HomeMy WebLinkAboutDocumentation_Regular_Tab 01_06/12/2014 TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND
Summary of Actions for Quarter ending 03/31/14
Presented June 12, 2014
1. The regular Board meeting was held on May 5, 2014.
2. Bogdahn (by John Thinnes) reviewed the 03/31/14 quarter�y retums for the total
fund. At the end of the quarter, the Plan's market value was $3,127.304 and the
asset allocation was Domestic Equity 48.0%, Intemational Equity 13.6%, Domestic
Fixed Inc�me 31.2%, Global Fixed Income 4.5% and Cash Equivalent 2.6%. The
retums for the quarter were:
Quarter Retums:
Total Fund (Gross) 2.10% versus the benchmark at 1.56%.
Total Domestic Equity 4.00% versus the benchmark at 1.81 %
Total Intemational Equity -1.63% versus the benchmark at 0.61 %
Total Domestic Fixed Income was 1.40% versus the benchmark at 1.20%
Total Global Fixed Income was 0.47% versus the benchmark at 3.23%
Fiscal Year to Date Retums:
Total Fund (Gross) 8.4% versus the benchmark at 7.57%.
Total Domestic Equity 15.28% versus the benchmark at 12.51 %
Total Intemational Equity 4.16% versus the benchmark at 5.45%
Total Domestic Fixed Income was 1.41 % versus the benchmark at 1.06%
Total Global Fixed Income was 1.76% versus the benchmark at 2.08%
(This investment has an inception date of 11/1/13)
3. The investment of 5% of the total assets in the Templeton Total Retum mutual fund
was completed in November, 2013.
4. Board discussed asset alloc�tion and availability of altemative and real estate to a
$3.2 million fund, particularly as a fixed income altemative.
5. Board determined to terminate Dana Intemational and invest assets with Europacific
R6.
6. The Village of Tequesta can save interest paid on pension contributions if the
contributions are made at the beginning of the fisc�l year. The savings for the
General Employees Fund is $6,980.
7. Salem Trust provided the Board a 10% fee reduction for quarters ending 6/30/13
and 9/30/13 for the reporting issues that affeeted all of the Salem Trust clients.
The Board asked for a further fee reduction, but it was not granted.
8. The Pension Fund received a favorable determination letter from the IRS
regarding the tax status of the pension plan. The �Ilage Council considered in
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TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND
Summary of Actions for Quarter ending 03/31/14 �
May the finro amendments to the Plan in accordance with the determination letter.
As was previously reported, this determination letter will expire in January of
2016, so the Board will need to file again during the period beiween February 1,
2015 and January 31, 2016.
9. As of the September 30, 2013 Actuarial Valuation, the Plan was 102.8% funded.
This funded level puts Tequesta in the top 5 of the 80 public pension fund clients
at GRS.
10. Future meetings are scheduled for August 4, 2014 and November 3, 2014.
PLEASE ADDRESS ANY QUESTIOIdS IN WRITING AND THE BOARD WILL
RESPOND IN KIND.
H:\Tequesta GE 1012WI�UngUVleetlng Packet120141Summary of Actlons\Teq GE Summary of AcUons as of 3-31-14.wpd
Page 2 of 2
Asset Allocation
Total Fund
As of March 31. 2014
Asset Allocation By Segment as of Asset Aliocation By Segment as of
December 37, 2013 :$3,020,091 March 31, 2U14 : 53,127,304
:�,�.-� .,,__.
�`�'�: F r
f ��
Allocation Ailocation
Segments Market Value Allocation Segments Market Value Allocation
� Domestic Equity 1,442,076 47.7 � Domestic Equity 1,502,155 48.0
Intemational Equity 437,256 14.5 International Equity 425,959 13.6
� Domestic Fixed Income 928,647 30.7 � Domestic Fixed Income 977,126 31.2
Global Fixed Income 141,852 4.7 Giobal Fixed Income 142,008 4.5
■ Cash Equivalent 70,259 2.3 ■ Cash Equivalent 80,056 2.6
T� �t:
�o � BOGDAHN
� :n�� GuouP.
Asset Allocation
Total Fund
As of March 31. 2014
Asset Allocation By Manager as of Asset Allocation By Manager as of
December 31, 2013 :$3,020,091 March 31, 2014 : 53,127,304
��[' i�
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Allocation Allocation
Market Value Allocation Market Value Allocation
�Yi Dana Balanced Portfolio 2,433,455 80.6 ?� Dana Balanced Portfolio 2,506,544 80.2
Dana Intemational Equity 441,171 14.6 Dana International Equity 431,906 13.8
i1 Templeton Global Total Return R6 (FTTRX) 141,852 4.7 i Templeton Global Total Return R6 (FTTRX) 142,008 4.5
R&D 3,613 0.1 R&D 46,846 1.5
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