05-05-2021 Minutes
CITY OF OCOEE
BOARD OF TRUSTEES
QUARTERLY MEETING MINUTES
City Hall, Commission Chambers
Wednesday, May 5, 2021at 10:00AM
TRUSTEES PRESENT:Gequita Cowan, Chair
Robert Briggs, Vice Chair
Stefanie Wilson, Secretary
PatriciaGleason
Jean Grafton
TRUSTEES ABSENT:None
OTHERS PRESENT:Tim Nash, AndCo Consulting
Pedro Herrera, Sugarman & Susskind(via phone)
Kim Kilgore, Foster & Foster
1.Call to OrderGequitaCowancalled the meeting to order at 10:02AM.
2.Roll CallAs reflected above.
3.Public CommentsNone.
4.Approval of Minutes
Theminutes from theFebruary 3, 2021,quarterly meetingwere approved,upon motion by Robert
Briggsand second byStefanie Wilson;motion carried 5-0.
5.Consent Agenda
a.Warrants #83and #84for ratification
b.Quarterly fund activity report for January 28, 2021toApril 28, 2021
The Board approved the consent agenda as presented,upon motion byRobert Briggsand second
byJean Grafton;motion carried 5-0.
6.New Business
a.Gequita Cowan updated the board on the newsletter she hadsent out to the membership
and her goals for the future on having members be more active in their retirement
planning.
b.The board thanked Gequita for having created the newsletter and commented how it
would be a great tool to communicate retirement topicsto the members.
7.Old BusinessNone.
8.Reports (Attorney/Consultants)
a.AndCo Consulting, Tim Nash,Investment Consultant
i.Quarterly Report as of March 31, 2021
1.Tim Nash reviewed the market environment during the past quarter and
reviewed the possibilities of inflation coming.
2.Tim Nash reviewed the schedule of investable assets over the past 10
yearswith a beginning market value of $21,184,315 and ending market
value as of March 31, 2021 of $49,100,971 with an8.44% net average
return.
3.The asset allocation summary for the quarter ending was Domestic Equity
50.20%, International Equity 14.80%, Domestic Fixed Income 19.30%,
Global Fixed Income 4.60%, Real Estate 9.90%,and Cash 1.30%.
4.Tim Nash reviewed the asset allocationversus the Investment
Policy Statement (IPS).Tim commented the fund was a little under on the
domestic fixed incomeallocationand would need to berebalance back to
targetper IPS.
5.Tim Nash reviewed theasset allocation comparison for the last four
quarter endings.
6.TimNash reviewed the financial reconciliation for the past quarter with a
beginning total market valueof $47,786,374and ending market value of
$49,100,971showing a gain around $1.7 million for the quarter.
7.The total fund gross returns for the quarter were 3.75%.Trailing returns
for 1, 3, and 5-year periods were 37.03%, 10.68%, and 10.65%,
respectively.Since inception (4/1/04), gross returns were 7.63%.
8.T
portfoliofor the past quarter.
b.Sugarman&Susskind,Pedro Herrera,Board Attorney
i.Financial Disclosures
1.Pedro Herrera commented financial disclosures were due by July 1, 2021
from the trusteeandthelate filing fines would be payable by the trustee,
not the pension fund.
ii.Legal/Legislative updates
1.Pedro Herrera commented theexecutive order expired on
suspending certain quorum requirements for the State, therefore a
physical quorum would be requiredfor meetings going forward.
2.Pedro Herrera commented no bills passed whichwould affect defined
benefit plans during the past legislation session.Pedro reviewed SB84
which would close the definedbenefit plan for new hired General
Employees only for the FloridaRetirement System, passed in Senate, but
not in the House.
3.Pedro Herrera commented he would be presenting a disability
presentation at theupcoming FPPTA event.
9.Staff Reports, Discussion, and Action
a.Foster & Foster, Kim Kilgore,Plan Administrator
i.Educational Opportunities
1.FPPTA Spring Trustee School CEU Program, May18-19, 2021, Virtual
TH
2.FPPTA 37Annual Conference, June 27-30, 2021, Orlando, Florida
a.All trustees but Stefanie Wilson requested to be registered for the
th
37Annual Conference.
10., Discussion, and ActionNone.
11.AdjournmentThe meeting adjourned at11:02AM.
12.Next MeetingWednesday, August 4,2021at10:00AM,quarterly meeting
Respectfully submitted by:Approved by:
_____________________________________________________________
Kim Kilgore, Plan AdministratorGequita Cowan,Chair
Date Approved by the Pension Board: _____________________________________________