02-13-20 PBOT - Police Adopted Minutes (2)MINUTES
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Police Officers' Pension Board of Trustees
Meeting
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Thursday, February 13, 2020 - 6:30 PM
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Commission Chamber
Present: William(Bill)Tomson, Chair
Chase Jamison,Member
Tim Anderson,Member
Robert(Bob)Liggero,Member
Ed Peck,Member
Absent:
Also Present: Melissa Bums, Director of Finance
Commission Candace Kelly,Commission Liaison
1. CALL TO ORDER
2. COURTESY OF THE FLOOR TO VISITORS
A. Welcome to new board member Edward Peck
3. APPROVAL OF MINUTES
A. Approve minutes of the November 14, 2014 regular meeting of the Police Officers'
Pension Board of Trustees.
MOTION: Motion to Approve Minutes from November 14, 2019
Motion: William (Bill) Tomson
Second: Chase Jamison
William (Bill) Tomson (Moved By) For
Chase Jamison (Seconded By) For
Tim Anderson For
Robert(Bob)Liggero For
Ed Peck For
Motion passed 5 to 0.
4. REPORTS
A. Recap of Investment Performance for the period ended 12/31/2019 and
subsequent activity
Police Officers'Pension Board of Trustees
February 13,2020
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David Wheeler and Timothy Haugaard of Graystone Consulting Tampa presented the
investment activity for quarter ended December 31, 2019. The ending portfolio value is
12,581,451.48
Return Summary
Quarter to Date 10/01/2019-12/31/2019 5.15%
Year to Date 12/31/2018-12/31/2019 19.79%
Performance Since Inception(3/10/2010) 6.78%
Discussion about the recommended changes to asset class allocations took place.
MOTION: Motion to accept recommended changes to asset class allocations.
Motion: Tim Anderson
Second: William (Bill) Tomson
William (Bill) Tomson (Seconded By) For
Chase Jamison For
Tim Anderson (Moved By) For
Robert(Bob)Liggero For
Ed Peck For
Motion passed 5 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
5. 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 the required changes to the forms.
Discussed Florida Legislative session.
Police Officers'Pension Board of Trustees
February 13,2020
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Mentioned the FPPTA School to be held in June in Orlando and discussed the
continuing education requirement.
6. NEW BUSINESS
A. Report from Board Chair Bill Tomson on Commission Presentation
Bill Tomson discussed what he presented to the City Commission, specifically the need
to have additional funding to increase the 78% 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. Election of Vice-Chair and Secretary
MOTION:Motion to elect Chase Jamison as Vice-Chair and Bob Liggero as Board
Secretary.
Motion: Tim Anderson
Second: William (Bill) Tomson
William (Bill) Tomson (Seconded By) For
Tim Anderson (Moved By) For
Chase Jamison For
Robert(Bob) Liggero For
Ed Peck For
Motion passed 5 to 0.
E. Pending Items for next meeting
Summary Plan Description update
Funding policy
Both items will be brought back at the next pension board meeting.
7. ADJOURNMENT
There being no further discussion, Chair Bill Tomson declared the meeting adjourned at 8:18
p.m.
Attest:
Police Officers'Pension Board of Trustees
February 13,2020
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Melis a Bums, Plan Administrator William Tomson, Chair
Police Officers'Pension Board of Trustees
February 13,2020
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