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Home My WebLink About06-08-2023 MinutesCITY OF SEBASTIAN POLICE PENSION BOARD MINUTES OF REGULAR MEETING JUNE 812023 1. Call to Order and Annroval 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. Aooroval 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. 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 $69324.78 b. Boston Partners -- January to March 59943.10 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 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 POLICE PENSION BOARD MINUTES OF REGULAR MEETING JUNE 89 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. Legal Updates 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 15t", 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 It 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 1 'It. It can be filed via email, and they will give you a receipt. There is a deadline of September 1st 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 Reoorts 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. Vlll. 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: C-,��• �, ) ii Date: u �i��zvzv j9