Book 1 Page 88 12/8/17 8:15 a.m. MINUTES OF THE CITY OF SARASOTA POLICE OFFICERS' PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING OF DECEMBER 8, 2017 Present: Chair Ron Baty, Vice Chair Duncan Miller, Secretary/Treasurer Pamela Nadalini, and Trustee Demetri Konstantopoulos Others: Attorney Scott Christiansen, Pension Plans Administrator Cynthia Akersloot, Senior Pension Analyst Anthony Ferrer and Pension Specialist Lois Belle Absent: Trustee Johnathan Todd 1. CALL MEETING TO ORDER: Chair Baty called the meeting to order at 8:15 a.m. 2. PLEDGE OF CIVILITY: Chair Baty read into the record a memorandum from 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 Regular Meeting of October 27, 2017 A motion was made by Vice Chair Miller and seconded by Trustee Konstantopoulos to approve the Minutes of the Police Officers' Pension Plan Board of Trustees Regular Meeting of October 27, 2017. Motion carried unanimously (4-0). 4.2. Approval Re: Minutes of the Police Officers' Pension Plan Board of Trustees Special Meeting of October 27, 2017 A motion was made by Vice Chair Miller and seconded by Trustee Konstantopoulos to approve the Minutes of the Police Officers' Pension Plan Board of Trustees Special Meeting of October 27, 2017. Motion carried unanimously (4-0). 5. APPROVAL OF RETIREMENT REQUESTIS): None 6. INVESTMENT PERFORMANCE REVIEW: 6.1. Presentation and Discussion Re: Garcia Hamilton Investment Performance as of September 30, 2017 Presenter(s): Jeffrey Detwiler, CFA, AAMS, Partner/Portiolio Manager, Garcia Hamilton Jeffrey Detwiler, CFA, AAMS, Partner/Portfolio Manager, Garcia Hamilton, came before the board and introduced himself. Mr. Detwiler discussed Garcia Hamilton's investment goals and philosophy; that the company is 100% minority owned; that the company has no litigation and no debt; that Garcia Hamilton's goal and philosophy is to outperform the benchmark net of fees over a full market cycle using a high quality strategy with less risk and turnover; that the fixed income strategy is to preserve principal, maintain liquidity and provide high quality results; that the company rotates among sectors: treasuries, U.S. government agencies, U.S. corporates rated A or better and U.S. agency guaranteed mortgages; that the company actively moves among these sectors. Mr. Detwiler stated that as of September 30, 2017 the portfolio was behind roughly 30 basis points for the quarter due to underweighting in corporate; that the 1-, 3- and since inception are ahead of the benchmark. The Board thanked Mr. Detwiler for his presentation. 7. UNFINISHED BUSINESS: 7.1. Status Report Re: Adopted Ordinance No. 15-5149, amending Chapter 24, Personnel, Article II, Pensions, Division 3, the City of Sarasota Police Officers' Defined Benefit Pension Plan, etc; AND. Adopted Ordinance No. 17-5232 establishing a defined contribution plan for the City of Sarasota Police Officers' Defined Benefit Pension Plan, etc Presenter(s): Attorney Dehner Attorney Christiansen stated that Attorney Dehner had a scheduling conflict and was unable to attend; Attorney Christiansen provided a summary oft the Ordinances adopted; that the adopted Ordinances are ready to be sent to the State for recording, along with the impact studies for each. 7.2. Approval Re: Proposed 2018 Regular Meeting Schedule for the Police Officers' Pension Plan Board of Trustees Presenter(s): Secretary/reasurer Nadalini Secretary/Treasurer Nadalini requested approval of the proposed 2018 meeting schedule for the Police Officers' Pension Plan Board of Trustees; the 2018 meeting schedule was approved by Board consensus. 8. NEW BUSINESS: None 9. ATTORNEY MATTERS: Vice Chair Miller announced his resignation from the Board; that he will relinquish his seat at the expiration of his term on January 31, 2018. Secretary/Treasurer Nadalini stated that the vacancy will be brought before the City Commission and that the vacancy will be posted to the website to solicit interest. Attorney Christiansen stated that Vice Chair Miller will need to submit a final financial statement. The Board thanked Vice Chair Miller for his service to the Police Officers' Pension Plan Board of Trustees. Book 1 Page 89 12/8/17 8:15 a.m. Book 1 Page 90 12/8/17 8:15 a.m. Attorney Christiansen stated that Trustee Todd's seat term is getting ready to expire. Secretary/Treasurer: Nadalini stated that Trustee Todd's seat is expiring effective January 31, 2018 and that Staff has followed proper procedure to notify the Police Officers' Pension Plan participants of the upcoming seat expiration to solicit nominations; that Staff will reach out to Trustee Todd regarding his interest in being re-appointed. Attorney Christiansen stated that there should be a fiscal year end reporting to City Commission regarding Plan assets and performance information and that information should be conveyed using the Pension letter template (PL#2) provided by Christiansen & Dehner; that the approved budget with a report of actual expenses must be provided to the City Commission and to the State. Secretary/Treasurer Nadalini stated that upon Board approval the budget information was transmitted to the City Commission and to the State. Attorney Christiansen requested authorization by the Board to update the forms package utilized by the Pension Plans Administration office; the Board agreed by consensus to have Christiansen & Dehner review current forms package. Attorney Christiansen provided a status update of Van Gostein disability claim; that depositions are being arranged; that a new disability claim has been filed for John Neri and his office is collecting records; he is requesting the Board grant an extension of the deadline date. A motion was made by Secretary/Treasurer Nadalini and seconded by Vice Chair Miller to extend the deadline date for Mr. Neri's disability hearing. Motion passed unanimously (4-0). 10. OTHER MATTERS: Secretary/Treasurer Nadalini requested Attorney Christiansen speak about gift law around the holidays. Attorney Christiansen stated that, with regard to gifts, he would recommend not accepting anything of value from anyone working for the Plan that you are a Trustee of. 11. ADJOURN. Chair Baty adjourned the Police Officers' Pension Board of Trustees Regular meeting at 9:13 a.m. Vy C Chair Baty Secretary/reasurer Nadalini