Book 1 Page 229 03-24-2021 9:00 a.m. MINUTES OF THE CITY OF SARASOTA FIREFIGHTERS PENSION PLAN BOARD OF TRUSTEES MEMBERSHIP MEETING OF MARCH 24, 2021. Present: Chair Michael Hartley, Vice Chair Shelia Roberson, Secretary/Treasurer: Shayla Griggs, Trustee Charles Joseph, and Trustee Scott Snow. Others: Attorney Pedro Herrera, Pension Plans Administrator Debra Martin, Senior Pension Analyst Anthony Ferrer, and Pension Specialist Peter Gottlieb. Absent: None 1. CALL MEETING TO ORDER: Chair Hartley called the meeting to order at 9.00am. 2. PLEDGE OF CIVILITY: Secretary/Treasurer: Griggs stated for the record, "We may disagree, but we will always be respectful to one another. We will direct all comments to issues, and we will not engage in personal attacks." 3. ROLL CALL: Pension Plans Administrator Martin called roll. Chair Hartley, Secretary/Treasurer: Griggs, Trustee Joseph, and Trustee Snow appeared in person. Vice Chair Roberson appeared telephonically. Also appearing in person were Senior Pension Analyst Ferrer and Pension Specialist Gottlieb. Attorney Herrera and Pension Plans Administrator Martin appeared telephonically. 4. PUBLIC INPUT: None. 5. APPROVAL OF THE MINUTES: 5.1. Approval Re: Minutes of the Firefighters' Pension Plan Board of Trustees Regular Meeting of February 24, 2021. Presenter(s): Chair Hartley. Trustee Joseph made a motion to accept the minutes of the meeting of February 24, 2021; Trustee Snow seconded the motion. The motion passed unanimously (5-0). 6. BOARD OF TRUSTEE REPORTS: 6.1. Presentation and Discussion Re: Highlights of Pension Activity for 2020. Presenter(s): Secreltary/reasurer Griggs. Secretary/Treasurer: Griggs presented the Highlights of Pension Activity for 2020, and stated it was a synopsis of the Board's official business for the year. The Board accepted the Highlights of Pension Activity for 2020 by consensus. 6.2. Presentation and Discussion Re: Treasurer's Report fori the period ending September 30, 2020. Presenter(s): Secrelany/reasurer Griggs. Secretary/Treasurer: Griggs presented the Treasurer's Report noting the total revenues for the fiscal year were $2.8 million and summary of investments is $158.695 million which increased from the last year by $3 million. Chair Hartley asked if the cash listed under the summary of investments was under management. Pension Plans Administrator Martin stated this was the balance oft the operating account at that point in time, and income from UBS is deposited to the Receipts and Disbursements account held by the Custodian regularly. Secretary Griggs noted that as of September 30, 2020, there were 160 total participants and 160 retirees and persons receiving benefits. Trustee Joseph made a motion to adopt the Treasurer's Report for the period ending September 30, 2020; Trustee Snow seconded the motion. The motion carried unanimously (5-0). 6.3. Presentation and Discussion Re: Annual Board Report for 2020. Presenter(s): Secretary/Treasurer Griggs. Secretary/Treasurer: Griggs presented the Annual Board Report and stated that it had been presented to the City Commission on March 15, 2021. Chair Hartley asked when the Plan's contract with Sugarman & Susskind would expire. Pension Plans Administrator Martin stated she would review the contract and advise. The Board accepted the Annual Board Report on consensus. 6.4. Presentation and Discussion Re: Proposed Annual Budget for Fiscal Year 2021 - 2022. Presenter(s): Secrelany/freasurer Griggs. Secretary/Treasurer: Griggs presented the Proposed Annual Budget for the Fiscal Year 2021-2022 for administrative expenses; she stated it is a responsible and accountable budget. She noted the budgeted amount for personnel services increased by 2.8% as Pension Administration is fully staffed; travel, training, and conferences increased by 6% as the Board anticipates these to resume in the current fiscal year; and payroll services increased due to the increased number of staff. Vice Chair Roberson made a motion to adopt the Proposed Annual Budget for Fiscal Year 2021 - 2022; Trustee Joseph seconded the motion. The motion carried unanimously (5-0). Vice Chair Roberson and Chair Hartley thanked the Pension Administration staff for their efforts and diligence. 7. INVESTMENT PERFORMANCE REVIEW: None. Book 1 Page 230 03-24-2021 9:00 a.m. Book 1 Page 231 03-24-2021 9:00 a.m. 8. UNFINISHED BUSINESS: None. 9. NEW BUSINESS: None. 10. ATTORNEY MATTERS: Attorney Herrera also thanked Pension Administration for its support and thorough work. He stated there is no current legislation which could directly impact the Plan and he will have a telephone conversation with Brown Advisory regarding a provision in the ongoing contract negotiation; he was confident the issue will be resolved. 11. OTHER MATTERS: 11.1. Presentation and Discussion: Administrative Expense Budget Analysis. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin thanked the Board and Attorney Herrera for their comments. She stated this analysis is for the first quarter of the current fiscal year, which ended December 31, 2020. She noted the Dues and PC Software were mostly expended by December 31, 2020 because of the timing of when each are due. At Chair Hartley's request, Pension Plans Administrator Martin clarified that "Dues" refers to the FPPTA Board membership and CPPT certification fees. The Board accepted the Budget Analysis on consensus. 11.2. Presentation and Discussion Re: Pension Fund Check Register, October 1, 2020 to December 31, 2020. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin stated the Check Register shows the expenses paid out of the fund by ACH. Chair Hartley asked if the contract with Morgan Stanley Smith Barney is based on the amounts under management and stated that the payment appeared lower than he expected; Pension Plans Administrator Martin and Attorney Herrera stated they believed it was a flat fee. Attorney Herrera clarified that he believed the contracts with individual fund managers are based on the amounts invested. He and Pension Plans Administrator Martin stated they would verify how the amount is determined and compare it to prior amounts paid. The Board discussed attending virtual training. Trustee Joseph expressed his appreciation to Pension Administration staff for their thoroughness and expediency in addressing the Board's needs. 12. ADJOURN: Chair Hartley adjourned the Firefighters' Pension Plan Board of Trustees Membership Meeting at 9:26 a.m. hfi - - Chair Michael Hartley SécretaryT freasurer Shayla Griggs