HomeMy WebLinkAboutPresentation_Regular_6/8/2023Summary of Actions for Quarter ending 1 Presented June 8, 2023March 31, 2023
2 2023.The next meeting is scheduled for August 7, on May 1, 2023.The regular quarterly Board meeting was held
Dana Investment Advisors 3 ConsultingAndCo
4.downside%56.89anwith%66.99upsidefeesofnet–capturedownsidelimittolookalsoThey.levelhighaatexecutethatteamsmanagementonfocusesprocessinvestmentequityDana’s.ratesinterestofpaththeofregardlessincomei
nterestcompoundingcontinuetoportfolioincomefixedcoreactivediversified-wellamaintaininvestorsthatrecommendtocontinuesDana.datesametheendedyearonetheofas%51.9-ofindexversus%71.8-and21/31/12endedquarte
rthefor%72.1ofindexversus%78.1werereturnsincomeFixed.datesametheendedyearonetheofas%11.18-ofindexversus%06.18-and22/31/12endedquarterthefor%56.7ofindexversus%53.10werereturnsEquity
5 Cash Equivalent 1.69% ◦Real Estate 11.21%◦Global Fixed Income 3.82%◦Domestic Fixed Income 19.68%◦International Equity 12.89%◦Domestic Equity 50.71%◦was:At the end of the quarter,
the asset allocation was $8,602,862At the end of the quarter, the Plan’s market value reportJennifer Gainfort reviewed the March 31, 2023
‣6%.1Disbursement&Receipt o%.EstateRealASB o%.3IncomeDiversifiedPIMCO o%.FixedDana o%.6InternationalDFA o%.6GrowthEuropacific o%.IndexTSMVanguard o%.EquityDana o:ManagersofAllocationAsset
‣7 NCREIF%andCredit,GlobalBB%5Agg,.IntermedBB%MSCI,%,3000Russell%:FundTotal‣CoreDiversifiedEndOpen–IndexFundNCREIFEstateRealASB o(Hedged)CreditGlobalBarclaysBloombergIncomeDiversifiedPIMCO
o Credit.Agg.IntermedBarclaysBloombergFixed.IntermedDana o ValueEAFEMSCIValueIntlDFA o USAexWorldMSCI6RFundGrowthEuropacific o Index3000RussellIndexTSMVanguard o Index500S&PCoreCapLargeDana
o:ManagersIndividual
8 Population 0.063.061.100.7510.545.6217.86Percentile th 0.456.224.652.6219.3810.7234.36Quartile rd 31.319.399.564.8124.8814.3044.89Median2.3912.0815.5811.5333.0116.4450.58Quartile st
110.1018.6526.9425.4168.6523.1260.80Percentile th 51.69 (39)11.21 (34)0.003.82 (63)19.68 (74)12.89 (63)50.71 (25)PlanRetirement Employees’General Tequesta CashEstateReal InvestmentsAlternative
IncomeFixed Intl. IncomeFixed EquityIntl. US Equity
9 3.31%-5.52% vs bench at -Real Estate ◦Global Fixed Inc. 2.61% vs bench at 2.97%◦% vs bench at 2.39%2.20Dom. Fixed Inc. ◦Int’l Equity 8.02% vs bench at 7.00%◦Dom. Equity 6.31% vs bench
at 7.18%◦Total Fund (Gross) 4.01% vs bench at 4.94%
10 8.04%-9.31% vs bench at -Real Estate ◦Global Fixed Inc. 7.48% vs bench at 6.38%◦Dom. Fixed Inc. 4.10% vs bench at 4.15%◦Int’l Equity 21.73% vs bench at 22.38%◦Dom. Equity 15.69%
vs bench at 14.88%◦Total Fund (Gross) 9.97% vs bench at 10.99%
11 percentile st which is in the 21Since inception (11/1/2000), the annualized return is 6.30% percentile th year return is 6.29% which is in the 35-The annualized 5percentile th
year return is 10.71% which is in the 50-The annualized 3fiscal year to date percentile for the rd Overall plan return of 9.97% was in the 63
Gabriel, Roeder, Smith & 12 Company
13 of return of 6.5%Reasonable assumptions including an assumed rate ◦Contribution Rate Low level of volatility in the Required Village ◦Fully funded◦Employees Pension Plans in FloridaLow
contribution rate relative to other General ◦reasons:in excellent actuarial status, for the following Overall, the actuary reported that the Fund is
14 the previous valuation.There have been no changes in benefits since 1, 2023, is 8.75% of payroll ($352,041). The Village’s contribution beginning October of September 30, 2022.The
Fund remained fully funded (102.9%) as
15 actual compared to 3 expected).more than expected employment terminations (7 ◦compared to 5.2% expected) and lower than expected salary increases (4.7% actual ◦This increase was
partially offset by:expected). an actuarial basis compared to 6.5% than expected investment earnings (4.4% on The primary reason for the change is lower $30,871, or 0.31% of payroll,
since last year.The Village’s contribution rate has increased
16 be 12% and the funded ratio would be 92.15%contribution, the Village’s contribution would If market value was the basis of the years. Fund’s actual experience over the next 4 recognized
is subject to change based on the over the next 4 years. The amount actually This difference will be gradually recognized than the actuarial value of assets.The market value of assets
are$907,241 less
Administrative Manager and 17 ProvisionsShort Summary of Plan Attorney Reports
18 changes to incorporate IRS requirements. There will be Plan amendments resulting from the in 2033 the age will increase to 75. minimum distribution age was increased to age 73
and savings and to make administrative fixes. Required The Act made changes to encourage retirement 2022. SECURE Act 2.0 was passed at the end of December, ◦The Attorney reported
on following items:
19 address and ACH changes.factor authentication for -Suggested adding multi◦ACH changes.audit or for specific reviews of reported deaths and alone -Suggested retaining Village Auditor
for stand◦vendorsSuggested an understanding of controls in place at ◦controls:The Attorney began a discussion of internal
20 social, political, or ideological interests. include the consideration of the furtherance of any retirement system or plan. The term does not the investment objectives and funding
policy of the appropriate investment horizons consistent with the risk or returns of an investment based on determines is expected to have a material effect on a factor that the . .
. board of trustees prudently ◦only on pecuniary factors which is:Permits investment of pension assets based consideration by the Florida Legislature.The Attorney discussed HB 3 under
21 report are expected this summer. are unknown. Workshops regarding the Details of what is to be included in the report December 15, 2023HB 3 requires the Board to file a report
by
22 done and 15 years of no findingsyear of having audit th with no findings, 15Clean Opinion –2022 SOC 1 Type 2 Audit RequestsRequests and Direct Deposit Change Enhanced Verification
of Address Change Discussion on Internal Controlsexample)application (see following slides for Notification of the progress of a member’s Mail -Implementation of Automated E
23 benefits.death benefits, and retirement survivor (normal and early), disability retirement, Plan includes benefits for service retirement highest 5 years in last 10 before retirement.Average
final compensation is average of compensation times years of service. is based on a formula: 2% of average final Defined benefit which means that the benefit
24 Members contribute 5%line of duty-duty and 25% nonDisability benefit is minimum 42% in line of upon reaching age 50 with 6 years of service.Members are eligible for early retirement
Upon reaching 30 years of service◦Upon reaching age 62◦Members are eligible for normal retirement:
25 benefits in the fiscal year ended 2022.The Plan paid out $226,227 in pension right to a benefit at early or normal retirement age.10 people who have terminated employment with a
◦14 Retirees, and ◦51 Active members ◦Plan Participants:
?26