Book 1 Page 76 9/18/17 8:30 A.M. MINUTES OF THE CITY OF SARASOTA GENERAL EMPLOYEES' PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING OF SEPTEMBER 18, 2017 Present: Chair Barry Keeler (arrived at 8:45 a.m.), Vice Chair Ryan Chapdelain, Treasurer Kelly Strickland (arrived at 8:43 a.m.), Trustees Bonnie Wagner, Gretchen Schneider and Kari McVaugh Others: Attorney Scott Christiansen, Senior Pension Analyst Anthony Ferrer, Senior Pension Accountant Cynthia Akersloot and Pension Specialist Lois Belle Absent: Secretary Pamela Nadalini 1. CALL MEETING TO ORDER: Vice Chair Chapdelain called the meeting to order at 8:32 a.m. 2. PLEDGE OF CIVILITY: Vice Chair Chapdelain 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. ROLL CALL: Vice Chair Chapdelain requested Senior Pension Analyst Ferrer call roll in Secretary Nadalini's absence; Senior Pension Analyst Ferrer called the roll and a quorum of the Trustees in attendance was noted. 4. PUBLIC INPUT: No one signed up to speak. 5. APPROVAL OF THE MINUTES: 5.1. Approval Re: Minutes of General Employees Pension Plan Board of Trustees Regular Meeting of July 17, 2017 A motion was made by Trustee Wagner and seconded by Trustee McVaugh to approve the minutes of the General Employees' Pension Plan Board of Trustees Regular Meeting of July 17, 2017. Motion carried unanimously (4-0). 6. APPROVAL OF RETIREMENT REQUESTIS): 6.1. Approval Re: Early Retirement Request of Earl Belgrave Presenter(s): Senior Pension Analyst Ferrer Senior Pension Analyst Ferrer stated that Earl Belgrave is 63 years of age, has 21.12 years of service, and elected the Lifetime option. AI motion was made by Trustee Schneider and seconded by Trustee McVaugh for the Board to approve the early retirement request of Earl Belgrave. Motion carried unanimously (4-0). 6.2. Approval Re: Normal Retirement Request of Monique Marie Presenter(s): Senior Pension Analyst Ferrer Senior Pension Analyst Ferrer stated that Monique Marie is 65 years of age, has 10.08 years of service, and elected the Lifetime option. AI motion was made by Trustee McVaugh and seconded by Trustee Wagner for the Board to approve the normal retirement request of Monique Marie. Motion carried unanimously (4-0). 6.3. Approval Re: Vested, Deferred Retirement Request of Lavender Suarez Presenter(s): Senior Pension Analyst Ferrer Senior Pension Analyst Ferrer stated that Lavender Suarez is 55 years of age, that she left employment with the City of Sarasota effective June 19, 2000 with 13.52 years of service, and elected the Lifetime option. A motion was made by Trustee Schneider and seconded by Trustee Wagner for the Board to approve the vested, deferred retirement request of Lavender Suarez. Motion carried unanimously (4-0). A change to the order of the day was requested; that Item No. 9.1. be moved before Item No. 7. Investment Performance Review because the item requires consent and need quorum; Board unanimously consented to the change to the order of the day as requested. 7. INVESTMENT PERFORMANCE REVIEW: 7.1. Presentation and Discussion Re: Renaissance Investment Performance as of June 30, 2017 Presenter(s): Michael E. Schroer, CFA, Chief Financial Officer and Portfolio Manager - Large Cap Growth Strategy, Renaissance Mr. Michael Schroer came before the Board and introduced himself; he provided a brief overview of the Renaissance team. Treasurer Strickland entered Chambers at 8:43 a.m. Mr. Schroer provided an overview of the market economy and the portfolio for the first half of 2017 and discussed his company's investment strategy. Chair Keeler entered Chambers at 8:45 a.m. Mr. Schroer provided insight to FANG (FaceBook, Amazon, Netflix, and Google) stocks; that there is currently low volatility in the market; that the international overview shows growth opportunities in emerging markets; that Renaissance was underweighted in financials and energy creating a drag on performance; that the company has had a $8.2M gain since inception. There were no questions from the Board and the Board thanked Mr. Schroer for his time. Book 1 Page 77 9/18/17 8:30 A.M. Book 1 Page 78 9/18/17 8:30 A.M. 7.2. Presentation and Discussion Re: Polen Capital Investment Performance as of June 30, 2017 Presenter(s): John Gunther, CIMA, CAIA - Senior Relationship Manger, Polen Capital Mr. John Gunther came before the Board and introduced himself. Mr. Gunther provided a brief overview of company strategy; that the strategy delivers slower growth but more stability. Mr. Gunter discussed the economic environment and the portfolio through June 30, 2017. There were no questions from the Board and Chair Keeler thanked Mr. Gunther for his time. 8. UNFINISHED BUSINESS None 9. NEW BUSINESS: 9.1. Approval Re: Addendum to the Investment Management Agreement between the Board of Trustees of the City of Sarasota General Employees' Pension Fund and Allianz Global Investors U.S. LLC Presenter(s): Attorney Scott Christiansen, Christiansen & Dehner Attorney Christiansen stated that the new fee structure is in effect; that in addition to the new fee structure the addendum includes subsection Q., Public Records, in accordance with recent amendment to Section 119.0701(2)(a), Florida Statutes. A motion was made by Trustee Schneider, and seconded by Trustee Wagner, to approve the addendum to the Investment Management Agreement between the Board of Trustees of the City of Sarasota General Employees' Pension Fund and Allianz Global Investors U.S. LLC. Motion carried unanimously (4-0). 10. ATTORNEY MATTERS: Attorney Christiansen stated that there were no outstanding Financial Disclosure Statements due from Board members. 11. OTHER MATTERS: Discussion ensued around the best way to proceed with the Revised Operating Rules and Procedures. There was consensus noted by the Board to have Attorney Christiansen speak directly with the City's Attorneys to resolve any potential conflicts within the Revised Operating Rules and Procedures document; that the Board would like to see a final redlined draft for approval. Chair Keeler requested an update on any further discussion regarding restructure of City personnel; that based on the Plan's closed status and how the Ordinançe notes employment divisions there will be future issues with viable eligible Board candidates. Vice Chair Chapdelain requested Attorney Christiansen draft suggested language to recommend to city commission. Attorney Christiansen requested a headcount of active population and departments to ensure correct capture of language; Staff will work to provide. 12. ADJOURN. Chair Keeler adjourned the General Employees' Pension Plan Board of Trustees Regular Meeting at 9:49 a.m. N. LEcer C.P.AT. a BAREI Ome Chair Barry Keeler Secretary Pamela Nadalini Book 1 Page 79 9/18/17 8:30 A.M.