02-13-20 PBOT - General Adopted MinutesPresent:
Absent:
Also Present:
2.
3.
PV1IRNLJTES
General EmpRoyees' ensRon Bo,%Rgd of Tk°ustees
Pleelnng
Thursday, February Ila, 2020 6030 ISM
Commission Chamber
Troy Stephens, Member
Ray Brandstaetter, Chair, General Employees' Pension Board of Trustees
Bruce Bole, Member
Timmy Johnson, Dir. of Rec. &Spec. Events
Melissa Burns, Director of Finance
Commissioner Candace Kelly, Commission Liaison
APPROVAL OF MINUTES
A. Approve minutes of the November 14, 2019 regular meeting of the General
Employees' Pension Board of Trustees.
MOTION: Motion to approve minutes from November 14,2019.
Motion: Ray Brandstaetter
Second: Troy Stephens
Troy Stephens (Seconded By)
Ray Brandstaetter (Moved By)
Bruce Bole
Motion passed 3 to 0.
REPORTS
A. Recap of Investment Performance foI• the period elided 12/31/2019 and
subsequent activity
David Wheeler and Timothy Haugaard of Graystone Consulting Tampa presented the
investment activity for quarter ended December 31, 2019. The ending portfolio value
is $211600,977.
General Employees' Pension Board of Trustees
February 13, 2020
Page 1 of 4
5.
6.
Return Summary
Quarter to Date 10/1/2019-12/31/2019 5.26%
Year to Date 12/31/18-12/31/2019 20.01%
Performance Since Inception (3/10/10) 6.84%
Discussion about the recommended changes to asset class allocations took place.
MOTION: Motion to accept recommended changes to asset class allocations.
Motion: Ray Brandstaetter
Second: Bruce Bole
Troy Stephens For
Ray Braf:dstaette�^ (Moved By) For
BNuce Bole (Seconded By) For
Motion passed 3 to 0.
B. Expenditures through 12/31/2019
Nonactionable, for discussion and information only.
C. Fund Balance Report through 12/31/2019
Nonactionable, for discussion and information only.
DISCUSSION WITH PENSION BOARD ATTORNEY
A. SECURE Act Special Report
Discussed memo sent out regarding the SECURE act and the increase in age for
required distribution. Due to this, the ordinances for the pension boards will need to be
amended.
B. Other Items for Discussion
Mentioned notary law has changed to create a remote notary provision and new
requirements, such as required changes to the forms.
Discussed Florida Legislative session.
Mentioned the FPPTA School to be held in June in Orlando and discussed the
continuing education requirement.
NEW BUSINESS
General Employees' Pension Board of Trustees
February 13, 2020
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A. Report from Board Chair Ray Brandstaetter on Commission Presentation
Ray Brandstaetter discussed what was presented to the City Commission, specifically
the need to have additional funding to increase the funding rate.
B. Discussion on Records Management Liaison Officer (RMLO)
Motion to approve Director of Finance to be the RMLO
C. Review of Operating Rules and Procedures
Board will e-mail their changes to plan administrator to be compiled for the next
meeting.
D. Change In Status of Plan Members:
• Yvonne Calverley
• Carlene Matthews
MOTION:
Motion to approve change in status of Yvonne Calverley and Carlene Matthews.
Motion: Troy Stephens
Second: Ray Brandstaetter
Troy Stephens (Moved By)
Ray Brandstaetter (Seconded By)
Bruce Bole
Motion passed 3 to 0.
E. Election of Board Officers:
• Chair
• Vice -Chair
• Secretary
Foy'
Decision made to wait until the board has all seats filled.
F. Pending Items for Next Meeting
• Summary Plan Description Update
• Funding Policy Aylj
7. ADJOURNIVIENT
There being no further discussion, Chair ' ecTared the meeting adjourned at �' /�j
p.m. ,
Att
est:
General Employees' Pension Board of Trustees
February 13, 2020
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General Employees' Pension Board of Trustees
February 13,2020
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