05-13-21 PBOT - General vMINUTES
efon2pk,,
General Employees' Pension Board of Trustees
A ; Meeting
Vair Thursday, May 13, 2021 - 6:30 PM
Commission Chamber
Present: Troy Stephens,Member
Ray Brandstaetter,Chair,General Employees'Pension Board of Trustees
Patty Drake, Member
Jeff Newman,Member,General Employees'Pension Board of Trustees
Rob Miller,Alternate Member,General Employees'Pension Board of Trustees
Absent: Nicholas Kenyon,Member
Also Present: Melissa Burns, Director of Finance
David Wheeler, Graystone Consulting
Timothy Haugaard, Graystone Consulting
Pedro Herrera, Board Attorney
1.CALL TO ORDER
The meeting was called to order at 6:30 p.m.
2. COURTESY OF THE FLOOR TO VISITORS
Welcome to New Board members:
Jeff Newman
Rob Miller
3. APPROVAL OF MINUTES
A. Approve minutes of the (date) regular meeting of the General Employees' Pension
Board of Trustees.
MOTION: Motion to approve minutes as presented.
Motion: Troy Stephens
Second: Ray Brandstaetter
Troy Stephens (Moved By) For
Ray Brandstaetter(Seconded By) For
Patty Drake For
Jeff Newman For
Motion passed 4 to 0.
4. REPORTS
General Employees'Pension Board of Trustees
May 13,2021
Page 1 of 3
A. Recap of investment performance for the period ended March 31, 2021 and
subsequent activity
David Wheeler and Timothy Haugaard presented the 1st Quarter 2020 Performance
Report. The total value at the end of the quarter was $25,179,140.69
Report Summary
Quarter to Date (1/1/21-3/31/21)- 3.98%
Performance Since Inception(3/10/10-3/31/21) - 7.52%
Mr. Wheeler made a recommendation for allocation adjustments to increase return on
investments. These adjustments are within the Asset Allocation Guidelines.
MOTION: Motion to approve recommendations to adjust asset allocations.
Motion: Ray Brandstaetter
Second: Troy Stephens
Troy Stephens(Seconded By) For
Ray Brandstaetter(Moved By) For
Patty Drake For
Jeff Newman For
Motion passed 4 to 0.
B. Investment Policy Update
David Wheeler presented the updated investment policy with adjustments to targets of
the asset allocations.
MOTION: Motion to approve updated investment policy
Motion: Ray Brandstaetter
Second: Troy Stephens
Troy Stephens (Seconded By) For
Ray Brandstaetter(Moved By) For
Patty Drake For
Jeff Newman For
Motion passed 4 to 0.
C. Expenditure report for the period ended March 31, 2021
For informational purposes. No discussion took place.
D. Fund balance report for the period ended March 31,2021
General Employees'Pension Board of Trustees
May 13,2021
Page 2 of 3
For informational purposes. No discussion took place.
5. DISCUSSION WITH PENSION BOARD ATTORNEY
A. Items for discussion
Pension Board Herrera discussed the legislative session.Also,he reminded the members
of the board to send in their required Form 1 prior to the July 1st deadline.
5. NEW BUSINESS
A. Actuarial Report-Special Meeting or August Board Meeting
After a discussion it was decided by the Board that they would like a special meeting
prior to the August regular quarterly meeting for the actuarial report presentation.
B. Florida Public Pension Trustees Association Annual Conference
It was announced that the annual conference of the Florida Public Pension Trustees
Association Annual Conference will be held June 27-30 at Onmi Resort @
Championsgate in Orlando.
7. ADJOURNMENT
There being no further discussion, Chair Brandstaetter declared the meeting adjourned at 8:21
p.m.
Attest:
PIP
Melissa Burns, Plan Administrator Ray
Bi.
dst:etter, Chair
General Employees'Pension Board of Trustees
May 13,2021
Page 3 of 3