HomeMy WebLinkAbout06172014 PRB MinutesMinutes 6/17/2014 1
DRAFT
Sebastian Police Pension Board Minutes
June 17,2014, 10:00 a.m.
Sebastian City Council Chambers
TYPE OF MEETING: Regularly Scheduled
ATTENDEES: Board Members:
Steve Marcinik, Chair
Robert Zomok, Secretary
Bruce Hoffman
Richard Snell
EXCUSED: Debra Krueger
CONSULTANTS:
Scott Owens, Morgan Stanley, Grant McMurry, ICC Capital Mgmt.
(Portfolio Manager) H. Lee Dehner, Attorney
SUBJECT
CALL TO ORDER
10:00 a.m. There being a quorum present, Steve Marcinik, called the
meeting to order.
SUBJECT
APPROVAL OF MINUTES
10:05 a.m. Bruce Hoffman motioned the minutes of the March 2014
Board Meeting, be approved. Motioned seconded by Bob Zomok and
passed unanimously without change.
SUBJECT
PUBLIC COMMENT
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None
SUBJECT
OLD BUSINESS
Draft Proposed Ordinance Status
The final draft of the Proposed Ordinance was given to all Board
members by Lee Dehner. Bob Zomok made a motion to accept the final
draft as presented. The motion was seconded by Bruce Hoffman and
passed unanimously.
Deb Krueger is to have the Ordinance placed on Sebastian City Council
Agenda and obtain an actuarial impact statement from Foster & Foster.
Approve Current Summary Plan Description (SPD)
Bob Zomok made a motion to approve the current SPD. The motion
was seconded by Chairman Marcinik and passed unanimously.
The SPD will needed to be revised subsequent to the approval of the
revised Ordinance by Sebastian City Council.
We need to obtain Exhibit B from the Actuary the have the SPD signed,
dated, and distributed to all members.
SUBJECT
NEW BUSINESS
Police Officer & Commander
Sebastian Police Officer - Request to waive condition of
employment to be a member of Pension.
These two individuals both have pensions from previous law
enforcement employment. They opined that they would not achieve
vesting in the Sebastian Police Pension Fund. If they were permitted to
be excluded from the Pension Plan, there would be some savings to the
City.
Attorney Dehner explained that only the Chief of Police is permitted an
opt -out option under State Statute 185. Bob Zomok pointed out that this
type of change to the Plan would have to be negotiated and made a part
of the collective bargaining agreement. Therefore, their request was
denied.
SUBJECT
APPROVAL OF INVOICES
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0 Morgan Stanley - $3,375.00 4th Quarter 2013
U Morgan Stanley - $3,375.00 0 Quarter 2014
U Christiansen & Dehner - $1,197.78-3/18/14
Bob Zomok motioned the Invoices be approved for payment. Motioned
seconded by Bruce Hoffman and passed unanimously without change.
SUBJECT
REVIEW OF INVESTMENT PORTFOLIO
Scott Owens reviewed the performance of the Fund. To date, the
investments continue to perform in a positive manner.
Once the new Ordinace is approves, the Board will request the initiation
of an Asset Allocation Study and will initiate a review of the draft
Investment Policy Statement subsequent to the Asset Allocation review.
SUBJECT
REPORT ON SALE OF (1) DOWNGRADED BOND - AFLAC
Per the Board's instruction, Grant McMurry will continue to retain this
holding until such time as it can be sold at a profit.
SUBJECT
FUND REVIEW
(pending executive summary from Grant McMurry)
SUBJECT
ATTORNEY MATTERS
Attorney Dehner reported that SB 246 has been re -written;, however,
the Bill did not pass out of the State House of Representatives. He will
continue to monitor actions affecting this Bill due to the potential
increase in required funding ration of 80% and the use of excess State
funds to be determined by local authorities.
SB 534 has been passed and requires additional reporting requirements.
The implementation date for this piece of legislation is October 1, 2014.
These additional reporting requirements will increase cost to the Plan.
SUBJECT
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ACTION ITEMS
ITEM
RESPONSIBLE PERSON
Ordinance to Council Agenda Debra Krueger
Request Actuarial Impact Statement Debra Krueger/Doug Lozen
Prepare Asset Allocation Study Scott Owens
(pending Ordinance Approval)
Facilitate Investment Policy Review Scott Owens
(pending Ordinance Approval)
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ADJOURNMENT
TIME. Having no further business for discussion, Chairman Steve
Marcinik adjourned the meeting at 11:40 AM.
Next regularly scheduled meeting is September 16, 2014 , at 10:00 a.m.
in the Sebastian City Council Chambers. Bruce Hoffman will be unable
to attend.
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