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Home My WebLink About09-14-2023 AgendaCITY OF SEBASTIAN POLICE PENSION BOARD MINUTES OF REGULAR MEETING JUNE 8, 2023 Call to Order and Approval of Minutes -- Chairman Wood called the meeting to order at 5:03 p.m. Present: Board Members: Mr. Puscher Chairman Wood Ms. Ring Mr. Reeves (Zoom) Not Present Detective McDonough -- Excused Also Present: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson, Attorney for the Board of Trustees Ken Killgore, Plan Administrator Joseph Perez, AV Technical Assistant Janet Graham, Technical Writer II. Vote to Excuse Absent Board Members A motion to excuse Detective McDonough was made by Mr. Puscher, seconded by Chairman Wood, and approved unanimously via voice vote. A motion to allow Mr. Reeves to attend this meeting via Zoom was made by Mr. Puscher, seconded by Chairman Wood, and approved unanimously via voice vote. III. Awroval of Minutes A. March 9, 2023 Regular Quarterly Meeting All board members having indicated they have reviewed the Minutes from March 9, 2023, a motion to approve those Minutes was made by Mr. Puscher, seconded by Ms. Ring, and approved unanimously via voice vote. C"./. - I POLICE PENSION BOARD PAGE 2 MINUTES OF REGULAR MEETING JUNE 8, 2023 B. May 15, 2023 Special Meeting All board members having indicated they have reviewed the Minutes from May 15, 2023, a motion to approve those Minutes was made by Chairman Wood, seconded by Mr. Puscher, and approved unanimously via voice vote. IV. Old Business 1. Approval of Payments Made: a. Highland Capital -- January to March -- Value, ADR $6,324.78 b. Boston Partners -- January to March 5,943.10 c. Fiera Capital -- January to March 2,837.22 d. ClearBridge Investments -- January to March 2,823.89 e. Polen Capital -- January to March 2,268.82 f. RNC Genter Capital Management -- March 27 to March 31 31.00 g. Graystone Consulting -- January to March 4,000.00 h. Foster & Foster -- State Report, Member Statements And Research 4,762.50 i. Division of Administrative Hearings -- William Grimmich 3-10-2023 90.00 j. Division of Administrative Hearings -- William Grimmich 5-25-2023 2,430.00 k. Paul Daragjiati, PLC -- Pension Fund Attorney on Grimmich Case 6,630.00 I. Klausner, Kaufmann, Jensen & Levinson -- February 212.50 m. Klausner, Kaufmann, Jensen & Levinson -- March & April 4,885.00 n. City of Sebastian -- Administrative Services -- April to June 6,000.00 o. City of Sebastian -- Janet Graham -- March 9, 2023 145.00 p. Salem Trust -- October to December 7,307.57 q. Paul Daragjiati PLC -- William Grimmich Case 150.00 r. Klausner, Kaufman, Jensen & Levinson, -- May 2,632.50 s. Cit of Sebastian -- Janet Graham -- May 25,2023 1 85.00 A motion to approve the payments listed above was made Mr. Puscher, seconded by Chairman Wood, and approved unanimously via voice vote. 2. Clarification of Andrea Ring Letter Addressed to City Officials C. 1, �- POLICE PENSION BOARD MINUTES OF REGULAR MEETING JUNE 8, 2023 PAGE 3 There was a conversation among Ms. Ring, Mr. Puscher, and Chairman Wood relating to this letter. Ms. Ring explained her letter. Mr. Puscher and Chairman Wood explained their side of the purported incident(s). Ms. Jensen reiterated her recollection of the meetings where the use of the portal was discussed as well as the special meeting to which Ms. Ring referred in the letter. Mr. Reeves made a statement regarding the Sunshine Laws and stated he has never met with any other Board member(s) outside of the meetings and asked that Ms. Ring clarify her allegations as to date, place, and the names of the Board members involved and what was said. Mr. Puscher and Chairman Wood both denied Ms. Ring's allegations. 3. Vote to Elect A Chairman A motion to retain Captain Wood as the Chair was made by Mr. Puscher, seconded by Mr. Reeves, and approved unanimously via voice vote. A motion for Mr. Puscher to continue as the Secretary of the Board was made by Captain Wood, seconded by Mr. Reeves, and approved unanimously via voice vote. V. New Business 1. Report from Investment Monitor Mr. T. J. Loew with Graystone Consulting introduced himself and introduced Cameron O'Neill. He reviewed their history with Graystone. Mr. O'Neill reviewed the summary packet which contains the first quarter economic data, the actual fund performance, and the individual managers' performance (SEE ATTACHED). Mr. Loew then reviewed the reports attached to the agenda packet and reviewed the market activity during the first quarter and spoke to the projected activity during the near- and long-term. He answered several questions from Mr. Puscher regarding managers' performance. VI. Leval U;)dates A. Update on State Legislation Ms. Jensen reviewed that House Bill 3 did pass the legislature. It is a new law that is applicable to how you make your investments. She does not think it will change this Pension Plan's process in any way. The law requires that you can only make investment decisions based on pecuniary factors. Pecuniary factors is money. You cannot take into POLICE PENSION BOARD MINUTES OF REGULAR MEETING JUNE 8, 2023 PAGE 4 consideration social, political, or idealological factors when making investments. The issue that is still up in the air for House Bill 3 is that you have a reporting requirement. This is due by December 15th, but it is not yet clear what you need to report on. The state has promised that we will have a meeting this summer. Someone from her firm will be attending in order to educate themselves as to this subject. She is not sure whether this report will be done by the investment managers or by her firm. There will also be a requirement that any new managers that you will bring into the contract after July 1 st will have some information in their contract. There is a provision that says that, if they are going to send out any material regarding anything that is social, environmental, or ideological, they have to put on there a disclaimer that this does not represent the opinion of the people of the State of Florida. She reminded everyone that the Form 1 is due July 1st. It can be filed via email, and they will give you a receipt. There is a deadline of September 1 st when they start charging the fee. She will be able to tell you at the next meeting how many of you have filed and if there are any glitches in the filings. B. Other Legal Matters She said that she did send to Mr. Killgore the Grimmich Order that adopts the recommended Order and puts into place the forfeiture of his benefit and the refunded contributions to the children. There is no action to be taken by this Board. She will work with Mr. Killgore to make sure that the money can be gotten to the beneficiaries. She further stated that she will have to work with Courtney Howard, Jack's mother, to get her to be a guardian. Florida state law requires that parents can be the natural guardian of their children up to $15,000.00. They can sign documents for them up to $15,000.00. Once it is over that amount, they need to become court -appointed guardians. VII. Plan Administrator Reports A. Budget vs. Actuals Report/Calendar of Board Activities/Other Administrative Matters Mr. Killgore stated he has provided the Budget -to -Actual Comparisons worksheet for the quarter. We are still within budget, even though we had the Grimmich matter to address. He also has provided the calendar of activities. Vill. Next Scheduled Quarterly Meetina: September 14, 2023 POLICE PENSION BOARD MINUTES OF REGULAR MEETING JUNE 8, 2023 IX. Adiournment PAGE 5 There being no further business, Chairman Wood adjourned the meeting at 5:51 p.m. By: 19 Date: C.1.-5, ii�.iiland Capital MANAGEMENT, LLC April6, 2023 MANAGEMENT FEE: 3/31/2023 Portfolio Value: Invoice Number: 33007 SEBASTIAN POLICE OFFICERS' RE'1'1REMENT FIXED INCOME Quarterly Fee Based On: $ 2,328,201 C) 0.30% per annum Quarterly Fee: For the Period 1/l/2023 through 3/31/2023 Prorate on Cash Flows 03/27/2023 CASH managed for 85 days Net Fee: Mailing Check: Highland Capital Management, LLC 850 Ridge Lake Blvd. Suite 205 Memphis, TN 38120 *****Note New Address******* $ 2,328,201.36 $ 1,746.15 $ 1,746.15 $ 850.00 -$ 1,200,000.00 + $ 850.00 $ 2,596.15 Paid by Debit Direct ($ 0.00) Please Remit- _ 2,_596.15 Wiring Instructions: Contact: srun. anfhiuhlandcamcoom �- �.CA-, HiJ-Ilalld Capital July 10, 2023 MANAGEMENT FEE; 6/30/2023 Portfolio Value: Invoice Number; 33600 SEBASTIAN POLICE OFFICERS' RETIREMENT FIXED INCOME Quarterly Fee Based On: $ 2,315,483 @ 0.30% per annum Quarterly Fee: For the Period 411 /2023 through 6/30/2023 Mailing Check: Highland Capital Management, LLC 850 Ridge Lake Blvd. Suite 205 Memphis, TN 38120 *****Note New Address******* $ 1,736,61 $ 2,315,483.43 $ 1,736.61 Paid by Debit Direct ($ 0,00) Please Remit $ 1.736.61 Wiring Instructions: Contact: srunvxngiju hlandean.com D.l, b it'- 1 alId Capital MANA,.':.t,1.N1', L.L-'. .lull 10, 2023 Invoice Number, 33605 MANAGEMENT FEE; SEBASTIAN POLICE OFFICERS' RETIREMENT 6/30/2023 Portfolio Value: S 5,286,617.28 Exclude Dividend Accrual-_3.109.81 Billable VMLLe $ 5,283,50T47 Quarterly Fee Based On: $ 5,283,507 @ 0,50% per annum $ 6,604.38 Quarterly Fee: $ 6,604.38 For the Period 4/l /2023 through 6/30/2023 Paid by Debit Direct ($ 0,00) Please Remit S 6.604.38 Aaccaactt Account Va)ue QWrterlvFa (scb, t0;) SEt3ASTIAN PnLICF. OF'FICSRS' R,ETIR8ie EN r VALUE $ 4,177,529.42 $ 5,221.91 (s.,ImA4) SEPASTIAN POLICE OFFICERS' RETIR! MENT ADR $ 1,105,978.05 $ 1,382,47 Total $ 5,2i 2,507.47 $ 6,604..38 Mailing Check: Wiring Instructions: Highland Capital Management, LLC Contact: 850 Ridge Lake Blvd. Suite 20.5 Memphis,'TN 38120 *33.0 r�, �,°y.3�7 ****Note New Address******* ICE* 33(� I /��3�•�! 1AIUZ)1C6-4C 33007-t.),9111. 93-7��' en Killgore City of Sebastian 1225 Main Street Sebastian, FL 32958 ivoice Date: 06/30/2023 ivoice Number: 20230630-690-A lilting Portfoilo(s): 00844 - City of Sebastian Police Officers' Retirement System 11111ing Period: 04/01 /2023 to 06/30/2023 SUMMARY FOR INVESTMENT SERVICES JARTEREND Fee Current Period Amount Due: Invoice ty of Sebastian Police Officers' Retirement 20230630-690-A rstem )tat Amount Due Current Period Due 5,609.61 5,609.61 $ 5,609.61 30-60 Days 60-90 Days Over 90 Days 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. We would appreciate receiving your payment along with the remittance slip within 30 days of receipt of this Invoice. TIRE / TRANSFER FUNDS TO: JP Morgan Chase; ABA #021000021; ACCT #066-654610 REFERENCE: Boston Partners Ref Acct #: 00844 TAIL REIIIIIITTANCES TO: Accounts Receivable Boston Partners One Grand Central Place, 60 East 42nd Street, Suite 1550 New York, NY 10165 mail jvitelli@boston-partners.com Thank You Total 5,609.61 5,609.61 b,i,A -f eriod Rule - Custom (USD) City of Sebastian Police Officers' Retirement System - 00844 Monthly Values 03/31/2023 Market Value 04/30/2023 Market Value 05/31/2023 Market Value 06/30/2023 Market Value Adjusted Input Annual Fee Schedule (IMFEE - USD) 0.00 and above Quarterly Fee Calculation (IMFEE - USD) 2,493,160.01 90.00 BPS Fee lolls: Total IMFEE (00844) Fee Total: Invoice Summary Fee Totals: 2,529,364.42 2,472,472.31 2,392,347.95 2,614,659.77 90 / 360 = Schedule Total: Fee Total For IMFEE: Total Amount Due: 2,529,364.42 2,472,472.31 2,392,347.95 2,614,659.77 $ 2,493,160.01 90.00 BPS 5,609.61 $ 5,609.61 5,609.61 6,609AI 5,609.61 $ 5,609.61 . July 17, 2023 Ken 01gore 1225 Main Street Sebastian, FL 32958 City of Sebastian Police Officer's Retirement System - 0740001516 FIERA CAPITAL INC. SUMMARY OF MANAGEMENT FEES For The Period Q2 2023 Portfolio Value as of 06-30-23 $ 1,680,944.79 1,680,945 @ 0.75 % per annum 3,151.77 Quarterly Management Fee $ 3,151.77 TOTAL DUE AND PAYABLE $ 3,151.77 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: BMO Harris Bank 111 West Monroe Chicago, IL 60603 ABA Number: 071000288 Swift Code: HATRUS44 Account Name: Fiera Capital Inc. Account Number: 2553816 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 '" a 0 1 7 Investments Date 7/31 /2023 City of Sebastian Police Officers RetirementSystem Billing Period 1225 Main Street 2023-Q2 Sebastian, FL 32958 Attn: Ken Killgore, Administrative services Director/C Invoice Number SEBAS_IGADR063023 Custodian ID XXXX007836 CUSTOMER COPY - PLEASE RETAIN FOR YOUR RECORDS. Board of Trustees of the City of Sebastian Police Officers' Retirement System Fee Schedule Detail - Board of Trustees of the City of Sebastian Police Officers' RetiremenAnnual Rate Valuation - USD Fee System 0 to 999999999999 0.750% 1,607,052.13 3,004.97 Total Fees Due 2023-Q2: 3,004.97 Mailing address: Legg Mason FBO: CLEARBRIDGE INVESTMENTS LLC 13985 Collections Center Drive Chicago, IL 60693-0139 Ref: 2023-Q2-SEBAS_IGADR vo 4.97 Wire Instructions: Paying Agent: CLEARBRIDGE INVESTMENTS LLC Bank: Bank of America ABA#: 026009593 Acct#: 004467062771 Ref: 2023-Q2-SEBAS_IGADR C1earBridge calculates account asset values using independent valuation services. Securities traded on national securities exchanges are valued at their primary exchange closing prices. Accrued income is included in the calculation of account asset values. I M-1 ., �Investments City of Sebastian Police Officers RetirementSystem 1225 Main Street Sebastian, FL 32958 Attn: Ken Killgore, Administrative services Director/C PLEASE REMIT THIS STATEMENT WITH YOUR PAYMENT. Board of Trustees of the City of Sebastian Police Officers' Retirement System Fee Schedule Detail - Board of Trustees of the City of Sebastian Police Officers' RetiremenAnnual Rate System Mailing address: Legg Mason FBO: CLEARBRIDGE INVESTMENTS LLC 13985 Collections Center Drive Chicago, IL 60693-0139 Ref: 2023-Q2-SEBAS_IGADR 0 to 999999999999 0.750% Total Fees Due 2023-Q2: Date 7/31/2023 Billing Period 2023-Q2 Invoice Number SEBAS_IGADR063023 Custodian ID XXXX007836 Valuation - USD Fee 1,607,052.13 3,004.97 Wire Instructions: Paying Agent: CLEARBRIDGE INVESTMENTS LLC Bank: Bank of America ABA#: 026009593 Acct#: 004467062771 Ref- 2023-Q2-SEBAS IGADR ClearBridge calculates account asset values using independent valuation services. Securities traded on national securities exchanges are valued at their primary exchange closing prices. Accrued income is included in the calculation of account asset values. 3,004.97 lb. [ _-f:7- enneth Killgore REMITTANCE COPY NA July 6, 2023 STATEMENT OF MANAGEMENT FEES Quarterly Fee calculated for assets under management as of June 30, 2023 for the billing period from April 1, 2023 to June 30, 2023. Custodian Account Number: 0740007216 Account Number: CITY0162 Account Name: CITY OF SEBASTIAN POLICE OFFICERS RETIREMENT SYSTEM Management Fee Calculation Detail Breakpoints Annual Rate (%) Account Assets Fee Total Portfolio: Balance 0.650 $1,565,902 $2,537.62 Please remit the total fee amount to Polen Capital at the address indicated below. Payment for this invoice can be sent via mail or wire: By Mail Overnight Address By Wire Truist Bank Check payable to: Lockbox Department 1000 Peachtree St., N.E., Atlanta, GA Polen Capital Management Attn: Polen Capital Management LLC #919766 ABA: 061 000104 P.O. Box 919766 7699 Golf Channel Drive Account Name: Polen Capital Management Orlando, FL 32891-9766 Orlando, FL 32819 LLC Account #:1000214295577 SEC RULE 204.3 REQUIRES US TO OFFER IN WRITING TO DELIVER TO YOU UPON REQUEST A WRITTEN DISCLOSURE STATEMENT CONTAINING INFORMATION CONCERNING OUR BACKGROUND AND BUSINESS PRACTICES. Keep a copy of this invoice for tax purposes. polencapital.com Boca Raton I Boston I London 1825 NW Corporate Blvd., Suite 300 - Boca Raton, FL 33431 Telephone: +1 (561)-241-2425 0,(j,-f Performance Summary CITY OF SEBASTIAN POLICE OFFICERS RETIREMENT SYSTEM - As of June 30, 2023 Portfolio Return (Gross) (%) 012023 14.35 Q2 2023 10.81 YTD 26.72 polencapital.com Boca Raton I Boston I London 1825 NW Corporate Blvd., Suite 300 - Boca Raton, FL 33431 Telephone: +1 (561)-241-2425 Russell 1000 Growth (%) S&P 500 (%) 14.37 7.50 12.81 8.74 29.02 16.89 b{..J - 01 NC GENTER CAPITAL MANAGEMENT July 7, 2023 City of Sebastian Police Officers Retirement Cust: Salem Trust/TMI/Reliance System Acct: 0740007885 Salem/TMI.Reliance Trust Code: RISAL SEB07885 Graystone Consulting ID: 42135 MANAGEMENT FEE: City of Sebastian Police Officers Retirement Sys 6/30/2023 Portfolio Value (including accrued interest): $ 2,249,881.83 Annual Fee Based On: $ 2,249,882 @ 0.10% per annum $ 2,250.00 Quarterly Fee: For the Period 4/1/2023 through 6/30/2023 Prorate Cash Flows 05/19/2023 CASH ACCOUNT + $ 4,154.71 -$ 1.00 Net Fee: Paid by Debit Direct Please Remit Please remit directly to: RNC Capital Management LLC 11601 Wilshire Boulevard, Penthouse Floor Los Angeles, CA 90025 A $ 562.00 -$ 1.00 $ 561.00 ($ 0.00) $ 561.00 raystone Consulting - A business of Morgan Stanley July 26, 2023 INVOICE NUMBER: 10129923207 www.morganstanley.com *745-070 DCGIIC 0159973519* 1225 Main St Sebastian FL 32958 PLEASE REVIEW INVESTMENT ADVISORY FEE PAYMENT REQUIRED 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. FEE TYPE PLAN BILLABLE VALUE FEE AMOUNT Consulting City of Sebastian Police Officers $19,370,738.54 $4,000.00 Total Fees This Period $4,000.00 Past Due Balance $0.00 Net Amount Due $4,000.00 CONSULTING FEE SCHEDULE Annual consulting fee is fixed at $16,000.00 I of 4 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 2 of 4 raystone Consulting - A business of Morgan Stanley INVOICE NUMBER: 10129923207 REMITTANCE INSTRUCTIONS 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. Total Fees (04/01/2023 - 06/30/2023) Past Due Balance Net Amount Due $4,000.00 $0.00 $4,000.00 Please note that cash payments cannot be accepted. ACH, wire, and check payment instructions are below. For tracking purposes, electronic payments are preferred. If a check is used for payment, the Remit page of the invoice must be accompanied with the check. Any payments that do not include the payment instructions provided, or Remittance page, may result in delayed processing or return of the payment. Please expect longer processing times for payments by check. By AC (Preferred) By Wire Bank name: UMB Bank, N.A. (United Missouri Bank Name: Citibank, New York Bank) ABA: 021000089 Transit Routing number: 044000804 For Benefit Of Morgan Stanley & Co. Checking Account number: 4790000101299 Incorporated For Benefit of Morgan Stanley & Co. Beneficiary Account: 40611172 Incorporated 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 10129923207 3 of 4 Investments and services offered through Morgan Stanley Smitb Barney UC. Member SIPC. Graystone Consulting is a business of Morgan Stanley. THIS PAGE INTENTIONALLY LEFT BLANK T--:).(, if , 4 4of4 FOSTER & FOSTER City of Sebastian Police Officers' Retirement System 1225 Main Street Sebastian, FL 32958 City of Sebastian Police Officers' Retirement System Online administration portal implementation fee Preparation of the 2022 Chapter 112.664 compliance disclosure Thank you for your business! Most preferred method of payment is an ACH deposit. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste104. Fort Myers, FL 33912 Invoice Date Invoice # 8/11/2023 27976 Phone: (239) 433-5500 Fax: (239) 481-0634 Email: AR@foster-foster.com Website: www.foster-foster.com Federal EIN: 59-1921114 Net 30 Balance Due 9/10/2023 2,500.00 3,500.00 $69000.00 AW Paul Daragjati, PLC 4745 Sutton Park Ct. Ste. 503 Jacksonville, FL 32224 USA paul@daragjatilaw.com JITIMS Sebastian Police Officers' Retirement System 1225 Main St., Sebastian, FL 32958 Sebastian, FL 32958 0:(772)589-5330 Time Entries Time Entries Appear for/attend Paul Daragjati 5/17/2023 meeting of Board of Trustees - finalize Grimmich matter Trust Account Balance 6/5/2023 INVOICE Number 206 Issue Date 6/5/2023 Due Date 7/5/2023 Matter In Re: Forfeiture of Retirement Benefits of William Grimmich Email kkillgore@CityofSebastian.org W� $300.00 0.50 $150.00 Time Entries 0.50 $150.00 Total j� *155e &Z> $0.00 [Etj Pay Now 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.kiausnerkaufman.com Fax (954) 916-1232 Tax I.D.: 45-4083636 SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM May 31, 2023 Attn: KEN KILLGORE Bill # 32861 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 05/11/23 BSJ REVIEW AND RESPOND TO EMAIL 0.20 85.00 FROM KEN KILLGORE REGARDING GRIMMICH HEARING 05/12/23 BSJ REVIEW AND REVISE GRIMMICH 0.50 212.50 NOTICE OF HEARING 05/17/23 BSJ PREPARE FOR AND ATTEND MEETING 1.50 637.50 REGARDING GRIMMICH FORFEITURE 05/17/23 BSJ TRAVEL TO AND FROM MEETING 3.30 1,402.50 05/17/23 PARA PREPARATION OF MEETING 1.00 125.00 MATERIALS FOR UPCOMING SPECIAL MEETING REGARDING GRIMMICH. 05/22/23 BSJ TELEPHONE CALL WITH KAREN RUSSO 0.10 42.50 REGARDING SALEM TRUST CORPORATE STRUCTURE 05/23/23 BSJ REVIEW EMAIL FROM KEN KILLGORE 0.30 127.50 WITH ATTACHED LETTER FROM ANDREA RING; TELEPHONE CALL WITH KEN KILLGORE Total for Services 6.90 $2,632.50 giL( * 3a $6C 4� 3,) .5-6 9/t (, 41- 330S-V 49�- 1 ys-� at> Continued 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.klausnerkauftnan.com Fax (954) 916-1232 Tax I.D.: 454083636 SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM June 30, 2023 Attn: KEN KILLGORE Bill # 33054 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 06/02/23 BSJ DRAFT FINAL ADMINISTRATIVE ORDER 2.50 1,062.50 FORFEITING BENEFITS OF WILLIAM GRIMMICH; EMAIL ORDER TO KEN KILLGORE 06/05/23 BSJ REVIEW AND REVISE GRIMMICH 0.40 170.00 ORDER: RESEARCH GUARDIANSHIP REQUIREMENT FOR MINOR BENEFICIARY 06/06/23 BSJ DRAFT REVISED PROVISION FOR 0.10 42.50 INVESTMENT POLICY AND POLICY FOR CONTRACTUAL PROVISIONS FOR INVESTMENT MANAGERS TO IMPLEMENT PROVISIONS OF HOUSE BILL 3/CHAPTER 2023-28 06/07/23 BSJ PREPARE FOR MEETING; REVIEW 0.50 212.50 AGENDA AND MEETING BACK-UP, INCLUDING MINUTES 06/08/23 BSJ TRAVEL TO AND FROM MEETING 3.20 680.00 06/08/23 BSJ ATTEND MEETING 1.10 467.50 06/08/23 PARA PREPARATION OF MEETING 1.00 125.00 MATERIALS FOR UPCOMING MEETING. 06/09/23 BSJ TELEPHONE CALL WITH KEN KILLGORE 0.20 85.00 REGARDING TRUSTEE MATTERS 06/09/23 BSJ CONFERENCE CALL WITH SALEM 0.10 42.50 TRUST REGARDING POTENTIAL ARGENT MERGER WITH TMI HOLDING Continued ... lient: Matter: Date 06/13/23 SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM 170042 - SEBASTIAN POLICE OFFICERS' RETIREMENT Attorney BSJ 06/15/23 BSJ 06/21 /23 BSJ 06/22/23 BSJ 06/23/23 BSJ Professional Fees Description Hours REVIEW NEW FLORIDA LAW CHAPTER 0.30 2023-28; REVISE INVESTMENT POLICY GUIDELINES; CORRESPOND WITH GRAYSTONE REVIEW TMI TRUST DOCUMENTS FOR 0.10 MERGER WITH SALEM TRUST; DRAFT PROPOSED ASSIGNMENT AND ASSUMPTION DOCUMENT FOR SALEM TRUST TELEPHONE CALL WITH KAREN 0.10 RUSSO; REVIEW TMI TRUST ASSIGNMENT AND ASSUMPTION RESEARCH ISSUES REGARDING 0.10 PROXY VOTING; REVIEW PROXY VOTING DATA ANALYTICS SERVICES; REVIEW AND REVISE INVESTMENT POLICY GUIDELINES; REVIEW AND REVISE INVESTMENT MANAGER AGREEMENT PROVISIONS REVIEW NEWS REPORT REGARDING 0.10 PBI/BERWYN GROUP INFORMATION BREACH; EMAIL TO KAREN RUSSO; REVIEW INFORMATION REGARDING BREACH FROM PBI/BERWYN GROUP Total for Services 9.80 CURRENT BILL TOTAL AMOUNT DUE Past Due Balance AMOUNT DUE June 30, 2023 Page 2 Amount 127.50 42.50 42.50 42.50 42.50 $3,185.00 $ 3,185.00 2,632.50 $6,817.60 b.1,1. .3 lausner, Kaufman, Jensen & Levinson A Partnership of Professional Associations Attorneys At Law 7080 N.W. 4th Street Plantation, Florida 33317 Tel. (954) 916-1202 Fax (954) 916-1232 SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM Attn: KEN KILLGORE 1225 MAIN STREET SEBASTIAN, FL 32958 CLIENT: SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM MATTER: SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM CURRENT BILL TOTAL AMOUNT DUE Past Due Balance AMOUNT DUE wwwMausnerkaufnian.corn Tax I.D.: 45-4083636 July 31, 2023 Bill # 33248 170042 170042 $ 0.00 5.817.50 $5,817.50 anaF -N 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: 9/5/2023 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 2023. $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 - Attention Ken Killgore 1225 Main Street Sebastian, Florida 32958 Account Code 001501-349620 JANET GRAHAM 97 OVERLOOK DRIVE SEBASTIAN, FL 32976 JUNE 7, 2023 INVOICE FOR MAY 2023 5-2-2023 Natural Resources Board 8 pages $160.00 Appearance Fee 25.00 5-4-2023 Planning & Zoning 10 pages 200.00 Appearance Fee 25.00 5-15-2023 Budget Review Advisory Committee 4 pages 80.00 Appearance Fee 25.00 5-17-2023 Police Pension Board # 3 pages 60.00 Appearance Fee 25.00 5-22-2023 Parks & Recreation 6 pages 120.00 Appearance Fee 25.00 TOTAL $745.00 !S�ec,,l Mce-+',-aii 4r4-t` k%vo`ce le 8�ov 401f-,15710v dtjo' &;p Ci"ry orS�RSTf/ ln,&v DeIEn.�� JANET GRAHAM 97 OVERLOOK DRIVE SEBASTIAN, FL 32976 JUNE 20, 2023 INVOICE FOR POLICE PENSION BOARD -- 6-8-2023 6-8-2023 Police Pension Board 5 pages $100.00 Appearance Fee 25.00 TOTAL $125.00 D•Is, Ma")— ity of Sebastian Kenneth Kilgore 1225 Main Street Sebastian, FL 32958 kkiloore( citvofsebastian.ora Fee Advice for Period April 1, 2023 to Total Market Value for Fund: $ 20,738,801.19 Detail of Calculation: Market Value Basis Point Rate Annual Fee Total Market Value 0.000525 $10,887.87 Account Number Activty Amount 0740001482 Highland Large Cap Buy / Sell 15 0740001508 Boston Partners Buy / Sell 761 0740001516 Fiera Capital Buy / Sell 22 0740001524 Highland Int'I Value Buy / Sell 5 0740001532 Renaissance Buy / Sell 0 0740001540 R&D Buy / Sell 0 0740002985 Highland Fixed Income Buy / Sell 8 0740007166 iShares Buy / Sell 0 0740007174 Lazard Buy / Sell 0 0740007216 Polen Buy / Sell 42 0740007836 Clearbridge Buy / Sell 70 0740007885 Genter Buy / Sell 28 Buy / Sell Total 951 Total Amount Due These fees will automatically be charged to your account. If you have any questions, please contact Karen Russo at (954) 815-6928. July 14, 2023 M70870 Sebastian Police June 30, 2023 $4.50 Quarterly Fee $ 2,721.97 Charge 4,279.50 7,001.47 1715 N. WESTSHORE BLVD., SUITE 750 TAMPA, FL 33607 TEL (877) 382-5268 FAX (813) 301-1295 www.salenitrust.com \�$.1.0. Annual Operating Expenses Investment Managers: Highland Capital - Value and ADR Highland Capital - Fixed Income Boston Partners Fiera Capital (APEX) Renaissance (Terminated 12/28/22) Clearbridge (from January 2023) Center Coast (Brookfield) Terminated in 2021 Polen Capital (from March 18, 2021) Genter Capital (from 03/27/2023) Performance Manager- Graystone Salem Trust Company ADR Agent Fee - Foreign Dividends Sub -total Investment Expense Actuarial - Foster & Foster Compliance Disclosures - Foster & Foster State Report Preparation - Foster $ Foster Meetings/Calculations - Foster & Foster On -Line Portal - Foster $ Foster Legal Services Administrative Fee to City Insurance Minutes Preparation Codification of Approved Ordinance(s) Functional Capacity Assessments FPPTA Membership Travel Contingency Administrative Hearing on Grimmich Paul Daragjati, PLC (Representing Plan) Sub -total Administrative Expense Total Operating Expenses P CITY OF SEBASTIAN, FLORIDA POLICE PENSION FUND - 2022/2023 BUDGET VERSUS ACTUALS Thursday, September 14, 2023 Proposed Amended Total Previous Year's Annual Totals 2023/2024 2022/2023 2022/2023 2021/2022 2020/2021 2019/2020 2018/2019 Budget Budget Actual Actual Actual Actual Actual 25,000 10,500 23,500 12,000 12,000 9,500 2,500 16,000 26,500 137,500 10,500 7,600 3,300 1,500 3,500 20,000 24,000 3,000 600 750 4,500 5,000 2017/2018 2016/2017 Actual Actual $ 30,000 $ 24,533.09 $ 26,685.34 $ 45,363.39 $ 52,688.82 $ 34,621.51 $ 67,754.39 $ 60,479.85 15,000 $ 10,146.87 $ 13,692.08 27,000 22,796.53 24,650.45 15,566.67 7,553.21 6,885.81 6,763.47 - 13,500 11,272.22 12,409.86 11,253.88 6,056.53 5,943.76 5,386.84 - 11,000 4,338.33 9,955.71 9,189.76 6,489.11 6,874.16 6,451.11 - - 5,828.86 - - - 972.25 2,427.00 3,113.51 2,909.69 - 12,500 8,876.95 11,300.43 3,455.88 - 592.00 13,500 15, 375.00 13,500.00 13,500.00 13,500.00 13,500.00 13, 500.00 13,500.00 26,000 24,857.18 23,445.01 27,870.00 24,655.00 26,480.00 28,250.00 7,245.00 1,500 - - - 1,140.85 1,643.74 581.24 $ 150,000 $ 128,617.03 $ 135,638.88 $ 127,171.83 $ 113,369.67 $ 98,559.60 $132,659.24 $ 81,806.09 9,773 7,600 3,300 1,500 5,000 30,000 24,000 3,200 1,000 600 750 4,500 10 000 10,073.00 7,600.00 3,300.00 1,462.50 2,500.00 27,247.17 24,000.00 2,991.00 599.00 750.00 2,655.00 6,780.00 9,608.00 6,750.00 3,000.00 1,853.24 22,446.25 24,000.00 2,991.00 522.00 750.00 4,105.70 14,990.00 17,464.00 16,756.00 17,834.00 13,331.00 3,500.00 7,500.00 - - - 3,000.00 3,000.00 3,000.00 - - 15,542.50 19,565.00 39,362.45 25,138.80 29,011.01 24,000.00 24,000.00 24,000.00 24,000.00 2,991.00 2,585.00 2,585.00 2,585.00 3,021.05 522.00 636.00 694.00 1,042.00 - - 598.20 - 2,700.00 1,344.00 $ 84,250 $ 101,223 $ 80,522.67 $ 76,026.19 S 64,545.50 $ 74,750.00 $ 89,097.45 $ 72,542.00 45,363.06 $ 221,750 $ 251,223 $ 209,139.70 $ 211,665.07 $ 191,717.33 $ 188,119.67 5 187,657.05 $ 205,201.24 127,169.15 Kenneth Killqore From: Dulce Zapata-Escalante <dulce@robertdklausner.com> Sent: Wednesday, August 02, 2023 2:58 PM To: Kenneth Killgore Cc: Lindsey Garber, bsj team Subject: Sebastian Police - Meeting dates for 2024 CAUTION: This email originated from OUTSIDE our email system PLEASE exercise caution when opening attachments or clicking on links. ESPECIALLY from uni ..., senders. Hi Ken Here are the 2024 meeting dates for Sebastian (5:00p.m): March 14 th June 13 1h September 12 December 12 Regards, Dulce Zapata-Escallante Legal Assistant, Klausner, Kaufman, Jensen & Levinson 7080 N.W. 4 th Street Plantation, Florida 33317 Telephone: (954) 916-1202 . ax: (954) 916-1232 Afflebsite: www, k1lausnerkaufman.com This email has been scanned for sparn and viruses by Proofpoint Essentials. Click here to report this email as sparn. Annual Operating Expenses Investment Managers: Highland Capital - Value and ADR Highland Capital - Fixed Income Boston Partners Fiera Capital (APEX) Renaissance (Terminated 12/28/22) Clearbridge (from January 2023) Center Coast (Brookfield) Terminated in 2021 Polen Capital (from March 18, 2021) Genter Capital (from 03/27/2023) Performance Manager - Graystone Salem Trust Company ADR Agent Fee - Foreign Dividends Sub -total Investment Expense Actuarial - Foster & Foster Compliance Disclosures - Foster & Foster State Report Preparation - Foster $ Foster Meetings/Calculations - Foster & Foster On -Line Portal - Foster $ Foster Legal Services Administrative Fee to City Insurance Miscellaneous: Minutes Preparation Codification of Approved Ordinance(s) Functional Capacity Assessments FPPTA Membership Travel Contingency Administrative Hearing on Grimmich Paul Daragjati, PLC (Representing Plan) Sub -total Administrative Expense Total Operating Expenses Amended 2022/2023 Budget $ 30,000 15,000 27,000 13,500 11,000 12,500 13,500 26,000 1,500 $ 150,000 9,773 7,600 3,300 1,500 5,000 30,000 24,000 3,200 1,000 600 750 4,500 10,000 CITY OF SEBASTIAN, FLORIDA POLICE PENSION FUND - 2022/2023 BUDGET VERSUS ACTUALS Tuesday, September O5, 2023 Total Previous Year's Annual Totals Actual/Estimated 2022/2023 Payments 2022/2023 2021/2022 2020/2021 2019/2020 2018/2019 2017/2018 2016/2017 10/1-12/31 1 1- 3 31 4 1- 6 30 7 1- 9 30 Actual Est. Actual Actual Actual Actual Actual Actual $ 5,451.74 $ 6,152.19 $ 6,324.78 $ 6,604.38 $ 24,533.09 $ 26,685.34 $ 45,363.39 $ 52,688.82 $ 34,621.51 $ 67,754.39 $ 60,479.85 3,242.85 2,571.26 2,596.15 1,736.61 10,146.87 $ 13,692.08 5,555.27 5,688.55 5,943.10 5,609.61 22,796.53 24,650.45 15,566.67 7,553.21 6,885.81 6,763.47 - 2,578.51 2,704.72 2,837.22 3,151.77 11,272.22 12,409.86 11,253.88 6,056.53 5,943.76 5,386.84 2,063.02 2,275.31 - - 4,338.33 9,955.71 9,189.76 6,489.11 6,874.16 6,451.11 - - 2,823.89 3,004.97 5,828.86 - - - - - 972.25 2,427.00 3,113.51 2,909.69 - 2,038.65 2,031.86 2,268.82 2,537.62 8,876.95 11,300.43 3,455.88 - - 31.00 561.00 592.00 3,375.00 4,000.00 4,000.00 4,000.00 15,375.00 13,500.00 13,500.00 13,500.00 13,500.00 13,500.00 13,500.00 5,689.33 4,858.81 7,307.57 7,001.47 24,857.18 23,445.01 27,870.00 24,655.00 26,480.00 28,250.00 7,245.00 - - - - 1,140.85 1,643.74 581.24 $ 29,994.37 $ 30,282.70 $ 34,132.53 $ 34,207.43 $ 128,617.03 I $ 135,638.88 $ 127,171.83 $ 113,369.67 $ 98,559.60 $132,659.24 $ 81,806.09 10,073.00 10,073.00 9,608.00 14,990.00 17,464.00 16,756.00 17,834.00 13,331.00 4,100.00 3,500.00 7,600.00 6,750.00 3,500.00 7,500.00 - - 3,300.00 3,300.00 3,000.00 3,000.00 3,000.00 3,000.00 - 1,462.50 1,462.50 1,853.24 2,500.00 2,500.00 - 7,499.95 9,044.72 4,885.00 5,817.50 27,247.17 22,446.25 15,542.50 19,565.00 39,362.45 25,138.80 29,011.01 6,000.00 6,000.00 6,000.00 6,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 2,991.00 2,991.00 2,991.00 2,991.00 2,585.00 2,585.00 2,585.00 3,021.05 108.00 125.00 145.00 221.00 599.00 522.00 522.00 636.00 694.00 1,042.00 750.00 750.00 750.00 - 4,105.70 - 598.20 2,700.00 1,344.00 90.00 135.00 2,430.00 2,655.00 6,630.00 150.00 6,780.00 $ 101,223 $ 17,438.95 $ 29,477.72 $ 24,852.50 $ 18,188.50 $ 80,522.67 $ 76,026.19 $ 64,545.50 $ 74,750.00 $ 89,097.45 $ 72,542.00 45,363.06 $ 251,223 $ 47,433.32 $ 59,760.42 $ 58,985.03 $ S2,395.93 $ 209,139.70 $ 211,665.07 $ 191,717.33 $ 188,119.67 $ 187,657.05 $205,201.24 127,169.1S CITY OF SEBASTIAN POLICE OFFICERS' PENSION PLAN CALENDAR OF BOARD ACTIVITIES — Updated December 2022 JANUARY: No Board activity. FEBRUARY: No Board activity. MARCH: 1St 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 by Julylst. AUGUST: Receive State premium tax monies. SEPTEMBER: • 3rd Quarter Board Meeting: • Establish 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. • Report on year-to-date expenses and approve budget for the next year. OCTOBER: No Board activity. NOVEMBER: No Board activity. DECEMBER: • 4th 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 (if needed). • Accept the Actuarial Report. • Approve Expected Rate of Return. • Confirm renewal of Liability Insurance Policy. Page 1 of 1 Kenneth Kiligore From: Florida Retirement System <donotreply@info.frs.fl.gov> Sent: Tuesday, July 18, 2023 11:04 AM To: financials@foster-foster.com Cc: Ed Dodd; Timothy Wood; Kenneth Killgore; mpf@dms.fl.gov Subject: 2022 Annual Report -City of Sebastian Municipal Police Officers' Fund -City of Sebastian-783 CAUTION: This = 'r originated from OUTSIDE our email systems. PLEASE exercise caution when opening ANY attachments or clicking on links. ESPECIALLY fr,:.m unknow - senders. APPROVED MEMORANDUM Date: 18-JUL-23 To: BRAD,HEINRICHS - City of Sebastian Municipal Police Officers' Fund -City of Sebastian From: Office of Municipal Police Officers' and Firefighters' Retirement Trust Funds, Division of Retirement Subject: 2022 Annual Report This is to advise that we have reviewed and aDoroved the 2022 Annual Report for the City of Sebastian Municipal Police Officers' Fund If you have any questions, please contact our office at (850) 922-0667. 1 c�-, 1. --3.