HomeMy WebLinkAboutMinutes_Pension Public Safety_5/1/2017 TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
REGULAR BOARD MEETING MINUTES
MAY 1, 2017
CALL TO ORDER
The Regular Quarterly Board Meeting of the Tequesta Public Safety Officers' Pension Trust
Fund Board of Trustees was held at the Village Hall Council Chambers, 345 Tequesta
Drive, Tequesta, Florida, on May 1, 2017. The meeting was called to order at 1:00 p.m.
ROLL CALL
A roll call was taken by Pension Administrator Audrey Ross. In attendance at the meeting
were: Chairman Ed Sabin, Secretary John Terzakis, Ray Giblin and Board Member Ray
Korkowski(entered 1:21 pm).
Also in attendance were Attorney Bonni Jensen, Pension Administrator Audrey Ross,
Investment Monitor Tyler Grumbles and PBA Rep. Brennen Keeler.
PUBLIC COMMENT
There was no public comment at this time.
APPROVAL OF AGENDA
MOTION:
Board Member Giblin made a motion to approve the Agenda as presented. Board
Member Stone seconded the motion, which carried by unanimous 4-0 vote.
APPROVAL OF MINUTES
1. Tequesta Public Safety Officers' Pension Trust Fund Board of Trustees Regular
Quarterly Meeting Minutes— February 6, 2017
MOTION:
Board Member Giblin made a motion to approve the February 6, 2017 Meeting
Minutes as presented. Chairman Terzakis seconded the motion, which carried by
unanimous 4-0 vote.
PRESENTATIONS
2. Quarterly Performance Report as of March 31, 2017- Tyler Grumbles, & Co Consulting
Tyler Grumbles briefly reviewed the performance of the market environment for major
market indexes as of March 31, 2017. He stated the US dollar has depreciated and equity
bonds have bounced back. Mr. Grumbles reported that for quarter ending March 31, 2017
the Plan's market value was $12,740,832 and the asset allocations were Domestic Equity
51.4%, International Equity 15.0%, Domestic Fixed Income 20.0%, Global Fixed Income
5.2% and Cash Equivalent 0.3%. He reported that for quarter ending March 31, 2017 the
Plan's Total Fund (Gross) was at 5.22% versus the benchmark at 4.55%. Total Equity was
7.20% versus the benchmark at 6.27%, Total Domestic Equity was 6.57% versus the
benchmark at 5.74%, Total International Equity was 9.37% versus the benchmark at
7.98%, Total Fixed Income was at 1.68% versus the benchmark at 1.10%, Domestic Fixed
was 0.97% versus the benchmark at 0.82%, and Global Fixed was 4.55% versus the
benchmark at 2.83%. He reviewed the markets environment. He reviewed the performance
of each manager individually as well as the compliance checklist. There was a discussion
on global fixed income with Templeton. Mr. Grumbles stated there was no recommendation
on rebalancing at this time. Mr. Grumbles explained why Brown had such a hard time
compared to the index. He stated a manager replaced search was brought with him today.
He reviewed the each individual manager's holdings and performance. He noted all
managers out preformed except ASB. He stated it was a good quarter.
3. Update on Disclosure Brochure & Privacy Notice - Tyler Grumbles, & Co Consulting
Mr. Grumble's reviewed the updates made to the documents to reflect the changes the
Board was previously made aware of. He noted this is partially resulted from the firms
name change.
4. Large Cap Growth Investment Manager Review- Tyler Grumbles, & Co Consulting
.There was a discussion regarding the history of underperformance and the recent turn
around in Brown's performance. Mr. Grumble's stated all growth managers have been
trailing. He stated his preference of managers having larger holdings and more
diversification. He noted Brown is more growth oriented versus other managers along with
having the highest fees. Mr. Grumbles review and compared all managers. A lengthy
discussion ensued.
MOTION:
Board Member Terzakis made a motion to approve the termination of Brown and
50/60 split of assets between MFS Growth and PrimeCap. Board Member Stone
seconded the motion, which carried by unanimous 5-0 vote.
CONSENT AGENDA
5. Ratification of invoices paid since last quarterly meeting
Check# Paid Date Vendor/ Description Amount
1270 2/15/2017 Gabriel Roeder Smith & Company $5,280.00
Consultants &Actuaries Svs through 12/31/16
1271 2/15/2017 GAMCO $5,960.00
Management Fee -4th Quarter 2016
1272 3/9/2017 Pension Resource Center $950.00
Administrative Fee- February 2017
Invoice# 15288
1273 3/9/2017 Klausner, Kaufman, Jensen & Levinson $495.00
Legal Services Rendered through 1/31/17
Bill# 19443
1274 3/9/2017 Klausner, Kaufman, Jensen & Levinson $1,935.00
Legal Services Rendered through 2/28/17
Bill# 19586
1275 4/12/2017 Pension Resource Center $950.00
Administrative Fee- March 2017
Invoice# 15354
1276 4/12/2017 And CO $4,500.00
Consulting Fee- 1 st Qtr 2017
Invoice#21516
PAID BY CUSTODIAN
1/17/2017 Chevy Chase $3,194.76
4th Qtr 2016 Fee
4/17/2017 Chevy Chase $3,226.87
1 st Qtr 2017 Fee
SUBTOTAL $26,491.63
6. Payments to be reviewed and approved
March 31, 2017 Resource Centers, LLC $950.00
March 31, 2017 Klausner, Kaufman, Jensen & Levinson $598.06
April 5, 2017 Gabriel, Roeder, Smith & Company $7,578.00
April 10, 2017 GH&A $1,594.14
January 6, 2017 GH&A $1,555.34
TOTAL TO BE APPROVED $12,275.64
7. Reporting of new applicants for participation in Pension Plan:
None
8. Approval of withdrawal of contributions:
Michael Gallagher—payment issued 4/7/17
9. Terminated employees who have not yet taken their contributions:
None
10.Benefit Approvals — Plan Administrator Audrey Ross, Pension Resource Centers
MOTION:
Board Member Giblin made a motion to approve the invoices to be ratified and
invoices to be reviewed as presented. Board Member Korkowski seconded the
motion, which carried by unanimous 5-0 vote.
MOTION:
Board Member Giblin made a motion to approve the benefit approvals as presented.
Board Member Korkowski seconded the motion, which carried by unanimous 5-0
vote.
OLD BUSINESS
None
X. NEW BUSINESS
11.Discussion on Use for 185 Tax premium Money — Attorney Bonni Jensen, Klausner,
Kaufman, Jensen & Levinson
There was a discussion on the use of State money and the reserve account that both the
Village and union have not yet agreed upon. There is currently $313,000.00 in the Police
Officers' account that needs to be used. It was discussed the process of purchasing
additional benefits would be hard due to being a closed plan. The Village has requested a
recommendation from the Board on this matter. Mr. Brennen recommended Share
Accounts. There was a lengthy discussion on the different options for the funds.
MOTION:
Board Member Giblin made a motion to recommend to the City use the 185 money
for Share accounts be established for all members of the Plan. Board Member Stone
seconded the motion, which carried by unanimous 5-0 vote.
12.Discussion on Tax Reclaim Request from Fiduciary Trust— Plan Administrator Audrey
Ross, Pension Resource Centers
MOTION:
Board Member Giblin made a motion to approve the tax reclaim request from
Fiduciary Trust. Board Member Korkowski seconded the motion, which carried by
unanimous 5-0 vote.
XI. BUDGET REPORT
13.Quarterly Budget Report: Income Statement & Expenditure Report — Finance
Department
Item was received and filed by the Board.
14.Administrative Budget— Plan Administrator Audrey Ross, Pension Resource Centers
The Board tabled this item for the next meeting.
XII. ADMINISTRATIVE REPORT
15. FPPTA Upcoming Conference
Ms. Ross informed the Board of the upcoming conference.
16.Form 1
Bonni Jensen reminded the Trustees of the required filing of the Form 1 due on July 1Sc
She explained that this can be filed by the Trustee directly or through her office. She
recommended filing with a confirmed receipt.
XI. ANY OTHER MATTER
Board member Terzakis updated the Board on the last Village Council meeting. He stated
the meeting went smooth and there were no issues.
Ms. Jensen reviewed a memorandum on internal controls and procedures produced by her
firm.
XII. COMMUNICATIONS FROM CITIZENS
XIII. ADJOURNMENT
There being no further business, the meeting was adjourned at 2:55 p.m.
Respectfu y ed,
B a Member
Village of Tequesta Public Safety Officers' Pension Plan