HomeMy WebLinkAbout03-20-2018 MinutesCITY OF SEBASTIAN
POLICE PENSION BOARD
MINUTES OF REGULAR QUARTERLY MEETING
MARCH 20, 2018
1. Call To Order — Acting Chairman Paul Williamson called the meeting to order at
10:06 a.m.
2. Roll Call
Present
Board Members
Paul Williamson
Randy Moyer
Christine Vicars (delayed arrival)
Absent
Jason Gillette — excused
Tim Wood -- excused
Also Present
Bonni Jensen, Klausner, Kaufman, Jensen & Levinson, Attorney for Board of
Trustees
Steve Stack, Highland Capital Management, Consultant
Charlie Mulfinger, Morgan Stanley (reporting by cell phone)
Ken Killgore, Plan Administrator
Janet Graham, Technical Writer
3. Vote to Excuse Absent Board Member(s)
Mr. Killgore stated that Jason Gillette has been excused and Tim Wood is on vacation,
although he had not notified the Board that he would be absent. Motion to excuse the
absences of Tim Wood and Jason Gillette was made by Mr. Moyer and seconded by
Ms. Vicars. Motion carried unanimously by voice vote.
4. Approval of Minutes
A. Special Meeting of February 9, 2018 to certify election results.
B. Special Meeting of February 9, 2018 on Ken Johnson disability.
Approval of the Minutes was tabled, as there were some corrections that were needed.
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POLICE PENSION BOARD PAGE 2
MINUTES OF REGULAR MEETING MARCH 20, 2018
Mr. Williamson stated the 51h paragraph on page 3 should read that the motion was
made by Tim Wood, seconded by Ms. Vicars. Motion passed with a vote of three in
favor, being Mr. Gillette, Mr. Wood, and Ms. Vicars, and two opposed being Mr. Moyer
and Mr. Williamson. Mr. Williamson also questioned in the 4th paragraph on page 3
where it stated a motion was made by Mr. Williamson, seconded by Ms. Vicars to have
another functional capacity evaluation. Ms. Vicars stated she recalls that Mr. Gillette
made the motion and Ms. Vicars seconded it. A motion was made by Ms. Vicars and
seconded by Mr. Moyer to table acceptance of the Minutes until the items in question
can be verified. Motion carried unanimously by voice vote. Mr. Killgore stated he
omitted from this Agenda the Minutes of the January 16th meeting which were done by
the court reporting service. A motion was made by Ms. Vicars and seconded by Mr.
Williamson to table acceptance of those Minutes until the next meeting so they can be
reviewed. Motion was carried unanimously by voice vote.
5. Old Business
A. Approval of Payments
a.
Highland Capital (151 quarter 2018)
$ 13,483.12
b.
Fiera Capital (4'h quarter 2017)
1,405.79
c.
Boston Partners (4th quarter 2017)
$ 1,777.77
d.
Center Coast Capital Advisors, LP (4th quarter 2017)
805.77
e.
Renaissance Investment Mgt. (41h quarter 2017)
1,728.51
f.
Graystone Consulting
3,375.00
g.
Foster & Foster
1,314.00
h.
Salem Trust (4th quarter 2017)
9,770.00
L
Klausner, Kaufman, Jensen & Levinson
4,207.50
j.
Vero Beach Court Reporters
195.00
k.
City of Sebastian for Administrative Solutions, Inc.
48.00
I.
City of Sebastian for Janet Graham, Technical Writer
64.00
m.
City of Sebastian (15t quarter 2018)
6,000.00
B. Review of Annual Calendar of Board Activities
Mr. Killgore reviewed the Calendar of Activities and Scope of Services — SEE
ATTACHED.
6. New Business
POLICE PENSION BOARD PAGE 3
MINUTES OF REGULAR MEETING MARCH 20, 2018
A. Report on Florida Retirement System Police and Fire Annual Report
Mr. Killgore reviewed the report — SEE ATTACHED.
B. Review of Expenses
Mr. Killgore reviewed the invoices -- SEE ATTACHED. Motion was made by Mr. Moyer
and seconded by Mr. Williamson to pay the invoices. Motion passed unanimously by
voice vote.
Mr. Killgore reviewed the Operating Expenses report — SEE ATTACHED. He stated
that at the next meeting he would bring any budget amendments to the Board.
C. Report from Investment Manager
Mr. Stack reviewed recent activity and trends In the market and highlighted the charts
and reports that he provided. He discussed the history of the investments and how they
were affected by the market. He stated the fund is in a good place with regard to the
present market environment.
D. Report from Investment Monitor
Mr. Mulfinger gave his report by cell phone while he was on the road, as he was
delayed by traffic.
He opined that the economy is now doing very well and investments are reflected by
that. Stocks are strong. Bonds have not performed as well. The fourth quarter of 2017
had very good returns. The income for the 4th quarter was $529,786.00. At the end of
the quarter, we were above our target but within our range from our policy standpoint.
He explained that there are no changes needed to the policy. Ms. Jensen asked for
clarification on who makes changes to the benchmark. Mr. Mulfinger explained that it is
up to the Manager to suggest changes and later clarified that the benchmarks are
established in the investment policy, which is adopted by the Pension Board.
Ms. Vicars requested copies of the reports on which Mr. Mulfinger was reporting. Mr.
Killgore stated he would provide copies to everyone who wished to receive one.
POLICE PENSION BOARD PAGE 4
MINUTES OF REGULAR MEETING MARCH 20, 2018
E. Legal Updates
a. PTSD bill (SB 376)
Ms. Jensen referred to two memos in the agenda packet that she had written — SEE
ATTACHED — regarding PTSD bill (SB 376) and federal, state and local death benefits.
She explained the present law and what is required for a public safety officer to claim
PTSD. Ms. Vicars asked, when an officer is getting workman's compensation and
pension benefits are determined, are the workman's compensation payments included
as part of that calculation. Ms. Jensen said there is a provision for both of them to be
included. She also reviewed the memo that she provided — SEE ATTACHED —
regarding the death benefits through that employment. She described that there are
three tiers for payment of death benefits and described what is necessary for each tier
to be applicable.
F. Board Member Reports and Comments — None.
G. Administrative Assistant Reports and Comments -- None.
H. Public Input -- None.
I. Next Quarterly Meeting -- Uncertain
7. Adjourn -- Mr. Williamson called for any further business. Hearing none, motion
to adjourn was made by Mr. Moyer and seconded by Christine Vicars. Motion carried
unanimously by voice vote and was adjourned at 11:38 a.m.
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