General Employees Pension Board
Regular MeetingLake Wales, FL · January 28, 2021
Minutes
General Employees' Pension Board Minutes Regular Meeting
January 28, 2021
General Emplovees' Pension Board Regular, Quarterly Meeting
January 28. 2021 -8:30am
The regular/ quarterly meeting of the City of Lake Wales General Employees' Pension Board was held on
January 28, 2021 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 Gibson
Linda Kimbrough
Sarah Kirkland
Violeta Salud
BOARD MEMBERS ABSENT:
CITY REP PRESENT:
Carmen Ortiz, Recording Secretary
OTHER ATTENDEES:
Sandra Davis/ City of Lake Wales;
Chris Rafool/ Raymond James;
Todd Wishnia/ Highland Capita! Management/ LLC;
Adam Levinson/ Kiausner/ Kaufman/ Jensen & Levinson
Agenda Item 3: COMMUNICATIONS AND PETITIONS:
No comments from the public.
Agenda Item 4: APPROVAL OF MINUTES:
October 29, 2020 Regular Meeting Minutes
Linda Kimbrough made a motion to approve the minutes/ Commissioner Gibson
seconded the Motion.
VOTE: All "AYE"/ None nNAY"
Motion passed/ 4/0 vote
Agenda Item 5: KLAUSNER, KAUFMAN, JENSEN & LEVINSON
General Employees' Pension Board Minutes Regular Meeting
January 28, 2021
Difference $994/417 $902,584
Contributions $6/898 $2/121/206
Withdrawals -$0 -$2/150,086
Gain/Loss $987,520 $931/464
Cumulative Return 9.06% 8.49%
Violeta raised a question regarding the Basis Points on the Market Value and Todd
clarified that it is 50 basis points for Equity part/ and 25 basis points for Fixed Income.
Agenda Item 7: RAYMOND JAMES:
Portfolio Performance Report
Mr. Rafool presented the Portfolio Performance Report for the fourth quarter of
2020, period ending December 31st/ 2020 as shown below:
Summary of Investment Growth this Quarter:
Beginning Market Value $11/887/340
Contributions $124/625
Withdrawals -$109/773
Net Cash Flow $14/852
Net Investment Change _^1,002.845
Ending Market Value $12/905,036
Vioteta Salud requested a fee structure from Highland Capital and Raymond James
for the next meeting.
Agenda Item 8: NEW BUSINESS:
Cyber Liability Renewal
Violeta Salud requested information on the cost for the Cyber Liability insurance
coverage before we can fill out the application for renewal/ Carmen stated she
will provide the information to her.
Approval of Invoices:
Raymond James $2/988.07 (# 56882/ 4th qtr. December 19, 2020)
Highland Capital $14,847.65 {# 26909/ 4th qtr. January 12, 2021)
Klausner/ Kaufman, Jensen & Levinson
$1/842.50 (# 27714/ December 31, 2020)
Linda Kimbrough made a motion to approve paying the above invoices/ Robin Gibson
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General Employees' Pension Board Minutes Regular Meeting
January 28, 2021
Registration and use of E-Verify
Adam Levinson provided information regarding a new law from the Legislature regarding
verifying if people are lawfully authorized to work in the United States, the name of the
program is E-Verify and it is accessed through an online link. All governments/ including
cities/ have to use E-Verify for all new hires/ and the Boards need to register/ even if
they don't do any hiring. All contractors used by the Board need to get a letter informing
them of the need to use E-Verify. Sandra Davis mentioned that Carmen and Human
Resources Dept, have no problem with doing this for the Board,
Pending Disability Retirement for Vincent Crawford
Adam informed about Social Security's determination on the disability of Vincent
Crawford/ and that this determination is a high threshold for the Board to decide on
granting the disability retirement, unless the Board determines that we need to pay for
an IME to make examinations on him to make a decision.
Sandra Davis stated that she has been having a hard time finding an IME for Vincent
due to the present situation with the pandemic.
Vioieta Salud asked Adam if it would be acceptable granting the disability retirement
based upon HR and Social Security's conclusion/ and Adam responded that he would
agree with that decision.
Commissioner Gibson made a motion to grant the disability retirement based upon the
Social Security determination and on the Human Resources department findings, Linda
Kimbrough seconded the motion.
Roll call to approve Motion:
Robin Gibson: YES
Linda Kimbrough: YES
Sarah Kirkland: YES
Violeta Salud: YES
Motion passed, 4/0 vote
Agenda Item 6: 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
riO/1/20- 12/31/2(H fl/1/20- 12/31/2(U
Beginning Market Value $10,896/402 $10,988,236
Ending Market Value $11,890/820 $11/890/820
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General Employees' Pension Board Minutes Regular Meeting
January 28, 2021
seconded the Motion,
VOTE: All "AYE"/ None "NAY'
Motion passed/ 4/0 vote
Next meeting was scheduled for April 29th, 2021
Violeta B. Salud, Chairperson
ATTEST:
^u
Prepared by: Carmen Ortiz for the Board of Trustees
Agenda
AGENDA
GENERAL EMPLOYEE PENSION BOARD
NOTICE OF ELECTRONIC PUBLIC MEETING
January 28, 2021 8:30 a.m.
Please dial in using your phone +1 (646) 749-3122, Access Code: 552-728-917
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(53(b)2.Florida Statutes."
AGENDA ITEM: ACTION TAKEN:
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.
4. APPROVAL OF MINUTES
• October 29, 2020
5. KLAUSNER, KAUFMAN/ 3ENSEN & LEVINSON
• Registration and Use of E-Verify
6. HIGHLAND CAPITAL
• Investment Review
7. RAYMOND JAMES
• Portfolio Performance Report
8. NEW BUSINESS
• Cyber Liability Renewal
• Update on Disability Retirement - Vincent Crawford
• Invoices
NEXT MEETING: Thursday, April 29, 2021
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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