05-02-18 MinutesTHE CITY OF OCOEE POLICE OFFICERS'/FIREFIGHTERS'
RETIREMENT FUND BOARD MEETING — May 2, 2018
Chairman Brown called the meeting of the City of Ocoee Police Officers'/Firefighters' Retirement Trust
Fund to order at 1:10 p.m. in the Commission Chambers of City Hall.
PRESENT: Chairman Charles Brown, William Maxwell, Joe Moy, Trey Littlefield
Others present: Tim Nash of AndCo Consulting, Lee Delmer Board Attorney, Pete Prior of Benefits
USA. Inc.
ABSENT and EXCUSED: Bryan Pace
CALL TO ORDER:
Roll call and determination of quorum. The roll was called and a quorum declared present.
APPROVAL OF MINUTES:
Approval of Minutes from Regular Meeting dated February 7, 2018. Trustee Maxwell moved to approve
the minutes as presented. Trustee Moy seconded the motion and the motion passed.
PUBLIC COMMENTS:
There were no public comments at this meeting.
QUARTERLY INVESTMENT UPDATE: Period ending March 31, 2018
AndCo Consulting
Mr. Nash reported briefly on the economy noting that Market returns were broadly negative across major
equity and fixed income indices at the end of the 1" Quarter. domestic and international equity markets
declined following a very strong 2017. Fixed income indices also posted negative returns for the quarter
in line with the equities. The Russell 3000 Index returned -0.6% for the quarter and 13.8% for the 1 -year
period respectively. Emerging market stocks returned 1.4% and 24.9% over the quarter and 1 -year period
respectively. The developed market MSCI EAFE Index declined for the I't quarter returning -1.5%,
however, it had a positive return of 14.8% for the 1 -year period. The Bloomberg Barclays US Aggregate
Index fell -1.5% for the quarter, but returned a positive 1.2% for the 1 -year period. Small cap stocks
outperformed mid and large cap equities. The Russell 2000 Index returned -0.1% for the quarter and a
positive 11.8% for the 1 -year period. The Russell 1000 Index returned -0.7% for the quarter and also had
a positive return of 14.0% for the 1 -year period. Mr. Nash noted that the plan is doing well overall and is
not making any recommendations for change at this time.
Attorney Delmer reported on the Alger's contract noting that is has to be redone. The first thing is that
they want a written acknowledgement that the ADV part 2A and 2B were received. The second part
pertains to the indemnification agreement, and he said he does not agree with it. Trustee Moy asked
Attorney Delmer to explain. Attorney Delmer said that they want the board to agree that if they don't
receive advice from the consultant or the board on certain matters and the loss is resolved the board will
not hold them responsible. Attorney Delmer noted that the Board will not do that.
NEW BUSINESS:
Travel Policy
Mr. Prior noted that Benefits USA provided a specific section of the travel policy as it pertains to local
travel. He noted that the full document which is approximately 100 was sent via email.
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Trustee Maxwell commented on the travel policy as it pertains to the hotel and stated that the policy
should be amended to include hotel stay for local conferences. That being said, Trustee Maxwell moved
to amend the travel policy to include hotel stay and travel. Trustee Moy seconded the motion for
discussion. The motion passed.
UNFINISHED BUSINESS:
There was no unfinished business discussed.
CONSENT AGENDA:
For Approval: Warrant #162
Benefits USA, Inc. (Flat Monthly Fee for May 2018; Invoice #05-2018) $2,100.00
GAMCO (Q1-2018 Mgmt Fee -Invoice #20180331-157-4967-A dated 4/13/18) $18,106.00
Mar Vista (Q1-2018 pro -rated Mgmt Fee; Invoice #4355 dated 4/18/18) $2,327.71
Total $22,533.71
For Ratification: Warrants #158-161
Christiansen & Dehner (Legal, Fees -Invoice #31755 dated 1/31/18)
$42.50
Sawgrass Asset Mgmt. (Final Billing; Inv #ocpflIO-021418 dated 2/16/18)
$7,631.90
Total
$7,674.40
Benefits USA, Inc. (Flat monthly fee for February 2018 plus postage)
$2,124.70
Bryan Pace (Hotel Parking fees from FPPTA Trustees School)
$72.00
Christiansen & Dehner (Legal Fees -Invoice #31756 dated 1/31/18)
$1,727.39
Total
$3,924.09
Professional Indemnity Agency (Fiduciary Liability Insurance Renewal)
$4,063.00
Total
$4,063.00
AndCo Consulting (Q1-18 Consulting Fee -Invoice #24632 dated 3/30/18)
$6,250.00
Benefits USA, Inc. (Flat Monthly Fee for April 2018; Invoice #04-2018)
$2,100.00
Benefits USA, Inc. (FedEx Charges for Rodriguez Medical Records)
$310.25
Christiansen & Dehner (Legal Fess -Inv #31991 & 31992 dated 3/31/18)
$5,503.64
Foster & Foster (Services Rendered; Inv #12147 dated 4/12/18)
$11,540.00
Garcia Hamilton (Q1 18 Mgmt Fee -Invoice #29187 dated 4/10/18)
$7,088.76
Total
$32,792.65
Pension Payments for Ratification:
Tim Allen (Final Share Plan Distribution) $4,539.26
Robert Rivera (Final Share Plan Distribution) $6,843.11
Charlene Kelley (Beneficiary payments effective 3/1/18 @75% J&S) $3,754.29
Trustee Moy moved to approve the consent agenda. Trustee Maxwell seconded the motion and the motion
passed.
Attorney' Report:
Attorney Dehner noted that there is no legislation at this time.
Trustees Comments:
Chairman Brown stated that in light of the recent shooting at Marjorie Stoneman Douglas, the State wants
the rehiring of more School Resource Officers however, the provision states that they cannot rehire retired
police officers and asked if that law can be changed. Attorney Dehner stated that it involves employment
after retirement and would be on a case by case basis. Chairman Brown noted that he would like to match
or mirror what the FRS is doing noting that they had a one-year separation of service in place but they
reduced it to 6 months for police officers. Chairman Brown asked the attorney to looked into the aspect
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of a retiree being rehired into FRS. Attorney Dehner noted that a retiree cannot be rehired as a police
officer unless he suspends his retirement benefit.
Trustee Moy reported that after the meeting he and Mr. Prior will be turning over the files from the fire
station to Benefits USA. He said that he doesn't have a problem with them being there, however, if
Benefits USA or Human Resources needs information on a member that they don't have, they contact
him to get it. It was noted that the files can stay where they are at the present time.
Next Regular Meeting date: August 1, 2018 at 1:00 pm.
Adjournment: The meeting adjourned at 2:32 pm.
Respectfully submitted by,
Contact the City Clerk's Office to listen to an electronic copy of the complete minutes.
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