General Employees' Pension Board - 2/16/21

  1. Agenda

  CITY OF TITUSVILLE

GENERAL EMPLOYEES’ BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, FEBRUARY 16, 2021, 1:00 P.M.

COUNCIL CHAMBER CITY HALL


Any person who decides to appeal any decision of the Pension Board with respect to any matter considered at this meeting will need a record of the proceedings, and for such purpose, may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based.  In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statutes, persons with disabilities needing special accommodations to participate in this meeting should call the City Clerk’s Office, 567-3775, at least 24 hours prior to the meeting.


I.    CALL TO ORDER

II.    DETERMINATION OF A QUORUM 

III.    APPROVAL OF MINUTES

IV.    INVESTMENT PRESENTATIONS/REPORTS

        Review of quarterly investment performance by &CO Consulting

V.    REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT 

VI.    OFFICER AND MEMBER REPORTS

VII.    STAFF REPORT    

1.    Approval of expenses:

A.  Fifth Third Bank for the following accounts:  R&D $2,921.50; Integrity $472.52; TIPS $189.45; Anchor $1062.51 for quarter end 12/31/20

B.  Anchor Capital for quarter end 12/31/20 in the amount of $19,883.40 

C.  Integrity in the amount of $3,230.63 & TIPS in the amount of $908.18 for quarter end 12/31/20

D.  RBC Global for quarter end 12/31/20 in the amount of $16,250.66

E.  Sugarman & Susskind in the amount of $1,615.00 dated 1/19/21

F.  &Co Consulting in the amount of $9,288.18 for quarter ending 12/31/20 

G.  American Realty Advisors in the amount of $3,191.54 for quarter ending 12/31/20 (deducted from distributions)

H. Administrative fee for Plan Administrator $3394.88 monthly (automatic debit) 

I.  Intercontinental quarterly fees 13/31/20 (deducted from distributions) $7,967

      2.    Approval/Acknowledgement of the retirements/contribution refunds/buy-in/stop payments:

Retirement(s):  Terminated vested members:  Lynn Fuhrman 15-year certain 11/1/20; James Brown Life Only 11/1/20; Areita Billings 15-year certain 1/1/21; Kimberly Griffin (Heintz) Life only 2/1/21 

Contribution refund(s): After Plan benefits only:  Max Remillard, Daniel Bielen, Brandon Cox, Emma Davis, Samantha Osorio 

Drop:  Maryanne Dickey

Stop Benefit:  Martha Cardwell 1/1/21

     3.    Submitted scriber’s revision of Investment Policy Statement to City, State, Attorney and Actuary

     4.    Submitted annual report of investment activity for FY 2019/2020 to the City

     5.    Rebalance account to fund month end distributions 1/26/21, 11/19/20, 12/4, and sell remaining Templeton Global Bond 1/22/21

VIII.    OLD BUSINESS

IX.    NEW BUSINESS

1.  Acceptance of Actuarial Valuation presented by Actuary Doug Lozen, Foster & Foster

2.  Declare expected rate of return for the next year, several years and long term based on the recommendation of investment professional for submittal to the City and State

3.  Interest calculation methodology for DROP member statements

4.  Approval of Fifth Third resolution to update signature authorities

5.  Signature authorities for Integrity Fixed Income

X.    ATTORNEY’S REPORT

E-Verify Law


NOTE:    If you are not a Trustee of the Pension Board, your absence from work must be charged to vacation or compensatory time.  Your attendance will not be compensated (per Personnel Policies 6.02).