Pension Board of Trustees

City of Wilton Manors General Employee & Police Page 1 of 5 Pension Board of Trustees Minutes December 3, 2019 I. Pledge of Allegiance II. Call To Order Chairman Balistreri called the meeting of the Wilton Manors Pension Board of Trustees to order at 5:31p.m. Ill. Roll Call Barbara Bihus, George Farrell, John Pilch, Brian Vodicka and Chairman Biagio Balistreri Others Present: Joan Wall and Carol Canol, Assistant Finance Director, Pennie Zuercher, Finance Director IV. Additions/Deletions None V. Comments from the Public None VI. Consent Agenda Chairman Balistreri asked for a motion to approve the consent agenda and also asked if anyone wanted any item pulled from the Consent Agenda for further discussion and if not he would like a motion to approve the Consent Agenda. Approval of Minutes: • October 1, 2019 Motion to Receive and File: Warrant 2019-024 • FPPTA- Registration Fall School for Trustees $4483.00 Warrant 2019-0025 • Trustees per diem $220.00 x 5= $1100.00 Warrant 2019-026 • Judith A. Hoekstra Administrative Services June-July&August $493.75 Warrant 2019-027 • Gabriel Roeder Smith & Co. Invoice #449315 $5500.00 Warrant 2019-028 • Judith A. Hoekstra Recording Secretary October 1, 2019 $ 100.00 Warrant 2019-029 • KSDT & Co. Invoice #78987 $ 945.00 Warrant 2019-030 • Trustees Reimburse expenses FPPTA Fall School $3890.27 City of Wilton Manors GE&Police Pension Board of Trustees Minutes-December 3. 2019 Page 2 of 5 Warrant 2019-031 • Gabriel Roeder Smith & Co. Invoice #449963 $2967.00 • Southeastern Advisory Services quarter ending 9/30/19 $4709.48 Warrant 2019-032 • KSDT & Co. Invoice #80267 $200.00 • Klausner Kaufman Jensen & Levinson Invoice 10/31/2019 $275.00 Warrant 2019-033 • Biagio Balistreri- reimburse expenses FPPTA Fall School $930.99 Warrant 2019-034 • FPPTA 2020 NYSE Registration - Balistreri & Bihus $1600.00 Klausner, Kaufman, Jensen & Levinson, Attorney Invoice 8/31/19 0 3019 Rate of Return is 1.65% Net of Fees October 24, 2019 Letter- Regions deposit ck #1116205 $51.67 November 15, 2019 Letter- Regions deposit ck #113 $45.00 Saxena White- Third Quarter 2019 Monitoring Report Garcia Hamilton & Associates QE September 30, 2019 Trustee Vodicka mentioned that in the minutes of October 1, 2019 page 1 of 4 under consent agenda Chairman Balistreri is listed as "Vice" Chair Balistreri. This was noted and to remove Vice from the minutes. Trustee Vodicka made a motion to approve the consent agenda with the one change that was noted above, seconded by Trustee Bihus. Approved Unanimously VII. New Business 1. Southeastern Advisory Services Third Quarter- September 30, 2019 John Small was present to go over the Third Quarter Report 9/30119 with the pension board. • S&P 500 1. 7% for the quarter, one year 4.3%, 3 year 13.4% • BbgBarc U.S. Aggregate 2.3% for the quarter, 10.3% for the one year, 2.9% 3 year • 91 Day Treasury Bills 0.6% for the quarter, 2.4% for one year, 1.5% 3 years • CPI 0.2% for the quarter, 1. 7% for the one year, 2.1% 3 years Portfolio Growth For the quarter all funds were positive. $28,923,593 for the quarter ending 9/30/19 Performance Comparison Total Fund Analysis 3ro quarter 1.7%nlh - 1 year 5.1 %/32"d - 3 years 8.9%/23ro- 5 years 5.6%/761h City of Wilton Manors GE&Police Pension Board of Trustees Minutes-December 3. 2019 Page 3 of 5 This has been 3 years since we changed the portfolio and this indicates that this was a very successful change that was made three years ago. The Fund is trying to beat 7% and we are at 8.9% for the last 3 years, that is a strong number. Equity Analysis 3rd Quarter • Vanguard Russell1000 1.4%/53rd -1 year 3.8%/45th *Vanguard Russell1000 was funded on June 16, 2016 • Vanguard Mid Cap Value 1.9%/191h - 1 year 2.3%/32"d *Vanguard Mid Cap Value was funded on June 14, 2016 • Eaton Vance SMID Cap 2.7%J3rd - 1 year 8.6%/1 51 *Eaton Vance SMID Cap was funded on June 16, 2016 • Garcia Hamilton Fixed 1.5%/3Qth- 1 year 6.9%/73rd • Vanguard Ultra Short Bond 0. 7%/6Qth - 1 year 3.5%J771h Allocation of Assets for the Quarter Ending September 30, 2019 • Equity 64.6% - International 0.0% -Fixed Income 30.8%- Cash 4.6% Objectives and Policy Review • The total rate of return should equal or exceed the Consumer Price Index plus 5% over a rolling three-year period. Achieved 8.9% • The total rate of return should rank in the top half of the Wilshire Cooperative Public Fund Universe over a rolling three year period. Achieved 23rd • Each security class to exceed the appropriate selected unmanaged market index over a rolling three year period. • Garcia Hamilton - Fixed -Achieved 2.6% • Percentile Rank of Manager in Appropriate Universe Must Exceed the Median (50th percentile) • Garcia Hamilton Fixed Income - Not Achieved 73rd • Percentile Rank of Manager in Appropriate Universe Must Place Within the Top Third (33 1/3 percentile). • Garcia Hamilton Fixed Income - Not Achieved 48th Asset Allocation - Actual - Quarter Ending 9/30/19 Everything within range: Equity 64.6% - Fixed Income 30.8% - Cash 4.6% No violations of policy. Trustee Farrell ask about the "Overall Median for the Period Ending 9/30119). He said the Composite percentage do not add up to 100%. John Small said he will have to look into why not. Trustee Farrell had questions about the Objective and Policy Review and John Small explained it to the Board and Trustee Vodicka had a comment on the Investment Policy stating that Trustee Farrell and Trustee Vodicka were not on the board when the Investment Policy was adopted. John Small said this could be put on the next agenda for discussion with the board. City of Wilton Manors GE&Police Pension Board of Trustees Minutes-December 3. 2019 Page 4 of 5 2. Asset Allocation John Small went over the Asset Allocation with the Board showing where changes need to be made. Estimated distribution for the quarter $700,000. Trustee Vodicka made the motion to approve John Small's Asset Allocation recommendation, seconded by Trustee Bihus. Approved Unanimously John Small said he would notify Regions bank about the reallocation. No provision in the Investment Policy pertaining to Real Estate. The question about Real Estate was brought up at the last pension meeting. Attorney Levinson & John Small had a brief discussion with the board. Attorney Levinson asked John Small & Theora with the other closed mature plans they have how do they see their Equities and Fixed Income allocation are they 60/40 or what are they seeing. John Small said this is the only closed plan he deals with. John Small said we are pretty safe right now. Chairman Balistreri said the Board can made suggestions as they lower the assumption rate of return. As we are lowering this we need to have these conversations with John Small. John Small went over the Returns over the last 10 years. On an average we were over 6% for all time frames. We are pretty safe right now. Trustee Vodicka made a motion to approve the Asset Allocation presented by John Small, seconded by Trustee Bihus. Approved Unanimously 3. NCPERS Renewal 2020 Membership Chairman Balistreri said there is an invoice from NCPERS to renew our 2020 membership. Attorney Levinson said that NCPERS has schools and conferences and that he recommends trustees to attend but should go to the FPPTA and Florida Schools before attending NCPERS. The Board held a brief discussion before approval to renew the 2020 membership. Trustee Vodicka made the motion to pay the $260.00 invoice from NCPERS for the 2020 membership, seconded by Trustee Bihus. Approved Unanimously Chairman Balistreri asked the new Finance Director to introduce herself to the Pension Board. The Finance Director Pennie Zuercher introduced herself to the pension board, she has been with the City of Wilton Manors for almost 2 months and said she has been doing finance/accounting for 36+ years. She mostly worked in school districts, this is her first municipality, the rest of her background was in the private sector. Pennie Zuercher said she looks forward to working with the pension board and helping in any way she can. Chairman Balistreri welcomed Pennie Zuercher, Finance Director. VIII. Other Business None City of Wilton Manors GE&Police Pension Board of Trustees Minutes-December 3. 2019 Page 5 of 5 IX. Joan Wall Joan Wall said she has been cleaning up files and asked if it was ok to delete items off her computer since hard copies of what she had are in the pension files. Chairman Balistreri said to make sure before she discards her computer to make sure she removes the hard drive and destroy it. X. Attorney Report Attorney Levinson said there was one memo dated November 2019, RE: Uniformed Services Employment and Reemployment Rights Act of 1994. Attorney Levinson told the board to read over the memo at their leisure. XI. Reports from Board Members Trustee Vodicka said he has had something bothering him about the funds fixed income that Garcia Hamilton manages. John Small said they are doing what we hired them to do. There was a discussion with John Small and Trustees. Chairman Balistreri encouraged the trustees to ask questions, the only two trustees that have served on a pension board the longest is Trustee Bihus and Trustee Farrell, the other three are still learning. XII. Adjournment Chairman Balistreri adjourned the meeting. Respectfully submitted, Judith A Hoekstra Recording Secretary  AGENDA WILTON MANORS GENERAL EMPLOYEE & POLICE PENSION BOARD OF TRUSTEES REGULAR MEETING Tuesday March 3, 2020 COMMISSION CHAMBERS 5:30 PM 1. PLEDGE OF ALLIGENCE 2. CALL TO ORDER 3. ROLLCALL 4. ADDITIONS/DELETIONS 5. COMMENTS FROM THE PUBLIC Any member of the Public may speak on any issue for three (3) minutes 6. CONSENT AGENDA Items listed under Consent Agenda, Item VI, are viewed to be routine and One Motion will enact the recommendation in the form listed below. If discussion is desired, then the items(s) will be removed from the Consent Agenda and will be considered separately. Approval of Minutes: • December 3, 2019 Motion to Receive and File: Warrant 2019-035 • FPPTA- 2020 NYSE Program Registration $800.00 Warrant 2019-036 • Judith A. Hoekstra Administrative Services Sept-Oct & Nov $606.25 Warrant 2019-037 • Joan Wall Bookkeeper/Supplies 4/3/19-10/30/19 $1,230.98 Warrant 2019-038 • KSDT & Co. Invoice #80943 $150.00 • NCPERS Invoice #1 0877 2020 Membership $260.00 Warrant 2019-039 • Trustees Registration FPPTA Winter School $2,880.00 Warrant 2020-001 • Klausner Kaufman Jensen & Levinson 12/31/19 Invoice $175.00 • Southeastern Advisory Services quarter ending 12/31/19 $4709.48 • FPPTA - 2020 Membership $620.00 Warrant 2020-002 • Trustees per diem for FPPTA Winter School $1056.00 Warrant 2020-003 • Garcia Hamilton & Associates Invoice #31576 $5,013.67 • Gabriel Roeder Smith & Co. Invoice #452476 $4,500.00 Warrant 2020-004 • Trustee's Reimburse Expenses - FPPTA Winter School $3,229.44  Warrant 2020-005 • Balistreri Reimburse Expenses- FPPTA Winter School $779.26 Warrant 2020-006 • Garcia Hamilton & Associates Invoice #31874 $4,459.78 4019 Rate of Return is 4.415% Net of Fees Saxena White- Fourth Quarter 2019 No Activity for this quarter 7. NEW BUSINESS • Southeastern Advisory Services QE December 31, 2019 • Asset Allocation • Garcia Hamilton & Associates QE December 31, 2019 8. OTHER BUSINESS • Discussion - Recalculation of Retiree change of beneficiary • NPEA National Pension Education Association 2020 Membership Dues $750.00 9. JOAN WALL, ADMINISTRATOR 10. ATTORNEY REPORT l • Memo January 2020 Changes to Florida's Notary Public Law to Permit Remote Online Notarizations • Memo January 15, 2020 • Secure Act and IRS Limits for 2020 11. REPORT FROM BOARD MEMBERS 12. ADJOURNMENT Pursuant to FS 286.015, if a person decides to appeal any decision made by the Board, agency or commission with respect to any matter considered at such meeting, or hearing, he/she will need a record of the proceedings and that, for such purposes, he/she 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 to be based. ANY PERSON REQUIRING AUXILIARY AIDS AND SERVICES FOR THIS MEETING MAY CALL THE ADA COORDINATOR AT 390-2122 AT LEAST TWO WORKING DAYS PRIOR TO THE MEETING. IF YOU ARE HEARING OR SPEECH IMPAIRED, PLEASE CONTACT THE FLORIDA RELAY SERVICE BY USING THE FOLLOWING 2 PHONE NUMBERS: 1-800-995-8770 (VOICE) 1-800-955-8771 (TOO)