HomeMy WebLinkAboutDocumentation_Regular_Tab 02_03/12/2015 TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
Summary of Actions for Quarter ending 12/31/14
(presented March 12, 2015)
1. The regular Board meeting was held on February 25, 2015.
2. The Board elected Ed Sabin as the Chair and acknowrledged New Police Trustee
Ariel Ramirez.
3. The Board discussed Salem Trust's SSAE 16 adverse opinion.
• Village Auditor will take an expanded look at the assets to determine the
correctness of the final statements.
• Board authorized an RFP for Custodian.
4. Jeffrey Amrose from GRS presented the actuarial valuation for 10/1/14
• The village's contribution decreased to 21.96% of payroll for the fiscat
year ending 9/30/16 from the 23.93% of payroll that is being contributed
this year. In dollar values, the contribution next year will be $430,411
down approximately $111,000 from this year's contribution of $541,194.
• The funded ratio increased to 94.4% from 89.6% last year.
• The Market Value of the assets exceeds the actuarial value of the assets
by $234,216. This is expected to lower the contribution rate, if the
assumptions are met.
• The recent impact statement for Ordinance 1-15 (which limits overtime
included in pension to 300 hours and provides that no hours of
accumulated sick and vacation time earned after 10/1/13 for Firefighters
and 10/1/14 for Police) reduced contributions to $415,771 and 21.21% of
payroll.
5. Bogdahn (by Tyler Grumbles) reviewed the 12/31/14 quarterly retums. At the
end of the quarter, the Plan's market value was $11,373,610 and the asset
allocation was Domestic Equity 54.3%, Intemational Equity 10.6%, Fixed Income
29.6%, Global Fixed Income 4.70%, and Cash Equivalent 29.8%. Fixed income
was in transition over year end and was fully invested by 1/2/15. The retums for
the quarter were:
Quarter Retums:
Total Fund (Gross) 3.61 % versus the benchmark at 2.48%.
A. Total Equity 5.13% versus the benchmark at 3.11 %,
1. Total Domestic Equity 6.49% versus the benchmark at 5.24%
2. Total Int'I Equity -1.53% versus the benchmark at -3.81 %
B. Total Fixed Income was .77% versus the benchmark at 1.31 %
1. Total Domestic Fixed Income 1.18% versus benchmark at 1.79%
2. Total Diversified Fixed Income -1.61 % versus benchmark at -1.61 %
6. Joe Bogdahn has sold his majority interest in The Bogdahn Group to Mike
Welker. With that the firm is moving from a family owned company to an
employee owned company. The Board consented to this change of Intemal
Control.
TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
Summary of Actlons for Quarter ending 12/31/14
7. Bogdahn Group requested a fee increase from $15,000 per year to $18,000 per
year which was approved by the Board.
8. The Board signed a contract with ASB Allegiance Fund for the real estate
investrnent.
9. The next meeting is scheduled for May 4, 2015.
H:\Tequesta PS 1011\SUMMARY OF ACTIONS�20151Teq FF Summary of Actlons as of 012-31-14.a�
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Tequesta Public Safery Officers' Pension Fund
Asset Allocation by Asset Class and Manager
As of December 31. 2014
Asset Allocatio� By Segment as of Asset Allocation By Segment as of
September 30, 2014 :$10,792,008 December 31, 2014 : 511,373,610
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Ailocation Allxation
Segments Market Value Allocation Segments Market Value Ailocation
� Domestic Equity 5,579,102 51.7 � Domestic Equity 6,181,171 54.3
_': Intemational Equity 1,171,024 10.9 . International Equity 1,203,979 10.6
� Domestic Fixed Income 3,089,642 28.6 ■ Domestic Fixed Income 68,365 0.6
Global Fixed Income 525,339 4.9 Global Fixed Income 533,876 4.7
■ Cash Equivalent 426,900 4.0 ■ Cash Equivalent 3,386,219 29.8
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Tequesta Public Safety Officers' Pension Fund
Comparative Pertormance: Trailing Returns
As of December 31, 2014
Comparative Performance
QTR FYTD 1 YR 3 YR 5 YR T YR Inception Inception
Date
Total Fund (Gross) 3.61 {5) 3.61 (5) 6.48 (51) 10.83 (78) 9.90 (48) 5.53 (53) 6.83 (58) 05/01/2005
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Total Fund (Net) 3.61 3.61 6.31 10.47 9.53 5.17 6.41 05l01/2005
Total Equity 5.13 5.13 7.83 76.99 14.22 5.71 7.22 04J01I2005
��ctal I�_quity Policy 3.11 3-1 �'; '�_%1 i3.60 6.04 7,22
Domestic Equity 6.49 (13) 6.49 (13) 9.96 (59) 17.99 (73) 15.31 (31) 6.43 (57) 7.74 (53) 04/01/2005
l�;�ial C�o��esii� �yuity Policy S.Z4 (331 _5.24 (331 12 56 (25} 2i1 =�� (35i 15.48 (27i Z29 (3E',i 8.13 i411
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International Equity -1.53 (9) -1.53 (9) -2.19 (19) 12.17 (18) N/A N/A 6.84 (11) OS/01/2070
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Total Fixed Income 0.77 0.77 3.98 1.90 3.61 3.93 4.22 04/01/2005
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Domestic Fixed Income 1.18 (53) 1.18 (53) 4.55 (69) 2.00 (94) 3.67 (92) 3.97 (88) 4.25 (83) 04l01l2005
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Global Fixed Income -1.61 (73) -1.61 (73) 0.74 (61) N/A N/A N/A 3.22 (40) 10l01/2013
�!o�ial Fixr,d Income �rdex -1 61 ,;) i.!�1 i: �I (�_�i1i 5 �SQ ;1 r�� �_, 2,3� 3:�
iM Giobal F�xed Income (Y'�/li=) �?edian -�I.O� -1.�5 �.�d3 Lu1 3.3y 4.1� 1.88
Retums for penods greater than one year are annualized. ��-� � f:
Returns are expressed as percentages.
Returns prior fo June 2010 do not include cash. � BOGDAH N
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