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HomeMy WebLinkAbout2013-05-20 Police & Fire Pension Board Minutes City of Dania Beach Police and Fire Fighters Retirement System 113 S.W. 1 Street Dania Beach, Florida 33004 Phone: (954) 393-9061 E-mail: PFPENS@gmail.com Page 1 of 3 MINUTES MAY 20, 2013 REGULAR MEETING I. CALL TO ORDER The meeting was called to order by Chairman Rogers at 7:10 PM MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Carolyn Jones Secretary Vince Marlin Vice Chairman Ted Spongross Commissioner Pat Flury Roger Handevidt Todd Neal Wardell Lee Rae Sandler ALSO PRESENT: Ivelisse Berio LeBeau- Sugarman & Susskind, PA Cathy David - Administrator Greg McNellie – Dahab Associates Melissa Algayer & Jeff Amrose – GRS Brad Heinrichs– Foster & Foster II. APPROVAL OF MINUTES MOTION: by Roger Handevidt to accept minutes from the April 15, 2013 meeting as submitted. SECOND: Wardell Lee PASSED UNANIMOUSLY May 20, 2013 Page 2 of 3 II. CONSENT AGENDA No items listed on the Consent Agenda IV. OLD BUSINESS OLD BUSINESS-ACTUARY INTERVIEWS 4.1 Foster & Foster - 7:30 pm Brad Heinrichs presented to the trustees the services that Foster & Foster would provide to this plan. 4.2 Gabriel, Roeder, Smith & Co – 8:00 pm Melissa Algayer and Jeff Amrose from GRS presented to the trustees the services that GRS would provide to this plan. MOTION by Commissioner Pat Flury to continue actuarial services with Gabriel, Roeder, Smith & Company SECOND by Wardell Lee Vote was taken: Commissioner Pat Flury – yes Todd Neal - No Rae Sandler – yes Roger Handevidt - yes Wardell Lee – yes Vince Marlin - yes Larry Rogers - yes 4.3 Emerging Markets Investment Manager Search Gregg McNellie from Dahab Associates-the plans consultant provided information to the trustees on the RFP for Emerging Markets Equity Managers. He reviewed the information from the 22 RFP’s with the trustees. Glovista Investments Emerging Equity, Lee Munder Capital Group IEM and State St Global AEM Select were the three managers that the trustees thought from the analysis would be best to interview. MOTION by Vince Marlin to interview Glovista Investments Emerging Equity, Lee Munder Capital Group IEM and State St Global AEM Select at the next meeting to be held on June 17, 2013 SECOND by Roger Handevidt PASSED UNANIMOUSLY May 20, 2013 Page 3 of 3 V. NEW BUSINESS 5.1 March 31, 2013 Earnings Report Greg McNellie reviewed with the trustees the plan’s March 31, 2013 earnings. The net of fees return was 5.0 for the quarter. The return net of fees for the fiscal year to date October 1, 2012 to March 31, 2013, is 5.2 5.2 Growth Manager Search Greg McNellie reviewed with the trustees the growth portion of the fund that is invested with Herndon Capital. The growth portion with Herndon has continually underperformed. The trustees discussed and decided to send an RFP for growth managers and move 5% of the Herndon portfolio to a growth manager. Greg McNellie also discussed the continuing underperformance of Barings International with the trustees. The trustees decided to send an RFP for the International growth portion of the fund. MOTION by Todd Neal to send an RFP for growth managers and international growth managers SECOND by Roger Handevidt PASSED UNANIMOUSLY 5.2 Ordinance to Provide for Internal Revenue Code Compliance The plan’s Attorney Bob Sugarman has prepared the ordinance to be presented to the City to provide for IRS code compliance and the Favorable Determination Letter. The Board decided to Table this item until the next trustee meeting for explanation from the plans attorney. VI. CORRESPONDENCE VII. RETIREMENTS / TERMINATIONS VIII. OPEN DISCUSSION AND INFORMATION 8.1 Attorneys Report Attorney Ivelisse Berio LeBeau discussed the passage of Senate Bill 534 which creates new reporting requirements for local government define d benefit retirement plans and Senate Bill 50, which creates new requirements for public meetings. MOTION: Vince Marlin to adjourn meeting SECOND: by Roger Handevidt Meeting adjourned at 9:15 pm.