HomeMy WebLinkAboutMinutes Fire Pension 080217PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND
MINUTES OF MEETING HELD
AUGUST 2, 2017
A meeting of the Board of Trustees was called to order at 1:02PM in the Council
Chambers, Palm Beach Gardens, Florida. Those persons present were:
TRUSTEES OTHERS
Martin Cohen, Vice Chair Audrey Ross, Administrator
Jon Currier, Secretary John McCann, Investment Consultant
Tom Murphy Jennifer Gainfort , Investment Consultant
Ed Morejon (via phone) Pedro Herrera, Attorney
Chris Henry, Active Firefighter
PUBLIC COMMENTS
N/A
INVESTMENT MONITOR REPORT: ANDCO CONSULTING (JOHN MCCANN
& JENNIFER GAINFORT)
Mr. McCann stated that he was here today in place of Mr. Johnson who had a meeting
conflict.
He reviewed the returns for the quarter ending June 30, 2017. They were up 2.82% for
the quarter and 10.28% for the fiscal year. As of July they are up another 1% for the
fiscal year, so way ahead of the Plan’s assumed rate of return. He reviewed the Plan’s
asset allocation and noted that they are in line with the policy and there are no
recommendations for any rebalancing at this time. Mr. McCann briefly reviewed each
manager’s performance and stated that they all outperformed for the quarter with the
exception of the Dana small cap fund. He noted that Mr. Johnson will have a review of
small cap managers available at the next meeting
ATTORNEY REPORT: SUGERMAN & SUSSKIND (PEDRO HERRERA)
Mr. Herrera stated that Mr. Morejon was attending the conference by phone today and
that he is eligible to vote since there is a quorum in the meeting location.
Mr. Herrera gave an update on the situation with Mr. & Mrs. Bussey as he is still
considered missing at this point. Mr. Herrera stated that he spoke to the lead detective
on the case and there is not much that can be said at this time because it is still an open
case. They have expedited the investigation and they should have a conclusion soon, but
until then not much has changed since the last meeting in regards to his recommendation
on his Share and DROP monies. Mr. Herrera reminded the Trustees of their fiduciary
responsibilities and roles on the Board. Ms. Ross confirmed that Mrs. Bussey has not
reached out to her in regards to the Share or DROP monies so until then everything
remains as is.
ADMINISTRATIVE REPORT: RESOURCE CENTERS (AUDREY ROSS)
DISBURSEMENTS
The Board reviewed the disbursements presented for approval by the Administrator.
A motion was made by Tom Murphy to approve the disbursements as presented by
the Administrator. The motion was seconded by Jon Currier and carried 4-0.
2
BENEFIT APPROVALS
The Board reviewed the benefit approval list dated August 4, 2017 as presented by the
Administrator (application for survivorship benefit, monthly pension, for Tracy Bussey,
the beneficiary of Gary Bussey).
A motion was made by Tom Murphy to approve the application for a survivorship
benefit for Tracy Bussey. The motion was seconded by Jon Currier and carried 4-0.
FINANCIAL STATEMENTS
The Trustees reviewed the interim financial statement as of June2017.
The financial statements were received and filed as of June 2017.
Ms. Ross presented the Board with the fiscal year 2017/2018 admin budget report. She
reminded the Trustees that this is an exercise they must complete every year due to the
new State requirement that was passed a couple of years ago. This budget will be filed
with the Plan sponsor.
A motion was made by Jon Currier to approve the fiscal year 2017/2018 admin
budget as presented. The motion was seconded by Tom Murphy and carried 4-0.
MINUTES
The minutes were tabled due to a lack of a quorum.
OLD BUSINESS
N/A
NEW BUSINESS
The Trustees discussed the communications letter from KSDT regarding the reporting of
the DROP and Share balances in the audit. For auditing purposes and because it is a
State requirement, the DROP and Share assets are included in the Plan assets. Mr. Cohen
does not agree with this method, although this type of footnote cannot be added into the
actual Financial Statements because of the GASB requirements. Therefore the auditor
drafter this letter to submit along with the Audit. The Trustees had a lengthy discussion
on the letter, the reporting of the audit, GASB standards. The letter was accepted by the
Board.
There being no further business, the meeting adjourned at 3PM.
Respectfully submitted,
Jon Currier, Secretary