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HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 02_11/18/2015TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND WORKSHOP MINUTES NOVEMBER 2, 2015 Call to Order and Roll Call The Workshop 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 November 2, 2015. The meeting was called to order at 1:00 p.m. A roll call was taken by Pension Administrator Kerry Dutton. In attendance at the meeting were: Chair Ed Sabin, and Board Member Kyle Stone. Also in attendance were Attorney Bonni Jensen, Pension Administrator Kerry Dutton, and Investment Monitor Tyler Grumbles. II. Public Comment No public comment III. Approval of Agenda Since the Public Safety Board did not have a quorum they could not take any action regarding this matter. They will address this matter at the next Pension Board meeting. IV. APPROVAL OF MINUTES 1. Minutes: a. Quarterly Meeting- August 4, 2015. Since the Public Safety Board did not have a quorum they could not take any action regarding this matter. They will address this matter at the next Pension Board meeting. V. PRESENTATIONS The Board stated that if the ordinance does not pass the Board would like to see other options or have a new discussion regarding options. Mr. Grumbles did not recommend REIT's. Attorney Bonni Jensen explained that this policy will need to be amended to the changes highlighted in yellow. She explained that the policy needs to be amended before the Plan can invest in any real estate fund. 2. Quarterly Presentation by Monitor — Tyler Grumbles, Bogdahn Consulting, LLC. a. Quarterly Performance Report Tyler Grumbles, Bogdahn Consulting, LLC briefly reviewed the performance of the market environment for major market indexes as of September 30, 2015. He stated this to be a rough quarter. Mr. Grumbles explained the depreciation of China's currency. Mr. Grumbles reported that for quarter ending September 30, 2015 the Plan's market value was $11,525,385 and the asset allocations were Domestic Equity 48.9%, International Equity 14.7%, Fixed Income 29.9%, Global Fixed Income 4.9% and Cash Equivalent 1.7%. Mr. Grumbles did recommend a portfolio rebalance at this time. He stated this quarter to be the best performing quarter for Domestic Equities. He reviewed the financial reconciliation of the Fund as of September 30, 2015. Mr. Grumbles stated that this was a difficult quarter. He reported that for fiscal year end the Plan's Total Fund (Gross) was -1.56% versus the benchmark at -1.25%, Total Equity was 2.06% versus the benchmark at -3.15%, Total Domestic Equity was 3.68% versus the benchmark at -0.49%, Total International Equity was at -4.78% versus the benchmark at -11.78%, and Total Fixed Income was at 0.44% versus the benchmark at 1.99%. Mr. Grumbles reported that for the quarter ending September 30, 2015 the Plan's Total Fund (Gross) was down -4.50% versus the benchmark at -5.19%. Total Equity was -7.17% versus the benchmark at -8.38%, Total Domestic Equity was -6.40% versus the benchmark at -7.25%, Total International Equity was at -9.81 % versus the benchmark at -12.10%, and Total Fixed Income was at 0.55% versus the benchmark at 0.86%. He reviewed the performance of each manager individually. Mr. Grumbles reviewed the Plans asset allocation versus all Public Plans asset allocations. There was a brief discussion on the Assumed Rate of return and the Village's Contributions. Since the Public Safety Board did not have a quorum they could not take any action regarding this matter. They will address this matter at the next Pension Board meeting. V. UNFINISHED BUSINESS There was no unfinished business at this time. VI. STANDING REPORTS (INFORMATION ITEMS) 3. New applicants for participation in Pension Plan: None 4. Request for withdrawal of contributions (employees terminating employment with Village of Tequesta) — Ratification of withdrawals made since the last meeting: Christopher Broedell 5. Terminated Employees who have not taken their contributions None VII. PAYMENTS TO BE RATIFIED (PAYMENTS MADE SINCE LAST MEETING) 6. July 31, 2015 Pension Resource Center $950.00 Administrative Fee - August 2015 August 24, 2015 Law Offices of Bonnie Jensen, P. A. $3,605.25 Legal Services Rendered through 8/15/2015 September 2, 2015 Gehring Group $3,288.02 Fiduciary Liability Policy - Policy # 105999206 for Period covering 10/1/2015 - 10/1/2016 August 31, 2015 Pension Resource Center $950.00 Administrative Fee - September 2015 September 15, 2015 The Bogdahn Group $4,500.00 Performance Evaluation for 6/30/15 Reports and Consulting Services through 9/30/15 September 25, 2015 Law Offices of Bonni Jensen, P. A. $747.45 Legal Services Rendered through 9/15/2015 VIII. PAYMENTS TO BE REVIEWED AND APPROVED 7. Pension Resource Center $950.00 Administrative Fee for September 2014 Pension Resource Center $950.00 Administrative Fee for October 2014 The Bogdahn Group $3,750.00 Performance Evaluation for 6/30/2014 Reports and Consulting Services through 9/30/2014 The Law Offices of Perry & Jensen, LLC $1,098.75 Legal Services Rendered through 9-15-2014 Gamco Asset Management $5,594.00 Investment Management Fee for Third Quarter 2014 Since the Public Safety Board did not have a quorum they could not take any action regarding this matter. They will address this matter at the next Pension Board meeting. X. NEW BUSINESS 8. Attorney Bonni Jensen, The Law Office of Klausner, Kaufman, Jensen & Levison a. NCPERS Code of Conduct Since the Public Safety Board did not have a quorum they could not take any action regarding this matter. They will address this matter at the next Pension Board meeting. b. IRS Forms 2848 & 8717 Since the Public Safety Board did not have a quorum they could not take any action regarding this matter. They will address this matter at the next Pension Board meeting. XI. ANY OTHER MATTERS None XII. COMMUNICATIONS FROM CITIZENS There were no communications from citizens. XIII. Adjournment There being no further business, the workshop was adjourned at 1:48 p.m. Respectfully submitted, Kerry Dutton Administrator Village of Tequesta Public Safety Officers' Pension Plan Board Member Village of Tequesta Public Safety Officers' Pension Plan