08-04-2021 MinutesTHE CITY OF OCOEE POLICE OFFICERS'/FIREFIGHTERS'
RETIREMENT FUND BOARD MEETING — August 4, 2021
Chairman Brown called the hybrid 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.
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 and Braeleen Scott of Foster & Foster and Fund Administrator 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 May 5, 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 Littlefield seconded
the motion and the motion passed.
Public Comments:
Ms. Norine Dworkin a newspaper representative from Winter Garden was present to inquire about the
pension fund. She was told to contact the Administrator for any documents she is requesting.
NEW BUSINESS:
Proposed Administrative Budget
The Budget for $192,805 was presented and approved. Trustee Pace moved to approve the proposed
budget and Trustee Moy seconded the motion and it passed.
Foster & Foster Portal Demo
Ms. Scott gave a brief presentation of what is entailed in the portal. Chairman Brown asked what the cost
was. Ms. Scott said it would be a $12,500 implementation fee and $18,750 ongoing. That being said, it
was noted that this item should be tabled until the members are contacted to see if they would be using
this portal.
UNFINISHED BUSINESS:
There was no Unfinished Business discussed.
Quarterly Investments Update: Q/E 06/31/2021
Mr. Nash reported on the economy noting that the economy is recovering due to the rollout of the COVID
vaccine as many businesses are reopening. The inflation rate increased from 4.2% to 5.0%. The labor
market continues to recover as the unemployment rate decreases. The US interest rates continued to fall
which resulted positive growth returns with large cap returning 8.5% mid -cap 7.5% and small cap 4.3%.
The US equity market rose during the period and international equity markets were also positive with the
MSCI-EAFE returning 5.2% vs. the MSCI-EM index of 5.0%. Bond markets were positive as the
interest rates fell. The Barclay's Blmbg Aggregate returned 1.8% vs. US Tips and Corporate Investment
grade bonds returning 3.2% and 3.5% respectively.
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Mr. Nash reported that the Market Value at 4/1/2021 was $70,894,496; the Contributions totaled
$839,877; the distributions totaled-$763,851; the management fees and other expenses
were $49,575 and $58,332 respectively; the income totaled $313,058; the appreciation totaled $3,657,092
and the ending Market Value at 6/30/2021 was $74,832,745.
Mr. Nash reported on the returns noting that the total fund return was 5.51 % for the quarter vs. the Total
Fund Policy 5.50%. Total equity 7.91% vs. the equity policy of 7.60%. The domestic equity returned
8.13% vs. the domestic equity policy of 8.24%. Brandywine and DePrince returned 5.22% and 5.77%
respectively vs. the Russell 1000 Value index of 5.21%. Alger and MarVista returned 11.10% and
10.22% respectively vs. the Russell 1000 Growth Index of 11.93%. Vanguard returned 8.29% in line with
the CRSP Index. American Funds Europacific Growth returned 6.97% vs. the MSCI AC World ex USA
of 5.64%. The total fixed income fund returned 1.28% and Garcia Hamilton returned 1.26% vs. the fixed
income policy of 1.83%. PIMCO Diversified Income Fund returned 2.77% vs. the Blmbg Barclays
Global Credit index of 2.24% and the PIMCO Global Bond Fund returned 0.06% vs. the Blmbg Barclays
Global Agg Index of 0.98%. American Realty returned 4.03% vs. the NCREIF index of 4.39%. Mr.
Nash reported that the Fund is doing well however, he recommended balancing the portfolio back to the
targets. Trustee Littlefield moved to accept the Consultant's recommendation and Trustee Pace seconded
the motion and the motion passed.
Finally, Mr. Nash reviewed the American Realty handout with the Board. No action was taken.
Consent Agenda: For Approval: Warrant #212
Benefits USA, Inc. (Flat Monthly Fee for August 2021)
$2,100.00
Brandywine Global (Q2-2021 Mgmt. Fee -Inv #44691 dated 7/24/2021)
$7,799.66
Fiduciary Trust (Q2-2021 Custodian Fee -Brandywine; Invoice dated 7/16/2021)
$862.83
Fiduciary Trust (Q2-2021 Custodian Fee-DRZ; Invoice dated 7/16/2021)
$894.76
Fiduciary Trust (Q2-2021 Custodian Fee-GHA; Invoice dated 7/16/2021)
$2,165.61
Fiduciary Trust (Q2-2021 Custodian Fee -Mar Vista Invoice dated 7/16/2021)
$854.60
Fiduciary Trust (Q2-2021 Custodian Fee -R&D Invoice dated 7/16/2021)
$3,773.58
Mar Vista (Q2-21 Mgmt. Fee -Invoice #8963 dated 7/6/2021)
$7,695.62
Total
$269146.66
For Ratification: Warrants #208-211
Benefits USA, Inc. (Flat Monthly Fee for May, 2021)
$2,100.00
Sugarman & Susskind (Legal Fees; Invoice #158758 dated 5/10/2021)
$340.00
Total
$2,440.00
Benefits USA, Inc. (Flat Monthly Fee for June, 2021)
$2,100.00
FPPTA (Annual Conference Registration for 4 Trustees)
$3,100.00
Charles Brown (Hotel & per diem for FPPTA Annual Conference 6/27-6/30/21)
$753.30
Trey Littlefield (Hotel & per diem for FPPTA Annual Conference 6/27-6/30/21)
$753.30
William Maxwell (Hotel & per diem for FPPTA Annual Conference 6/27-6/30/21)
$753.30
Joe Moy (Hotel & per diem for FPPTA Annual Conference 6/27-6/30/21)
$753.30
Saltmarsh ETAL (Fee for 9/30/2020 Audited Financial Statements)
$17,500.00
Total
$25,713.20
AndCo (Q2-2021 Consulting Fees -Invoice #38575 dated 6/30/2021)
$6,250.00
Sugarman & Susskind (Legal Fees; Invoice #159652 dated 6/7/2021)
$1,827.50
Total
$8,077.50
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Benefits USA, Inc. (Flat Monthly Fee for July, 2021) $2,100.00
Charles Brown (Mileage & Parking for FPPTA Annual Conference 6/27-6/30/21) $111.00
Joe Moy (Mileage & Tolls for FPPTA Annual Conference 6/27-6/30/21) $91.08
DRZ (Q2-21 Mgmt. Fee -Invoice #202102040 dated 7/8/2021) $8,053.00
GHA (Q2-21 Mgmt. Fee -Invoice #34163 dated 7/2/2021) $10,878.25
Sugarman & Susskind (Legal Fees; Invoice #160490 dated 6/30/2021) $340.00
Total $21,573.33
Pension payments for Ratification:
James Berish (Monthly Benefit payments effective 8/1/21) $2,773.07
James Berish (Share plan distribution) $4,989.10
Total Pension Payments: $7,762.17
Trustee Moy moved to approve the Consent Agenda and Trustee Maxwell seconded the motion and the
motion passed.
Attorney's Report:
Attorney Herrera reported that there was no new legislation pending at this time.
Attorney Herrera reported that the checks were being mailed out from the $204 million budget that was
approved by the Governor for bonuses to be paid to essential first responders. He said that the
members should be receiving them shortly.
Mr. Herrera reported that the FPPTA is having an in -person Trustees School on October 3-6, 2021 at the
Sawgrass Marriott in Ponte Vedra.
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: November 3, 2021 at 1:00 pm.
Adjournment: The meeting adjourned at 2:37 pm.
Respectfully submitted by,
t:"airman
Contact the 4' ty C lerk's (WkCto listen to an electronic copy of the complete minutes.
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