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10-05-2018 Agenda
MCC sEsAST AN HOME OF PELICAN ISLAND PUBLIC NOTICE — POLICE PENSION BOARD MEETING October 5, 2018 The Police Pension Board will hold a regular quarter meeting Friday, October 5, 2018 at 2:00 p.m. in the City Council Chambers, City Hall, 1225 Main St. Sebastian, Florida. Agenda CALL TO ORDER Chairperson ROLL CALL Chairperson VOTE TO EXCUSE ABSENT BOARD MEMBER(S) Chairperson APPROVAL OF MINUTES: Chairperson A. June 26, 2018 for Regular Meeting B. August 28, 2018 for Briefing on William Grimmich's Beneficiary's Interest OLD BUSINESS A. Approval of Payments: a. Klausner, Kaufman, Jensen & Levinson b. Highland Capital Management, LLC c. Graystone Consulting & Boston Partners e. Renaissance Investment Management f. Fiera Capital, Inc. g. Brookfield Investment Management, Inc. h. Salem Trust Company— April to June i. Klausner, Kaufman, Jensen & Levinson j. Klausner, Kaufman, Jensen & Levinson k. City of Sebastian — Reimbursement for Minutes I. City of Sebastian— July to September Services B. Review of Annual Calendar of Board Activities C. Consider Amendment to FYI 7-18 Operating Expense Budget PUBLIC INPUT NEW BUSINESS A. Determination of Whether Benefits for William Grimmich Are Required to be Forfeited under Florida Statutes § 112.3173 B. Consider Adoption of FYI 8-19 Operating Expense Budget C. Report on Receipt of State Premium Tax Monies D. Report from Investment Monitor Ken Killgore, Plan Administrator $ 1,695.00 $12,821.31 $ 3,375.00 $ 1,763.93 $ 1,631.70 $ 1,487.90 $ 758.49 $ 4,730.00 $ 2,550.00 $ 2,040.00 $ 80.00 $ 6,000.00 Ken Killgore, Plan Administrator Ken Killgore, Plan Administrator Chairperson Boom S. Jensen, Board Attorney Ken Killgore, Plan Administrator Ken Killgore, Plan Administrator Charlie Mulfmger, Morgan Stanley E. Report from Investment Managers: a. Highland Capital Grant McMurry i. Approval to Move 5% or Less of Assets Between Accounts Intercontinental Peter C. Hapgood, Director A. Legal Updates — Klausner, Kaufman, Jensen & Levinson Board S. Jensen, Board Attorney B. Board Member Reports and Comments Chairperson C. Plan Administrator Reports and Comments Ken Killgore, Plan Administrator a. Scheduling of Future Quarterly Meeting Dates b. Cessation of Disability Payments to Timothy Zelinski D. Next Quarterly Meeting: To Be Determined Chairperson ADJOURN 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 propose 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 MEETING JUNE 26, 2018 1. Call to Order -- Acting Chairperson Christine Vicars called the meeting to order at 10:00 a.m. 2. Roll Call Present Board Members Christine Vicars Paul Williamson Randy Moyer Tim Wood Absent Jason Gillette -- Excused Also Present Bonni Jensen, Klausner, Kaufman, Jensen & Levinson, Attorney for Board of Trustees Ken Killgore, Plan Administrator Cynthia Watson, Human Resources Manager Scott Owens, Graystone Consulting Andy Mcllvaine, Graystone Consulting Janet Graham, Technical Writer 3. Vote to Excuse Absent Board Member A motion to excuse the absence of Jason Gillette was made by Mr. Moyer and seconded by Mr. Wood. Motion carried unanimously by voice vote. 4. Approval of Minutes A. Regular Meeting of January 16, 2018 B. Special Meeting of February 9, 2018 to certify election results. C. Special Meeting of February 9, 2018 on Ken Johnson Disability. D. Regular Meeting of March 20, 2018. POLICE PENSION BOARD MINUTES OF REGULAR MEETING JUNE 26, 2018 PAGE 2 A motion to accept the Minutes of the four meetings listed above was made by Mr. Williamson and seconded by Mr. Moyer. Motion carried unanimously by voice vote. 5. Old Business A. Approval of Payments a. Klausner, Kaufman, Jensen & Levinson $ 11,499.88 b. Graystone Consulting 3,375.00 C. Klausner, Kaufman, Jensen & Levinson 467.50 d. City of Sebastian 1,344.00 e. City of Sebastian 48.00 f. City of Sebastian 64.00 B. Review of Annual Calendar of Board Activities Mr. Killgore reviewed the Calendar of Activities and Scope of Services -- SEE ATTACHED. 6. New Business A. Florida Retirement System Report Mr. Killgore informed the Board that the report had been filed as required by the State. Mr. Killgore reviewed the report -- SEE ATTACHED. B. Review of Expenses 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. Review from Investment Monitor Mr. Owens gave a review of the stock market, describing that there has been a lot of volatility in the market during the last quarter, but at the end of the quarter the market was down only about 1%. He stated that the market is very strong right now. He also reviewed the portfolio in detail -- SEE ATTACHED. POLICE PENSION BOARD PAGE 3 MINUTES OF REGULAR MEETING JUNE 26, 2018 Ms. Jensen inquired as to whether Intercontinental would be willing to come and make a presentation to the Board. Mr. Owens stated that could be arranged. He suggested that Center Coast be asked to make a presentation, and he stated he would make those arrangements. Ms. Jensen inquired about including fiscal year-to-date reports in the Breakdown of Returns. Mr. Owens stated he will see that they are included on future reports. Ms. Jensen reiterated that at the last meeting there was a discussion about the investment policy guidelines, and there were proposed investment policy guidelines, but it was not actually signed. Mr. Stack had the one from 2016, but there was a question as to if there was one for 2017. Mr. Owens stated he did not have a different one. So there is not another one to be signed or considered. Mr. Owens stated that at the last meeting there were concerns that the benchmark for fixed income that was being used was incorrect. Mr. Stack had said it should be Barclays Act, and that was changed. Mr. Owens thanked the group for their business and asked if there were any questions from the Board. Mr. Williamson asked Mr. Owens about how the tariffs just recently imposed on trade would affect the economy. Mr. Owens stated that it is his belief that in the long run the result will be positive. Ms. Vicars asked if there was anything that needed to be discussed regarding Highland Capital. Ms. Jensen stated part of the issue was keeping the assets in line with the target allocation. Mr. Owens stated Highland was making allocations that were outside of their purview, and the Board needed to make sure that they were managing it so that it was not an excessive risk. Ms. Jensen read an email that she had received regarding this subject which suggested that there be a letter on file with the bank that will allow a move up to 5% of the account assets to another one of their accounts. So if growth is underweight to value less than 5%, they could move assets to the growth account. Mr. Owens said he would follow up on that. Ms. Jensen said that if the asset allocation change would come to this Board, it would take action when the recommendation is made. Mr. Owens said that is the way it has been done in the past. Mr. Killgore asked if this was reviewed every quarter. Mr. Owens stated that right now the account is very close to the target, so they would make no recommendation. POLICE PENSION BOARD PAGE 4 MINUTES OF REGULAR MEETING JUNE 26, 2018 Mr. Killgore stated that correspondence was recently received, and he would like clarification whether it was proper to approve the change. Mr. Owens stated the change would be on BNY Mellon to Northern Trust. They want to make sure that Northern Trust has the same assets that BNY Mellon has so they can provide the same service. We should make this contingent on our approval and the Board's approval, and we would want to do it at the next meeting. Ms. Jensen stated the Board can approve it subject the Monitor (Morgan Stanley) and the Board working it out. Ms. Jensen said that Salem Trust would need to know that the back office is changing and Boston Partners cannot give that direction to Salem Trust; the client needs to do that. Ms. Vicars asked for a motion. Motion was made by Mr. Williamson and seconded by Mr. Moyer to approve the back -office change to Northern Trust pending Mr. Owens' and Ms. Jensen's approval. Motion passed unanimously by voice vote. D. Report from Investment Manager -- None. E. Legal Updates a. Ms. Jensen stated the Form 1 s are due to be filed on July 1. Those forms must be filed annually, and they can be emailed. b. Ms. Jensen discussed new case law regarding the Sunshine Law and gave an overview and explained exactly what the Sunshine Law requires, including giving 24 hours' notice of any special meetings. She explained the reason for the Sunshine Law, that being so that the public can understand the reasoning behind the decisions that boards/committees are making and that the reasoning behind decisions made is part of the public record. She discussed email in regard to the Sunshine Law and that it is regarded the same as conversation between or among parties. So if discussion is not allowed about a subject, neither is email. Another item she discussed is social media. She provided the example that, if the City has a Facebook page which mentions a pension issue, the Board should not comment to one another in that feed about any discussions that they might have had at any meetings. The same rule applies to Twitter. She further stated that there cannot be a meeting unless a quorum is POLICE PENSION BOARD PAGE 5 MINUTES OF REGULAR MEETING JUNE 26, 2018 present in the room. Somebody could call into the meeting and participate by telephone as long as the other Board members find that there are exigent circumstances preventing someone from participating. Ms. Vicars asked if Board members can communicate with Mr. Killgore and then, if it's something that the group would need to be aware of, Mr. Killgore can email it out, but the Board members cannot email it to each other. Ms. Jensen said that is correct. She also stated that if the Board doesn't have a quorum, they can have a workshop, but someone could not particular in that workshop electronically. The quorum requirement cannot be met by someone calling in electronically in order to make the quorum. F. Board Member Reports and Comments -- None. G. Administrative Assistant Reports and Comments -- None. H. Public Input -- None. I. Next Quarterly Meeting -- September 18, 2018. 7. Adjourn -- Ms. Vicars called for any further business. Hearing none, the meeting was adjourned at 11:38 a.m. M Christine Vicars jg CITY OF SEBASTIAN POLICE PENSION BOARD MINUTES OF SPECIAL MEETING AUGUST 28, 2018 I. Call to Order -- Chairman Jason Gillette called the meeting to order at 10:00 a.m. Present Board Members Jason Gillette Christine Vicars Paul Williamson Tim Wood Also Present Bonni Jensen, Klausner, Kaufman, Jensen & Levinson, Attorney for Board of Trustees Ken Killgore, Plan Administrator Janet Graham, Technical Writer Mr. Killgore announced that Randy Moyer was excused. II. Discussion of Benefit Due as a result of William Grimmich's Death, Discussion of Application of Forfeiture Under Florida Statute 112.3173 Ms. Jensen stated she called this meeting to discuss two issues regarding Mr. Grimmich's death: A. Who is Mr. Grimmich's designated beneficiary. She has provided the Board members with a Designation of Beneficiary form which designates his former spouse. She also provided members with a copy of Florida Statute 732.703 which states that a divorce voids the designation of a spouse as a beneficiary provided certain conditions are met. One of the conditions is relative to the death certificate, which she has also provided to the members. That certificate must state that the parties are divorced, and it does. Ms. Jensen discussed exceptions to the rule, such as a written and signed designation post the divorce designating the former spouse. In this case, their divorce was in 2013; POLICE PENSION BOARD PAGE 2 MINUTES OF SPECIAL MEETING OF AUGUST 28, 2018 this designation was signed in 2008. Additionally, their divorce decree did not include any statement that she would take anything from the pension. In fact, there is a provision in the divorce decree that she would take nothing from the pension. Thus, Mr. Grimmich's children would be the beneficiaries of Mr. Grimmich's interest in the pension plan. Ms. Jensen stated that the first thing that needs to be done is to provide notice to the former spouse informing her that, according to the Florida statute, she is not the beneficiary and that the two children are the designated beneficiaries. Since the former spouse is the mother of one child and the second spouse is the mother of the second child, each mother would have to be notified on their child's behalf. 2. The second issue is that Mr. Grimmich was convicted of what might be a forfeiture offense under the Florida statutes, and she provided the Board members with a copy of Florida statute 112.3173. She explained that this statute provides that if a person is convicted of an offense and abuses their public position in order to have committed the crime, that person's pension is subject to forfeiture. She further explained that the Board's discretion is to examine and study the statute and determine whether the offense for which the person was convicted might subject them to forfeiture. She specifically pointed out subsection (2)(b)6 on the first page of the statute which reads: "The committing of any felony by a public officer or employee who willfully and with intent to defraud the public or the public agency for which the public officer or employee acts or in which he or she is employed of the right to receive the faithful performance of his or her duty as a public officer or employee, realizes or obtains, or attempts to realize or obtain, a profit, gain, or advantage for himself or herself or for some other person through the use or attempted use of the power, rights, privileges, duties, or position of his or her public office or employment position." A complicating factor in this case is that Mr. Grimmich is now deceased, and the decision that is to be made by the Board is whether the benefits of the children should be forfeited. Their rights grow out of the rights that Mr. Grimmich had. According to case law, a beneficiary does not have a right to a benefit even in the event of a forfeiture. Conversely, because Mr. Grimmich died, the children theoretically have an interest because his benefit transferred to them on the date of his death. There is presently no case law in Florida where the circumstances are exactly as in this case. POLICE PENSION BOARD PAGE 3 MINUTES OF SPECIAL MEETING OF AUGUST 28, 2018 One way to handle this is to approach the family about taking a refund of contributions, taking a lump sum and signing off, recognizing that the pension benefits have been forfeited. The other choice is to set up a forfeiture with a hearing where the children's' representatives are present. Ms. Vicars asked for clarification regarding a hearing. Ms. Jensen stated governmental entities are required to hold a hearing where the person can be present and present their side of the case before taking that person's property. Because Mr. Grimmich is deceased, he is no longer able to present his side of the case. Mr. Gillette asked if this hearing should have been held immediately upon Mr. Grimmich's termination, and Ms. Jensen stated yes, and she will recommend that this practice be put into effect from now on. Mr. Killgore asked hypothetically, if there had been a hearing before Mr. Grimmich's death and the Board decided that the pension benefit should not be forfeited, would the Board be violating Florida law. Ms. Jensen said potentially yes. Mr. Gillette asked if there can even be a forfeiture hearing since Mr. Grimmich is deceased. He inquired if everyone can be presented with a history of the case that was created with Mr. Grimmich, and Ms. Jensen stated yes. She stated that the dilemma in this case is created because there is no case law. She is not recommending that the Board make a decision today, but that they have an in-depth discussion about the case. Ms. Vicars asked if the Designation of Beneficiary form had been witnessed by anyone, and Ms. Watson said there was no witness listed on the form, but she was not here at the time the Designation was made. Ms. Jensen stated if the former spouse wanted to challenge the document, that might be a reason she could do so. She stated that when the notice is sent to the family they be made aware that there is this forfeiture issue that needs to be discussed. Mr. Williamson asked for clarification regarding the conviction of the crime and the required hearing that should follow. Ms. Jensen explained that in order for the Pension Board to consider the matter of forfeiture there has to be a conviction. In this case, Mr. Grimmich was convicted and actually served time. She described that Mr. Grimmich was skimming evidence that came into the evidence lockers. Mr. Williamson was of the opinion that, if Mr. Grimmich was convicted and pled guilty to the crime, he forfeited his POLICE PENSION BOARD PAGE 4 MINUTES OF SPECIAL MEETING OF AUGUST 28, 2018 pension. Ms. Jensen stated that in all cases before there can be a forfeiture, unless the member agreed to just take a refund of his contribution --because they are always entitled to get their contributions back --there would be a hearing regardless of the crime. Ms. Jensen stated that if the amount is more than $15,000.00 each, there would have to be a guardian appointed for each of the children. It was the consensus of the Board members that the amount would be in excess of $15,000.00. Ms. Watson stated she has already been contacted by both the spouses regarding the matter. Ms. Jensen stated in the absence of someone presenting evidence that Mr. Grimmich does not fit within the criteria, it seems to be the exact activity for which this provision was put into the state constitution, and there would still have to be a hearing. Mr. Gillette asked if, in the case of the hearing, would the family have to appear with an attorney to represent their interests. Ms. Jensen stated yes, and Ms. Watson stated she expects that to be the case. Ms. Jensen told the Board that she has not yet found any administrative decisions, but she will continue searching for something in the Florida system that is applicable to this case. She stated that she would work with the Board on the case, as they are the funders of the pension. However, an advocate would have to hired to act in a prosecutorial position in order to make sure that the evidence presented by the family is clear and complete if the family desires to contest the case. To reiterate, Ms. Jensen suggested the Board send a letter to -the -family letting them know that the operation of the statute voided the designation of the first spouse as the beneficiary and named the two children as the contingent beneficiaries. The letter should also inform the family of the issue regarding the forfeiture of his benefit. The family is entitled to the contributions without question, and if they will execute a release, those funds would be available to be distributed, provided each of the mothers becomes a guardian of her child. Ms. Watson stated there is another child who was born to Courtney in approximately 2010, and this child is not listed on the pension form. Mr. Williamson suggested that the letter to the family include the actual dollar amount of the contributions which have been made, and all present were in agreement. POLICE PENSION BOARD PAGE 5 MINUTES OF SPECIAL MEETING OF AUGUST 28, 2018 Ms. Jensen explained that the issue on appeal will be if the benefit can be forfeited after Mr. Grimmich's death and the potential vesting of the rights of the children. She described what she would put in the letter to the family and asking them for their reply. She also stated that from a fiduciary standpoint both mothers of the children would have to be in agreement as to how they want to proceed. It was Ms. Jensen's advice that in the future a new Designation of Beneficiary form be executed for each and every employee every year, and the form should ask for the beneficiary's social security number. Mr. Killgore suggested the next meeting should be two meetings back to back that will cover both this issue and then the quarterly report from the financial people. Ms. Jensen stated she has also spoken with Mr. Grimmich's brother, who is also a police officer, and she does not know if he will want to participate in the procedure. She also stated that the statute provides that attorney's fees are payable to the prevailing party. III. Adjourn: Chairman Gillette called for any further business. Hearing none, he adjourned the meeting at 10:46 a.m. In Jason Gillette A lausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 www.klausnerkaufman.com Fax (954) 916-1232 Tax I.D.: 454083636 SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM June 30, 2018 Attn: KEN KILLGORE Bill # 21976 1225 MAIN STREET SEBASTIAN, FL 32958 CLIENT: SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM :170042 MATTER: SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM :170042 Professional Fees Date Attorney Description Hours Amount 06/05/18 BSJ REVIEW ANNUAL REPORTAPPROVAL 0.10 42.50 FROM STATE 06/22/18 BSJ REVIEW EMAIL FROM STEVE STACK 0.10 42.50 REGARDING REBALANCING 06/25/18 PARA PREPARATION OF MEETING 0.30 37.50 MATERIALS FOR UPCOMING MEETINGS. 06/26/18 BSJ PREPARE FOR AND ATTEND MEETING 2.20 935.00 06/26/18 BSJ TRAVEL TO AND FROM MEETING 3.00 637.50 Total for Services 6.70 $1,695.00 CURRENT BILL TOTAL AMOUNT DUE $ 1,695.00 ighland Capital MANAGEMENT, LLC July 4, 2018 Invoice Number: 18680 MANAGEMENT FEE: SEBASTIAN POLICE OFFICERS' RETIREMENT 6/30/2018 Portfolio Value: $ 10,346,631.82 Exclude Dividend Accrual - 3,899.48 Billable Value $ 10,342,732.34 Quarterly Fee Based On: $ 10,000,000 @ 0.50% per annum $ 12,500.00 $ 342,732 @ 0.375% per annum $ 321.31 Quarterly Fee: $ 12,821.31 For the Period 7/1/2018 through 9/30/2018 Paid by Debit Direct ($ 0.00) Pease Remit $ 12,821.31 Accoun Account Value Ouartedy Fee (sebast0l) SEBASTIAN POLICE OFFICERS' RETIREMENT VALUE (3040002546) $ 3,279,385.74 $ 4.065.26 (sebast13) SEBASTIAN POLICE OFFICERS' RETIREMENT GROWTH (3040002555) $ 2,786,971.12 $ 3,454.85 (sebasti4) SEBASTIAN POLICE OFFICERS' RETR2HMENT ADR (3040002582) $ 722,897.14 $ 896.14 (sebasd8) SEBASTIAN POLICE OFFICERS' RETMEMENT FDC ?D INCOME $ 3,553,478.34 $ 4,405.06 (3040031435) Total $ 10,342,732.34 $ 12,821.31 Wiring Instructions: First Tennessee Bank ABA# 084000026 Acct# 31-0251313 For Credit to: Highland Capital Management, LLC. Mailing Check: Highland Capital Management, LLC 6075 Poplar Ave, Suite 703 Memphis, TN 38119 uly 19, 2018 `745-070 PEPSDCS90000041- CITY OF SEBASTIAN POLICE ATTN: KENNETH KILLGORE 1225 MAIN ST. SEBASTIAN FL 32958 Graystone Consulting - A business of Morgan Stanley Invoice Number: 10129918200 Graystone Consulting Tampa, FL Financial Advisor w .morganstanley.com IMPORTANT NOTICE JINVESTMENT ADVISORY FEE PAYMENT REQUIRED ACTION REQUIRED — PLEASE REMIT PAYMENT IN THE ENCLOSED BUSINESS REPLY ENVELOPE We value you as a client and thank you for the opportunity to serve your investment needs. Please see below for the investment advisory fee(s) due. ACCOUNT CLIENT NAME 745-038962 CITY OF SEBASTIAN POLICE Total Fee: Prior Balance: Net Amount: For additional details please see Invoice Detail and Remittance Instructions on pages to follow. Investments and services offered through Morgan Stanley Smith Barney LLC. Member SIPC. Graystone Consulting is a business of Morgan Stanley TOTAL FEE AMOUNT $3,375.00 $3,375.00 $0.00 $3,375.00 3, 375�&v 1 Of 5 THIS PAGE INTENTIONALLY LEFT BLANK 2 of raystone Consulting - A business of Morgan Stanley Invoice Number: 10129918200 ADVISORY INVOICE DETAILS Account: 745-038962 Billing Period 04/01/2018 — 06/30/2018 Number of Days 91 Hard Dollar Fee $13,500.00 Fee Amount $3,375.00 3 Of Investments and services offered through Morgan Stanley Smith Barney LLC. Member SIPC. Graystone Consulting is a business of Morgan Stanley. THIS PAGE INTENTIONALLY LEFT BLANK 4 of EMITTANCE INSTRUCTIONS Graystone Consulting= A business of Morgan Stanley Invoice Number: 10129918200 Payment Due: 8/18/2018 Please return payment using this page and include it with your check in the enclosed business reply envelope. Please note that cash payments cannot be accepted — wire and check information are below. If you have any questions, please contact your Financial Advisor. Account 745-038962 Total Fee: Prior Balance: Net Amount: Total Fee Amount $3,375.00 $3,375.00 $0.00 $3,375.00 By Wire Bank Name: Citibank, New York ABA:021000089 For Benefit Of Morgan Stanley & Co. Incorporated Beneficiary Account: 40611172 For Further Credit to: 980000163 Ref: Invoice 0101299 By Check Morgan Stanley Global Banking Operations ATTN: Advisory Fee Billing 1300 Thames Street Wharf, 4th Floor Baltimore, MD 21231-9907 Ref: Invoice 10129918200 Investments and services offered through Morgan Stanley Smith, Barney LLC. Member SIPC. Graystone Consulting is a business of Morgan Stanley. 5 of en Killgore City of Sebastian 1225 Main Street Sebastian, FL 32958 Invoice Date: Invoice Number: 06/30/2018 20180630-690-A ICI BostonPartners Billing Portfolio(s): 00844 - City of Sebastian Police Officers' Retirement System Billing Period: 04/01/2018 to 06/30/2018 SUMMARY FOR INVESTMENT SERVICES Current Period Amount Due: $ 1,763.93 Current Over 90 QUARTEREND Fee Invoice Period Due 3060 Days 60-90 Days Days Total City of Sebastian Police Officers' Retirement 20180630690-A 1,763.93 1,763.93 System Total Amount Due . :<,1,Y6`'3.93.... ;'" Please contact James Vitelli directly at 212-908-0149 with any billing inquiries. As always, you may also direct any questions to your Relationship Manager. n -7/vG`/7 We would appreclate receiving your payment along with the remittance slip within 30 days of recelpt of this Invoice. WIRE / TRANSFER FUNDS TO: JP Morgan Chase; ABA #021000021; ACCT #066654610 REFERENCE: Boston Partners Ref Acct #: 00844 MAIL REMITTANCES TO: Accounts Receivable Boston Partners 909 Third Avenue, 32nd Floor New York, NY 10022 Email jvitelli@boston-partners.com Thank You eriod Rule - Custom (USD) City of Sebastian Police Officers' Retirement System - 00844 Monthly Values 03/31/2018 Market Value 04/3012018 Market Value 05/31/2018 Market Value 06/30/2018 Market Value Adjusted Input Annual Fee Schedule (IMFEE - USD) 0.00 to 25,000,000.01 and above Quarterly Fee Calculation (IMFEE - USD) 705,572.58 ' 100.00 BPS Fee Details: Total IMFEE (00844) Fee Total: Invoice Summary Fee Totals: 699,678.93 690,286.01 714,201.81 712,229.91 25,000,000.00 ` 90 360 = Schedule Total: Fee Total For IMFEE: Total Amount Due: 699,678.93 690,286.01 714,201.81 712,229.91 $ 705,572.58 100.00 BPS 80.00 BPS 1,763.93 $ 1,763.93 1,763,93 $1,763.93 1,763.93 $ 1,763.93 rRtenaissanc6 Investment Management July 06,2018 Mr. Kenneth W. Iiillgore Administrative Services Director City of Sebastian 1225 Main Street Sebastian, Ff. 32958 Billing Period: FROM 04/01/2018 TO 06/30/2018 Custodian Account No; 3040002591 Account #: IE0496 - City of Sebastian Police Officers Retirement System Portfolio Value ................................................... $1,006,885.17 Amount Due, PAYABLE UPON RECEIPT: ......... .................. $1,631.70 FEECALCULATION "{Rate z Portfolio Value) z(#of days in quarter(#of days In year) RalQAP In ted: For Agents Under Management Amount Due 0.6500 % On the remainder: 1,006,885 1,631,70 Total Fee: 1,631.70 Pleue compote 1h0 fee bill prepared by am 1. to your -,smut actoonI staltment tug any durrapnndre. Alinor vadadom n ny Doom, became of reporting dates,.,c,.i meNOJ, of Inlermt.4 dbrdendr, and our, factors. Your m b,di0 alntement is the ofiidAl record of your necomm. If you am not receiving eb,temenIs rmmyour cartadian At saa quarterly, Inhere have been any [hanger in your Men[iel shuntion, In.,total objective., or If you Bich Is IDINalo or mod try any rsmonable motto ant on de, m, rmgem,m of your anowt, plea.. notify story Meiams e1513-7234SM or mom©nMev.mm. Return this section with your fee to tite address below or in the enclosed envelope: RENAISSANCE INVESTMENT MANAGEMENT 3551 Solutions Center #773551 Chicago, IL 60677-3005 Acet:IE0496 Custodian Account No: 3040002591 50 EAST RIVERCENTER BOULEVARD. SUITE lino COVINGTON, KY 41011. 800.837.3863A 513.723,4500A PAX 513J23.4512. .vwn.r<n,nv.cam FIERACAPRAL June 30, 2018 Ken Killgore 1225 Main Street Sebastian, FL 32958 City of Sebastian Police Officer's Retirement System - 3040002573 FIERA CAPITAL INC. SUMMARY OF MANAGEMENT FEES For The Period Second Quarter 2018 Portfolio Value as of 06-30-18 $ 793,493.23 793,493 @0.75%perannum 1,487.80 Quarterly Management Fee $ 1,487.80 Prorated Contributions/Withdrawals From 03-31-18 Through 06-30-18 -11,716 @ 0.75 % per annum on 06-01-18 14.80 11,716 @ 0.75 % per annum on 06-01-18 -14.80 -14,796 @ 0.75 % per annum on 06-15-18 22.92 14,796 @ 0.75 % per annum on 06-15-18 -22.92 Total Adjustments for Contributions/Withdrawals $ 0.00 TOTAL DUE AND PAYABLE $ As per SEC Rule 206(4)-2, we urge you to compare this report with your custodian statements. It is the client's responsibility to verify the accuracy of the computation. The custodian will not do an independent verification of the accuracy of the computation of fees. ACH Instructions: Citi Private Bank 1 Court Square, 22nd Floor Long Island City, NY 11120 Routing #: 021000089 Acct. #; 4974013748 Account Name: Fiera Capital Inc. To pay by check: Payable to Fiera Capital Inc. Attn: Myron Charas 10050 Innovation Dr, Suite 120 Dayton, OH 45342 Billing inquiries should be directed to: Myron Charas and BillingFCI@fieracapital.com 937-388-1437 rookfield Investment Management Inc. 250 Vesey Street, 15th Floor New York, NY 10281 Bill To: City of Sebastian Police Officers Retirement System 3040002617 Management Fee for the Quarter ending 06/30/2018 Current Quarter Ending Balances: Brookfield DATE: July 24, 2018 INVOICE# 2018-0630 FOR: Management Fees June $ 608,456.32 Average $ 608,456.32 Annual Fee Rate 0.50% $ 758.49 $ 758.49 Total Fee This Statement: 1 S PAYMENT DUE UPON RECEIPT WIRE / TRANSFER FUNDS TO: JP Morgan Chase Bank, NA ABA # 021000021 SWIFT: CHASUS33 For Credit To: Brookfield Investment Management Inc. Account # 907-153925265 MAIL REMITTANCES TO: Brookfield Investment Management Inc- 7916 Dept 781716, PO Box 78000 Detroit, MI 48278 If you have any questions concerning this invoice, contact Larry Castrovinci by telephone at (212) 549-8349 or bye -mail: BPSGaccountsreceivable@Brookfield.com ALEM TRUST C 0 M P A N Y City of Sebastian Debbie Krueger 1225 Main Street Sebasban,FL 32958 Fee Advice for Period Detail of Calculation: Flat Fee $500 for 6 additional accounts April 1, 2018 $5.00 Security Transactions Current Period 9/30/2017 785 12/31/2017 1554 3/31 /2018 1240 6/30/2018 546 (300 included in annual fee) July 5, 2018 M05348 Sebastian Police to June 30, 2018 Annual Fee Quarterly Fee $5,000.00 $1,250.00 $3,000.00 $750.00 Year To Date 1085 $5.00 2639 3879 4425 $2,730.00 Total $4,730.00 Total Amount Due $4,730.00 These fees will automatically be charged to your account. If you have any questions, please contact Mindy Johnson at 813.288.4990 DEERFIELD BEACH TAMPA 1715 N. WESTSHORE BLVD., SUITE 750 TANWA, FL 33607 TEL (877) 382-5268 FAX (813)301.1295 www.sai mtrwi.cmn ausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 www.klausnerkaufman.com Fax (954) 916-1232 Tax I.D.: 45-4083636 SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM July 31, 2018 Attn: KEN KILLGORE Bill # 22128 1225 MAIN STREET SEBASTIAN, FL 32958 CLIENT: SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM :170042 MATTER: SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM :170042 Professional Fees Date Attorney Description Hours Amount 07/06/18 BSJ EMAILAND TELEPHONE CALL WITH 0.50 212.50 SCOTT OWENS REGARDING BOSTON PARTNERS BACK OFFICE OPERATIONS; EMAIL TO KEN KILLGORE; REVIEW JUNE 25, 2018 EMAIL FROM BOSTON PARTNERS 07/06/18 BSJ TELEPHONE CALL WITH CINDY 0.20 85.00 WATSON REGARDING DEATH BENEFIT; REVIEW PENSION PLAN PROVISIONS 07/09/18 BSJ REVIEW PLAN DOCUMENTAND STATE 3.50 1,487.50 STATUTES REGARDING FORFEITURE AND DEATH BENEFITS - GRIMMICH; TELEPHONE CALLS WITH KEN KILLGORE, CINDY WATSON, AND TIM WOOD; REVIEW INTERNALAFFAIRS REPORT AND CRIMINAL INVESTIGATION, AND PLEA DOCUMENTS 07/16/18 BSJ REVIEW AND RESPOND TO EMAIL 0.70 297.50 FROM CINDY WATSON REGARDING DESIGNATION OF BENEFICIARY; RESEARCH LAW UNDER FLORIDA STATUTES 732.703 07/18/18 BSJ REVIEW AND RESPOND TO EMAIL 0.10 42.50 FROM JOHN GRIMMICH; EMAIL TO KEN JOHNSON 07/31/18 AKP RESEARCH: FORFEITURE AFTER 1.00 425.00 DEATH Continued ... Client: Matter: Date SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM 170042 - SEBASTIAN POLICE OFFICERS' RETIREMENT Professional Fees Continued... Attorney Description Total for Services CURRENT BILL TOTAL AMOUNT DUE July 31, 2018 Page 2 Hours Amount 6.00 $2,650.00 $ 2,550.00 lausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 www.klausnerkaufinan.com Fax (954) 916-1232 Tax I.D.; 45-4083636 SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM August 31, 2018 Attn: KEN KILLGORE Bill # 22291 1225 MAIN STREET SEBASTIAN, FL 32958 CLIENT: SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM :170042 MATTER: SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM :170042 Professional Fees Date Attorney Description Hours Amount 08/01/18 AKP RESEARCH: FORFEITURE 1.00 425.00 PROCEEDING AFTER DEATH, FORFEITURE OF SURVIVORSHIP BENEFITS 08/07/18 BSJ TELEPHONE CALL WITH CINDY 0.20 85.00 WATSON REGARDING GRIMMICH 08/21/18 BSJ REVIEW DEATH CERTIFICATE; REVIEW 0.20 85.00 FLORIDA STATUTES §732.703; EMAIL TO CINDY WATSON 08/25/18 BSJ REVIEW AND RESPOND TO EMAIL 0.10 42.50 FROM KEN KILLGORE 08/29/18 BSJ PREPARE FOR AND ATTEND MEETING 1.50 637.50 08/29/18 BSJ TRAVEL TO AND FROM MEETING 3.00 637.50 O8/29118 BSJ RESEARCH REGARDING FORFEITURE 0.30 127.50 AFTER DEATH Total for Services 6.30 $2,040.00 CURRENT BILL TOTAL AMOUNT DUE $ 2,040.00 JANET GRAHAM TECHNICAL WRITER 97 Overlook Drive Sebastian, FL 32976 Jeanette Williams, City Clerk City of Sebastian 1225 Main Street Sebastian, FL 32958 PD 1 i ez Rem, s- ., I ACCOUNT: 601e01- iIS001 P.O. #: PROJECT #: ¢MOUNT.$ �0-Cjo DATE: 32-18 DEPT, HEAD: INVOICE FOR JULY 2018 Police Pension Board 6-26-2018 Budget Review Advisory Board 7-2-2018 Natural Resources Board 7-3-2018 Budget Review Advisory Board 7-9-2018 Planning & Zoning Commission 7-19-2018 Parks & Recreation Board 7-23-2018 TOTAL FOR JULY J' 4 Z ACCOUNT: 0I00 '333 DO P.O. #: PROJECT #: _ AMOUNT: $ 7,2P.00 I DATE: DEPT. HEA P21Za�. :P �fz ACCOUNT: ola05-7 P.O. #: PROJECT#: AMOUNT: $ I J D O DATE: DEPT, HEAD: 5 Pages bpi* 8"9? 6 Pages 96.00 7 Pages 112-00 4 Pages 64-00 5 pages 80.00 7 Pages 112.00 $544.00 N tLp ' ACCOUNT: 010O?0— S33C{O<0 P.O. #: "ROJECT #: ;INIOUNT: $ a. 00 -DATE: 7 DEPT. H9D: t Z�t-Ly-,f- R.-� ^iCCOUNT: 010020- 533400 ?O. #: ROJECT #: :AOUNT: $ I G0, 00 ATE: 9 Z-16 r-PIT.HEAD: ��— SE13ASTt.AN HOME OF PELICAN ISLAND City of Sebastian 1225 Main Street Sebastian, Florida 32958 INVOICE TO: Sebastian Police Pension Trust Fund INVOICE: 1225 Main Street Date: 8/1/2018 Sebastian, FL 32958 Amount: $6,000.00 AMOUNT DESCRIPTION DUE Agreement With City of Sebastian Dated June 14, 2017 for Plan Administrator Services for July, August and September 2018. $6,000.00 PAYMENT DUE UPON RECEIPT. PLEASE RETURN COPY OF INVOICE WITH PAYMENT THANK YOU. TOTAL AMOUNT DUE $6,000.00 Remit To: City of Sebastian r Attention Ken Killgore I22S Main Street .� Sebastian, il(whoa 58 Account Code 001501-349620 EXHIBIT A CITY OF SEBASTIAN POLICE OFFICERS' PENSION PLAN CALENDAR OF ACTIVITIES AND SCOPE OF SERVICES Updated September 2018 AS -NEEDED ACTIVITIES: 1. Verify and process payments from Trust Fund: a. Board Member travel expense reimbursements. b. Payments to Consultants. 2. Coordinate Board Member appointments: a. Election of Police Officer Board Members. b. Appointment of City Council Board Members. c. City Council confirmation of Board appointed Member. 3. Maintain records of contracts and insurance. 4. Prepare Information Packet for New Board Members: a. Ordinance and Operating b. Current Contracts and Insurance Policy. 5. Maintain file of approved minutes. 6. Maintain information on members: a. Roster of retirees receiving pension benefits and health insurance. b. Beneficiary information on each member. 7. Monitor Monthly Statements from Custodian (record accounting entries). 8. Handle processing of member request(s): a. Discuss benefits with members. b. Research details of members history/vesting status. c. Provide correct forms for member request(s). d. Submit benefit calculation request to Actuary. e. Coordinate with member(s) to complete paperwork: i. Send members the actuarial calculations. ii. Assist with completion of proper forms. iii. Submit proper forms: 1. For approval by Pension Board. 2. For setting up regular payments by Custodian 9. Handle Inspection and Copying of Public Records Request and Insure Redaction on Documents. 10. Monitor proposed changes to State Law. 11. Track items needing Board action at the next quarterly meeting. 12. Handle Special Board Meetings: a. Compile agenda and back-up materials. L Minutes from prior meeting. ii. Invoices to be paid. iii. Provide information on presentations and items for Board action. b. Coordinate attendance dates: i. With Consultants. ii. With Recording Secretary. iii. With other parties. c. Send agenda and back-up to Board Members or make arrangements for pick-up. d. Post Public Notices of the meeting. 13. Coordinate presentation to City Council of proposed Ordinance changes. Page 1 of 4 EXHIBIT A CITY OF SEBASTIAN POLICE OFFICERS' PENSION PLAN CALENDAR OF ACTIVITIES AND SCOPE OF SERVICES Updated September 2018 JANUARY: 1. As -needed activities. FEBRUARY: 1. As -needed activities. MARCH: 1. As -needed activities. 2. Complete Annual State Report: a. Gather information on current members. b. Secure required forms from the Division of Retirement website. c. Complete forms and obtain Chairperson and Secretary signatures. 3. 1" Quarter Board Meeting: a. Compile agenda and back-up materials. i. Minutes from prior meeting. ii. Approval of Payments. iii. Approval of Calendar of Activities. iv. Investment and Performance Review. v. Request for Update of Summary Plan Description (every two years) vi. Report on completion of Annual State Report. b. Coordinate attendance dates: L With Recording Secretary. ii. With other parties. c. Send agenda and back-up to Board Members or make arrangements for pick-up. d. Follow-up to document minutes and take action on Board directives. APRIL: 1. As -needed activities. MAY: 1. As -needed activities. JUNE: 1. As -needed activities. 2. Request update of Summary Plan Description (every two years). 3. 2N11 Quarter Board Meeting: a. Compile agenda and back-up materials. i. Minutes from prior meeting. ii. Approval of Payments. iii. Approval of Calendar of Activities. iv. Investment and Performance Review. v. Select Board Chairperson and Secretary (every two years) vi. Approve the Summary Plan Description (if needed). b. Coordinate attendance dates: i. With Recording Secretary. ii. With other parties. c. Send agenda and back-up to Board Members or make arrangements for pick-up. d. Follow-up to document minutes and take action on Board directives. i. Distribute the Summary Plan Description to Members (if needed). Page 2 of 4 EXHIBIT A CITY OF SEBASTIAN POLICE OFFICERS' PENSION PLAN CALENDAR OF ACTIVITIES AND SCOPE OF SERVICES Updated September 2018 JULY: 1. As -needed activities. 2. Board Members should file Financial Disclosure forms by July 1�. AUGUST: 1. As -needed activities. 2. Handle receipt of State premium tax monies: a. Record receipt to City. b. Have Mayor acknowledge receipt to the State. c. Wire monies to Trust Fund. SEPTEMBER: 1. As -needed activities. 2. File for administrative hearing, if State premium tax monies are not received. 3. Request Rate of Return Comparisons from Actuary. 4. Update Calendar of Activities (if needed). 5. Develop I cNvi c vu actual expenses and establish a budget for the next year. 6. 3rd Quarter Board Meeting: a. Compile agenda and back-up materials i. Minutes from prior meeting. ii. Approval of Payments. iii. Agree on Quarterly Meeting dates for following year. iv. Approval of Calendar of Activities. v. Investment and Performance Review.�27d'9oZ3;oy ✓s /�l(08, 0J 8 vi. Report on receipt of State premium lax monies. vii. Year-to-date expenses and budget for the next year. viii. Information on Election Process for Police Officer Board Members (if needed). b. Coordinate attendance dates: i. With Recording Secretary. ii. With other parties. c. Send agenda and back-up to Board Members or make arrangements for pick-up. d. Follow-up to document minutes and take action on Board directives. i. Request City Council confirmation of Board appointed Member (if needed). ii. Request City Council action on City Council appointed Members (if needed). iii. Advertise and conduct election of Police Officer Members (if needed). 7. Provide Actuary a report of annual wages/deductions of active/terminated members. OCTOBER: 1. As -needed activities. 2. File report on actual expenses and budget for the next year: a. With the City as Plan Sponsor. b. With the State Department of Management Services. c. With Chairperson to make available to Plan Members. 3. File report on investments to the City Council. 4. Update City website: a. Rate of Return Comparisons from Actuary. b. Actual expenses for fiscal year and budget for following year. Page 3 of 4 EXHIBIT A CITY OF SEBASTIAN POLICE OFFICERS' PENSION PLAN CALENDAR OF ACTIVITIES AND SCOPE OF SERVICES Updated September 2018 NOVEMBER: 1. As -needed activities. 2. Review Operating Rules and develop any recommended changes. 3. Renew Police Pension Board liability insurance policy. 4. Confirm schedule for receiving the Actuarial Report. 5. Request Updates of: a. Expected Rate of Return. b. GASB 67/68 Report. c. Report on Return and Asset Allocation. DECEMBER: 1. As -needed activities. 2. Receive Actuarial Report: a. Distribute to Board Members. b. Provide Copy to City Auditors. 3. 4tn Quarter Board Meeting: a. Compile agenda and back-up materials: i. Minutes from prior meeting. ii. Invoices to be paid. iii. Approval of Calendar of Activities. iv. Consider Updates to Operating Rules. v. Report on Actual Operating Expense for the year. vi. Investment and Performance Review. vii. Consider Recommended Updates to Investment Policy and Allocation Strategy. viii. Accept the Actuarial Report. ix. Approve Expected Rate of Return. x. Confirm renewal of Liability Insurance Policy. b. Coordinate attendance dates: i. With Recording Secretary. ii. With other parties. c. Send agenda and back-up to Board Members or make arrangements for pick-up. d. Follow-up to document minutes and take action on Board directives. i. Update City Website and give required notices of Changes to Investment Allocation Strategy and Investment Policy. 1. To the City Council. 2. To the Actuary and Other Consultants. 3. To the State. ii. Update City Website for Actuarial Report. iii. Update City Website and give required notices of Expected Rate of Return: 1. To the City Council. 2. To the Actuary and Other Consultants 3. To the State. 4. Post Actuary's GASB 67/68 Report to the City Website. 5. Post Report on Return and Asset Allocation to City Website. Page 4 of 4 CITY OF SEBASTIAN, FLORIDA POLICE PENSION FUND - 2017/2018 BUDGET VS. ACTUAL Reported to Police Pension Board September 18, 2018 Amended Initial Operating Expenses Thru September 12, 2018 Previous Year's Annual Total 2017/2018 2017/2018 2017/2018 To Date 2016/2017 2015/2016 2014/2015 2013/2014 Annual Operating Expenses Total Total 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Total Total Total Total Budget Budget 10/1-12/31 11-331 41-630 71-930 Actual Actual Actual Actual Actual Investment Managers: Highland Capital $ 68,000 $ 60,000 $ 28,939.99 $ 13,483.12 $ 12,509.97 $ 12,821.31 $ 67,754,39 $ 60,479.85 $ 42,352.99 $ 64,402.32 $ 58,710.23 Boston Parners 7,000 3,500 1,453.65 1,777.77 1,768.12 1,763.93 6,763.47 Fiera Capital (APEX) 5,400 3,500 1,026.40 1,405.79 1,466.85 1,487.80 5,396.84 Renaissance 7,000 3,500 1,389.13 1,728.51 1,701.77 1,631.70 6,451.11 Center Coast (Brookfield) 3,000 3,500 660.28 805.77 685.15 758.49 2,909.69 Intercontinental - 3,500 - Performance Manager - Graystone 13,500 13,500 3,375.00 3,375.00 3,375.00 3,375.00 13,500.00 13,500.00 13,500.00 16,875.00 15,000.00 Salem Trust Company 29,000 6,500 5,550.00 9,770.00 8,200.00 4,730.00 28,250,00 7,245.00 6,265.00 6,615.00 5,295.00 ADR Agent Fee - Foreign Dividends 2,300 500 293.95 229.36 688.70 431.73 1,643.74 581.24 451.80 141.44 186.69 Sub -total Investment Expense $ 135,200 $ 98,000 $ 42,688.40 $ 32,575.32 $ 30,395.56 $ 26,999.96 $ 132,659.24 81,806.09 $ 62,569.79 $ 88,033.76 $ 79,191.92 Actuarial - Faster $ Foster 18,000 20,000 1,314.00 16,520.00 17,834.00 13,331.00 14,765.00 21,398.00 15,544.00 Legal Services 26,000 20,000 6,886.42 11,967.38 6,285.00 25,138.80 29,011.01 18,294.60 17,189.16 7,623.64 Administrative Fee to City 24,000 12,000.00 6,000.00 6,000.00 24,000.00 Insurance 2,600 3,200 2,585.00 2,585.00 3,021.05 3,121.05 3,121.05 3,000.00 Miscellaneous: _ Minutes Preparation 1,100 500 128.00 722.00 112.00 80.00 1,042.00 Codification of Approved Ordinance(s) 600 900 598.20 598.20 1,222.07 1,646.76 Functional Capacity Assessment - Johnson 1,350 1,344.00 Travel - 1,000 - 695.50 101.90 - Sub -total Administrative Expense $ 73,650 $ 4S,600 $ 3,311.20 $ 20,922.42 $ 35,943.38 $ 12,365.00 $ 71,198,00 45,363.06 $ 36,876.15 $ 43,032.18 $ 27,814.40 Total Operating Expenses $ 208,850 $ 143,600 $ 45,999.60 $ 53,497.74 $ 66,338.94 $ 39,364.96 $ 203,857.24 127,169.15 $ 99,445.94 $ 131,065.94 $ 107,006.32 CITY OF SEBASTIAN, FLORIDA POLICE PENSION FUND - 2018/2019 BUDGET Recommended to Police Pension Board September 18, 2018 Annual Operatine Expenses Investment Managers: Highland Capital Boston Parners Fiera Capital (APEX) Renaissance Center Coast (Brookfield) Intercontinental Performance Manager- Graystone Salem Trust Company ADR Agent Fee - Foreign Dividends Sub -total Investment Expense Actuarial - Foster $ Foster Legal Services Administrative Fee to City Insurance Miscellaneous: Minutes Preparation Codification of Approved Ordinance(s) Functional Capacity Assessment - Johnson Travel Sub -total Administrative Expense Total Operating Expenses Recommended Amended Previous Year's Annual Total 2018/2019 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 Budget Budget Actual Actual Actual Actual $ 52,000 $ 68,000 $ 60,479.85 $ 42,352.99 $ 64,402.32 $ 58,710.23 7,000 7,000 5,400 5,400 7,000 7,000 3,000 3,000 13,500 13,500 13,500.00 13,500.00 16,875.00 15, 000.00 29,000 29,000 7,245.00 6,265.00 6,615.00 5,295.00 2,300 2,300 581.24 451.80 141.44 186.69 $ 119,200 $ 135,200 81,806.09 $ 62,569.79 $ 88,033.76 $ 79,191.92 18,000 26,000 24,000 2,600 1,100 600 1,350 18,000 26,000 24,000 2,600 1,100 600 1,350 $ 73,650 $ 73,650 $ 192,850 $ 208,850 13,331.00 14,765.00 21,398.00 15,544.00 29,011.01 18,294.60 17,189.16 7,623.64 3,021.05 3,121.05 3,121.05 3,000.00 1,222.07 1,646.76 695.50 101.90 - 45,363.06 $ 36,876.15 $ 43,032.18 $ 27,814.40 127,169.15 $ 99,445.94 $ 131,065.94 $ 107,006.32 CITY OF SEBASTIAN, FLORIDA POLICE PENSION FUND - 2018/2019 BUDGET Recommended to Police Pension Board September 18, 2018 AnnualOoeratine Expenses Investment Managers: Highland Capital Boston Parners Fiera Capital (APEX) Renaissance Center Coast (Brookfield) Intercontinental Performance Manager- Graystone Salem Trust Company ADR Agent Fee - Foreign Dividends Sub -total Investment Expense Actuarial - Foster $ Foster State Report Preparation - Foster $ Foster Legal Services Administrative Fee to City Insurance Miscellaneous: Minutes Preparation Codification of Approved Ordinance(s) Functional Capacity Assessment - Johnson Travel Sub -total Administrative Expense Total Operating Expenses Recommended Amended 2018/2019 2017/2018 Budget Budget 52,000 7,000 5,400 7,000 3,000 13,500 29,000 2,300 119,200 18,000 3,000 26,000 24,000 2,600 1,100 600 1,350 76,650 Previous Year's Annual Total 2016/2017 2015/2016 2014/2015 2013/2014 Actual Actual Actual Actual $ 68,000 $ 60,479.85 $ 42,352.99 $ 64,402.32 $ 58,710.23 7,000 5,400 7,000 3,000 13,500 13,500.00 13, 500.00 16,875.00 15,000.00 29,000 7,245.00 6,265.00 6,615.00 5,295.00 2,300 581.24 451.80 141.44 186.69 $ 135,200 81,806.09 $ 62,569.79 $ 88,033.76 $ 79,191.92 26,000 24,000 2,600 1,100 600 1,350 73,650 195,850 $ 208,850 13,331.00 14,765.00 29,011.01 18,294.60 21,398.00 17,189.16 15, 544.00 7,623.64 3,021.05 3,121.05 3,121.05 3,000.00 1,222.07 1,646.76 695.50 101.90 - 45,363.06 $ 36,876.15 $ 43,032.18 $ 27,814.40 127,169.15 $ 99,445.94 $ 131,065.94 $ 107,006.32