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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. Minutes 6-11-18.doc Page 1 of 4 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. Minutes 6-11-18.doc Page 2of4 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 Minutes 6-11-18.doc Page 3 of 4