Book 1 Page 102 3/23/18 8:15 a.m. MINUTES OF THE CITY OF SARASOTA POLICE OFFICERS' PENSION PLAN BOARD OF TRUSTEES MEMBERSHIP MEETING OF MARCH 23, 2018 Present: Chair Ron Baty, Vice Chair Demetri Konstantopoulos, Secretary/Treasurer Pamela Nadalini and Trustee Johnathan Todd Others: Attorney Lee Dehner, Senior Pension Analyst Anthony Ferrer and Pension Specialist Lois Belle Absent: None 1. CALLI MEETING TO ORDER: Chair Baty called the meeting to order at 8:19 a.m. 2. PLEDGE OF CIVILITY: Chair Baty read into the record a memorandum from former Mayor Willie Charles Shaw, dated February 13, 2015, entitled "City Commission and Advisory Boards Meeting Protocols and Pledge of Civility." 3. PUBLIC INPUT: No one signed up to speak. 4. APPROVAL OF THE MINUTES: 4.1. Approval Re: Minutes of the Police Officers' Pension Plan Board of Trustees Special Meeting of February 16, 2018 A motion was made by Trustee Todd and seconded by Vice Chair Konstantopoulos to approve the Minutes of the Police Officers' Pension Plan Board of Trustees Special Meeting of February 16, 2018. Motion carried unanimously (4-0). 4.2. Approval Re: Minutes of the Police Officers' Pension Plan Board of Trustees Regular Meeting of February 23, 2018 A motion was made by Vice Chair Konstantopoulos and seconded by Trustee Todd to approve the Minutes of the Police Officers' Pension Plan Board of Trustees Regular Meeting of February 23, 2018. Motion carried unanimously (4-0). 4.3. Approval Re: Minutes of the Police Officers' Pension Plan Board of Trustees Special Meeting of February 23, 2018 A motion was made by Trustee Todd and seconded by Vice Chair Konstantopoulos to approve the Minutes of the Police Officers' Pension Plan Board of Trustees Special Meeting of February 23, 2018. Motion carried unanimously (4-0). 5. BOARD OF TRUSTEE REPORTS: 5.1. Presentation and Discussion Re: Attendance Report for 2017 Presenter(s): Secretary/Treasurer Nadalini Secretary/Treasurer: Nadalini presented a copy of the Annual Attendance report as presented to the City Commission at their meeting of March 19, 2018 which was accepted; that the report is being presented to the Police Officers' Pension Plan Board of Trustees as informational and can be accepted by either consensus or motion. By consensus, the Board accepted the Attendance Report for 2017. 5.2. Presentation and Discussion Re: Highlights of Pension Activity for 2017 Presenter(s): Secretary/Treasurer Nadalini Secretary/Treasurer: Nadalini presented the Highlights of Pension Activity for 2017; that the highlights represent the Board's activity through 2017, and show that the Board has been quite busy, which is typical of this Body; that Secretary/reasurer: Nadalini commended the Board on the numerous accomplishments throughout 2017 and the Board continued focus on its retirees and fiduciary responsibilities; she thanked the Board for their diligence and efforts. By consensus, the Board accepted the Highlights of Pension Activity for 2017. 5.3. Presentation and Discussion Re: Treasurer's Report for the Period Ending September 30, 2017 Presenter(s): Secretary/Treasurer Nadalini Secretary/Treasurer Nadalini presented a copy of Treasurer's report for the Period Ending September 30, 2017; that the net income for year ending $22,844,799 which is significantly increased from last fiscal year; that the audit has concluded with a clean opinion on the Plan; that the funded condition of the Plan is 82.0%; that the average money weighted rate of return for the fiscal year was 12.3%; that there are 216 retirees and 147 active members. A motion was made by Vice Chair Konstantopoulos and seconded by Trustee Todd to accept the Treasurer's report as presented. Motion carried unanimously (4-0). 6. APPROVAL OF RETIREMENT REQUEST/S!: 6.1. Approval Re: Line-of-Duty Retirement Request of John Neri Presenter(s): Senior Pension Analyst Ferrer Senior Pension Analyst Ferrer presented the certified calculation for Mr. Neri; the certified calculation was prepared by the Plan's Actuary, Pete Strong, Gabriel Roeder Smith & Company as approved by the Police Officers' Pension Plan Board of Trustees Special Meeting of February 23, 2017. A motion was made by Trustee Todd, and seconded by Vice Chair Konstantopoulos, to approve the Line-of-Duty Retirement request of John Neri. Motion carried unanimously (4-0). Book 1 Page 103 3/23/18 8:15 a.m. Book 1 Page 104 3/23/18 8:15 a.m. 7. INVESTMENT PERFORMANCE REVIEW: None 8. UNFINISHED BUSINESS: None 9. NEW BUSINESS: 9.1. Presentation and Discussion Re: Proposed Annual Budget for Fiscal Year 2018 - 19 Presenter(s): Secretary/reasurer Nadalini SecretaryTreasurer Nadalini presented the Proposed Annual Budget for Fiscal Year 2018 = 19 to the Board; that the proposed Annual Budget for Fiscal Year 2018 - 19 remains flat; that the total budget being presented is $242,463; that this is a very responsible and accountable budget. A motion was made by Trustee Todd, and seconded by Vice Chair Konstantopoulos, to accept the Annual Budget for Fiscal Year 2018 - 19 as presented. Motion carried unanimously (4-0). Secretary/Treasurer Nadalini requested Attorney Dehner discuss the Board's responsibility's regarding the budget; Attorney Dehner stated that from a statutory responsibility the Board must review and approve a budget for the upcoming Fiscal Year 2018 = 19 to be filed with the City by October 181; that in addition the Board must approve and file a final budget of Fiscal Year ended September 30, 2017. Secretary Nadalini stated that her office would comply with those requirements on behalf of the Board. 9.2. Presentation and Discussion Re: City of Sarasota Police Officers' Pension Plan Pension Administrative Forms Presenter(s): Attorney Dehner, Christiansen & Dehner Attorney Dehner presented updated administrative forms for administrative use for the Police Officers' Pension Plan. Discussion ensued around timing of when the forms must be implemented and Attorney Dehner stated that there is no statutory requirement to update the forms but that the current formed are dated but still very relevant; Secretary/Treasurer Nadalini requested an opportunity to review and potentially provide feedback on the forms. Consensus to put this agenda item on a future meeting after thorough review. 10. ATTORNEY MATTERS: Attorney Dehner stated that the legislative session has adjourned; that there were no bills passed which would be detrimental to the pension plan. Attorney Dehner provided an update on the Van Gostein disability; that his office is in the process of scheduling meetings with the original exploratory officers and cardiologist, that nothing has been submitted by the Plaintiff or his attorney. 11. OTHER MATTERS: Chair Baty acknowledged Commission Ahearn-Koch in the audience, as well as the other distinguished guests in attendance. Secretary/Treasurer: Nadalini stated that the Firefighters' Pension Plan Board of Trustees had requested Board shirts and business cards to represent them as City of Sarasota Firefighters' Pension Plan Trustees when attending conferences, etc. and that if there is interest at the Police Officers' Board to please contact Pension Specialist Belle directly. 12. ADJOURN. Chair Baty adjourned the Police Officers' Pension Board of Trustees Regular meeting at 8:40 a.m. mgs VANO Chair Baty Secretary/Treasurer: Nadalini Book 1 Page 105 3/23/18 8:15 a.m.