brown, Bryan Pace, Joe Moy, Trey Littlefield and William
Maxwell
Others present:
Fund Consultant Tim Nash of AndCo Consulting, Board Attorney Pedro Herrera of Sugarman and
Susskind, Fund Actuary Doug Lozen of Foster & Foster and Fund Administrator Pete Prior and Livia
Giuliani of Benefits USA, Inc.
Call to Order:
Roll call and determination of quorum:
The roll was called and a quorum declared present.
Approval of Minutes from Regular Meeting dated February 3, 2021
Chairman Brown asked the board if there were any corrections, deletions, or additions to the minutes.
Hearing and seeing none Trustee Maxwell moved to approve the minutes and Trustee Pace seconded the
motion and the motion passed.
Public Comments:
There were no public comments at this meeting.
NEW BUSINESS:
Presentation 9/30/2020 Financial Statements
Ms. Jeanine Bittinger addressed the Board and provided an unmodified opinion of the financial
statements noting that the statements presented fairly in all material aspects. Ms. Bittinger reported that
the Employer contributions were $2,932,667 and Employee contributions were $697,905 totaling
$3,630,572. The chapter 175 and 185 monies received were $353,347 and $394,352 respectively. The
net appreciation was $4,804,095, the interest totaled $315,945, the dividends totaled $813,333, the
investment expenses totaled $142,442. The benefit payments with service retirees totaled $2,481,485
disabilities were $181,068, DROP retirees totaled $1,492,349; share plan payments were $19,837, refunds
of contributions totaled $73,451 and the administrative expenses totaled $105,264 for the total deductions
of $4,447,485. The City's net pension liability is $4,866,768 or 92.9%. The investment return was
10.11% net of expenses vs. 2.82% from last year.
Ms. Bittinger reported on the Administrative Expenses noting that the actuary fees were $31,713; the
Administrator's fees were 25,255; the Audit fees were $17,000; the liability insurance was $5,419; dues
and memberships were $775; seminars and Travel were $4,038 and the legal fees were $21,064 totaling
$105,264.
Ms. Bittinger reported on the participant data noting that there is a total of 69 retired members receiving
benefits and 21 vested terminated members. There are currently 161 active members with and 65 vested
members and 96 non -vested members. Ms. Bittinger concluded her report. That being said, Trustee
Maxwell moved to approve the 9/30/2020 financial statements and Trustee Moy seconded the motion and
the motion passed.
Page 1 of 4
UNFINISHED BUSINESS:
There was no Unfinished Business discussed.
Quarterly Investments Update: Q/E 03/31/2021
Mr. Nash reported that the equity markets posted positive returns for the I" quarter of 2021. The
performance was due primarily by the effects of $1.9 trillion fiscal stimulus and the growing number of
vaccines. As a result, small stocks outperformed returning 12.7% vs. 8.1% for mid -cap and 5% for large
cap. The US equity market indexes return 94.9% vs. large cap of 56.4% for the 1-year period.
International equity markets were also positive with the MSCI-EAFE returning (3.5%) vs. the MSCI-EM
index of (2.3%) for the quarter, 44.6% and 58.4% for the 1-year period respectively. Fixed income
returns were negative for the quarter with the Barclay's Blmbg Aggregate returning -3.4% and Corporate
Investment grade bonds returning -4.6%. For the 1-year period, Corporate Investment bonds returned
8.7% followed by TIPs returning 7.5%. In the Value sector, Energy and Financial were the best
performers returning 30.9% and 16.2% respectively. Consumer staples and Information Technologies
had negative returns of -1.6% and 1.3% respectively. The Russell 2000 led by energy sector returned
41.8% for the quarter. Consumer discretionary returned 26.7%.
Mr. Nash reported that the Market Value at 3/31/2021 was $69,471,829; the Contributions totaled
$686,386; the distributions totaled-$1,418,177; the management fees and other expenses-$47,074 and
-$44,309 respectively; the income totaled $282,140; the appreciation/depreciation totaled $1,963,978 and
the ending Market Value at 3/31/2021 was $70,894,772.
Mr. Nash reported on the returns noting that the total fund return was 3.19% for the quarter vs. the Total
Fund Policy 2.44%. Total equity 6.64% vs. the equity policy of 5.66%. The domestic equity returned
8.38% vs. the domestic equity policy of 6.35%. Brandywine and DePrince returned 17.52% and 16.28%
respectively vs. the Russell 1000 Value index of 11.26%. Alger and MarVista returned 1.20% and 3.19%
respectively vs. the Russell 1000 Growth Index of 0.94%. Vanguard returned 6.43% in line with the
CRSP Index. American Funds Europacific Growth returned -0.43% vs. the MSCI AC World ex USA of
3.60%. The fixed income fund returned -2.83% and Garcia Hamilton returned -3.08 vs. the fixed income
policy of-3.38%. PIMCO Diversified Income Fund and the PIMCO Global Bond Fund returned -2.53%
and -0.25% respectively vs. the IM Global Fixed Income Index of 3.20%. American Realty returned %
1.87% vs. the NCREIF index of 2.25%.
Mr. Nash reported on the compliance checklist noting that the Fund, the Domestic Equity and Fixed
income did not beat the benchmark for the 3- and 5-year periods and did not rank in the 40" percentile in
the 5-year period. The manager's compliance was mostly yes in achieving results.
Consent Agenda: For Ratification: Warrants #203-207
Benefits USA, Inc. (Flat Monthly Fee for February 2021)
$2,100.00
Mar Vista (Q4-2020 mgmt. fee; Invoice #7443 dated 10/7/2020)
$6,783.24
Sugarman & Susskind (Legal Fees -Invoice #156230 dated 2021)
$340.00
Total
$9,223.24
Benefits USA, Inc. (Flat Monthly Fee for February 2021)
$2,100.00
Professional Indemnity Ins. (2021-2022 Fiduciary Liability Insurance Renewal)
$4,226.00
Total
$6,326.00
Benefits USA, Inc. (Flat Monthly Fee for March, 2021)
$2,100.00
Foster & Foster (Services Rendered; Invoice #19236 dated 3/9/2021)
$18,222.00
GAMCO (Final billing; invoice not received until 3/11/2021)
$10,514.00
Sugarman & Susskind (Legal Fees; Invoice #157195 dated 3/15/2021)
$1,105.00
Total
$31,941.00
Page 2 of 4
NOTICE OF REGULAR MEETING
City of Ocoee Police Officers' & Firefighters' Pension Board
May 5, 2021
Consent Agenda Continued:
1:00 PM
AndCo (Q1-21 Consulting Fee -Invoice #37825 dated 3/19/2021)
$6,250.00
Benefits USA, Inc. (Flat Monthly Fee for April, 2021)
$2,100.00
FPPTA (CEU registration for Charles Brown)
$450.00
FPPTA (CEU registration for Trey Littlefield)
$450.00
GAMCO (Prorated Mgmt. Fee 4/l/2020-5/7/2020 invoice not received until 4/7/2021)
$4,608.00
Sugarman & Susskind (Legal Fees; Invoice #157829 dated 4/6/2021)
$510.00
Total
$14,368.00
Brandywine Global (Q1-2021 Mgmt Fee -Inv #23831 dated 4/20/2021)
$6,885.41
DRZ (Q1-2021 Mgmt Fee -Invoice #202101019 dated 4/10/2021)
$7,623.00
Fiduciary Trust (Q4-2020 Custodian Fee -Brandywine; Invoice dated 1/19/2021)
$699.41
Fiduciary Trust (Q1-2021 Custodian Fee -Brandywine; Invoice dated 4/16/2021)
$821.04
Fiduciary Trust (Q4-2020 Custodian Fee-DRZ; Invoice dated 1/19/2021)
$729.25
Fiduciary Trust (Q1-2021 Custodian Fee-DRZ; Invoice dated 4/16/2021)
$847.02
Fiduciary Trust (Q1-2021 Custodian Fee-GHA; Invoice dated 4/16/2021)
$2,142.77
Fiduciary Trust (Q1-2021Custodian Fee -Mar Vista Invoice dated 4/16/2021)
$776.39
Fiduciary Trust (Q1-2021 Custodian Fee -R&D Invoice dated 4/16/2021)
$3,503.15
Foster & Foster (Services Rendered; Invoice #19777 dated 4/23/2021)
$6,767.00
Garcia Hamilton (Q 1-21 Mgmt Fee -Inv #33693 dated 4/7/2021)
$10,745.61
Mar Vista (Q1-21 Mgmt Fee -Invoice #8381 dated 4/9/2021)
$6,990.48
Total
$48,530.53
Share Plan Payments/Refunds of Contributions:
Charles Brown (Final Share plan balance)
$8,293.75
Michael Bryant (Final Share plan balance)
$266.31
Stephen McCosker (Final Share plan balance)
$268.16
William Richardson (Final Share plan balance)
$15.77
Regina Rivera (Final Share plan balance)
$696.01
Lee Stephens (Final Share plan balance)
$206.48
Total Share Plan payments
$9,746.48
Riley Crandall (Refund of Contributions)
$677.01
Alfred Geffrard (Refund of Contributions)
$2,139.28
Chilinsky Joassaint (Refund of Contributions)
$2,107.28
Samuel Matlack (Refund of Contributions)
$10,866.92
Samuel Reeves (Refund of Contributions)
$2,518.51
Billy Saint Felix (Refund of Contributions)
$5,479.09
Total Refunds
$23,788.09
Trustee Pace moved to approve the Consent Agenda and Trustee Moy seconded the motion and the
motion passed.
Page 3 of 4
Attorney's Report:
Mr. Herrera reported that there are no new laws affecting public pensions pending in the legislature. He
also reported that Senate Bill 84 which sought to close the defined benefit arm of the Florida Retirement
System for all new hires as of July 1, 2021 died in the House.
Mr. Herrera reported that the FPPTA is having an in person Annual Conference on 6/27-6/30/2021 at the
Omni Hotel at Champions Gate.
Mr. Herrera reported that the Executive Order signed by the Governor regarding suspension of the
Sunshine law's physical quorum mandates has been voided and the Board must now satisfy establishing a
physical quorum in order to conduct its public meetings.
Finally, Mr. Herrera reminded the Board to file their financial disclosure forms by 6/30/2021.
Administrator's Report:
The Administrators had nothing further to report.
Miscellaneous Correspondence:
No action was needed.
Comments from Trustees:
The Trustees had nothing further to report.
Next Regular Meeting date: August 4, 2021 at 1:00 pm.
Adjournment: The meeting adjourned at 2:45 pm.
Respectful ,y a i tted by,
City Clerk's Office to listen to an electronic copy of the complete minutes.
Page 4 of 4