11-18-21 PBOT - GeneralPresent:
MINUTES
General Employees' Pension Board of Trustees
Meeting
Thursday, November 18, 2021 - 6:30 PM
Commission Chamber
Troy Stephens, Member
Patty Drake, Member
Ray Brandstaetter, Chair, General Employees' Pension Board of Trustees
Jeff Newman, Member, General Employees' Pension Board of Trustees
Absent: Nicholas Kenyon, Member
Rob Miller, Alternate Member, General Employees' Pension Board of Trustees
Also Present:
Melissa Burns, Director of Finance
Pedro Herrera, Board Attorney, Sugarman & Susskind, P.A.
David A. Wheeler, Graystone Consulting
Timothy P. Haugaard, Graystone Consulting
1. CALL TO ORDER
2. COURTESY OF THE FLOOR TO VISITORS
3. APPROVAL OF MINUTES
A. Approve minutes of the August 12, 2021 regular meeting of the General Employees'
Pension Board of Trustees.
MOTION: Motion to approve minutes as presented.
Motion: Ray Brandstaetter
Second: Troy Stephens
Troy Stephens (Seconded By) For
Patty Drake For
Ray Brandstaetter (Moved By) For
Jeff Newman For
Motion passed 4 to 0.
4. REPORTS
A. Recap of investment performance for the period ended September 30, 2021 and
subsequent activity.
General Employees' Pension Board of Trustees
November 18, 2021
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David Wheeler and Timothy Haugaard presented the 3rd Quarter 2021 Performance
Report. The total value at the end of the quarter was $26,573,875.95.
Quarter to Date (7/1/2021-9/30/2021) - (0.58)%
Performance Since Inception (03/10/2010-9/30/2021) - 7.69%
B. Expenditure report for the period ended September 30,2021.
Report is for informational purposes only. No discussion occurred.
C. Fund balance report for the period ended September 30,2021.
Report is for informational purposes only. No discussion occurred.
5. DISCUSSION WITH PENSION BOARD ATTORNEY
A. Items for discussion.
Attorney Herrera reminded board members about their obligations regarding accepting
gifts set forth by the Florida Ethics laws as they are considered public officials.
Advised the board that the firm of Sugarman and Susskind will be making a charitable
donation on the board's behalf as their holiday gift which has been valued at $25 or less,
no reporting requirements are necessary.
Attorney Herrera informed the board that the winter Trustees School through the FTPPA
is scheduled for January 23-26, 2022 in Orlando. The Division of Retirement has not
announced its training yet, but it is usually held in the spring.
6. NEW BUSINESS
A. Discussion of cash flow needs.
The General Employees' Pension Trust Fund has had several DROP payouts, and current
retiree payments exceed the contributions being made, therefore additional cash is
needed from investments to aid in the plan's cash flow, it is estimated that $150,000 will
be needed to cover the cash deficit. David Wheeler suggested several areas in the plan's
investments in order to raise the cash.
MOTION: Motion to approve recommendations to raise $150,000 needed for cash.
Motion: Ray Brandstaetter
Second: Troy Stephens
Troy Stephens (Seconded By) For
Patty Drake For
Ray Brandstaetter (Moved By) For
General Employees' Pension Board of Trustees
November 18, 2021
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Jeff Newman
Motion passed 4 to 0.
For
7. ADJOURNMENT
There being no further discussion, Chair Brandstaetter declared the meeting adjourned at 7:09
p.m.
Attest:
Melissa Burns, Plan Administrator Ray Brandst'etter, Chair
General Employees' Pension Board of Trustees
November 18, 2021
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