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Y � � � � � � z � I � � . � � � 1. � � L � y � 1�<f i� : TRUSTEES F THE BMPLOYEES' P�NSION FUND MEETING � Y y,' �` �a�; a`' ; J F ' � ' ` /"�� � } t � ° yj �c `t� r>�?; �' � �� t �,, _;j t . , , ..... _ .. , . ,.. ,_.i,.. _ ': -.. : .� �:tv`. . �, -�mrov , March 30, 1987 r,Fr � Yt :;; ' The City Commiss an, meeting as the Board of Trustees of the Employees' '�` '�: � �� ,� :j Pension Fund, met in r gular session at the City Hall, Monday, March 30, 1987, � � 1987 , >>'i ,' s , at 9:07 a.m. wi h ttie following members present: ;: , s:, �, , , :'� �; ;` ,� ` Lee Regulsk Vice—Mayor/Commissioner �'f� , � James Bexfi ld Commissioner 1 } �y � S � . } ;x Don Winner Commissioner r , � i i �, . ' :�l . r : ;: F R. Marvin M ore Commissioner Y� L- : s � ' ' , Absent: i ; / , % " � � =' � ` Kathleen F . Kelly Mayor ., , ; , x: :�,: ,,.� '" ` ` `'' Also present wer : r r. : ji � M1�` f'. 1'3 ' � # , �€ t' `M �� ti,, I Anthony L. hoemaker City Manager 5� 4, w�ti� � . , i i� ,�;��������f�t f` r� Milton A. G lbraith, Jr. City Attorney ��.,���:�y ��+� �'1,�+ � K Cynthia Gou eau City Clerk a � ����'ty1J9; „!(J '� `i!`�i , S, ': ) ...[a_�ii'{'x:�:�ye'k,:lyv...�t.:.il�;=.'�'a�'.•v...'`'.'��.4�`#�:'��_.,.. .'f. _. - i� The Mayor called� the meeting to order. ITEM �E2 - Minutes - Co�nmissioner Winner moved to approve the minutes of the March 16, 1987 meetin�. l�iotion was duly seconded and carried unanimously. ITE�14�3 - Recommendati�on of the Pension Advisory Committee. a. Request forlAcceptance into Membership. The City Manage� presented the recommendation of the Advisory Committee to approve membership for five (5) employees listed below: Name Classification Department James Jerkins, Sr. Draft. Tech. I Public Works/Engineering Tracy Hatfield Recreation Leader Parks & Recreation Patricia Hutton Parking Enf. Officer Police Michael Willis hiarine Serv. Supv. Marine Deitry Williams Sanitation Worker Util/Sanitation Commissioner Mo re moved to accept the recommendation of the Advisory Committee. Motion wa, duly seconded and carried unanimously. Sook 2 7/ • March 30, 1987 � 't �r ,;F;, > ,� ` � ;� : � ('• y fl ( 1 , _ ,: h'.4.�:'n _. _, �`v ... .- � �i j'U.r;il :4�. ' i j.�}Sc�:•1.;.. ''��:. , c j. �,',�.:� �,,, ; r; ,+'�.; '.,;;=�?�;;�s:a,. 1f�� �';',y ..Siil�� %^., ..�},:�':�•;Y „�{ ' ��:a -':./: � v�n-; .-L �t.;x. rR - x � {. 2. . . s..�;,. 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'n � A` i�£ � K! ��' � �+ c� '+� w� t,� ,f� %i nw' 3� .r ii r � :.�;"'1N ."u ?.k,:' � • 7•wt^"zi�id'�"�."�;Y,��s,Y�x �� .jt�Ct e' a .f � a 2 it, %aNnr �> S � i rr7� ����'}�`� �'���;� .C!.��Ny..��,Yy'� : • � �`' , : � ,� p c;.t � ...._.'!�'{hi�:�i'Lw�M J._ �hp.'yd'a"�^'"�'R,�'e;`"."r'�':���r�'`�'"v�rk�' '4ic°"..�.yk'',.�v�'�,w�;`!'v:..c< ..Jd.t.�..;�:i?�i.'`�`iv�.iS+�-c..a.-fi?�"t[�."P�x:L's' :.W�.+u. �'vtt ,� �.a :�'.��4'Yk�' ib +' tr ii;. .,r,- . . ... . .... �.. .. +,r^Ym.r �� '�iY.T17.� �li:: 1 i°�q�51;� !T I - .. • � , �:hi1!M..,"`;'�.:'i....v.r:,y.a+��".+L�.�:.yr,.1�ti.:l�i.f�%iMr3� r �1`.P.4 '+. � w� �S;Wi�{+1� '4 r . . , - . - {ii Y + � F 3if.}: s� ' 3 >l � r ' .. � ' . . . � ' . . �"}'� � ��y . � a dY't� ' ` r . „� �' N� � i .J•t�~� � ". : � ... ;. i . ':� � .:�'.� . ::�' �. .... .'� ... �. . , ' . �' f Y s '21.1'' 1 I'�4E� v.P : ,�.� � I.. � � . . � 5 . x I l ' ts � F � .�5� , • : x ,: t, �, r ���° � , . . � > , h �*, , ' . f , .� , ,�,. � ,, .•, ,���., '. 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( '� .L �KM,e4'`:ist.t2as�x.45Y.M9iVqx�!'at+r'v�''�°�i'Jta".itirkt.r..Ydv��re�s,�.u.e...a�uw,n...;es,+Nrm.zY-.,..-.x�xae�+�r�,.�..«..,r.w_rs..,....ow.�..,r,+4..�,�,....r,....________._.____ ....._.-.�._..�_..,....,.�.,�r.�.....,�..4,...�..,. _... ...._ .� . t 1 ��� �r.. . � . 1� tC r� ! f',.. , I L t � � � . � . � .�, " } � .;: _ t{,I f , f � � � t . : i Y� y .. � t ..rS. f�fff t S�I.� � r K � � �' ' � , ` r: t itr � r � . r ,, S '`?�f'��r ? � } � ITEM 914 - Other Business. � ; �L �, �r��: � � ; � - � � f ' t�� � � `.� � j `�;'r{. ' . ; : � �� . � 1) Appointment of Actuary for January 1, 1987 ValuaCion. t (' , , �` ,` t,;,�; � � '� s }� , : ,r Z�, , ' � i Ogle and Waters, Inc. was initially hired to perform tiie January l, � r ' ���� t ' _ i4 �� ;�' � :� 1986, valuation after serious questions were raised relating to the 1985 `, �t,' ���� "���," ' ; s ,�' '�' °, �� valuation performed by Ronald T. Hirsch and Associates. The fee proposed by ` � 7 `� ` . ' l } i+ �=' <� Ogle and Waters compares to $8,000.00 which was bid for their initial study r, ;'` t>`� }`�t �f °_ ' s� � is��. r� �� ik iL"�C" e�.���t i but it does include an update of mortality tables from the 1965 tahles which ,, �, _,± � ��,��� y_� ;, have been used in the past. Increased contributions resulting from the use of � 7< ��f>�;��' ;. . y. � e. r. i'i � c'� . ', ' more recent tables will be phased in over a 2 or 3 year period. Commissioner ,,, � r�� `� r,���,;�;'43st�' �` Re ulski uestioned whether or not better than antici ated earnin s can offset �'' ''� xx`� ' g q P g ' , � { � �.- � � �,�,, 'i "`, Che half a million dollar short fall that occurred due to the error made by ' r 7;�'' '.M7 �, ��,��"7`��'.f�3' , , Mr. 8irsch. It was indicated that it could not. However, the Finance " '. H,,�3�,} zf�'�� k�, ' t'` Director indicated that the short fall had nothing to do with the pension `° f `A��y%(��{rs�� �e?,��,�s,h : � ;" r fi }�n�� � ti ..tt , . . r �, ., t .� ,r � �r.kr .r + � . ` �yF� Sh> r 3Y�1 ;r x.� fund's assets. ,, � `.-� =f > " 'tN� ti ti�?�� �.jl, {� , ^ e . s� �� tn �T`�'`b���;�'" i '`. � 5 , Commissioner Moore moved to approve the appointment of Ogle and W��ters, , �>�: t��, .� Tt r��ri s� t �nn� �1� �. s4.�-� �'.vx�` �,I�.c ��.�r��..��+ � 2;�� t",�3 �' �' � + , Inc. to perform the January i, 1987 Actuarial Valuation for a total fee of , � t�,, Y,� �r,�,���,�x r{�1 y 5p1'��` j�,��1 y J,,{ $9,500.OU as outlined as alternative number 2 in the proposal letter. The ', r �, �'„ �``,�4'��`"���t'�'}��� � t t � �f; v;wfi�;Fh-?f� � motion was duly seconded and carried unanimously. , A � ��,� ��,;�`����� L�; V, i-� if' ,��u,� �' - ?r t r � r r � ' t.r t � �4 � � (i Dt� ,!-.�i cm,�` o- q�� � � r �2�"E�+cYf#�'�+1.�" � rj a r r .+- � j � c� ,� . t� �7'�C�?�, �t rr���.i,.� ���-,,� �t 4�;t�,"� � � 2) Inves tment Allocation for Cash Balances in Ci ty Pension Fund '' ' t'��' `��'�� �,��y�a�'��� �` �"�.M*C�� 5 �li��t�'Y,y. � L t S �J" � � i�� �'�..�.t` r s i•$'��``YF�n�� 4� .. . t3'7;t\r1 ��:�N2��T;�� dY"fiYl '� 'i . i ,�L ± K ! � y .J ! � i .t3��..F r i � � J � x f}r����' Y�Fk Y'�' ^��� F�,. ` r Cash available in the Pension Fund at September 30, 1986, totaLed i {''��;` �°�°� <<,� �; � Y u � a� � fw� � ! . � :.��'4`� K>'�.rt��'"y� �^'1. z{..i. � _. . . . . ... , � f' i ,. .._.. ' _k. y_, ri�'',� .��.. i'�r , ...i s�` �.`� � _ . (� $2,435,242.00. This cash is accumulated annually due to the fact that total �`""'� contributions exceed planned disbursements. Assets under management as of February 28, 1987, are indicated on a separate scheduZe. The Pension P1an ordinance provides that not more than SOY of glan assets may be invested in equities. City Staff together with our Equity Investment Advisor and Performance Measurement Consultant have given serious attention to the appropriate recommendation for investment of current cash balances. With stocic markets at a11 time highs, it is the opinion that it is not the optimal time to increase equity exposure. Performance Measurement Consultant has recommended thaC serious consideration be given to hiring a Corporate Bond Manager and has offered to conduct a Bond Manager search for a$25,000.00 fee. Staff is of the opinion that Guaranteed Investment Contracts (GICs) provide at least the same return as Corporate Bonds without the accompanying volatility. GICs are actually promissory notes issued exclusively by insurance companies. They carry a fixed interest rate and are payable at a fixed time only to the original purchaser. Because they are non-marketable, they are carriea at cost and are not subject to declines in value based on market declines or increases. When the Pension Plan Trustees first diversified into equities in 1982 the decision was reached to leave approximately one half of the assets in 'F'� 71 'u-`•"" 4` � ._—.. .... _ _ .. . �d¢!` y ;� �y y 7- � , ,� 1 f f N�J�'�� px"�} {�3���¢��sS:�i�tt � .a�� � . r . . . y M1 �� F, k'�i.yt .F���� riSL txr �. + , . � r+�2 � F4�t 4 1��� � }aS � .' , J"�'"���j .yhi��i��'f� � .. . . . . �' � 1 s � t 4�� '�t� ���f: � , t . . . . . ' � {aS;�'r � � s; �t Z ' i ! � rr , ; �.,. . , , , . � 78. � . 1 _ ...,. ,. .. . . . �tvT f��d r . � � : ' : . . � .. y' i ° � � ` .' �+. F 1nt tlLJ� 1' � .�».r.w�.:..�`,Y"C'��r„`., , �� �,P�y,'; ^Ys"'ti� , ."^r"'�".'"7"�.""""" _ . � �s . :. . . . . . ..... `" �. i;i� t:'"' enM+. ���� y} � ti v ... .. . .. . . .. . March 30, 1987 �! .�,. 7t�:;; �;. ��:; �::a;'; +:Y};f``�i� u.'LY i': :5 . �. N'+:'f."">�•j _l;f _ ';��i :f;�' .'y;,:�:. :>;�;,{ �� r;;�;;. �~'�.� . ,...� . .��:kv'': � ��,'. �:}: �'IY�`�. .:a;.;: - , . . .. `,`. .. �s ;-;.' f�;'�;: - %,:, ';�4f 11�):-z '3; ' �. , ?. �, M1�:f•f� ;�`j y� +`�f ':'t ;l�^ � ti�i l.. .+�ti•.� .. *" . ,J";-.'y, �:, I� .'t4: � �; 1.!�' . . ,. ,��'V�. .;�4 • � �r y. y . . . +� `.:' � <+�'�'"�'��+� � . .. . . . . , .. c3 � t c r + F' ,' } rllf . : 1 .i �, .j I x v �: . . .' , tr{ t . �I . ' � � E . . . , : , • 1 .. . � . } 9 � r- . , lA 'y ��' tl 'r i - - - ".. - - _ � 0 � �� I ' ' . �' ''�•'::�ti« ;Ctsr. t rY , :•� .1', , ��r�\ , tf' . . . ' '�, l � Y ' . �. . . . .. . t ( t =t , i � ,. • , ` . ,�j � . . � . .�6FL'Y..'*-_'.�S.KR'cs.':�Li4iJ.4s'&5�2?+�",v.�'i!FJ�'7n'h:s,'t�Y."..+'�i`�'��'R''ab.rmatrt+.awwarv:wr.a+e�.ra-.m•c�a-i�wn..+...Rw�.,«.,„...n»a.u.-�-,�,n-.7r.r-v-K+�nn<w.....+...».,.�....,—.....`.....�..�...._•.w..«,•caw.......w..r...+�...�..w�»---- - _.v._' ..__.......__. � - i GICs to provide stability together with a respectable rate of return, Recent � � art3cles in the Financial Press indicate that investment in GICs is growing in � popularity. It is staff's belieE that the original logic which led Co GIC � � investing in 1982 is still valid and we do not see this as an appropriate time i to recommend alCering that investment philosophy. If the trustees approve the �;, �� current recommendation it will result in an equity GIC mix of approximately `� } 52.6%/47.4% based on market value and approximately 45.8%/54.2% based on cost. Tt was indicaCed that the funds performance lias impxoved this year. { i '` It was the consensus to provide statistics to the trustees regarding the Fund Managers performance. , ' Commissioner Winner moved to authorize placement of $2,400,000.00 of � casl� available for investment into Guaranteed Lnvestment Contracts and the � }. _ appropriate officials for authorization to execute same. The motion was duly � � seconded and carried unanimously. i. " -4 � 3) Investment Agreement with Florida National Bank r ,� A ,c ;�� In 1982, Exchange Bank of Tampa was retained to acC as custodian Eor all ;� zt'�'x� ��� A... plan assets, as Investment Plan Manager for GICs and Equity Advisor for `�r ��'S ���� ,�' moniCoring the performance o£ the newly hired Stock Managers. When Exchange r` f�:�„����a "` ii'``F�` ` Bank was acquired by NCNB in 1983 we observed an immediate deterioration in �`'~�,s f�.�`��'�r�rifn dr the level of service. NCNB declined to continue acting as Equity Advisor and �xt�r���`¢�'� �„��, �'� i. , instead began promoting their own stock management department. John +?4,.� � �'�r�5<' �.�� �"��'�`����i � Willoughby, who was iastrumental in the City's original GIC investment ��y�y� �n�'�� 4,.t�;�r_;sFyh =��;��:,�,4'� ;:� decision and served as GIC Investment Manager for Exchange Bank moved to ti6 ';r Florida National Bank. In 1984 the Commission approved the appointment ot � Florida National Bank as manager for one half of the existing GIC portfolio with cash to be transferred to FLorida lJational for reinvestment as the existing GICs matured. NCNB was to continue as manager for the remaining half. Following more difficulties with NCNB the Trustees authorized an RFP in 1985 to seek a new Custodian and Equity Advisor. Sun Bank was appointed as Custodian and Florida National Bank was appointed as Equity Advisor. Through GIC maturities we are now at a point wh�re Florida National has half of the GIC portfolio under management and we will need a Reinvestment Manager for the other half as it matures. Sun Bank has expressed a willingness to provide this service but they admit to having no particular expertise in this specialty area. The proposal will appoint Florida National as Investment Manager for the entire GIC portfolio including the half they already have under management. The fees quoted are the same as in the current contract and also the same as our original contract with Exchange Bank. Our analysis indicates that under normal reinvestment rates Proposal 1 will result in lower fees and we recommend it over Proposal 2. We have been consistently pleased with both performance and the service we have received from Florida National Bank, and in our opinion Mr. Willoughby is one oE the leading experts on GIC investing. � Bc�ok 2 vla..,,,. .. , r�:Cn�r'.�1`er".s 79. .t�,.��.t .., .,, .,� i- March 30, 1987 �. _ t t.. t ti a � � �' ' i . - , n � .r,t� ; 4. � � % t i,� c ' r r' �. ,l � S a� , y } � � , jj .�1 •. `."�. _ « �r :� ,: �. �, J1 2 r { i-� .� :: C 1 ti � M1 T 1 : �i '•, r tt; s . i Y r, ,,t �� Y , .� r � ' � ;r > > � ` ti� �; .�°. ; , . � 4�,,�," > >4�x K , ; , .St } y� f }'� '. 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" . . .. . . 1 j 1 . , , . � � „ � � � , . , s � t � , .. . , . . , .. . , ' .. . " � ' �.1 i � �`' . ' , . .. . ' . � . . . � .. ' . , . � . . i ' P. { ) . . . . . . . . '.�. . � . . . . . . . .. i ' . . � . � . ' . � . . , ' �� � . . . . ' . . . . . . ' . , . . ' . � ' ,:.1 . ; . t . . ' . . ' . . • . . . .. ' ' . . . . . . .'i�, . ' . . . . .. . . .. . C . � . . . � , ' ' . , � � � � �i .. . . . �� � , _ � � �� ' � ' , � ' . . . . . . . . . . ... � � � „ , .i: � � � � �. . , . �. , ; � � ' �, , �.�, � . . . .. .t. x} . , � . . . ' ..� 't . ' 'if . . � .. . � � , _ ' . .. � . .. ... � �- ' � � , . . , � . . . . . r � ' ..' � . . . ' . � � . . . . . t �� , } 1 , . { t t.. ,: tl t t � f" J y. t. 1 � t �' Y,. } .� *.! `�j 34�tf�...._:_- - - - - - - �rw��.rrrrww .r � ' � - -'-- , .�• .�i. ' . . � � . � r .>'. r �.F . }��1.. t ` i , '. . , �+ . . � :ti � t � . �, �, 4 � j i y � ,y �� � :�a r.� t31�: � R ti�f'�l, �' p- '. t � , F,���r tisa5 t 1 � S - } a . � } �irr` . 1 ,� 't J[.':Y, N�� 4.��"'SF� I."•it�. w. . .. __.. .... . .. . ._ .. .. . S._'�� . . ,.. ... I''� r � �' � Concerns were expressed regarding placing all of our "eggs in one `'� basket". The Finance Director indicted thaC with GICs it is not unwise to do ��. @r� �. i .� � •. ; t'�; =-� this. It was the consensus of the Commission to have Mr. Willoughby speak to i" �' ��t ` the Commission aC their next worksession. '' ' , ' � � �` ; ' `' Commissioner Winner moved to approve the appointment of Florida National •rt � . , , � �` r� ` ';�� Bank to act as the Investment Mana er for the fixed income GIC ' � g portion of the : � � +` 'a � , ,.c; � .s. � r' ' i� :� :.:j Pension Plan assets at a fee of .07% of assets under management as outlined i ,; } � ' , . , ,. ��} ��, t,' A �;i �' �x under Proposal 1 of the proposal letter. This actually represents an �' " f' `,' �'" extension of an existing agreement which currently applies to one half of the h.�' 3.. .. �, ,�,�`5,,:,� � GIC portfolio and that the appropriate officials be authorized to execute x� �};�. � rh t' ' ,; same. The motion was duly seconded and carried unanimously. : fi,= ,� . ;' �, • r t `` �: r.'"a ITEM 4�S — Meeting adjourned at 9:24 a.m. .1=n ..�: ..r h ,- .., . i , � " � .� f �.. . ` � r.f,._. ;., �; �,:i�; r. t „1:.. �;��F',';�;"M1 .Js. SY`4,�'�:F'i � Attest: � . Z • �... 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Y t � i � 1 � da 4 �'�ee r � � ,ba�t.� �+ � ,t�j°� �'� ''�,�.�.�'Kt �-s��,y����i�'`z' �l� r � t , �y� , r. , ''° �'�";����`� '�.� +� �` �, ; 2. Approval of Minutes of March 16, 1987 2. Approved : � , �" ��t��'; x �,;^��}i��`� �.5,�¢ �ti �� # < x� t r .a ,� Cr.' `"{ ��. 2:,,5�. F. trN.: :> . . .._ . , r. , ., . , . . ,a= r:+�F �a �;`?�'i+� . my����a,'.a�'+'� a,r.t'�`i�zt�.3f���`����''�_'� r�•. m 3. Recommendation of the Pension Advisory Committee: A. Request for pension: 1) James Jerkins, Sr. _.: �-� 2) Tracy Hatfield � 3) Patricia Hutton 4) Michael Willis 5) Deitry Williams 4. Other Business 1) Appointment of Actuary for January 1, 1987 Valuation 2) Investment Allocation for Cash Balances in City Pension Fund 3) Investment Agreement with Florida Natiqnal Bank 5. AdjournmenC Book ?. ?��� . ..i:•:nf'�"^�. .... .._ 3. 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