05-14-20 PBOT - General Adopted MinutesMINUTES
-- , Gorr erall Emp oyecs' Pension Board of Trustem
Meeting
Thursday, May 14, 2020 6o30 ISM
Video co nference
Present: Troy Stephens, Member
Ray Brandstaetter, Chair, General Employees' Pension Board of Trustees
Bruce Bole, Member
Absent•
Also Present: Melissa Burns, Director of Finance
1.
2.
3.
4.
David Wheeler, Graystone Consulting, Tampa
Timothy Haugaard, Graystone Consulting, Tampa
Commissioner Candace Kelly, Commission Liaison
Nicolas Lahaye, Gabriel, Roeder Smith and Company
Pedro Herrera, Board Attorney
CAI.I. TO ORD1Cl[�
COURTESY Oh TIEIE FLOOR TO VISITORS
None
APPROVAL OF MINUTES
A. Approve minutes of the regular meeting of the General Employees' Pension Board
of Trustees from February 13, 2019.
MOTION: Motion to approve.
Motion: Ray Brandstaetter
Second: Troy Stephens
Troy Stephens (Seconded By)
Ray Brandstaetter (Moved By)
Bruce Bole
Motion passed 3 to 0.
For
Foy
For
REPORTS
A. Recap of Investment Performance for the period ended 3!31/2020 and subsequent
activity to be discussed by David Wheeler and Timothy Haugaard of Graystone
Consulting Tampa. Recommendations were made to move funds to diversify.
General Employees' Pension Board of Trustees
May 14, 2020
Page 1 of 67
5.
David Wheeler and Timothy Haugaard of Graystone Consulting Tampa presented the
investment performance report for the quarter ended March 31, 2020. The total value at
the end of the quarter was $17,900,579.
Report Summary
Quarter 01/01/2020-03/31/2020
Performance since Inception 03/10/2010-03/31/2020
Atlantic Beach 1 Q 2020
MOTION: Motion to approve recommendations
Motion: Ray Brazzdstaetter
Second: Troy Stephens
Troy Stephens (Seconded By) For
Ray Brandstaetter (Moved By) For
Bruce Bole For
Motiozr passed 3 to 0.
B. Expenditures through 3/31/2020
Non actonable, for discussion and information only.
C. Fund Balance Report through 3/31/2020
Non actionable, for discussion and information only.
4.62%
D. Presentation of annual actuary reports by Nicolas Lahaye of Gabriel, Roeder,
Smith & Company.
The annual achiarial report was presented by Nicolas Lahaye of Gabriel, Roeder, Smith
& Company. The funded ratio of the plan is 85.9% compared to 80.8% from last year.
MOTION: Motion to approve annual achlarial valution report as presented.
Motion: Ray Brandstaetter
Second: Bruce Bole
Troy Stephens For
Ray Bra�zdstaettez• (Moved By) For
Bruce Bole (Seconded By) For
Motion passed 3 to 0.
DISCUSSION WITH PENSION BOARD ATTORNEY
General Employees' Pension Board of Trustees
May 14, 2020
Page 2 of 67
5.
A. Policy Regarding Video Conferencing
Attorney Herrera discussed the policy regarding videoconferencing.
MOTION: To approve policy as presented.
Motion: Ray Brandstaetter
Second: Bruce Bole
Troy Stephens For
Ray Brandstaetter (Moved By) For
Bruce Bole (Seconded By) For
Motion passed 3 to 0.
B. Other Items for Discussion
No other actionable items were discussed.
NEW BUSINESS
A. Change in Status of Plan Members:
• Mark Owsley
• Cheryl Komorek
MOTION: To approve change is status.
Motion: Ray Brandstaetter
Second: Bruce Bole
Troy Stephens For
Ray Brandstaetter (Moved By) For
Bruce Bole (Seconded By) For
Motion passed 3 to D.
B. Potential New Board Member
Application for potential new board member Nicholas Kenyon was discussed.
MOTION: To approve Nicholas Kenyon as new board member
Motion: Ray Brandstaetter
Second: Troy Stephens
Troy Stephens (Seconded By) For
Ray Brandstaetter (Moved By) For
Bruce Bole For
General Employees' Pension Board of Trustees
May 14, 2020
Page 3 of 67
Motion passed 3 to 0.
7. ADJOURNMENT
Attest:
There being no further discussion, Chair Brandstaeuer declared the meeting adjourned at 9:09
pMe
Melissa Burns, Plan Administrator
General Employees' Pension Board of Trustees
May 14, 2020
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