General Employees Pension Board

General Employees' Pension Board Regular, Quarterly Meeting 3an_uarv 30, 2020 - 8:30am The regular/ quarterly meeting of the City of Lake Wales General Employees' Pension Board was held January 30, 2020 in the City Administration Building, City Manager's conference room beginning at 8:30a.m.Vio!eta Salud, Chairperson/conducted the meeting. Agenda Item 2: BOARD MEMBERS PRESENT: Commissioner Robin Gibson Sarah Kirkland Vioteta Salud Linda Kimbrough James Slaton BOARD MEMBERS ABSENT; CITY REP PRESENT: Carmen Ortiz, Recording Secretary OTHER AFTENDEES: Sandra Davis/ City of Lake Wales; Ryan Higgins/ Raymond James; Chris Rafool/ Raymond James; Todd Wishnia/ Highland Capita! Management/ LLC Agenda Item 3: COMMUNICATIONS AND PETITIONS; No comments from the public, Agenda Item 4: APPROVAL OF MINUTES: September 19, 2019 Regular Meeting Minutes October 31,2019 Regular Meeting Minutes Robin Gibson made a motion to approve the minutes of the Ju!y 25, 2019 regular meeting, Sarah Kirkland seconded the Motion. VOTE; All "AYE"/ None "NAY" Motion passed, 5/0 vote Agenda Item 5: HIGHLAND CAPITAL; Investment Reuiew General Employees' Pension Board Minutes Regular Meeting January 30,2020 Tod Wishnia spoke about the Total Return Summary / Quarter to date and Fiscal Year to date Values as follows; Quarter to date Fiscal Year to date 10/1/-19-12/31/19 1/1/19-12/31/19 Beginning Market Va!ue $10,494,348 $9/695,345 Ending Market Value $10,988,238 $10,988,238 Difference $^193,890 $1,292/893 Contributions $5,545 $392,889 Withdrawals -$50,012 -$845,W Gdin/Loss $538,358 $1,745,432 Cumulative Return 5-Wo 18,51% Agenda Item 6: RAYMOND JAMES: Portfolio Performance Report & Revised Report for 3rd atr> 2019 Chris Rafool presented the Summary of Cash Flows as shown below: Fourth Quarter Year-To-Date 10/1/19-12/31/19 1/1/19-12/3J/19 Beginning Market Value $11,195.470 $10,281,694 Contributions $5,545 $W,232 Withdrawals -$50.337 -$8W30 NetCashFlow -$44,792 --$402,898 Net Investment Change $740,020 $2,011.801 Ending Market Value $11,890,697 $11,890,697 An Updated Report for 3rd quarter 2019 was submitted and he stated that the discrepancy was because there was a slight difference In the pricing methodology in the process of transferring Assets from Wells Fargo Trust. Chris also made a recommendation to amend the Investment Policy to increase exposure to Real Estate Investments up to 15% of the portfolio. James Slaton made a motion to amend the Investment Policy Statement to allow to a maximum of 15% exposure in Real Estate Investment trusts. Sarah Kirkland seconded the Motion. VOTE: All "AYE"/ None "NAY" Motion passed/ 5/0 vote Agenda Item 7: KLAUSNER, KAUFMAN. 3ENSEN & LEVINSON; Pending Cyber Liability Pension Insurance Quote Adam Levinson attended teiephonicatly, and had asked if we had received a memo on the Secure Act and IRS Limits for 2020, which the Board and the City Reps did not receive, Adam stated he will provide the information on a future meeting. He did send information regarding the Cyber Liability Insurance. General Employees' Pension Board Minutes Regular Meeting January 30,2020 Adam explained the information on the Gallagher Cyber Liability Insurance paperwork, and after answering questions from the Board on pros and cons, and recommending the Board to getting the insurance, the Board considered to purchase the Network Security / Privacy $1M limit !ine of coverage, option 3 on page 1 of the provided Cyber Liability Policy quote from Gallagher per the proposed premium below: Limit $1,000,000 Retention $2.500 Base Premium $950 Surplus Lines Taxes (5%) $47.50 Policy Fee (0.1%) $0.95 Total $998.45 Robin Gibson made a motion to purchase the $1,000,000 coverage with the writer for Social Engineering. Sarah Kirktand seconded the Motion. VOTE: Al! "AYE". None "NAY" Motion passed, 5/0 vote Agenda Item 8: NEW BUSINESS: Invoices:. Foster & Foster Inv^ 16261 $4,240.00 Highland Capital Inv.# 22579 $13/416,28 Highland Capital Inv-# 21943 . $13/U9,43 Raymond James 1/1/2020-3/31/2020 $2/956.43 Robin Gibson made a motion to amend the Foster & Foster invoice to exclude $200 (Buyback Caiculations Field) and pay remaining ($4,240.00), including the other invoices list above. James Slaton seconded the Motion. VOTE: All "AYE", None "NAY" Motion passed, 5/0 vote Next meeting had been scheduled for April 30,2020. General Employees' Pension Board MhuteE Regular Meeting Jgnuary30,2020 ^.&/ •^ Vloleta B, Salud, C'i'iairperson ATTEST: ^ -A^t- Prepared by; Carmen Ortiz for the Board of Trustees