06-14-2021TRUSTEES PRESENT* Justin Nickels
David Blair
Ron Hayward
TRUSTEES ABSENT: James Binder
Herb Epstein
OTHERS PRESENT: Ken Harrison, Sugarman & Susskind (via phone)
John Thinnes, AndCo Consulting
David Kelly, Bowen Hanes & Company
Doug Lozen, Foster & Foster (via phone)
Michelle Rodriguez, Foster & Foster
1, Call to Order —Justin Nickels called the meeting to order at 4:02pm.
2. Public Comments — None.
3. Approval of Minutes
a. March 8, 2021 Quarterly Meeting Minutes
Now Business
a. Disability Application, Gregory Swets
b. City Appointed Trustee Seats
i. Michelle Rodriguez informed the board the two council appointed seats have been
filled by Herb Epstein and Ron Hayward.
c. 51h Trustee Election
1. The board agreed by consensus to defer this item to the next meeting.
d. Officer Elections
I. The board agreed by consensus to defer this item to the meeting.
5Old Business
a, The board discussed the advantages of extending the trustee terms from two to four years.
The board agreed by consensus to leave the terms at two years,
6. Reports (Aftomeys/Consultants)
a. Foster & Foster, Doug Lozen, Plan Actuary
L Investment Return Study
I . Doug Lozen reviewed the study of the impact on the Plan's liabilities and
funding requirements associated with decreasing the investment return
assumption from 7.25% to 7,00% and commented this would increase the
City's required contribution by 1.4% of payroll next fiscal year.
b. Bowen, Hanes, and CoDavid Kelly, Investment Manager
i. Quarterly Report through March 31, 2021
1, David Kelly provided a summary of the plan portfolio and commented they
have very good fiscal year-to-date returns of 15.0%. The ending market
value of the fund on May 1, 2021 was $19,952,757. The market value of
assets as of December 31, 2020, was $18,701 234.
1ra
by Ron HaMard, ii* t�iA�_—Carried 3-0.
c, AndCo, John Thinnes, Investment Consultant
L March 31, 2021, Quarterly Report
1 The market value of assets as of March 31, 2021, was $19,039,253,
2The total fund gross returns for the quarter ending March 31, 2021 we
2.47%, slightly outperforming the policy benchmark of 2.40%. The 1-,
and 1 0 -year trang returns were 38. 13% 12.19%, 11.95%, 931
and 8,90%, respectively. Since inception (10/1/00), the return was 6.
underperforming the benchmark of 7.40%.
second by David Blair, motion carried 3-0.
IN• 0 R 1 0 *
7t=OM-01101
EXI
ii, Amended Share Plan Administrative Rule
1. The board requested the reference to the 80% balance for the initial
distribution be taken out.
larmogmtolrall NIZARY N-20rarglimila I i
Ha)Mard and second �y David Blair; motion carried 3-0.
mnff•�* �
a. Payment Ratification
i. Warrants #78, #79 and #80
b. Invoices for payment approval
i. None
c. Fund activity report for March 1, 2021 through June 7, 2021
V.
Staff Reports, Discussion, and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. Financial Usclosure Form
1. Michelle reminded the trustees to submit their annual financial disclosure
forms with the Supervisor of Elections in the county in which they live.
b. Annual Report Update
i. Michelle advised the board the annual report had been submitted to the State.
c. Educational Opportunities
i. Michelle reviewed upcoming education opportunities for the board.
a. David Blair asked how many calculations were provided by the plan and Michelle said tw•
b. Justin Nickels asked if Worker's Compensation benefits were pensionable. Ke
I
commented if the employer accepted the workers comp claim and paid two thirds of the
salary, under state law that salary would be pensionable, however any benefits paid by
third party short term disability policy was not.
Approved by: