General Employees' Pension Board - August 25, 2020

  1. Agenda

CITY OF TITUSVILLE

GENERAL EMPLOYEES’ BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, AUGUST 25, 2020, 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.


Pursuant to Executive Order 20-69 as extended by 20-112, 20-123, 20-139, 20-150, 20-179 signed by Governor DeSantis and in accordance with F.S. 120.54(5)(b)2, notice of use of communications media technology for public participation and availability at this meeting is hereby provided.  Any member of the public may utilize the website link to participate by video and/or audio or utilize the phone number to participate via audio.  


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I.    CALL TO ORDER

II.    DETERMINATION OF A QUORUM 

       Term of office expiring Ashley Byrne 9/30/20 

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 $2,528.82; Integrity $273.32; TIPS $183.49; Anchor $901.38 for quarter end 6/30/20

B.  Argent Capital quarter end 6/30/20 in the amount of $15,685.27

C.  Anchor Capital for quarter end 6/30/20 

D.  Integrity in the amount of $2,239.15 & TIPS in the amount of $873.49 for quarter end 6/30/20

E.  RBC Global for quarter end 6/30/20 in the amount of $13,300.51

F.  Sugarman & Susskind in the amount of $2,125.00 dated 7/14/20

G.  &Co Consulting in the amount of $9,017.65 for quarter ending 6/30/20 

H.  American Realty Advisors in the amount of $3,168.63 for quarter ending 6/30/20 (deducted from distributions)

I.  Plan Administrator $9,888 for quarter end 6/30/20 (automatic debit) 

J.  Intercontinental quarterly fees 6/30/20 (deducted from distributions) $7,712

K. Foster & Foster dated 6/1/20 in the amount of $9835

2.    Approval/Acknowledgement of the retirements/contribution refunds/buy-in/stop payments:
Retirement(s): None
Contribution refund(s): After Plan benefits only: Mickey Wright, Mark Grove, Housai Walker, Moses Walters
DROP: Joseph Arena 4/1/20; John Riley 4/1/20; Lavada Jenkins 6/1/20; Tracey Glover 6/1/20; Dave Benninghoff 7/1/2020
Stop Benefit: Randall S. Davis effective 6/1/2020

     3.  Transferred funds from Argent to Vanguard Growth

4.  Deposit to the account $504.02 reimbursement for securities litigation from Medtronic and $200 for calculation to purchase credited service

     5.  Submitted Compliance statement, history of investment returns and Actuarial Valuation to the City for posting on the City        website

     6.  Notification of claim filed by Kessler Topaz Meltzer & Check on behalf of the Board – no action required

     7.  Correspondence from the Division of Retirement notifying acceptance of actuarial report and note regarding investment           rate assumption

VIII.    OLD BUSINESS

IX.    NEW BUSINESS

1.  Investment Policy Statement revision

2.  Discussion regarding fund balance statements for members in the DROP 


X.    ATTORNEY’S REPORT

Review of proposed Ordinance for compliance with the Secure Act and direction for Actuary to prepare Impact Statement 






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).