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Home My WebLink About2020-08-17 Police & Fire Pension Board Minutes 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 4 MINUTES AUGUST 17, 2020 REGULAR MEETING I. CALL TO ORDER30 The meeting was called to order by Chairman Larry Rogers at 7:15 PM MEMBERS PRESENT: MEMBERS ABSENT Chairman Larry Rogers Rae Sandler-excused Vice Chairman Todd Neal Secretary Carolyn Jones-excused David Nuby, Jr. Dean Harley Richard Tarrant ALSO PRESENT: Ken Harrison - Sugarman & Susskind, PA Steve Roth – Dahab Associates Dina Lerner – Gabriel, Roeder, Smith & Co Cathy David - Administrator II. APPROVAL OF MINUTES MOTION: by David Nuby, Jr. to accept minutes from the June 2, 2020 meeting as submitted. SECOND: Richard Tarrant PASSED UNANIMOUSLY III. PUBLIC COMMENT The floor was open for public comments. There were no comments. IV. CONSENT AGENDA No items listed on the Consent Agenda V. OLD BUSINESS August 17, 2020 Page 2 of 4 VI. NEW BUSINESS 6.1 Dahab Associates – 3rd Quarter June 30, 2020 Performance Steve Roth from Dahab Associates discussed with the trustees the June 30, 2020 performance for the plan. The Plan had a + 13.9 net of fees performance for the quarter April 1, 2020 thru June 30, 2020. The Plan’s earnings are +3.0 for the fiscal year to date October 1, 2019 to June 30, 2020 MOTION by Dean Harley to accept Dahab’s performance report SECOND: Richard Tarrant PASSED UNANIMIOUSLY 6.2 IPS SAWGRASS ASSET MANAGEMENT Sawgrass contacted Dahab to raise a concern about certain limits in their IPS Addendum. This issue was created after the Russell 1000 Growth benchmark rebalanced at the end of June. There are now two companies, Apple and Microsoft, that each make up over 10% of the index. However, Sawgrass, as per the IPS addendum, has a maximum position limit of 7% (page two section IV.6). We are comfortable allowing Sawgrass a little bit of flexibility and would recommend adjusting the addendum for this. We would recommend adjusting that section to allow Sawgrass the "greater of 7% or 1.10 times the benchmark weight, whichever is greater". This will allow them to move to a slightly overweight position if they prefer. MOTION by Dean Harley to accept Dahab’s recommendation and approve the IPS change SECOND: Todd Neal PASSED UNANIMIOUSLY 6.3 Dahab Associates – Transfer Cash to Fixed Income Steve recommended rebalancing the plan to its target allocation by transferring $1,500,000 from the cash account to the Wedge Fixed Income account. MOTION by Dean Harley to approve Steve Roth’s recommendation to rebalance the plan to target and transfer $1,500,000 from the cash account to the Wedge Fixed Income account SECOND: Richard Tarrant PASSED UNANIMIOUSLY August 20, 2020 Page 3 of 4 6.4 Dina Lerner, GRS – Revised Actuarial Report Attached is the updated October 1, 2019 Actuarial Valuation Report for the City of Dania Beach Police and Firefighters Retirement System. As discussed at the June 2nd Board meeting, the report was revised from the previous version dated March 13, 2020 to reflect updated FRS mortality tables from the July 1, 2019 FRS Actuarial Valuation and to include the required contribution number assuming full payment on October 1. The results in this report are in line with preliminary estimates discussed at the June 2nd meeting. The required employer contribution (excluding employee pick-up contributions and net of expected state revenue) declined by approximately $656,000, from $6,801,896 reflecting old mortality and quarterly payment timing, to $6,146,030 reflecting new mortality and October 1 payment timing. Approximately $403,000 of the contribution decrease is attributable to the mortality change, with the remaining decrease attributable to the earlier payment timing. MOTION by Todd Neal SECOND: Dean Harley PASSED UNANIMIOUSLY 6.5 Fiduciary Liability Insurance The fiduciary liability insurance was renewed for July 1, 2020 to July 1, 2021. The coverage is for $2,000,000 limit of liability; $200,000 for voluntary compliance program expenditure sub-limit; $5,000 each claim for self-insured retention. MOTION by David Nuby, Jr. to approve the renewal of the fiduciary liability insurance. SECOND: Dean Harley PASSED UNANIMIOUSLY 6.6 Cyber Liability Insurance The cyber liability insurance was renewed for $1M Limit $2,500 deductible per the expiring policy, the annual premium is the same as the expiring policy, $998.45 ($950.00 Premium + $48.45 Surplus Lines Fees and Taxes). 2- There is an additional coverage offered this year called Cyber Deception Coverage for Sub-limit of $100,000.00/$25,000.00 Deductible. This was not purchased last year MOTION by David Nuby, Jr. to approve the purchase the current renewal for item 1 cyber liability insurance SECOND: Dean Harley PASSED UNANIMIOUSLY VII. CORRESPONDENCE VIII. RETIREMENTS / TERMINATIONS August 20, 2020 Page 4 of 4 IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorneys Report Attorney Harrison advised the board that the governor had signed another executive order through 12:01 AM October 1, 2020. 9.2 Trustee Todd Lleras Resignation Trustee Todd Lleras emailed the administrator that he is resigning as elected fire trustee on this board. MOTION by Dean Harley to accept Todd Lleras resignation SECOND: David Nuby, Jr. PASSED UNANIMIOUSLY 9.3 Auditor’s Engagement Letter The auditor’s engagement letter was signed and given to the auditors in July. Attorney Harrison discussed with the trustees that this action should be ratified. MOTION by Richard Tarrant to ratify the signing of the auditor’s engagement letter. SECOND: Todd Neal PASSED UNANIMIOUSLY IX. ADJOURN MOTION by David Nuby, Jr. to adjourn meeting SECOND: Dean Harley Meeting adjourned at 8:30 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.