Book 1 Page 96 3/28/18 9:00 a.m. MINUTES OF THE CITY OF SARASOTA FIREFIGHTERS PENSION PLAN BOARD OF TRUSTEES MEMBERSHIP MEETING OF MARCH 28, 2018 Present: Vice Chair Shelia Roberson, Secretary/reasurer Pamela Nadalini and Trustees Charles Joseph and Scott Snow Others: Attorney Pedro Herrera, Senior Pension Analyst Anthony Ferrer and Pension Specialist Lois Belle Absent: Chair Michael Hartley 1. CALL THE MEETING TO ORDER: Vice Chair Roberson called the meeting to order at 9:03 a.m. 2. PLEDGE OF CIVILITY: Trustee Snow read into the record a memorandum from former acting Mayor Willie Charles Shaw, dated February 13, 2015, entitled "City Commission and Advisory Board Meeting Protocols and Pledge of Civility." 3. PUBLICINPUT: No one signed up to speak. 4. APPROVAL OF MINUTES: 4.1. Approval Re: Minutes of the Firefighters' Pension Plan Board of Trustees Regular Meeting of February 28, 2018 A motion was made by Trustee Snow and seconded by Trustee Joseph to approve the Minutes of the Firefighters' Pension Plan Board of Trustee Regular Meeting of February 28, 2018. Motion carried unanimously (4-0). 5. BOARD OF TRUSTEE REPORTS: 5.1. Presentation and Discussion Re: Annual Attendance Report for 2017 Presenter(s): Secretary/reasurer Nadalini Secretary/Treasurer Nadalini presented a copy of the Annual Attendance Report as presented to the City Commission at their regular meeting of March 19, 2018 which was accepted; that the report is being presented to the Firefighters' Pension Plan Board of Trustees for informational purposes and can be accepted by either consensus or motion. By consensus, the Board accepted the Annual Attendance Report for 2017. 5.2. Presentation and Discussion Re: Highlights of Pension Activity for 2017 Presenter(s): Secretary/reasurer 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/Treasurer: 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's Trustees for their diligence and efforts. Trustee Snow requested Staff discuss what the potential tax implications are on a disability benefit and discussion ensued around potential tax implications on a disability benefit; if a line-of-duty disability was granted prior to October 1, 2015 then the benefit becomes taxable at age 65. Vice Chair Roberson suggested possibly adding the overall rate of return to the Pension Activity Report. Secretary/Treasurer Nadalini mentioned that going forward she will reference the Actuarial Report and add the updated Historical Report as support. 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/reasurer Nadalini Secretary/Treasurer Nadalini presented a copy of Treasurer's report for the Period Ending September 30, 2017; that the total revenue was $21,771,657 up from last year; that total expenditures decreased slightly from the prior year; net income for year ending $9,610,593; total investments were $146,451,953, 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 76.7%; that the average money weighted rate of return for the fiscal year was 10.68%; that there are a total of 166 participants. A motion was made by Trustee Snow, and seconded by Trustee Joseph, to accept the Treasurer's Report for the Period Ending September 30, 2017. Motion carried unanimously (4-0). 6. INVESTMENT PERFORMANCE REPORT: None 7. UNFINISHED BUSINESS: None 8. NEW BUSINESS: 8.1. 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 Book 1 Page 97 3/28/18 9:00 a.m. Book 1 Page 98 3/28/18 9:00 a.m. presented is $296,051; that this is a very responsible and accountable budget and the Board is required statutorily to review and adopt a proposed budget and transmit the budget to the City and County. Discussion ensued around various amounts budgeted, and Attorney Herrera reminded the Board that the proposed budget is a measurement of anticipated costs and is reviewed at year end. A motion was made by Trustee Snow, and seconded by Trustee Joseph, to accept the Annual Budget for Fiscal Year 2018 - 19 as presented. Motion carried unanimously (4-0). 9. ATTORNEY MATTERS: Attorney Herrera stated that the legislative session has ended and that there were no bills passed that would impact the pension funds; that the upcoming educational opportunities are the FPPTA conference in June and the Division of Retirement conference in June 2018 as well; that there is an update on Financial Markets being held at USF on April 5, 2018 which would be a good local opportunity if a representative wanted to attend and provide feedback to the Board. 10. OTHER MATTERS Secretary Treasurer Nadalini reminded the Board that the Annual State of the Pension Workshop to the City Commission is scheduled for August 23, 2018 at 5:00 p.m. Discussion ensued around the Defined Contribution Plan and the status to date: that there is an Employee Retirement Account Committee quarterly meeting on June 7, 2018 at 10:00 a.m. if any interest; that the Pension Plans Administrator position has been reposted; that her office is currently gathering applications, and that she will solicit interest from the Board for representation on the interview panel as the process gets underway. 11. ADJOURN. Vice Chair Roberson adjourned the Membership Meeting oft the Firefighters' Pension Plan Board of Trustees at 9:43 a.m. Slioh holevm NVe - Mc Nd Vice Chair Shelia Roberson Secretary/Treasurer Pamela Nadalini