HomeMy WebLinkAboutDocumentation_Regular_Tab 01_03/01/2018 '
Summary of Actions for Quarter ending 12/31 /17
Presented March 8 , 2018
mm f A ' n
u a o ct � o s
The regular quarterly Board meeting was held on
February 5 , 2018 .
The next meeting is scheduled for April 30 , 2018 .
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a ua � on
�.� Gabriel Roeder Smith and
Company ("GRS")
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�ctuarial V I i n
a u at o
Jeff Amrose presented the valuation for GRS .
In the opinion of GRS , the Pension Fund is in a
strong actuarial position :
Fund has an elevated funded ratio of 98. 1 %
The Village's contribution is lower as a percentage of
payroll as compared to other Florida municipalities.
Contribution is 15. 19% this year and 22.32% next year.
The administrative and investment costs are 76 basis
points combined which is low.
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Actuarial V I i n
a u at o
Florida Statutes 112 .66( 13) provides :
(13) ❑A local government sponsor of a retirement system
or plan may not reduce contributions required to fund the
normal cost. This subsection does not apply to state-
administered retirement systems or plans.
In the absence of this provision , the Village
contribution for the Police portion would be 0% .
The required normal cost is $98 , 770 which would
be offset by the $ 106 ,290 of actuarial gains , if this
law were not in effect.
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nves men
e ormance
�'�► AndCo Consulting
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And o R r
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Tyler Grumbles reviewed the 12/31 /17 report.
At the end of the quarter, the Plan's market value was
$ 14, 392 ,821 .
At the end of the quarter, the asset allocation was:
Domestic Equity 51 .8%
International Equity 15.8%
Domestic Fixed I ncome 18.5%
Global Fixed Income 4.6%
Real Estate 8.8%
Cash Equivalent 0.6%.
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Tequesta Public Safery Officers'Pension Fund
Asset Allocation by Asset Class
As of December 31.2017
September 30,2017:513,796,771 December 31.201T:514.392.821
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�bal Fixed Inccme
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�Dornestic Fsed Incmme
Dornestlic.ruc�Irenrrr
C�rn-�esic Eq�iry
DmMsoc'eaurty
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YMan�Equitl'
Allocation Alfocation
Market Value Allocation Market Value AllocaUon
■ Domestic EqwC; 6,915,14� 50 1 D�croestic Ecuit, 7,455.60t 51.8
Intemational Equ�Cy 2,tafi,629 15 6 Inte�rratiocta.Eauit, 2,27b.3y3 15.6
■ Domestic Fixed Income 2,557,072 18_8 ■ Donn2stic Fixed Incorne 2.657.151 18-5
Globai Fixed Income 66U,508 4_S �Globaa Fixe�d Inc�me h57.881 4.fi
■ Real Estate 1,242,909 �G ■ Rea�Esiate L2fi4.531 8.E
� ■ Cash Accourts 224,313 1 E ■ Ca�h Accounts 62259 0.6
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Mana r A All i
e sset ocat on
Charts on next pages address :
Asset allocation of managers
Asset allocation to asset classes compared to public
pension plans across the United States
Asset allocation of the Pension Plan over time
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Tequesta Public Safery Officers'Pension Fund
Asset Allocation by Manager
As of December 31.2017
September 30,2017:513J96,771 December 31.2017:514.392.821
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�y Total FceWm;�'TRh; � ..
'aai F.ewm'.-'fP.X: ��y�
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G�Nb.'GAMCO'Jalue � Gabelli��'dtiNICC Value
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Allocation Albcation
Market Value AllocaUon Market Value Allacation
= GabeII�IGi.MCO Va7ue '.723,D"o� t2.5 = GabellilGAMCO Value 1:839.88b 12.6
`Janguard Total Stock Mtarket sr,d�r�`�'ITSXi 3 A45,615 2F.� ■ Vanguard Totai Stock A4arket Incex i'�:'I—SXi 3.7U9,59fi 25.b
�: MtFS Gro+vtta Fur�R6{MFEKKj 671,219 6-3 ■ MFS Gro�ath Fund R6(MFEKX;� 93G,381 6.�
■ Primecap Od�,5s2y Growth(POGRXj 875,036 6.3 ■ Pnmeqp Otlyssey Grawth fPOGRXI 9�6fi.74D 6.7
Europacfic Growth(RERGX} 2,156,&29 13.6 Euroqacific Growth�RERGX) 2,276.393 15.8
■ Garcia HamiKon 2,597,072 18-8 ■ Garcia Hamitton 2,657.151 18.5
Tempieton Global Totai Retum{FT1fRX} fi60,508 4.8 Templedon Global Total Retum(FTfRX;i 657.881 4.6
■ ASB Real Estate 1,242,909 �G ■ ASB Rea6 Estate 1,2fi4.531 8.8
■ Receipt&Disbursemen? 220,402 1� ■ Receipt&Disb�orsernert BC�.769 O.fi
■ Chedeing Account 3,411 G-�� ■ Checkina Account 1.d9U O.D
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Tequ�sta Public Safety Officers'Pension Fund
Asset Allxation vs Other Public Plans
As of December 31.2017
Plan Sponsor TF Asset Allocation vs.All Pubiic Plans-Total Fund
76.0
68.0
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52.0 �
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US Equity Intl.Equity US Fixed Income Intl.Fixed Income Alternative Inv. Real Estate Cash
• Tequesta Public Safet,�Officers 51.80 f251 15 81 {,34) 16.4E f86) 4.57 {�3:6 D.OQ 8.79 {38� p.5� i7E}
5th Percentile 69.33 25.20 45.12 8.90 Z{].74 12.15 6.54
1st Ouartile 57.SD 16.48 33.fi6 4_94 11.09 4.6& 2.26
Median 47.17 14.81 28.53 4 60 8.70 6.95 1.28
3rd Quartile 42.39 12.25 22-19 4_15 3.82 4.74 0.83
95th Percentile 30.96 7_69 14.73 3.19 1.19 3.OS+ 0.02
Papulation 15°• 155 1 fi7 66 27 104 15p
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12 117 r r
ua te R rn
etu s
Total Fund (Gross) 3. 97% vs bench at 4 .23% .
Dom . Equity 6 . 00% vs bench at 6 .34%
Intern'I Equity 4 .24% vs bench at 5 . 06%
Dom . Fixed Inc. 1 .00% vs bench at 0 . 39%
Global Fixed Inc. - 1 . 74% vs bench at 0 . 58%
Real Estate 2 . 06% vs bench at 2 . 12%
Since this is the first quarter of the fiscal year, the fiscal
year to date is the same as the quarter.
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Tequesta Public Safery Officers' Pension Fund
Asset Allocation History by PartFolio
As of December 31,2017
Dec-2017 Sep-2017 Jun-2017 I�lar-2017 Dec-2D16
(Sl °'fl IE} o-o {S} °� f$1 °fl [S► �'�
Total Equity 9,730,998 fi7.61 9.071.969 65.75 6,639.891 &5.59 8,458,129 66.39 7,804,462 64.42
DomesUc Equiry 7,455,605 51.&0 fi,915,140 50.12 6,621.46U 50.27 6.551.085 51.42 6,079,084 5fl.18
Gabell�fG,AMCO ti`adue 1,839;868 12.78 1,723,C�69 12_49 1,668,56b 12.67 1;721,Q6d 13.5i 3.182,BQ7 2fi27
6rflwvn�dvisory�BAFGX) - 0_O�D - 4_00 - 0.00 1,606.711 12.r�1 2.35f,27�3 23.51
��anguard Total Stock Market Index{'u'9TSX} 3,7fl9,5Sb 25_77 3.d45,815 24_98 3,296:04? Z5.D2 3;223,31fl 2F�.3a - 0.0�
MFS Growth F�nd R6{p�FEKK i 939,361 6.53 871,219 E.31 629,262 6.30 - C�_0�'i - D.DQ
Prirnecap O�dyssey Gsawth�;POGRX;� 9�6�,74u 6.72 375,03fi 6_34 827;5�4fi 6.28 - �.O�D - {1.D0
Intemational Equity 2.275.393 15.81 2.156,$29 15.63 2,018A31 15.32 1,�07,044 14.97 1,725,378 14.24
Eu�opacific G�owth{REi�GXi 2,275,393 15.81 2.1�6.A24 iF.a3 2.018,431 15.32 1,9�D7.4�A 14.97 1 725,378 1424
Total Fixed Incarne 3.375,032 23.03 3,257,584 23.61 3.237,118 24.57 3,208,954 25.19 3,117,413 25.68
Domestic Fixetl Incame 2.657.151 18.46 2,597,072 18.82 2,586.096 19.fi3 2.551.441 20.03 2.d88,852 20.54
Garcia Hamitton 2,657,151 18.46 2.F97,472 t�?�.�2 2.586,0�6 19.fi3 �,551.44i 2d_03 2.48b.852 2fl.54
Global Fixed Income 657.881 4.57 660.508 4.79 651,022 4.94 657,513 5.16 fi22,561 5.14
TempNetor.Globa�l Total Retu�r{�TTRX:h 657,8E1 �.�7 F6�0,508 4.79 5F�1,022 4.94 657 F�13 F�15 022,561 5.�4
Real Esta#e 1,2b4,531 8.79 1,242.909 9.01 7,236,407 9.39 1.032,83d 8.11 1,022,503 8.44
AS6 Real Estate 1,2�64:531 879 1.242,90�5 9_G1 1,236:407 9.39 1,032.334 �.1� L022,503 6.4�
Cash Accounts 82�259 0.57 224,313 1.63 59,214 0.45 40,915 0.32 17&,499 7.46
Receipt8 Disbursement 8Q,769 O.�fi 22�0,402 1.60 59,073 0.4F 40,775 0_32 174,535 1.44
Checking Account 1;45(i 0.01 3,411 Q.Q3 141 0.0�? 1441 G_0{7 1,963 �.02
TotalFund 14,392,821 700.00 13,79fi,771 100.00 13,172.629 100.00 12,T40,832 100.00 12,114,877 1d0.00
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Tequesta Public Safery Officers' Pension Fund
Trailing Retums
As of December 31,2017
QTR FYTD 1 YR 3 YR 5 YR Incepaon Inception
Date
Total Fund(Gross) 3.97 (35) 3.9T (3� 76.94 (19i 7.19 {53► 8.76 �67) 6.91 (61� 0510112005
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Total Fund(Net) 3.90 3.90 16.62 6.94 8.52 6.53 05�0112005
Total Equity 5.56 5.56 24.23 9.47 12.67 7.74 04)01,2005
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DomesUc Equity 6.00 (52) fi.00 (52) 22.25 {26) 9.46 (51� 13.40 (67} 8.14 (50� 04�01;2005
Tpi3 DOf`1ASil:t7�_lit_; �IC:y 73-1 1411 = . :'11= �. I' � ;t�; 1r._^":8 i;• _
Ihv I � xJ �_,�� `�cre Equrty '_-.-�_F-1,`=��.le�ian �-C5 =G� ___ '��=1? �-a� - _
Intemational Eqiity 4.24 (431 4.24 (43) 31.19 {7) 9.68 {2) 9.23 (3) 7.94 (1} 05t01f2010
G1' Illi° '3CIJ',ilE�7111�}rPnl���". -0_ i _ �.Vt �1Fi _ �- ,�'1' - �. '�IS�. _- _ _.. .--
IIJ I �atio�ri � c�� 3D re E iir: �.;�= pq-�li�n -�,1� -1 r�r �4�_ �i' -_ `_Y I
Total Faed Income 0.44 0.44 3.73 2.69 2.12 3.86 04l01t2005
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Domesiic Fixed Income 1.00 (9) 1.00 (9) 3.86 {65) 2.58 {53� 2.11 (65) 3.86 (82� 04�'01;2005
T��i� �,n�� i�� � r�ePollc, r ;c� ,.,� - -_�i _ �,s ?4' -^�i �'CI __ap �G,,=. 4i�C �
II��� 6'I�J�I I �i� ,� ,, 1���-1 � --_ ��� -Id� - .� �_ �-- - _ � �-
Global Fixed Income -1.14 (100� -1.74 (100) 3.20 (86� 2.35 (41► NiA 2.60 (35► 70;01,2013
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�G; = iii'�_�r� I,i�=7i�_ �� '= � i 1'° _--
Total Real Estate 2.0�6 (6:i) 2.06 (63) 4.91 (100) NfA NiA 4.74 (NIA} 06101/2016
F �IF ,=,r - -- � � , - - _. _ _ _- �1� =-i, -'P `_ 1J.:: - _: _�' ,
I�w`I_ _ C�:e�.E:��d Friva�F.Eai_s.�_ ��-,�F�PA�divri =.�U «0 �.?'� 1'.J�' I__� P�r�.
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ther Matters
The Board discussed some proposed language
for the creation of the Police share accounts .
The Board listened to a presentation from the
attorney on the most recent legislative session .
Proposed SB 980 affecting actuarial reports is not
expected to pass. Memo available upon request.
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