General Employees Pension Board

General Employees' Pension Board Minutes Regular Meeting October 29, 2020 General Employees' Pension Board Regular, Quarterly Meeting October 29, 2020 -8:30am The regular/ quarterly meeting of the City of Lake Wales General Employees' Pension Board was held on October 29, 2020 via Telephonic Conference call/ beginning at 8:30a.m. Violeta Salud/ Chairperson, conducted the meeting. Agenda Item 1: CALL TO ORDER: The meeting was called to order at 8:30 A.M, Agenda Item 2: BOARD MEMBERS PRESENT: Commissioner Robin GEbson Sarah Kirkland Violeta Salud BOARD MEMBERS ABSENT: Linda Kimbrough James Slaton CITY REP PRESENT: Carmen Ortiz/ Recording Secretary OTHER ATTENDEES: Sandra Davis/ City of Lake Wales; Chris Rafool/ Raymond James; Todd Wishnia/ Highland Capital Management/ LLC; Patrick Donian/ Foster & Foster; Adam Levinson/ Klausner/ Kaufman/ Jensen & Levinson Agenda Item 3: COMMUNICATIONS AND PETITIONS: No comments from the public. Agenda Item 4: APPROVAL OF MINUTES: July 30, 2020 Regular Meeting Minutes Commissioner Gibson made a motion to approve the minutes/ Sarah Kirkland seconded the Motion. VOTE: All "AYE"/ None "NAY" Motion passed/ 3/0 vote Agenda Item 5: KLAUSNER, KAUFMAN, 3ENSEN & LEVINSON General Employees' Pension Board Minutes Regular Meeting October 29, 2020 Executive Order 20-246 Adam Levinson provided a document showing information regarding the Executive Order 20-246, where it states that public pension boards may continue to conduct their meetings virtually until 12:01 am on November 1, 2020. Safeguarding America's First Responders Since this item is referring to Police and Fire, Adam did not go into much detail on this item. Adam spoke about the Memo that he had provided which covers information on benefits for Fire and Police first responders. Disability Retirement - Vincent Crawford Sandra Davis presented Medical and Social Security paperwork regarding employee Vincent CrawforcTs disability/ showing his medical history and the Social Security Administration certification approving his disability benefits due to his medical condition. It was requested on behalf of Vincent to grant his request for disability retirement from the City of Lake Wales due to his disability. Adam suggested that other than the Social Security certification/ we would need at least one Independent Medical Evaluation, or his treating physician/ to certify that his disability is total and permanent/ in order for the Board approving his retirement. Commissioner Gibson stated that because there is a pre-existing relationship with his existing physician/ it would be better to get a certification from an independent physician stating that the disability is total and permanent even without the pandemic. Adam suggested a consensus of the Board to have the Human Resources Department send Vincent to get the independent physician certification. Agenda Item 6: FOSTER & FOSTER Valuation Report Patrick Donlan provided an overview of the 54-page Report and concluded that the contribution requirements/ compared with those set forth in the October I/ 2019 actuarial valuation report, are as follows: Valuation Date 10/1/2020 10/1/2019 Applicable to Fiscal 9/30/2022 9/30/2021 Year Ending Minimum Required Contribution % of Projected 13.7% 12.4% Annual Payroll Member Contributions (Est.) % of Projected 5.0% 5.0% Amiual Payroll City Required Contribution 2 General Employees' Pension Board Minutes Regular Meeting October 29, 2020 % of Projected 8.7% 7.4% Annual Payroll Please note that the City has access to a prepaid contribution of $978.31 that is available to offset a portion of the above stated requirements for the fiscal year ending September 30, 2021. Robin Gibson made a motion to approve the Valuation/ Sarah Kirkland seconded the Motion. ROLL CALL TO VOTE: Robin Gibson "AYE" Sarah Kirkland "AYE" Violeta Salud "AYE" None "NAY" Motion passed, 3/0 vote Agenda Item 7: HIGHLAND CAPITAL: Investment Review Todd 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 (7/1/20-9/30/20^ riO/1/19- 9/30/2(n Beginning Market Value $10,387,239 $10/494/346 Ending Market Value $10,890,146 $10/890,146 Difference $502/907 $395,800 Contributions $4/794 $2/119,853 Withdrawals -$50,000 -$2/200/098 Gain/Loss $548/113 $476,045 Cumulative Return 5.28% 4.53% Agenda Item 8: RAYMOND JAMES: Portfolio Performance Report Mr. Rafool presented the Portfolio Performance Report for the third quarter of 2020, period ending September 30, 2020 as shown below: Summary of Investment Growth this Quarter: Beginning Market Value $11/135/953 Contributions $459/901 Withdrawals -$169/079 3 General Employees' Pension Board Minutes Regular Meeting October 29, 2020 Net Cash Flow $290/822 Net Investment Change _$460,564 Ending Market Value $11/887/340 Agenda Item 9: NEW BUSINESS: Approval of Invoices: Raymond James $2/494.85 (#45184, 3rd qtr. 2020) Highland Capital $13/594.37 (# 26263/ 3rd qtr. Sept 2020) Foster & Foster $700.00 (# 16737, July 2020) $18/278.00 (# 18342/ Oct 26, 2020) Kiausner/ Kaufman/ Jensen & Levinson $3/685.00 (# 27138/ September 30, 2020) Sarah Kirkland made a motion to approve paying the above invoices/ Robin Gibson seconded the Motion. VOTE: All "AYE"/ None "NAY" Motion passed/ 3/0 vote Next meeting was scheduled for January 28th, 2021. ^oMW f)- 1^ m^ Violeta B. Salud/ Chairperson ATTEST: ,/JL\^-^ _C//)_ Prepared by: Carmen Ortiz for the Board of Trustees