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Home My WebLink AboutMinutes_Pension Public Safety_8/6/2018TEQUESTA PUBLIC SAFE REGULAR BOARD MEETING MINUTES AUGUST 6, 2018 CALL TO ORDER Board of Trustees was held at the Village Hall Council Chambers, 345 Tequesta Drive, Tequesta, Florida, on August 6, 2018. The meeting was called to order at 8:30 a.m. ROLL CALL A roll call was taken by Pension Administrator Kerry Dutton. In attendance at the meeting were: Chairman Ed Sabin, Secretary John Terzakis, Board Member Ray Giblin, Board Member Kyle Stone and Board Member Ray Korkowski. Also in attendance were Attorney Bonni Jensen, Pension Administrator Kerry Dutton, and Investment Monitor Tyler Grumbles & Jennifer Gainfort. PUBLIC COMMENT There was no public comment at this time. APPROVAL OF AGENDA Ms. Dutton requested the removal of item 4: Annual Custodian Presentation. She explained Fiduciary Trust will be attending the November meeting instead. Ms. Dutton also requested the addition of the administrative budget under New Business. MOTION: Board Member Giblin made a motion to approve the Agenda as amended. Board Member Korkowski seconded the motion, which carried by unanimous 4-0 vote. APPROVAL OF MINUTES 1. Tequesta Public Safety Quarterly Meeting Minutes Revised November 6, 2017 2. Tequesta Public Safety Quarterly Meeting M inute s February 5, 2018 3. Tequesta Public Safety Minutes April 12, 2018 Mrs. Dutton reviewed the revisions for the November 6, 2017 minutes the Board requested at the February 5, 2018 meeting. The Board reviewed the minutes from the February 5, 2018 regular meeting and the special meeting held on April 12, 2018. MOTION: Secretary Terzakis made a motion to approve the minutes from November 6, 2017, February 5, 2018, and April 12, 2018 special meeting as presented. Board Member Giblin seconded the motion, which carried by unanimous 4-0 vote. PRESENTATIONS 4. Quarterly Performance Report as of June 30, 2018- Jennifer Gainfort, And Co Consulting Ms. Gainfort reviewed the market environment stating market returns were mixed across equity and Fixed Income sectors. It was reported International Equity posted negative returns for the quarter with Emerging Markets stocks falling the greatest degree and noted small cap stocks outperformed mid as well as large cap stocks. Ms. Gainfort reported the performance as of June 30, 2018. The asset allocations were reviewed as follows; Domestic Equity 51.8%, International Equity 15.4%, Domestic Fixed Income 18.6%, Global Fixed Income 4.5%, total Real Estate 9.1% and Cash Equivalent 0.6%.The Plan is in compliance and therefore a rebalance is not necessary at this time. There was a brief discussion on the process if assets become out of target in between meetings. Ms. Gainfort reported that for quarter ending June 30, 2018 the $14,369,649. She reviewed the trailing returns for the quarter. Ms. Gainfort reviewed and commented on individual manager performance. There are no recommendations at this time. There was a consensus by the Board. CONSENT AGENDA 5. Ratification of invoices paid since last quarterly meeting Paid Date Check# Vendor / Description Amount 5/8/2018 1321 Gabriel Roeder Smith & Company $4,364.00 Services Rendered through 03/31/18 Invoice #437848 5/8/2018 1322 $1,650.16 Garcia Hamilton & Associates 1st Quarter 2018- Management Fees Invoice #29191 5/8/2018 1323 Gamco Investors, Inc. $3,309.00 Investment Management Services 1st Qtr 2018 5/8/2018 1324 Pension Resource Centers $950.00 Administrative Fee- May 2018 Invoice #16337 5/8/2018 1325 Klausner, Kaufman, Jensen & Levinson $3,591.42 Legal Services Rendered through 4/30/2018 Invoice #21589 6/11/2018 1326 Pension Resource Centers $950.00 Administrative Fee- June 2018 Invoice #16405 6/11/2018 1327 Klausner, Kaufman, Jensen & Levinson $530.00 Legal Services Rendered through 05/31/2018 Invoice #21746 7/12/2018 1328 AndCo Consulting Services $4,500.00 2nd Quarter 2018 7/12/2018 1329 Pension Resource Center $950.00 Administrative Fees- July 2018 7/12/2018 1330 Gabriel, Roeder, Smith & Company $9,588.00 Services Rendered through 05/31/18 7/12/2018 1331 Gabriel, Roeder, Smith & Company $2,382.00 Services Rendered through 06/30/18 7/12/2018 1332 Klausner, Kaufman, Jensen & Levinson $477.00 Legal Services Rendered through 06/30/18 Total: $33,241.58 Custodian Fiduciary Trust International $2,049.81 1st Quarter 2018 4ACCTS Fiduciary Trust International $2,069.82 4th Quarter 2017 4ACCTS ASB Capital Management $4,084.37 Quarter Ending 6/30/2018 Total: $8,204.00 6. Benefit Approvals MOTION: Board Member Giblin made a motion to approve the Consent Agenda as presented. Board Member Korkowski seconded the motion, which carried by unanimous 4-0 vote. NEW BUSINESS 7. Government in the Sunshine Law Memo Attorney Bonni Jensen, Klausner, Kaufman, Jensen & Levinson Ms. Jensen reviewed the recent case involving the St. Lucie Mayor and council members violating the sunshine law. She reviewed the action which took place causing the accusations of violating the sunshine law. She reviewed the importance of the law and confirmed emails are included. 8. Summary Plan Description Attorney Bonni Jensen, Klausner, Kaufman, Jensen & Levinson Ms. Jensen stated the Summary Plan Description (SPD) is required to be updated every 2 years. She stated and reviewed the updates needed to the document. Ms. Jensen reviewed the pending bargaining on the new Police Officer members to be added. The draft amendment to the Plan Document is pending with the Village. Ms. Jensen reviewed the effect if the Annual Report filing with the addition of new officers placed in the plan. She recommended waiting to distribute the SPD until the Plan has been amended. Ms. Jensen stated bargaining agreement is between the Village and Union and there is no obligation to the Plan until the Plan Document has been amended. She stated the new Police plan participants contributions started being collections as of June 1, 2018. The Board discussed the concern of non- participants contributions being held within the plan. Ms. Jensen recommended a memorandum to outline the funds coming into the Plan from non-participants. MOTION: Board Member Korkowski made a motion to accept the recommendation to have the attorney draft a memorandum to outline the funds coming in to the Plan form non- participants with an explanation of the pending plan amendment. Secretary Terzakis seconded the motion, which carried by unanimous 4-0 vote. Ms. Jensen did confirm the $20 supplement benefit calculation does take into account partial years of service. 9. Discussion on the Treatment QDRO Attorney Bonni Jensen, Klausner, Kaufman, Jensen & Levinson Ms. Dutton reviewed the request made by a new retiree to have the QDRO implemented once placed in to pay status. Ms. Jensen stated the order of which governmental pension plans are subject to be income deduction orders for alimony or child support only when members are in pay status. The Board discussed the tax implications of alimony payments. BUDGET REPORT 10.Quarterly Budget Report Plan Administrator Kerry Dutton, Pension Resource Centers The Board acknowledged the receipt and filed the quarterly budget report. The Board considered the administrative budget. MOTION: Board Member Giblin made a motion to approve the Administrative Budget as presented. Secretary Terzakis seconded the motion, which carried by unanimous 4-0 vote. ADMINISTRATIVE REPORT 11.Ellen Schaffer Computer Programmer Invoice Plan Administrator Kerry Dutton, Pension Resource Centers change resulting in program change needed in order to read the data file. The Board reviewed the invoice. MOTION: Board Member Giblin made a motion to approve the invoice from Ellen Schaffer in the amount of $1,287.50. Board Member Korkowski seconded the motion, which carried by unanimous 4-0 vote. 12.Fiduciary Liability Insurance Renewal Plan Administrator Kerry Dutton, Pension Resource Centers Ms. Dutton reviewed the renewal policy. She explained the pro-ration used based on plan assets MOTION: Board Member Giblin made a motion to approve the Fiduciary Liability Renewal in the amount of $3,523.49. Board Member Korkowski seconded the motion, which carried by unanimous 4-0 vote. 13.FPPTA Fall Trustee Conference Plan Administrator Kerry Dutton, Pension Resource Centers Ms. Dutton reviewed the upcoming conference dates and requested the Trustees notify her directly if there is any interest to attend. ADJOURNMENT There being no further business, the meeting was adjourned at 9:57 a.m. Respectfully submitted, ________________________ Board Member