HomeMy WebLinkAboutDocumentation_Regular_Tab 03_03/10/2016 TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
Summary of Actions for Quarter ending 12/31/15
(presented March 10, 2016)
1. The regular Board meeting was held on February 8, 2016.
2. Bogdahn (by Tyler Grumbles) reviewed the 12/31/15 quarterly retums. At the end
of the quarter, the Plan's market value was $11,601,625 and the asset allocation
was Domestic Equity 49.9%, Intemational Equity 14.7%, Domestic Fixed Income
29.0%, Global Fixed Income 4.9%, and Cash Equivalent 1.4%. The returns for the
quarter were:
Quarter Returns:
Total Fund (Net) 2.87°/a versus the benchmark at 3.45%.
A. Total Equity 4.53% versus the benchmark at 5.59%,
1. Total Domestic Equity 4.98% versus the benchmark at 6.27%
2. Total Int'I Equity 2.97% versus the benchmark at 3.30%
B. Total Fixed Income was 0.21 °/a versus the benchmark at -0.56%
1. Total Domestic Fixed Income -0.12% versus benchmark at -0.57%
2. Total Global Fixed Income 2.25% versus benchmark at -0.54%
Since this is the first quarter of the Fiscal Year, the Fiscal Year to Date returns are
equal to the Quarterly Returns.
3. The Board met with Jeff Amrose from Gabriel Roeder and Smith regarding the
actuarial valuation as of September 30, 2015. The Board directed the actuary to
prepare a cost study of the impact of reducing the rate of retum. In addition the
Board requested a recommendation from the actuary for options on the methods
to implement the reduction.
As a part of the discussion with the actuary, it was determined that the
administrative expenses of the Fund were approximately .49% of the Fund and the
explicit investment expenses were .47% of the Fund. The explicit investment
expenses do not include the mutual fund fees as the returns of the mutual funds are
net of those fees.
4. The Board is processing its first disability benefit. The Board selected a doctor to
review the medical records and to conduct an IME on the applicant.
, 5. The Board's legal counsel report on the updates to the insurance premium tax data
base. The Department of Revenue updated the data base used for the allocation
of insurance premium taxes. The Village contact is Joann Forsythe. The new
website allows the user to determine whether a particular address is located inside
the Village limits and to determine the last time that the database was updated.
6. The next meeting is scheduled for May 2, 2016.
PLEASE ADDRESS ANY QUESTIONS IN WRITING AND THE BOARD WILL RESPOND
IN KIND.
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