08-20-20-PBOT - Police Adopted Minutes 1MINUTES
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ia,Police Officers' Pension Board of Trustees
Meeting
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Thursday, August 20, 2020 - 6:30 PM
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Videoconference
Present: William(Bill)Tomson,Chair
Tim Anderson,Member
Robert(Bob)Liggero,Member
Absent: Chase Jamison,Member
Ed Peck,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
1. CALL TO ORDER
2. COURTESY OF THE FLOOR TO VISITORS
A. None
3. APPROVAL OF MINUTES
A. Approve minutes of the May 14, 2020 regular meeting of the Police Officers'
Pension Board of Trustees.
MOTION: Motion to approve minutes
Motion: William (Bill) Tomson
Second: Tim Anderson
William (Bill) Tomson (Moved By) For
Tim Anderson (Seconded By) For
Robert(Bob)Liggero For
Motion passed 3 to 0.
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
Police Officers'Pension Board of Trustees
August 20,2020
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investment performance report for the quarter ended June 30, 2020. The total value at
the end of the quarter was $11,990,536.78.
Report Summary
Quarter to Date 4/1/20-6/30/20 14.85%
Performance Since Inception 3/10/10-6/30/2020 5.88%
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: Tim Anderson
Second: William (Bill) Tomson
William (Bill) Tomson (Seconded By) For
Tim Anderson (Moved By) For
Robert (Bob) Liggero For
Motion passed 3 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
5. 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.
ACTION: Motion to approve ordinance and send it to the Commission for adoption.
Motion: William (Bill) Tomson
Second: Robert(Bob)Liggero
William (Bill) Tomson (Moved By) For
Tim Anderson For
Robert(Bob)Liggero (Seconded By)For
Motion passed 3 to 0.
B. Other Items for Discussion
Police Officers'Pension Board of Trustees
August 20,2020
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6. NEW BUSINESS
A. FY21 Police Pension Budget
Discussed the proposed and it follows the actuarial required contribution outlined in
the actuarial valuation approved in May of this year.
ACTION: Motion to approve proposed budget
Motion: William (Bill) Tomson
Second: Robert(Bob)Liggero
William (Bill) Tomson (Moved By) For
Tim Anderson For
Robert(Bob)Liggero (Seconded By)For
Motion passed 3 to 0.
7. ADJOURNMENT
There being no further discussion,Chair Tomson declared the meeting adjourned at 8:30 p.m.
Attest:
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Melis a Burns, Pla AdminisatorWilliam Tomson, Chair
Police Officers'Pension Board of Trustees
August 20,2020
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