General Employees Pension Board
Regular MeetingLake Wales, FL · May 28, 2020
Minutes
General Employees' Pension Board Minutes Regular Meeting
May 28, 2020
General Employees1 Pension Board Regular, Quarterly Meeting
May 28, 2020 -8:30am
The regular/ quarterly meeting of the City of Lake Wales General Employees' Pension Board was held May 28,
2020 via Teiephonic Conference call/ beginning at 8:30a.m. Violeta Salud, Chairperson, conducted the
meeting.
Agenda Item 2: BOARD MEMBERS PRESENT:
Commissioner Robin Gibson
Sarah Kirkland
Violeta Saiud
Linda Kimbrough
James Slaton
BOARD MEMBERS ABSENT:
CITY REP PRESENT:
Carmen Ortiz/ Recording Secretary
OTHER ATTENDEES:
Sandra Davis/ City of Lake Waies;
Ryan Higgins, Raymond James;
Chris Rafool/ Raymond James;
Todd Wishnia/ Highland Capital Management/ LLC;
Andrew Sullivan/ Equity Mgr. Highland Capital Management, LLC;
Jed Miller/ Fixed Income Mgr, Highland Capital Management/ LLC;
Patrick Dontan/ Foster & Foster;
Debbie Kocsis/ Salem Trust;
Adam Levinson/ Klausner/ Kaufman/ Jensen & Levinson
Agenda Item 3: COMMUNICATIONS AND PETITIONS:
Class Action Filing with Chicago Clearing Corporation
Adam Levinson and Debbie Kocsis explained the benefits of having Chicago
Clearing Corporation file all Class Actions on behalf of the General Employee
Pension Board.
Commissioner Gibson made a motion for the Pension Plan to allow
Salem Trust to file any Class Action Lawsuit that would arise on
behalf of the Plan moving forward.
James Slaton seconded the Motion.
General Employees' Pension Board Minutes Regular Meeting
May 28, 2020
ROLL CALL TO VOTE:
Commissioner Robin Gibson "YES"
Linda Kimbrough "YES"
Sarah Kirkland "YES"
Violeta Salud "YES"
James Slaton "YES"
Motion passed, 5/0 votes
Agenda Item 4: POLICY GOVERNING AUDIO-TELECONFERENCING:
The document referencing the Policy Governing Audio-Teleconferencing was reviewed as
a procedure on GEPB Meetings Teleconference Calls under the COVID-19 emergency.
Agenda Item 5: APPROVAL OF MINUTES:
January 30, 2020 Regular Meeting Minutes
February 14, 2020 Regular Meeting Minutes
After minutes had been amended and corrected/ Commissioner Gibson made a
motion to approve the minutes/ James Slaton seconded the Motion.
VOTE: All "AYE"/ None "NAY"
Motion passed/ 5/0 vote
Agenda Item 6: HIGHLAND CAPITAL:
Investment Review
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
1/1/20-3/31/20 10/1/19-3/31/20
Beginning Market Value $10,988,238 $10,494,348
Ending Market Value $9,263,199 $9,263/199
Difference -$1/725/039 -$1,231/148
Contributions $2,104/759 $2/110/304
Withdrawals -$2,100/016 -$2,150,026
Gain/Loss $1,729,782 $1,191,427
Cumulative Return -15.74% -11.41%
General Employees' Pension Board Minutes Regular Meeting
May 28, 2020
Andrew Sullivan/ Equity Portfolio Manager/ and Jed Miiier/ Fixe Income Manager/
gave a brief presentation of the data in the Equit/ Holdings and S&P 500, and
other pertinent information per the documentation provided.
Agenda Item 7; RAYMOND JAMES:
Portfolio Performance Report
Mr. Rafool presented the Portfolio Performance Report for the first quarter of 2020,
period ending March 31, 2020 as shown below:
Summary of Investment Growth this Quarter:
Beginning Market Value $11/759/466
Contributions $97/840
Withdrawals -$195/233
Net Cash Flow -$97/393
Net Investment Change -$1.840.652
Ending Market Value $9/821,421
Agenda Item 8; KLAUSNER. KAUFMAN, JENSEN & LEVINSON:
Proposed Ordinance Regarding Age for Benefits Distribution
Adam Levinson discussed the information on amendments made to the
Ordinance/ increasing the required minimum distribution age from 70 1/2 to 72.
This did not require any action on this meeting but it may come back for a future
meeting.
Agenda Item 9: NEW BUSINESS:
Approval of Invoices:
Foster & Foster $700
Linda Kimbrough made a motion to approve paying the invoice/ Sarah Kirkland
seconded the Motion.
VOTE: All "AYE"/ None "NAY"
Motion passed/ 5/0 vote
General Employees' Pension Board Minutes Regular Meeting
May 28, 2020
Raymond James $2/956.43
Linda Kimbrough made a motion to approve paying the invoice/ Sarah Kirkland
seconded the Motion.
VOTE: All "AYE", None "NAY"
Motion passed/ 5/0 vote
^ /w^
Violeta B. Salud, Chairperson
ATTEST:
d^M
Prepared by: Carmen Ortiz for the Board of Trustees
Agenda
AGENDA
GENERAL EMPLOYEE PENSION BOARD
NOTICE OF ELECTRONIC PUBLIC MEETING
May 28, 2020 8:30 a.m.
Please dial in using your phone +1 (786) 535-3211 Access Code: 369-272-861
Notice is hereby given that due to the state of emergency created by COVID-19, the Pension Board will
not be meeting in person; rather, the meeting will be held electronically. Pursuant to Governor DeSantis'
Executive Order Number 20-69 issued on March 20, 2020, "Local government bodies may utilize
communications media technology, such as telephonic and video conferencing, as provided in Section
120.54(5J(b)2.Florida Statutes."
_________________________________________________________________________________
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. POLICY GOVERNING AUDIO-TELECONFERENCING _______________
5. APPROVAL OF MINUTES
• January 30, 2020 _________________
• February 14, 2020 _________________
6. HIGHLAND CAPITAL
• Investment Review _________________
7. RAYMOND JAMES
• Portfolio Performance Report _________________
8. KLAUSNER, KAUFMAN, JENSEN & LEVINSON
• Proposed Ordinance Regarding Age for Benefits
Distribution _________________
9. NEW BUSINESS
• Invoices _________________
_________________
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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