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09-28-1994 Minutes POLICE OFFICERS ' /FIREFIGHTERS' RETIREMENT TRUST FUND ' tom (PENSION MEETING) September 28, 1994 JOINT MEETING /GENERAL EMPLOYEES' /POLICE OFFICERS' /FIREFIGHTERS' PENSION BOARDS Chairman Reed called the Police Officers /Firefighters' Pension Board to order at 9:51 A.M. PRESENT: Chairman Reed, Members Gledich, Strosnider, Williams, and Wilson. ABSENT: None. Chairman Reed announced that this was a joint session of the Police Officers' /Firefighters and the General Employees' Pension Boards. Chairman Miller reconvened the General Employees' Board. MONEY MANAGERS Actuary Garrett explained the presentation order of the Money Managers and distributed a evaluation booklet which included graphs of the three managers. A questions and answer period was given after each Money Manager presentation. Member Gledich arrived for the meeting at 9:59 A.M. DAVIS HAMILTON JACKSON & ASSOCIATES - Janna K. Woods presented a newsletter, a client list, and said that they were strong with public funds. Also, Russell C. Byington, CFA, explained details of their portfolio and how the City Funds would be managed by their organization. Secretary Grafton and Member Strosnider left the meeting at 10:49 A.M. Member Waldrop left the meeting at 10:42 A.M. and returned at 10:50 A.M. NATIONSBANK TRUST - Debbie J. Bellrose introduced Scott Givens, Senior Portfolio Manager, who would be the representative, if chosen, for the Ocoee Funds. Mr. Givens gave a profile and reviewed an investment plan which included a Growth Equity Investment Philosophy. Tammy M. Ferrell, Client Service Officer, encouraged the Boards to select NationsBank as a money manager. RECESS 11:37 - 11:50 A.M. Member Gledich left the meeting at 11:37 A.M. Chairman Miller reconvened the meeting at 11:50 A.M. SUN BANK - Kurt Wood, business representative, introduced Philip G. Robert who explained '\r their strategy plan for the Ocoee Funds which included growth equity investment. Mr. Robert Police Officers/Firefighters Retirement Trust Fund Board Meeting September 28, 1994 said that their performance is what had put Sun Bank on the market. He appreciated the Boards giving them the opportunity to present a portfolio and asked for consideration to be the Funds money manager. Member Wilson arrived at the meeting at 12:04 P.M. Member Strosnider returned to the meeting at 11:59 A.M. and Secretary Grafton returned at 12:10 P.M. Member Miller moved to select NationsBank and to request the Board Attorney to negotiate fees and all that should be considered for custodial. Motion died for a lack of a second. Member Waldrop left the meeting at 12:51 P.M. and returned at 1:00 P.M. Chairman Reed asked Board members if they were willing to wait for Quarterly reports from The Investment Counsel (ICC)before making a final decision at the request of ICC Representative Greg Hoperaft. Member Strosnider, seconded by Member Waldrop, moved to select Sun Bank for custodial services as Money Manager and drop The Investment Counsel. Members Reed, Strosnider, and Waldrop voted "aye." Member Williams said he would really like to wait to hear the opinion and advice of Attorney Dehner. Member Wilson also agreed upon waiting for the opinion of the Board Attorney. Actuary Garrett explained that Attorney Dehner would not make a decision for the Board and said that all three money managers were very good. Chairman Miller left the meeting at 1:16 P.M. Chairman Reed said that a change was needed and Members Williams and Strosnider agreed that it was time to change money manager. Secretary Grafton announced the next meeting was scheduled for November 21, 1994. Actuary Garrett explained that a motion was needed from each Board. Member Waldrop, seconded b Secretar Grafton, moved on behalf of the General Em.lo ees' Pension Board, to go with Sun Bank as Mone Manager and custodian. Motion carried 3 -0. Member Strosnider, seconded by Chairman Reed, moved on behalf of the Police Officers' /Firefi . hters' Pension Board to o with Sun Bank as Mone Mana . er and custodian. Motion carried 4 -0. Actuary Garrett said that he will contact Attorney Delmer and ask that he prepare the necessary documents. RECESS - 1:30 P.M. - The Police /Fire Pension Board will reconvene at 2:30 P.M. 't.- 2 Police Officers/Firefighters Retirement Trust Fund Board Meeting September 28, 1994 Due to the lateness of the hour, the break was not completed and the meeting was reconvened by Chairman Reed at 1:32 P.M. PRESENT: Chairman Reed, Members Strosnider, Williams, and Wilson. ABSENT: Member Gledich and Attorney Dehner. ITEM VI ON THE AGENDA WAS TAKEN THIS TIME DURING THE MEETING: ADOPTION OF FORMS Chairman Reed explained that the Attorney had made the necessary changes to the package of forms for handling various administrative matters of the Pension Plan. Member Williams, seconded by Member Strosnider, moved to adopt the forms as .resented. Motion carried 4 -0. APPROVAL OF MINUTES Member Strosnider seconded by Member Wilson, moved to au prove the minutes of August 23, 1994 as corrected. Motion carried 4 -0. QUESTIONS /COMMENTS FROM AUDIENCE None ADOPTION OF CHANGE IN OPERATING RULES & PROCEDURES WAS TABLED 'Slay TO THE NEXT MEETING. REPORTS ATTORNEY None OTHER BUSINESS FIDUCIARY INSURANCE Chairman Reed explained that Actuary Garrett had informed the General Employees' Board that Cincinnati Insurance would consider coverage through an underwriter for the Board for less than $1,000 a year. Discussion ensued on the fee for a Fund the size of the Ocoee Board. Chairman Reed stated that the letter from the City informing the Board that they would no longer pay the Fiduciary Insurance was incorrect. The City has never paid the Fiduciary Insurance premium but the Waiver Recourse Insurance premium. Member Strosnider, seconded b Member Wilson moved to . a a fiducia •remium of '.2500 or less with Cincinnati Insurance but if the .remium is '.2501 or more to sta with Poe and Brown. Motion carried 4 -0. Actuary Garrett would contact the underwriter. Chairman Reed announced the next meeting on November 21, 1994 at 1:00 P.M. in Conference Room 121 of City Hall. ' 3 Police Officers/Firefighters Retirement Trust Fund Board Meeting September 28, 1994 ADJOURNMENT The meeting adjourned at 1:35 p.m. Respectfully submitted, 4(1,14/ J ie Lewis, Clerk/Stenographer `fir 4