General Employees Pension Board
Regular MeetingLake Wales, FL · October 31, 2019
Minutes
General Emfilovees7 Pension Board Regular, Quarterly Meetino
October 31^ 2019 - 8:30am
The regular/ quarterly meeting of the City of Lake Wales General Employees' Pension Board was held
October 31, 2019 in the City Administration Building/ City Manager's conference room beginning at
8;30a.m. Linda Kimbrough/Vice Chairperson; conducted the meeting.
Agenda Item 2: BOARD MEMBERS PRESENT:
Commissioner Robin Gibson
Linda Kimbrough
James Slaton
BOARD MEMBERS ABSENT:
Violeta Salud
Sarah Kirkland
CLTY REP PRES_E_NT:
Carmen Ortiz, Recording Secretary
OTHER ATTENDEES:
Sandra Davis, City of Lake Wales;
Ryan Higgins, Raymond James;
Chris Rafool/ Raymond James;
Todd Wishnia/Highland Capital Management, LLC;
Patrick Donian/ Foster & Foster
Agenda Item 3: COMMUNICATIONS AND PETITIONS:
No comments from the public.
Agenda Item 4: HIGHLAND CAPITAL:
Todd Wishnia presented the Investment Review for the period ending
September 30,2019 as follows:
Total Return Summary - 3rd Quarter 2019
Beginning Market Value $10/385/472
Ending Market Value $10/500/463
Difference $114,991
Contributions $114,471
Withdrawals -$121/985
Gain/Loss $122,505
Cumulative Return 1.18%
General Employees' Pension Board Minutes
Regular Meeting
October 31,2019
Agenda Item 5: RAYMOND JAMES:
Chris Rafool stated he needed to make an important comment regarding their
numbers and Highland Capitals numbers not matching due in part to the
transition to Salem Trust. Raymond James showing a value of $11/195,470
and Highland Capital $10,500,463 for Quarter ending September 30, 2019.
Summary of Cash Flows-3rd Quarter 2019
Beginning Market Value $11/021,357
Contributions $226/529
Withdrawals -$15/459
Net Cash Flow $211,070
Net Investment Change -$36/957
Ending Market Value $11,195/470
Chris Rafool stated that he will get together with Todd Wishnia to review the
discrepancies in the numbers and will get back to the Board.
Agenda Item 6: KLAUSNER. KAUFMAN, JENSEN & LEVINSON:
Cyber Insurance &_Syrt3Jus Lines
Adam Levinson attended telephonicaily, and spoke about Cyber insurance specifics on
ratings, options and costs. He had sent in some information for review for the Board to
review. He pointed out the policies and what is covered and not covered, and highlighted
a policy that costs $998.45 for a $1,000,000 policy, or a $2,000,000 million dollar policy
that costs an extra $300 more. It does not cover Social Engineering or Cyber Deception
(ex: fooled in good faith in paying someone in error), it would be an additional cost of
$450.
Adam also spoke about Surplus Lines policy insurance and comparisons,
Linda KJmbrough requested time to go over the information and Adam stated that it can
be discussed on the next quarterly meeting.
Adam also spoke about the Pension Ordinance, which allows Military time buyouts, but
does not allow City employees to buy time with other Cities.
Raymond James Contract
Adam Levinson suggested the Board to go over the contract and process signatures,
and also suggested to have a way of communication with Raymond James, Sandra
stated we communicate through email and we keep hard copies of documents and
contract.
General Employees' Pension Board Minutes
Regular Meeting
October 31,2019
Agenda Item 7: NEW BUSINESS:
Foster & Foster Valuation Report
Patrick Donlan presented and explained important point from the Valuation Report as
of October 1,2019 showing in Assets an Actuarial Value of $11,824,452 and Market
Value of $11,202,546. Patrick also made clarifications on the buy out of time for City
Employees.
Linda Kimbrough made a motion to approve the Valuation Report by roll call/ James
Slaton seconded the motion.
By voice vote:
Robin Gibson "YES"
Linda Kimbrough "YES"
JamesS!aton"YES"
Motion passed 3-0.
Invoices:
Highland Capital Management Fees. 10/09/2019, Invoice #21932 $13,683.33
James Slaton requested clarification on the ending numbers on the invoice, Todd
stated that he wilt get darification for the next meeting.
Agenda Item 8: OTHER NEW BUSINESS:
None available
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Linda h^nbrough/ Vice Chairpecspn
ATTEST:
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Prepared by: Carmen Ortizforthe Board of Trustees
Agenda
AGENDA
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
October 31, 2019
8:30 a.m.
City Administration Building
City Manager’s Conference Room
AGENDA ITEM:
1. CALL TO ORDER
2. ROLL CALL
3. COMMUNICATIONS AND PETITIONS
Public participation is encouraged. If you are addressing the Commission, step to the
podium and state your name and address for the record. Please limit your discussions to
five (5) minutes.
ACTION TAKEN
4. HIGHLAND CAPITAL
• Investment Review ________________
5. RAYMOND JAMES
• Portfolio Performance Report ________________
6. KLAUSNER, KAUFMAN, JENSEN & LEVINSON
• Raymond James contract _______________
• Cyber Liability Pension insurance quote _______________
7. NEW BUSINESS
• Invoices ________________
8. OTHER NEW BUSINESS
________________
NEXT MEETING: ___________________
Minutes of the General Employee Pension Board meetings can be obtained from the office of the City
Clerk. The minutes are recorded, but are not transcribed verbatim. Persons requiring a verbatim
transcript may make arrangements with the City Clerk to duplicate the recordings, or arrange to
have a court reporter present at the meeting. The cost of duplication and/or court reporter will
be at the expense of the requesting party. Persons who wish to appeal any decision made by the
General Employee Pension Board with respect to any matter considered during this meeting will need
a record of the proceedings, and for such purpose may need to ensure that a verbatim record of the
proceedings is made, which record includes the testimony and evidence upon which the appeal is
based.
In accordance with Section 286.26, Florida Statutes, persons with disabilities needing special
accommodations to participate in this meeting should contact the office of the City Clerk no later
than 5:00 p.m. on the day prior to the meeting.
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