08-20-20 PBOT - General Adopted Minutes�V1lRNU 1TES
General Employees" FensIlon UOar®l ON 11 rus eeS)
Iviteelinp
Thursday, August 20, 2020 6030 ISM
�Ydeoeonlei°enee
Present: Ray Brandstaetter, Chair, General Employees' Pension Board of Trustees
Bruce Bole, Member
Nicholas Kenyon, Member
Patty Drake, Member
Absent: Troy Stephens, Member
Also Present: Melissa Burns, Director of Finance
Commissioner Candace Kelly, Commission Liaison
David Wheeler, Graystone Consulting Tampa
Timothy Haugaard, Graystone Consulting Tampa
Pedro Herrera, Board Attorney
' t � ! 1 I ��� ��� •. IIS 1 1R
A. welcome new members:
Nicholas Kenyon
Patty Drake
A. None
�. hPP]��O�AL OF MINUTES
A
. Approve minutes of the May 14, 2020 regular meeting of the General Employees'
Pension Board of Trustees.
A�'TP®N: Motion to approve minutes as presented.
Motion: Ray Br•arrdstrretter•
Second: Brace Bole
Ray Brandstaetter (Moved By) For•
Bruce Bole (Seconded By) For•
Nicholas Kenyon For
Patty Drake For
Motion passed 4 to 0.
General Employees' Pension Board of Trustees
August 20, 2020
Page 1 of 4
REPORTS
A. Recap of Investment Performance for the period ended 06/30/2020 and
subsequent activity.
David Wheeler and Timothy Haugaard of Graystone Consulting Tampa presented the
investment performance report for the quarter ended June 30, 2020. The total value at
the end of the quarter was $20,606,405.
Report Summary
Quarter to Date 4/1/20-6/30/20 15.12%
Performance Since Inception 3/10/10-6/30/2020 5.99%
Recommendations for allocation adjustments were made to move cash into Mid/Small
Cap Equity and Large Cap Equity instruments.
ACTION: Motion to approve recommendations
Motion: Ray Brazzdstaetter
Second: Bruce Bole
Ray Brandstaetter (Moved By) For
Bruce Bole (Seconded By) For
Nicholas Kenyon For
Putty Drake For
Motion passed 4 to 0.
B. Expenditures through 06/30/2020
For discussion and information only
C. Fund Balance Report through 06/30/2020
For discussion and information only
DISCUSSION WITH PENSION BOARD ATTORNEY
A. SECURE Act Ordinance Amendment
Attorney Herrera discussed SECURE Act Ordinance which amends the summary plan
documents to comply with the SECURE Act.
MOTION: Motion to approve ordinance and send it to the Commission for adoption.
Motion: Ray Brandstaetter
Second: Nicholas Kenyon
General Employees' Pension Board of Trustees
August 20, 2020
6.
7.
Ray Brandstaetter (Moved By)
Bruce Bole
Nicholas Kenyofz (Seconded By)
Patty Drake
Motion passed 4 to 0.
B. Other items for discussion
I'
A. Proposed FY21 Budget
For
For
For
FOY
Discussed the proposed and it follows the actuarial required contribution outlined in
the actuarial valuation approved in May of this year.
MOTION: Motion to approve proposed budget
Motion: Ray Braszdstaetter
Second: Bruce Bole
Ray Brandstaetter (Moved By)
Bruce Bole (Seconded By)
Nicholas Kenyon
Patty Drake
Motion passed 4 to 0.
B. Change in Employees Status:
Mike Underhill 7/1/2020
Gerard Finnegan 8/1/2020
Mike Jones 9/1/2020
For
For
For
For
MOTION: Motion to approve all change in employee status
Motion: Ray Brandstaetter
Second: Bruce Bole
Ray Brandstaetter (Moved By) For
Bruce Bole (Seconded By) For
Nicholas Kenyon For
Patty Drake I'oj'
Motion passed 4 to 0.
ADJOURNMENT
There being no further discussion, Chair Brandstaetter declared the meeting adjourned at 8:30
General Employees' Pension Board of Trustees
August 20, 2020
Page 3 of 4
p.m.
Attest:
Me iss Burns, Plan Administrator Ray Ifran staetter, Chair
General Employees' Pension Board of Trustees
August 20, 2020