Lake Wales Police Officers Pension Board

LAKE WALES POLICE OFFICERS' RETIREMENT PLAN PENSION BOARD MEETING MINUTES October 28, 2019 - 1:00 P.M. 1. Call to Order and Roll Call The meeting was called to order at 1:05 p.m. by the Chairman, Bill Raebig. The following members were present: David Black, Bob Plummer, and TJ McKean. The following service providers were also present: Pedro Herrera, Attorney; Steve Stack, Investment Manager; Frank Wan, Investment Consultant; Patrick Donlan, Actuary; and Susy Pita, Plan Administrator. The 5th member appointment was expected _to be made at today's meeting, however; the candidate did not show up. This item was tabled until the next meeting. A motion was made by Bob Plummer to nominate David Black to be the new Secretary for the Board. Seconded by TJ McKean, the motion carried unanimously. 2. Approval of Minutes A motion was made by David Black to approve the minutes from the regular meeting held July 22, 2019. Seconded by TJ McKean, the motion carried unanimously. 3. Approval of Disbursements A motion was made by Bob Plummer to approve the disbursement report as presented. Seconded by TK McKean, the motion carried unanimously. 4. Investment Manager's Report Steve Stack presented the Highland Capital portfolio results for the quarter ending September 30, 2019. Ending Market Value was $12,709,879. The annualized 5-year return was 6.04%. 5. Investment Consultant's Report Frank Wan, of Burgess Chambers & Associates, reviewed the consulting report for the quarter ending September 30, 2019. The asset allocation for the period at Market Value was: Domestic Equity - $8,338,565, International Equity - $1,553,041, Real Estate - $1,433,909, Global Fixed Income - $4,331,023, and Global Cash - $85,292. Ending market value was $15,741,831. Frank then confirmed that the Plan does not have any investments with scrutinized companies and that they are also in compliance with PFIA. 6. Attorney's Report Pedro provided a brief legislative update and reminded the Trustees that their Financial Disclosure Forms were due by July 1st • He continued his report throughout the meeting under the agenda items requiring his input. 7. Attorney's Report Pedro Herrera provided his report throughout the meeting under the agenda items requiring his input. 8. Review of Drafted Ordinance Amending Plan Language Pedro Herrera reviewed the drafted Ordinance amending the Plan language regarding the members to leave their DROP funds with the Plan until age 59 ½, allowing for the $75,000 salary cap, clarifying the Share Plan, and adding the allowance of Investment Grade Bonds in the Investment Policy. Following the review and some discussion, a motion was made by David Black to approve of the drafted Ordinance and to authorize the Actuary to prepare the letter of no impact for forwarding to the City for subsequent adoption. Page 2 of 2 Lake Wales Police Officers' Pension Board October 28. 2019 Seconded by TJ McKean, the motion carried unanimously. 9. Old Business Patrick Donlan discussed the retirement cap study with the Board. The Police Chief has met his cap and the City was notified to stop his employee pension contributions. Pedro, Patrick and the Plan Administrator will work together to prepare policies and procedures for this process and present them to the Trustees at an upcoming meeting. 10. New Business (a) The Plan Administrator reviewed the Annual Expense Report for the Fiscal Year ending 09/30/19. A motion was made by Bob Plummer to approve the proposed report as presented. Seconded by David Black, the motion carried unanimously. The Plan Administrator will see to the proper distribution. (b) The 2020 Meeting Schedule was reviewed and approved. 11. Public Comments There were none. 12. Next Meeting Date The next regular meeting will be on Monday, January 27, 2020 at 1:00 p.m. 13. Adjournment The meeting ended at 3:10 p.m . For the Board: ~~