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Home My WebLink About09-19-17 AgendamL, SEMSTt" HOME OF PELICAN ISLAND PUBLIC NOTICE — POLICE PENSION BOARD MEETING SEPTEMBER 19, 2017 The Police Pension Board will hold a regular quarter meeting Tuesday, September 19, 2017 at 10:00 a.m. in the City Council Chambers, City Hall, 1225 Main St. Sebastian, Florida. Agenda CALL TO ORDER VOTE TO EXCUSE ABSENT BOARD MEMBER(S) PUBLIC COMMENT APPROVAL OF MINUTES: A. Regular Meeting June 20, 2017 B. Special Meeting June 28, 2017 C. Special Meeting July 20, 2017 OLD BUSINESS A. Approval of Payments: a. Christiansen & Dehner (June) $ 3,834.90 b. Foster & Foster $ 5,120.00 c. Christiansen & Delmer (July) $ 599.82 d. Foster & Foster $ 1,000.00 e. Salem Trust $ 2,640.00 B. Report on Ordinance for DROP, Cola and Buybacks C. Review of Annual Calendar of Board Activities D. Report on State Required Website Disclosures NEW BUSINESS A. Review of Expenses and Approval of 2018 Annual Budget B. Report on Investment Manager Transitions C. Report from Investment Monitor D. Report from Investment Manager E. Legal Updates a. Report on Disability Cases b. Status of Summary Plan Description c. Proposed Meeting Dates for 2018 F. Board Member Reports and Comments G. Next Quarterly Meeting: December 12, 2017 ADJOURN Chairperson Chairperson Chairperson Chairperson Chairperson Ken Killgore, Board Member Ken Killgore, Board Member Ken Killgore, Board Member Ken Killgore, Board Member Mindy Johnson, Salem Trust Charlie Mulfinger, Morgan Stanley Grant McMurry, Highland Capital Management Lee Denner, Christiansen & Denner Chairperson Chairperson Please note: In accordance with Florida Statue 286.0105: any person who desires to appeal any decision at this meeting will need a record of the proceedings and for this purpose may need to ensure that a verbatim record of the proceedings is made which includes the testimony and evidence upon which the appeal is based. In accordance with Florida Statute 286.26: Persons with disabilities needing assistance to participate in any of these proceedings should contact the Administrative Services Department at 1225 Main Street, Sebastian, Florida 32958, or telephone 772-388-8205. CITY OF SEBASTIAN POLICE PENSION BOARD MINUTES OF REGULAR QUARTERLY MEETING JUNE 20, 2017 1. Call to Order— Chairman Steve Marcinik called the meeting to order at 10:00 am. Present Board Members Steve Marcinik Rich Snell Ken Killgore Also Present Charlie Mulfinger, Greystone Consulting, Consultant Scott Owens, Greystone Consulting, Consultant Grant McMurray, Highland Capital Management, Consultant Jason Gillette, Officer (in audience) Cindy Watson, Human Resources Director Susan Mann, Recording Consultant 2. Vote to Excuse Absent Board Member(s) Officer Marcinik stated that there are no Members to be excused and there two vacancies. Mr. Killgore responded that he has one application and believes he will be receiving another application soon. 3. Public Comment None 4. Approval of minutes A. Regular Meeting March 21, 2017 A motion to approve the March 21, 2017 minutes as presented was made by Mr. Killgore, seconded by Officer Snell and passed unanimously by voice vote. 5. Old Business A: Approval of Payments a. Christiansen & Dehner (March) $ 2,034.29 b. Christiansen & Dehner (April) $ 2,638.44 c. Christiansen & Dehner (May) $ 551.10 d. Greystone Consulting $ 3,375.00 e. Salem Trust $ 1,635.00 Officer Marcinik read the Approval of Payments list for the record. A motion to accept the Approval of Payments was made by Officer Snell, seconded by Mr. Killgore and passed unanimously by voice vote. POLICE PENSION BOARD MINUTES OF REGULAR MEETING JUNE 20, 2017 Page 2 B. Discussion of Glove Tax Claims Mr. Owens provided an explanation of the claims. Mr. Killgore stated that no money has been received and the amounts will be small. It was agreed that no action is necessary by the Board. C. Review of Annual Calendar of Board Activities Mr. Killgore explained that the Calendar is updated quarterly and provided to the Board to ensure that all items necessary for review are addressed. He stated that there is no action required. D. Consider Ordinance for DROP, Cola and Buybacks Mr. Killgore provided details on the process making changes to the Ordinance has involved. He noted that he had received a draft of the Ordinance from the attorney and forwarded it to the PBA representative and has not heard back. He stated that once the PBA legal representatives are happy with the Ordinance it can be voted on by the Board and forwarded to the City Council for action. It was agreed that a special meeting should be called as soon as the revised draft is received and only the Board needs to be present. Mr. Killgore stated he will forward the email containing the Ordinance to each Board Member. 7. New Business A. Report from Investment Monitor Mr. Mulfinger stated that the market was very strong during the quarter. He provided details on the change in Managers. He explained that the agreements before the Board for signature allow the managers to make investment decisions. Mr. Killgore stated that the agreements are very complicated. Mr. Mulfinger responded that the attorney and Mr. Owens are the ones who prepared the agreements and he is coordinating getting them signed. Mr. Killgore reviewed the agreements being presented and Mr. Mulfinger provided an explanation of each. Mr. Killgore stated that signatures of two individuals are required to act on behalf of the pension plan and one signature is for certification. Following discussion it was agreed that the Board Chairman and Mr. Killgore would be the signing parties for the agreements. Mr. Mulfinger stated that the Pension Board could continue under the existing fee structure and it will be addressed at a future date. Mr. Owens provided an explanation of the state of the economy, the impact of the election and the market providing details on the circumstances that impact the market, investments and returns. He stated that all the indicators show that the economy is strong and the stock market is showing improvement in earnings. He stressed the need for diversification to protect against the fluctuation in market. He reviewed the securities in the portfolio, their values, earnings and trends. Mr. Mulfinger reviewed the Summary of Relevant Facts and provided details on how the portfolio percentage of investments compared to the Policy for those investments. He explained the return for the current quarter and past performance. He stated that there are two Policy Indexes POLICE PENSION BOARD MINUTES OF REGULAR MEETING JUNE 20, 2017 Page 3 to show how the international investments impacted the performance of the portfolio. He concurred that Policy Index 1 provides the best overall indication of performance. He reviewed the Manager vs Benchmark: Return through March 2017 and the 3, 5, 14 '/4 year Risk/Return Analysis and provided details on each. Mr. Owens responded to Mr. Killgore's question regarding the actuarial assumption being reduced to 7.3, by stating that would occur with the new fiscal year. Mr. Mulfinger reviewed the Tactical Asset Allocation Reasoning providing details on the Relative Weights. He concluded by stating that the Portfolio did well during the past quarter. B. Report from Investment Manager Mr. McMurry provided details on the performance of the market, earnings, the impact of the strength of the dollar. He noted that the Fed raising the interest rate did not have the impact on the market that was expected. He reviewed the performance of securities in the Portfolio. He stated that earnings is a big factor on whether to sell or hold securities. He provided a detailed explanation of how duration and the movement of the interest rates impacted the portfolio. He concluded by stating that the portfolio performed well during the quarter. He stated that Mr. Dehner requires a triple bypass, but developed other health issues which caused the surgery to be postponed. Mr. Killgore expressed concern about the increased number of companies involved with the Alternative Investments and the related fees. He asked how those fees were determined. Mr. Mulfinger responded that the fees were negotiated prior to and stated in the presentation made to the Board. There was an in-depth discussion regarding how fees are set, how they differ and what they are based on. Mr. Owens stated that the Alternative Investment managers can be present at the Meetings if so desired by the Board. C. Legal Updates — None D. Board Member Reports and Comments — None C. Next Quarterly Meeting: September 19, 2017 at 10:00 a.m. Officer Marcinik expressed appreciation for the update on Mr. Dehner. 12. Adiourn Chairman Marcinik called for any further business, hearing none he adjourned the meeting at 11:10 am. 0 Steve Marcinik s/m CITY OF SEBASTIAN POLICE PENSION BOARD MINUTES OF SPECIAL MEETING JUNE 28, 2017 Call to Order — Chairman Steve Marcinik called the meeting to order at 10:03 am. Present Board Members Steve Marcinik Rich Snell Ken Killgore Also Present Ken McDonough, PBA Representative Cindy Watson, Human Resources Director Susan Mann, Recording Consultant 2. Vote to Excuse Absent Board Member(s) Officer Marcinik stated that there are no Board Members to be excused, however there are two vacancies to be filled. Mr. Killgore responded that there are two candidates that will go before the City Council this evening for approval. Public Comment — None Mr. Killgore stated that he has items that need to be added to the agenda. He explained, regarding the disability claim which deadline is very near, the attorney handling the case is requesting a 90 day extension. A motion to grant a 90 day extension was made by Officer Marcinik, seconded by Officer Snell and passed unanimously by voice vote. Mr. Killgore explained that at the last meeting a great deal of documents had to be signed to allow for the reorganization of the investments. He stated that there are still many documents that need signature to accomplish the diversification of the portfolio. He asked if the Board would authorize him to sign the necessary documents related to these changes. A motion to authorize Mr. Killgore to sign the documents necessary for the diversification of the portfolio was made by Officer Snell, seconded by Officer Marcinik and passed unanimously by voice vote. POLICE PENSION BOARD MINUTES OF SPECIAL MEETING JUNE 28, 2017 Page 2 6. Old Business A: Consider Ordinance for DROP, Cola and Buybacks Ken Killgore, Board Member Mr. Killgore stated that included in the agenda package is the draft of the Ordinance amending the Police Officer's Retirement System Ordinance. He offered to answer any questions. Officer Snell asked for clarification of Section (5)(c)(1) regarding the establishment of DROP account. He stated that in various places in the ordinance the DROP account is referred to as a separate account and a notional account. Officer Marcinik explained that the money is all in one account, not separate accounts for each individual. Officer Snell expressed concern about Section (10) Benefits Not Guaranteed by stating that it reads as though each account is separate. He apologized for bringing these questions to the Pension Board, but the meeting he planned with the representative of the Union did not take place. Mr. Killgore explained that the investments are all in one account, however the City keeps a ledger account for each officer which is called a notional account. Officer Snell stressed that he and others who read the Ordinance have concern about the fact the DROP account is referred to one place as a notional account and then in another place a separate asset account; the wording is very confusing. Officer Ken McDonough, PBA Representative, apologized for the confusion stating that he had just seen the final draft Ordinance on Monday. He agreed that there are some areas that require revision. As a result of an in-depth discussion regarding the frustration of the delays and wording it was agreed that the Ordinance requires review and revision by the attorney and a special meeting set for Board review and approval. Mr. Killgore suggested he draft a letter to Mr. Boettjer stating that at the Pension Board Meeting issues and changes were brought up which he will take to the Pension Board Attorney for revision of the draft Ordinance. There was an detailed discussion about which investment companies would agree to handle individual investment accounts. Mr. Killgore responded that he will do research to determine which of the established investment firms would agree to handle the individual accounts. Officer MacKenna stated that he will provide Mr. Killgore with the information he has regarding firms who would accept the individual accounts. POLICE PENSION BOARD MINUTES OF SPECIAL MEETING JUNE 28, 2017 Page 3 A motion to authorize himself to draft a letter to the Pension attorney to have an optional DROP account added and clarify the term notional account in the draft Ordinance; when the revised draft Ordinance is provided to bring it back to the Board for review and approval was made by Mr. Killgore, seconded by Officer Marcinik and passed unanimously by voice vote. Officer Marcinik noted that the Old Business is being postponed until a later date. 7. New Business A. Legal Updates — None B. Board Member Reports and Comments — None C. Next Quarterly Meeting: September 19, 2017 at 10:00 a.m. 12. Adjourn Chairman Marcinik called for any further business, hearing none he adjourned the meeting at 10:42 am. Is Steve Marcinik s/m CITY OF SEBASTIAN POLICE PENSION BOARD MINUTES OF SPECIAL MEETING JULY 20, 2017 Call to Order — Chairman Steve Marcinik called the meeting to order at 9:02 am. Present Board Members Steve Marcinik Rich Snell Ken Killgore Paul Williamson Also Present Al Boettjer, Coastal Florida Police Benevolent Association Cindy Watson, Human Resources Director Susan Mann, Recording Consultant 2. Vote to Excuse Absent Board Member(s) Mr. Marcinik stated that Christine Vicars' absence is excused. 8. Public Comment Mr. Boettjer reported that he had spoken with the attorney that wrote the DROP and Ordinance for the City of Rockledge and he agrees with the Pension Board's attorney that the self-directed option would adversely affect the overall Pension Plan. If individuals made their own investments and did not choose wisely the Pension Plan's value would be negatively impacted. He also explained that the PBA does not allow that option. Following discussion it was agreed that the self-directed option should not be included in the plan. Mr. Killgore stated that if approved by the Board, he will place the Ordinance on the Council's agenda for next Wednesday evening. 6. Old Business A: Consider Ordinance for DROP, Cola and Buybacks Ken Killgore, Board Member Mr. Killgore explained that the self-directed option will not be included; the reference to Notional accounts must be include to comply with IRS regulations and to be able to track the funds for each individual. He explained that the funds are all in one account, but they are recorded by the retiree to which they apply. POLICE PENSION BOARD MINUTES OF SPECIAL MEETING JULY 20, 2017 Page 2 A motion to adopt the proposed Ordinance that is on the table was made by Officer Marcinik, seconded by Officer Snell and passed unanimously by voice vote. 7. New Business A. Legal Updates — None Officer Marcinik stated that since the Attorney is still ill there are no legal updates. He wished him a speedy recovery. B. Board Member Reports and Comments Mr. Williamson asked if the surviving spouse receives the pension for only 10 years after the retirees death. Officer Marcinik responded that is correct unless the retiree takes a reduced amount to provide for the surviving spouse. Mr. Williamson asked if the COLA is new for the Retirement Plan and noted that 1% seemed rather low. Officer Marcinik responded it is new to the plan and noted that the plan itself is new as compared to other agencies. He commented that although the plan is new it is well funded. Officer Snell explained that the funds received from the State insurance settlement were put into the Pension Plan and that is what is being used for the COLA. Mr. Killgore explained that a higher COLA would require City funding. C. Next Quarterly Meeting: September 19, 2017 Officer Marcinik stated that the next Quarterly Meeting will be held on September 19, 2017. 12. Adjourn Chairman Marcinik called for any further business, hearing none he adjourned the meeting at 9:14 am. By: Steve Marcinik s/m Kenneth Killgore From: Kenneth Killgore Sent: Wednesday, July 12, 2017 10:04 AM To: 'stcdrfldops' Subject: Sebastian Police Pension Trust Payments Attachments: MX -4140N_20170712 082513.pdf Please process the attached invoices for payment. Christiansen & Dehner, P.A. $3,834.90 Foster & Foster $5,120.00 Thank you. Ken Killgore Administrative Services Director City of Sebastian Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240- 941-377-2200 941-377-4848 Phone Fax City of Sebastian Police Pension Fund ATTN: Ken Killgore 1225 Main Street Sebastian, FL 32958 June 30, 2017 Invoice Number In Reference To: Police Pension Fund 0049 30829 Professional Services Hours 6/1/2017 Review and respond to e-mail from K. Kilgore re: trustee indemnity. 0.20 6/5/2017 Telephone conference with K. Kilgore; revise proposed ordinance; e-mail to K. 2.10 Kilgore. 6/9/2017 Review proposed agreement changes with Fiera; prepare revised agreement 1.80 with acceptable changes and e-mail to T. Haugaard. 6/15/2017 Review of e-mail correspondence. 0.10 6/20/2017 Telephone conference with Fiera attorney; e-mails; revise agreement and 1.10 correspondence with revised agreement. 6/23/2017 Preparation of legislative update memorandum on Public Records Act and 0.20 Senate Bill 80. For professional services rendered 5.50 Additional Charges Qty 6/21/2017 Copies 11 Postage 1 Total additional charges Total amount of this bill Previous balance ('MAV CNA P 3,83.90 Amount 81.80 858.90 736.20 40.90 449.90 81.80 $2,249.50 2.75 2.95 $5.70 $2,255.20 $1,109.29 City of Sebastian Police Pension Fund Balance due June 30, 2017 Amount $3,364.49 Please note that the "Balance Due" figure at the end of this bill reflects both 'Total New Charges - Current Period" and any previous balances due. In most cases, if the previous balance(s) have already been approved for payment but not yet received in our office, you should be paying only the 'Total New Charges - for services and/or expenses". Thank you. Current 30 Days 60 Days 90 Days 120+ Days $2,255.20 $1,109.29 $0.00 $0.00 $0.00 City of Sebastian Police Pension Fund June 30, 2017 In Reference To: Disability File 1629 30830 Professional Services Hours Amount 6/19/2017 Receipt and review of workers' compensation records. 2.00 818.00 6/29/2017 Receipt and partial review of medical records. 0.80 327.20 Receipt and partial review of medical records. 0.50 204.50 For professional services rendered 3.30 $1,349.70 Additional Charges: Qty 6/13/2017 Medical Records. 1 130.00 6/19/2017 Copies 352 88.00 6/29/2017 Copies 48 12.00 Total additional charges $230.00 Total amount of this bill AMMON Previous balance $2,080.25 Balance due $3,659.95 Please note that the "Balance Due" figure at the end of this bill reflects both "Total New Charges - Current Period" and any previous balances due. In most cases, if the previous balance(s) have already been approved for payment but not yet received in our office, you should be paying only the "Total New Charges - for services and/or expenses". Thank you. current 30 Days $2,130.80 $1,529.15 r. Please indicate account number(s) with payment. (Please Deduct any payments not reflected in Balance due) 120+ $0.00 Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240- 941-377-2200 Phone City of Sebastian Police Pension Fund ATTN: Ken Kilgore 1225 Main Street Sebastian, FL 32958 Project Billing Summary 941-377-4848 Fax June 30, 2017 Invoice Number Prev. Bal/ Payments/ New Chgs/ Fees/ Credits/ Pm/Cr/Ref/ Costs Refunds New Bal In Reference To: Police Pension Fund 0049 30829 $0.00 $1,109.29 $2,249.50 $0.00 $2,255.20 $5.70 $0.00 $0.00 $3,364.49 In Reference To: Disability File 1629 30830 $0.00 $2,080.25 $1,349.70 $0.00 $1,579.70 $230.00 $0.00 $0.00 $3,659.95 $3,599.20 $0.00 $3,189.54 $0.00 $3,834.90 $235.70 $0.00 $0.00 GRAND TOTAL (current and previous balances) $7,024.44 Please indicate account number(s) with payment. (Please Deduct any payments not reflected in Balance due) 0 , FOSTER & FOSTER Phone: (239) 433-5500 Fax: (239) 481-0634 data@foster-foster.com www.foster-foster.com City of Sebastian Police Officers' Retirement System 1225 Main Street Sebastian, FL 32958 Invoice Date Invoice N 1 1.: Net 30 1 7/23/2017 Preparation for and letter of correspondence dated January 12, 2017 responding to auditor's questions 125.00 regarding the October 1, 2016 actuarial valuation. Special actuarial analysis and letter report dated March 3, 2017 to determine the impact on PlanI 1,000.00 liabilities and funding requirements associated with various proposed benefit enhancements. March 20, 2017 accrued benefit analysis for 1 200.00 Preparation for and attendance at March 21, 2017 Board meeting (Board's share of expenses) 1 170.00 March 26, 2017 email correspondence regarding the use of state monies for the 2016 Annual Report. I 125.00 Preparation of the 2016 Chapter 112.664 compliance disclosure. 1 3,500.00 Thank you for your business! Please make all checks payable to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912 Balance Due $5,120.00 Kenneth Killgore From: Kenneth Killgore Sent: Monday, August 21, 2017 2:46 PM To: salemops@salemtrust.com Subject: Sebastian Police Pension Trust Attachments: MX-4140N_20170821_130141.pdf Please process a payment of the attached invoices: Foster & Foster $ 1,000.00 Christiansen & Dehner, P.A. $ 599.82 Ken Killgore Administrative Services Director City of Sebastian FOSTER & FOSTER Phone: (239) 433-5500 Fax: (239) 481-0634 data@foster-foster.com www.foster-foster.com Invoice Date Invoice # 11 Thank you for your business! Please make all checks payable to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912 Balance Due $15000.00 Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240- 941-377-2200 941-377-4848 Phone Fax July 31, 2017 Sebastian Police Officers' Retirement System ATTN: Ken Killgore 1225 Main Street Sebastian, FL 32958 Invoice Number Proiect Billina Summary In Reference To: Police Pension Fund 0049 Prev. Bal/ Payments/ New Chgs/ Fees/ Credits/ Pm/Cr/Ref/ Costs Refunds New Bal In Reference To: Police Pension Fund 0049 30979 ($3,364.49) $3,364.49 $127.50 $0.00 $127.50 $0.00 $0.00 ($3,364.49) $127.50 In Reference To: Disability 1617 30980 $0.00 $0.00 $85.00 $0.00 $85.00 $0.00 $0.00 $0.00 $85.00 In Reference To: Disability File 1629 30981 ($3,659.95) $3,659.95 $297.50 $0.00 $387.32 $89.82 $0.00 ($3,659.95) $387.32 Sebastian Police Officers' Retirement System Payments/ Fees/ Credits/ Costs Refunds July 31, 2017 Prev. Bal/ New Chgs/ Pm/Cr/Ref/ New Bal $510.00 ($7,024.44) $7,024.44 $0.00 $599.82 $89.82 $0.00 ($7,024.44) GRAND TOTAL (current and previous balances) $599.82 Please indicate account number(s) with payment. (Please Deduct any payments not reflected in Balance due) Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240- 941-377-2200 941-377-4848 Phone Fax Sebastian Police Officers' Retirement System ATTN: Ken Killgore 1225 Main Street Sebastian, FL 32958 In Reference To: Police Pension Fund Professional Services 7/11/2017 Telephone conference with K. Kilgore re: self-directed DROP and ordinance questions. For professional services rendered Previous balance Accounts receivable transactions 7/18/2017 Payment - thank you. Check No. 30446 7/24/2017 Payment - thank you. Check No. 31172 Total payments and adjustments Balance due July 31, 2017 Invoice Number 30979 Hours Amount 0.30 127.50 0.30 $127.50 $3,364.49 ($2,255.20) ($1,109.29) ($3,364.49) $127.50 Please note that the "Balance Due" figure at the end of this bill reflects both "Total New Charges - Current Period" and any previous balances due. In most cases, if the previous balance(s) have already been approved for payment but not yet received in our office, you should be paying only the "Total New Charges - for services and/or expenses". Thank you. Sebastian Police Officers' Retirement System July 31, 2017 In Reference To: Disability 1617 30980 Professional Services Hours Amount 6/28/2017 Review and respond to e-mails from claimant re: moving forward with initial 0.20 85.00 hearing. For professional services rendered 0.20 $85.00 Balance due $85.00 Please note that the "Balance Due" figure at the end of this bill reflects both "Total New Charges - Current Period" and any previous balances due. In most cases, if the previous balance(s) have already been approved for payment but not yet received in our office, you should be paying only the "Total New Charges - for services and/or expenses". Thank you. Sebastian Police Officers' Retirement System In Reference To: Disability File 1629 Professional Services 7/6/2017 Correspondence to Claimant regarding request of extending processing time for disability claim. 7/14/2017 Receipt and partial review of medical records. For professional services rendered Additional Charges: 7/6/2017 Medical Records. Copies Postage 7/14/2017 Copies Total additional charges Total amount of this bill Previous balance Accounts receivable transactions 7/18/2017 Payment - thank you. Check No. 30446 7/24/2017 Payment - thank you. Check No. 31172 Total payments and adjustments Balance due July 31, 2017 30981 Hours Amount 0.20 85.00 0.50 212.50 0.70 $297.50 Qty 1 81.65 2 0.50 1 0.92 27 6.75 $89.82 $387.32 $3,659.95 ($1,579.70) ($2,080.25) ($3,659.95) $387.32 * Please note that the "Balance Due" figure at the end of this bill reflects both "Total New Charges - Current Period" and any previous balances due. In most cases, if the previous balance(s) have already been approved for payment but not yet received in our office, you should be paying only the "Total New Charges - for services and/or expenses". Thank you. Please indicate account number(s) with payment. (Please Deduct any payments not reflected in Balance due) SALEM TRUST C O M P A N Y City of Sebastian Debbie Krueger 1225 Main Street Sebastian. FL 32958 Fee Advice for Period Detail of Calculation: Flat Fee April 1, 2017 to $5.00 Security Transactions Current Period 9/30/2016 12/31/2016 3/31/2017 6/30/2017 (300 included in annual fee) Annual Fee $5,000.00 Year To Date 145 145 249 394 77 471 278 749 Total Total Amount Due These fees will automatically be charged to your account. If you have any questions, please contact Mindy Johnson at 813.288.4990 July 6, 2017 A/C #3040031435 Sebastian Police June 30, 2017 $5.00 DEERFIELD BEACH TAMPA 1715 N. WESTSHORE BLVD., SUITE 750 TAMPA, FL 33607 TEL (877) 382-5268 FAX (813)301-1295 mvau.salemfwt.rom Quarterly Fee $1,250.00 $1,390.00 $2,640.00 $2,640.00 CITY OF SEBASTIAN POLICE OFFICERS' PENSION PLAN CALENDAR OF BOARD ACTIVITIES — Updated August 2017 JANUARY: No Board activity. FEBRUARY: No Board activity. MARCH: 1" Quarter Board Meeting: • Update and Review Calendar of Activities. • Request update of Summary Plan Description (every two years). • Investment Report and Performance Review. • Receive Annual Report to Division of Retirement. APRIL: No Board activity. MAY: No Board activity. JUNE: 2nd Quarter Board Meeting: • Review Calendar of Board Activities. • Investment Report and Performance Review. • Select Board Chairperson and Secretary (every two years). • Approve and Distribute to Members the Summary Plan Description (if needed). JULY: Board Members should file Financial Disclosure forms bylulylst. AUGUST: Receive State premium tax monies. SEPTEMBER • 3rd Quarter Board Meeting: • Agree on Quarterly Meeting dates for following year. • Review Calendar of Board Activities • Approve Election Process for Police Officer Members (if needed). • Select Board appointed Member and request City Council confirmation (if needed). • Investment Report and Performance Review. • Receive Report on Determination and Disclosure of Illiquid Assets/Securities. Report on year-to-date expenses and approve budget for the next year. OCTOBER: No Board activity. NOVEMBER: No Board activity. DECEMBER: • 4`h Quarter Board Meeting: • Review Calendar of Board Activities. • Consider changes to Operating Rules (if needed). • Report on Actual Operating Expenses for the year. • Investment Report and Performance Review. • Update Investment Policy and Allocation Strategy. • Accept the Actuarial Report. • Approve Expected Rate of Return. • Confirm renewal of Liability Insurance Policy. 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