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HomeMy WebLinkAbout2021-02-22 Police & Fire Pension Board Minutes0, City of Dania Beach Police and Fire Fighters Retirement System 111 S.W. 1 Street Dania Beach, Florida 33004 Phone: (954) 393-9061 E-mail: pfpens@gmail.com Page 1 of 3 MINUTES FEBRUARY 22, 2021 REGULAR WEBEX MEETING I. CALL TO ORDER The meeting was called to order at 7:10 PM MOTION by Patricia Fuccile to call the meeting to order. SECOND: Richard Tarrant PASSED UNANIMOUSLY MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Secretary Carolyn Jones Vice Chairman Todd Neal Dean Harley David Nuby, Jr Richard Tarrant Rae Lair (Sandler) Patricia Fuccile Rich Sieb ALSO PRESENT: Pedro Herrera - Sugarman & Susskind, PA Cathy David - Administrator Steve Roth - Dahab Associates February 22, 2021 Page 2 of 3 II. APPROVAL OF MINUTES MOTION: by Rae Lair (Sandler) to accept minutes from January 13, 2020 meeting as submitted. SECOND: David Nuby, Jr PASSED UNANIMOUSLY III. PUBLIC COMMENT The floor was open and no public comment IV. CONSENT AGENDA No items listed on the Consent Agenda V. OLD BUSINESS VI. NEW BUSINESS 6.1 Dahab Associates December 31, 2020 Quarterly Earnings & Steve Roth from Dahab Associates reviewed with the trustees the plan’s December 31, 2020 earnings. The net of fees return was +10.5% for the quarter October 1, 2020 to December 31, 2020. Steve commented that no rebalancing is required at this time MOTION by David Nuby, Jr to approve the December 31, 2020 Performance Report SECOND: Richard Tarrant PASSED UNANIMIOUSLY 6.2 Sawgrass Asset Management Sawgrass is still lagging in the market earning 8.1% with the Russell 1000G earnings at 11.4%. One of the partners left the firm also. The trustees have been closely watching Sawgrass and after having discussed their performance would like to meet with them at the April 19 trustee meeting. The trustees would like a 5-year comparison rate of return for a Large Cap Growth passive account, i.e., Vanguard or Fidelity for example, in relation to Sawgrass and compare the rate of return between the two. The trustees would also like to know what the cost would be to sell and what the cost would be to move to an active manager at a later date presuming we move to a passive account. If the evidence or case is made to move to a passive account and later to an active account is this plan saving money based on Sawgrass dismal returns. MOTION by David Nuby, Jr for Steve Roth to prepare the above information for the trustees at the April 19, 2021 meeting SECOND: Patricia Fuccile PASSED UNANIMIOUSLY February 22, 2021 Page 3 of 3 6.3 Budget The trustees discussed the current year budget of $195,762. The actual administrative expense for September 30, 2020 was $178,901 with the estimated budget of $181,485. MOTION by Rae Lair (Sandler) to approve the October 1, 2020 to September 30, 2021 administrative expenses. SECOND by David Nuby, Jr PASSED UNANIMIOUSLY VII. CORRESPONDENCE VIII. RETIREMENTS / TERMINATIONS IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorney Attorney Herrera checked on the Hasko case and informs the board that the case is closed and that there is no further appeal possible. X. ADJOURN MOTION by Rae Lair (Sandler) to adjourn meeting SECOND: by Patricia Fuccile Meeting adjourned at 7:43 PM ANY PERSON WHO DECIDES TO APPEAL ANY DECISION MADE WITH REGARD TO ANY MATTER CONSIDERED AT THIS MEETING OR HEARING WILL NEED A RECORD OF THE PROCEEDING, AND FOR SUCH PURPOSE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. IN ACCORDANCE WITH THE AMERICANS WITH DISABILITIES ACT, PERSONS NEEDING ASSISTANCE TO PARTICIPATE IN ANY OF THESE PROCEEDINGS SHOULD CONTACT THE ADMINISTRATOR OF THE CITY OF DANIA BEACH POLICE & FIREFIGHTERS' RETIREMENT SYSTEM OFFICE 111 S.W. 1st STREET, DANIA BEACH, FL 33004 PHONE (954) 393-9061AT LEAST 48 HOURS PRIOR TO THE MEETING.