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HomeMy WebLinkAboutMinutes Fire Pension 102622CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION BOARD OF TRUSTEES QUARTERLY MEETING MINUTES City Hall, Council Chambers 10500 North Military Trail, Palm Beach Gardens, FL 33410 Wednesday, October 26, 2022, at 1:OOPM TRUSTEES PRESENT: TRUSTEES ABSENT: OTHERS PRESENT: Mike Zingaro Jon Currier Thomas Topor Rick Rhodes Eric Bruns Siera Feketa, Foster & Foster John Thinnes, AndCo Consulting 1. Call to Order — Jon Currier called the meeting to order at 1:20PM. 2. Roll Call — As reflected above. 3. Public Comments — None 4. Approval of Minutes a. July 27, 2022, quarterly meeting The Board approved the July 27 2022 quarterly meeting minutes upon motion by Thomas Topor and second by Mike Zingaro; motion carried 3 0 b. July 29, 2022, initial disability hearing minutes The Board approved the Julv 29 2022 initial disability hearing minutes upon motion by Thomas Topor and second by Mike Zingaro; motion carried 3 0 5. New Business a. Auditor Engagement Letter i. Siera Feketa reviewed the engagement letter commenting for FY21 the fee was $10,750 and the fee for FY22 was $11,900. Siera commented she sent this to Pedro Herrera for review. Siera commented they have received the audit request already and ready to start working on it upon approval of the Engagement Letter. The Board approved the Audit Engagement Letter, upon motion by Thomas Topor and second by Mike Zingaro, motion carried 3-0 b. Designation of Records Management Liaison Officer i. Siera Feketa commented it was brought to her attention they don't have a Records Management Liaison Officer (RMLO) on file with the State commenting she was requested they appoint her as RMLO. Siera reviewed the role of the RMLO. ii. Jon Currier asked if it would be Foster & Foster or Siera Feketa. Siera commented it would be Siera Feketa since it must be a person. iii. Mike Zingaro asked if that was typically what happens. Siera Feketa commented that was typically what happens and that was their recommendation since they hold all records. The Board approved to appoint Siera Feketa with Foster & Foster as Records Management Liaison Officer (RMLO), upon motion by Thomas Topor and second by Mike Zingaro motion carried 3 0 6. Old Business — None. 7. Reports (Attorney/Consultants) a. AndCo Consulting, John Thinnes, Investment Consultant i. John Thinnes reviewed the Market Charts reviewing the market environment. John reviewed the history of downtimes and the recovery periods. ii. Quarterly report through September 30, 2022 1. John Thinnes reviewed the importance of long-term investing. 2. John Thinnes reviewed the asset allocation by asset class. 3. John Thinnes reviewed the asset allocation by manager. John reviewed the transition that took place as approved by the Board at the last meeting. 4. The preliminary Market Value of Assets as of September 30, 2022 was $119,954,100. 5. The total fund preliminary gross returns for the quarter were-4.12%, slightly outperforming the benchmark of-4.72%. The total fund trailing gross returns for the 1, 3, 5, 7, and 10-year periods were-13.97%, 3.03%, 4.79%, 6.75% and 7.62% respectively. Since inception (May 1, 1998), total fund gross returns were 5.95%, slightly outperforming the benchmark of 5.94%. John Thinnes commented it was a tough year but in comparison they will outperform several other plans. 6. John Thinnes reviewed the smoothing technique used by the actuary when they determine the funding requirements. 7. John Thinnes reviewed the performance of the investment managers and how they impacted the performance of the plan. 8. Jon Currier asked if they should send a letter to the members regarding the market, specifically the DROP participants. Mike Zingaro further discussed the concerns from membership. The Board requested John Thinnes write a letter. John commented he would write a letter to the Board and they could distribute that. The Board and John discussed the details to include in the letter. iii. John Thinnes briefly reviewed Mavik Capital Management. iv. John Thinnes reviewed the benefits of Mavik Capital Management. John commented the fund was already up and running and he really likes it. John commented he wanted to introduce this, but he could discuss it further at the next meeting. John commented he knows they're overweight in real estate, but they could give them a couple million to be in their first fund and hopefully have an opportunity to invest with a future fund. John commented he would bring this up again at the January meeting for discussion. v. Mike Zingaro asked who they loan to. John Thinnes reviewed an example. John commented he was excited about it and with their assets they could invest with them whether it's a million or a couple million. vi. John Thinnes reviewed the global transport income fund. John reviewed the fund commenting they ship oil and they're basically moving oil all around the world. John commented it has been established for a couple years. John reviewed the quarterly returns since 2018. John commented they seem to come in at 2.00% every time. John commented he has wanted to get infrastructure in their portfolio and likes this fund. Sugarman and Susskind, Pedro Herrera, Plan Attorney i. Update on RFP for actuarial services ii. Update on RFP for administrative services 1. Siera Feketa commented the actuarial services and administrative services RFPs were sent out with a deadline of November 15, 2022. Siera commented they could schedule a special meeting to review the responses, appoint a committee to narrow down the responses between meetings, or review the responses at the January meeting. The Board agreed they could review at January meeting. 8. Consent Agenda a. Payment ratification i. Warrant #56 b. Payment approval i. None C. Fund activity report for July 21, 2022, through October 19, 2022 The Board approved the Consent Agenda as presented, upon motion by Thomas Topor and second by Mike Zingaro; motion carried 3-0. Staff Reports, Discussions and Action a. Foster & Foster, Siera Feketa, Plan Administrator i. Update on State monies deposit 1. Siera Feketa commented the State monies increased by $85,791.65 for a distribution of $782,198.12 and deposited on September 15, 2022. ii. Renewal of FPPTA board membership 1. Siera Feketa reviewed the renewal commenting it was $750.00 for 2023. The Board approved the renewal of the FPPTA Board membership, upon motion by Thomas Topor and second by Mike Zingaro; motion carried 3-0. iii. Upcoming educational opportunities 1. Siera Feketa reviewed the FPPTA Winter Trustees School from January 29, 2023 through February 1, 2023 in Orlando, FL. Mike Zingaro and Jon Currier commented they would be attending. 2. Siera Feketa reviewed the Division of Retirement 51 st Police Officers' & Firefighters' Pension Conference from December 13, 2022 through December 15, 2022 in Orlando, FL. iv. Siera Feketa commented the Salem Trust portal letters were sent to the retirees on October 14, 2022. v. Jon Currier asked about a supplemental distribution for State monies. Siera Feketa commented she would update the Board when she receives more information. vi. Mike Zingaro asked if a member wants to buyback time would that time count towards eligibility. Siera Feketa commented it does count for eligibility but would not count toward vesting. 10. Trustee's Reports, Discussion and Action — None 11. Adjournment_— The meeting was adjourned at 2:11 PM. 12. Next Meeting — January 25, 2023, at 1:OOPM, quarterly meeting. Respectfully submitted by: Approvedd-b . Si4ra Feketa, Plan Administrator ��urrier, Secretary Date Approved by the Pension Board: 3