12-17-2009 Special Session MinutesTHE CITY OF OCOEE POLICE OFFICERS'/NIREFIGHTCRS'
RETIREMCNT FUND BOARD MEETING -DECEMBER 17,2009
Chairman Brown called the meeting of the City of Ocoee Police Officers "/Firefighters"
Retirement Trust Fund to order at 2:00 p.m. in the Commission Chambers of City Hair. The roll
was called and a quorum declared present.
PRESENT: Chairman Brown, Secretary Strickland, W.vau hn, Bill Wagner and Butch
Stanley
Also present: Attorney Dehner, Board Attorney and Pete; Prior of Benefits USA
ABSENT:
CALL To ORDER — Chairman C. Brown
Rol call and determination of quorum
Roll call was taken and it was determined that there was a quorum.
APPROVAL of MINUTES
,Approval of Minutes from Regular Session dated August 19, 2009.
Trustee Strickland roved to approve the minutes as submitted. Trustee Vaughn seconded the
motion and the motion passed.
NEW BUSINESS
Count and Certify the Police Special Election for Police Trustee
Chairman Brown advised that there was ars election herd at the Police Department for a Police
Officer Trustee. Chairman Brown conducted the election for the .police Trustee with Officer Bill
Wagner winning the erection. The vote was Bill Wagner ger 2 , Lee Stevens 10, and Randy Conyers
2.
Boardoint Fifth r u tee Int crested Parties James � �� dash Cos hi ynano's Seat
--- P -----Chairman Brown advised the Board that they have before thea., a candidate for the fifth Trustee
for the Board. Chairman Brown said he would entertain a motion for the selection of the fifth
`trustee. Trustee Strickland roved to approve Butch Stanley as the fifth Trustee. Trustee stee Wa ner
seconded the motion. Attorney Dohner advised the hoard that the city rust approve the seating
f the fifth trustee as a ministerial duty. Chairman Brown asked Attorney Dehaer to advise the
new trustees about the financial disclosure requirement, as well as the Sunshine Law. Attorney
hr er reminded the hoard that as trustees they cannot speak to one another about pension hoard
matters outside the scope of the meeting. Attomey Dehner noted that the members are allowed to
discuss matters with other- third parties of the fund, such as the hoard attorney, consultant and
administrator. Regarding ardin disability hearings, it is important that the applicant files a medical
waiver so the hoard can review the documents. At the conclusion of the disability hearing, all the
documents will he destroyed except for one, which will be het as the record of the meeting.
This process complies with the HIPP A. requirements. Attorney Dehner also reminded the
members that they are also a fiduciary of the plan and the members must act as a fiduciary. The
hoard does have fiduciary liability insurance if'there was a breach of fiduciary responsibility.
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Chairman Brown rn explained to the new trustees the different vendors that provide the services to
the board, such as Benefits USA, administrator, who maintains the plan on a daily -monthly basis,
the consultant, The octan Group, who revie rs our in e tments and money managers, the
actuary, Foster & Foster, who prepares the valuation which determines the cost of the play., as
well as the calculations for retirees, the custodian bank, Sun Trust, who maintains the
transactions of the plan and the Board Attorney, Lee Dehner.
oda .n & Grour)_Quarterly..RpRorts
For the third quarter the total fund earned 11.64% ranking in the 481h percentile compared to the
index of 11. %. For the fiscal year the fund earned 4.52% ranking in the 18'11 percentile versus
the index of o. 63 %. The Domestic Equity rtumed 11. 71 % out perfonning the index of 11.4 %.
For the fiscal year, domestic equity returns lost -5.98% hie outperfonned the index o -6.42%.
The Moody Aldrich Focused Value fund earned 23.42 ranking in the 1 1h percentile compared
to the Russell 3000 Index of 18.59%. Saw r ss Lange Growth earned 12.15% for the third
quarter ranking in the 82 d percentile, versus the Russell 1000 Growth Index of 13.97%. Westend
Advisors Equity earned 13.27% for the quarter compared to the S&P 500 Index of 15.61 %.
The Total International Composite fund earned 25.2 ranking in the 7"' percentile compared to
the EAFE Index of 19.5%. For the fiscal year they earned 0.65% ranking in the 67t" percentile
versus the index of 3.80%. M&N overseas Fund XOSX earned 25.72% 2 ranking in the 7 1h
percentile. nixed Income Composite earned 3.03% ranking in the 97"' percentile versus the index
of 3,74%. For the fiseal year they earned 11.12% versus the index of 10. 5 3 %.
ROP Distribution — Mike Reed
Mr. Prior reported that the DROP Distribution is for Mr. Mile Reed and the board should
provide a motion approving the DROP Distribution. Trustee Strickland moved to approve the
distribution as provided. Trustee Vau lm seconded the motion and the motion passed.
OTR BUSINESS
Payment of Invoices
PPTA Annual Membership
Mr. Prior noted that there is an invoice for the FPPT.A in the trustee packets for approval if'they
wish to continue to be members. Trustee Strickland moved to approve the invoice for $600.00
for membership renewal. Trustee Vaughn seconded the motion and the motion Passed.
ATTORNEY COMMENTS
H. Lee Iener, Esq.
Attorney Dehner reported on H 53 8 noting that he would like to include the changes in the Bill
in the restatement of the pian. The amendment to the health care proposal is still delayed in
Washington. It appears that the delay is due in part to how the payments are going to be made to
several insurance companies. Additionally, the neer Bill will address indexing the amount of the
insurance deductions.
Rule bot is still on the back burner with the state. It appears that when the new rules become
available, the rules will be more pension fendl . Attorney Lehner noted that the IRS is going to
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