HomeMy Public PortalAbout2023-02-28_General Employees_Quarterly_Meeting_MinutesCITY OF CRESTVIEW GENERAL EMPLOYEES' PENSION TRUST FUND
PENSION BOARD OF TRUSTEES
QUARTERLY MEETING MINUTES
198 N. Wilson Street
Crestview, FL 32536
TRUSTEES PRESENT:
Tuesday, February 28, 2023, at 1:00pm
Joe Carr
Jerry Maughon
Chuck Powell
Wayne Steele
Gene Strickland
TRUSTEES ABSENT: None
OTHERS PRESENT:
Tyler Grumbles, AndCo
Stu Kaufman, Klausner, Kaufman, Jensen, & Levinson
Sean Sendra, Klausner, Kaufman, Jensen, & Levinson
Kim Kilgore, Foster & Foster
Michelle Rodriguez, Foster & Foster
1. Call to Order — Chair Jerry Maughon called the meeting to order at 1:03pm.
2. Roll CaII — As reflected above.
3. Public Comments — None.
4. Approval of Minutes
a. January 4, 2023, quarterly meeting
The minutes from the January 4, 2023, quarterly meeting were approved as presented„
upon motion by Wayne Steel and second by Chuck Powell; motion carried 4-0.
5. Reports (Attorney/consultants).
a. AndCo Consulting, Tyler Grumbles, Investment Consultant
i. Quarterly report as of December 31, 2022
1 Tyler Grumbles reviewed the investment consultant's role to the
pension board and his firm's personnel history.
2. Tyler Grumbles commented even though public sentiment had a
negative outlook on the economy, the stock market was up in the
equity, international and fixed income sectors. Tyler commented
the one sector that did not have a positive quarter is Real Estate.
Note: Joe Carr arrived at 2:08pm
3. As of December 31, 2022, the market value of assets was
$21,853,819.
4. The gross earnings for the quarter were 4.94%, underperforming
the benchmark of 5.40%. The trailing returns for the 3, 4, and 5-
1
year periods were 4.11%, 8.02%, and 5.53%. Since inception
(07/01/1998) returns were 6.28%, outperforming the policy
benchmark of 5.89%.
5. Tyler Grumbles reviewed the yield curve and commented the plan
increased about $1 million over the past quarter.
6. Tyler Grumbles explained the purpose of an investment policy
statement and commented the plan was in full compliance.
b. Klausner, Kaufman, Jensen, & Levinson, Stu Kaufman, Board Attorney
i. Stu Kaufman introduced Sean Sendra as a new member of his firm to the
board.
ii. Secure 2.0 Act of 2022
1. Sean Sendra reviewed the memo and commented the only
provision that would potentially affect their pension plan was the
Required Minimum Distribution.
iii. Maintaining Internal Controls to Protect Against Fraud and Abuse
1. Sean Sendra reviewed the background and recommendations
found in the memo including: all financial transactions should be
processed by more than one person, perform periodic reviews of
financial transactions and statements, implement layers of security
controls including dual signatures or multi factor authentication,
use a subscription -based service to conduct death audits, and use
an independent auditor.
iv. Legal/Legislation update
1. Sean Sendra commented House Bill 3 was recently introduced in
the State legislature. Sean commented if passed, this bill would
not allow Environmental, Social and Governance (ESG) investing
to guide a trustee's investment decisions in public pension plans.
Sean commented this legislation would create additional reporting
requirements.
6. New Business
a. Election of board officers
The Board voted to keep their current roster of officers. Jerry Mauahon as Chair and
Chuck Powell as Secretary, upon motion by Wayne Steele and second by Joe Carr;
motion carried 5-0.
7. Old Business — None.
8. Consent Agenda
a. Payment ratification — Warrants #26 and #27
b. Invoices for approval — None
c. Fund activity report for December 29, 2022 — February 22, 2023
The Board voted to approve the Consent Agenda as presented, upon motion by Joe Carr
and second by Chuck Powell; motion carried 5-0.
10. Staff Reports. Discussion and Action
a. Foster & Foster, Kim Kilgore and Michelle Rodriguez, Plan Administrators
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i. Kim Kilgore advised the board she would be retiring on April 1, 2023, and
introduced Michelle Rodriguez as their new plan administrator.
ii. Chuck Powell congratulated Kim Kilgore and thanked her for her service.
iii. Upcoming educational opportunities
1. Kim Kilgore reviewed the upcoming educational opportunities
available to the board.
11. Trustee Reports, Discussion and Action — None.
12. Adiournment - The meeting adjourned at 2:20 pm.
13. Next Meeting — June 6, 2023, at 1:00pm.
Respectfully submitted by:
Date Approved by the Pension Board:
Approved by:
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