HomeMy WebLinkAboutMinutes Police Pension 061118City of Palm Beach Gardens Police Officers'
Pension Fund
Minutes of the Meeting Held
June 11, 2018
The regular meeting of the Board of Trustees of the City of Palm Beach Gardens
Police Officers' Pension Fund was called to order at 9:07 AM by Jay Spencer in the
Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail,
Palm Beach Gardens, Florida.
TRUSTEES PRESENT OTHERS PRESENT
Jay Spencer, Chairman Audrey Ross (Resource Centers)
Brad Seidensticker, Secretary Bonni Jensen (KKJ&L)
Allan Owens, Trustee Steve Stack (Highland Capital)
Greg Mull, Trustee John McCann (AndCo. Consulting)
Marc Glass, Trustee
INVESTMENT MANAGER REPORT
Highland Capital — Presented by Steve Stack
Mr. Stack reviewed his handout regarding the recent market volatility and different
market environments over different cycles. He commented that he does expect
some kind of pull back in the near future, but nothing to drastic. For the quarter the
growth portfolio was up .54% versus the index at 1.41% but the fixed income
remains negative at -1.54% versus the index at -1.58%. Mr. Stack reviewed the
market outlook and stated that he is comfortable where they are positioned.
INVESTMENT CONSULTANT REPORT
AndCo. Consulting — Presented by John McCann
Mr. McCann reviewed the Kalen chart reflecting all the different market sectors and
allocations for the last calendar year. This chart always reflects whether the Board
needs to diversify more within their portfolio and Mr. McCann stated that they are
very well positioned. The Board discussed emerging markets that have recently
gone up and down in such an extreme within little time and the impact it may have
on this Plan. Emerging markets are volatile but this Plan is fine because they are not
too exposed. For the quarter ending March 31, 2018 the Plan was slightly behind the
index at -.30% versus -.24%, but for the fiscal year to date they are still up at
3.90% and in line with the index. Mr. McCann briefly reviewed each manager's
performance and stated that it was a rough quarter overall, but since then the
market has gone back up. He discussed the International funds that still need to be
moved over. Ms. Ross explained her delay and stated that they should have it all
resolved within the next couple of weeks and that she will send out an update.
Lastly Mr. McCann reviewed the May 31, 2018 flash performance report. The Plan is
up 6.3% for the fiscal year to date and noted that Highland Capital is now
outperforming their relative index. The Board discussed American Realty and their
performance as well as the list of dispositions they were provided at the meeting
versus following the meeting. Mr. Glass explained that at the meeting the Board was
provided with a list of dispositions and following the meeting he asked some
questions regarding this list. He was then provided with another list of dispositions
after the meeting that did not match the prior list. He explained this frustrations and
Mr. McCann stated that he will invite American Realty to the next meeting to discuss
this with the Board.
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ATTORNEY REPORT
KKJ&L - Presented by Bonni Jensen
Ms. Jensen stated that she sent out the bookkeeping/accounting RFP in April and
with that not being the best time of year for accountants, they only received one
response back. The Board directed Ms. Jensen to resend out the RFP.
Ms. Jensen briefly reviewed the Sunshine Law memo regarding a case that recently
came out of St. Lucie. She stated that this is for informational purposes only.
Ms. Jensen reminded the Trustees that their Annual Form 1 Disclosure forms are due
July 1, 2018.
ADMINISTRATOR REPORT
Ms. Ross presented the Board with the 2018 Crime Insurance renewal fee. She
commented that the fee increased this year by $110 for a new premium amount of
$1,075.
MOTION: Mr. Glass made a motion to approve the 2018 Crime Insurance
Renewal fee of $1,075.
SECOND: Mr. Mull seconded the motion.
CARRIED: The motion carried unanimously 5-0.
Ms. Ross presented the Board with the 2018 Commercial Auto Insurance renewal
fee. She commented that the fee actually slightly decreases this year and the new
premium amount is $996.
MOTION: Mr. Seindensticker made a motion to approve the 2018
Commercial Auto Insurance premium renewal fee of $996.
SECOND: Mr. Mull seconded the motion.
CARRIED: The motion carried unanimously 5-0.
MINUTES
MOTION: Mr. Seidensticker made a motion to approve the minutes from
the March 23, 2018 regular meeting.
SECOND: Mr. Mull seconded the motion.
CARRIED: The motion carried unanimously 5-0.
DISBURSEMENTS APPROVALS
MOTION: Mr. Glass made a motion to approve the disbursements.
SECOND: Mr. Mull seconded the motion.
CARRIED: The motion carried unanimously 5-0.
BENEFIT APPROVALS
MOTION: Mr. Mull made a motion to approve the benefit approval list
dated June 111 2018.
SECOND: Mr. Glass seconded the motion.
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CARRIED: The motion carried unanimously 5-0.
FINANCIAL STATEMENTS
The board reviewed and discussed the financial statements that were provided
through April 2018.
The board received and filed the financial statements through April 2018.
PUBLIC COMMENTS
N/A
AJOURN
There being no further business, the Trustees officially adjourned the meeting at
10:49AM. The next meeting is scheduled for Monday September 17, 2018 at 9AM.
Respectfully submitted,
Brad Seidensticker, Secretary
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