HomeMy Public PortalAbout2023-11-28_Quarterly_Meeting_MinutesCITY OF CRESTVIEW
POLICE OFFICERS' & FIREFIGHTERS' RETIREMENT PLAN
PENSION BOARD OF TRUSTEES
QUARTERLY MEETING MINUTES
198 N. Wilson Street, Crestview, FL 32536
TRUSTEES PRESENT:
Tuesday, November 28, 2023, at 2:30pm
Ellis Conner
David Griggs
Dan Krusenklaus
Andrew Schneider
Corey Winkler
TRUSTEES ABSENT: None
OTHERS PRESENT:
Tyler Grumbles, AndCo Consulting
Sean Sendra, Klausner, Kaufman, Jensen, & Levinson
Michelle Rodriguez, Foster & Foster
1. Call to Order — The meeting was called to order at 2:41 pm.
2. Roll Call — As reflected above.
3. Public Comments
a. Dan Krusenklaus asked if there was a way for members to run their own
calculations.
b. Andrew Schneider commented the Board previously decided not to purchase the
online member portal that was offered by Foster and Foster due to cost.
4. Approval of Minutes
a. August 29, 2023, quarterly meeting
The minutes from the August 29, 2023. quarterly meeting were approved, upon motion by
David Griggs and second by Dan Krusenklaus: motion carried 5-0.
5. Reports (Attorney/Consultants1
a. AndCo Consulting, Tyler Grumbles, Investment Consultant
i. Quarterly report as of September 30, 2023
1. Tyler Grumbles reviewed the market environment over the last
quarter and commented bright spots included bonds and
infrastructure.
2. Tyler Grumbles commented the fiscal year-to-date (FYTD)
numbers were much stronger in the domestic and international
equity markets.
3. Tyler Grumbles commented long-term interest rates increased,
short-term interest rates remained steady, and the fed was
expected to keep rates high for longer than expected to combat
inflation.
4. Tyler Grumbles commented the stock market's 'Magnificent Seven',
Apple, Microsoft, Nvidia, Tesla, Meta, Alphabet and Amazon, drove
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much of the returns and Apple was now worth more than the
collective value of the Russell 2000 index.
5. As of September 30, 2023, the market value of assets was
$26,542,564.
6. The total fund net returns for the quarter were-2.77%, slightly
underperforming the policy benchmark of-2.48%. The fiscal year-
to-date earnings were 9.97%, underperforming the policy
benchmark of 11.32%. The trailing returns for the 1, 3, 4, and 5-
year periods were 9.97%, 4.48%, 5.42%, and 5.17% respectively.
Since inception (10/01/1994) returns were 7.05%, slightly
underperforming the policy benchmark of 7.52%.
7. Tyler Grumbles reviewed the performance of the individual funds
and did not recommend any changes at this time.
b. Klausner, Kaufman, Jensen, & Levinson, Sean Sendra, Board Attorney
i. 25 and Out Ordinance
1. Sean Sendra explained that the strikeout language "or the
attainment of age fifty-two" was not included in the ordinance that
was approved by the City.
2. Sean Sendra commented he worked with the City Clerk to have the
corrected ordinance approved by the City and added the Board
would need to approve the corrected version before it was
resubmitted to the City for first and second readings.
The Board voted to approve the corrected version of the proposed ordinance to include,
the strikeout lanauaae of "or the attainment of aae fifty-two" upon motion by David Griaas
and second by Corey Winkler, motion carried 5-0.
ii. House Bill 3 Requirements
1. Sean Sendra explained the State did not provide any guidance for
reporting, so his firm got together with other firms across the state
to create a template.
2. Sean Sendra commented the administrator had registered on the
State's website and would submit the template report along with
their updated Investment Policy Statement (IPS).
3. Tyler Grumbles commented his firm had sent proxy voting memo to
investment managers directing them to vote in compliance with the
State's requirement to only consider pecuniary measures.
iii. Robbins -Geller Service Agreement
1. Sean Sendra reviewed the updated service agreement and
commented the firm would not charge the Board any fees until a
claim was won.
The Board voted to approve the updated service agreement as presented upon motion by
David Griggs and second by Dan Krusenklaus, motion carried 5-0.
6. Old Business - None
7. New Business - None
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8. Consent Agenda
a. Payment ratification — Warrants #31, #32
b. Invoices for approval — None
c. Fund activity report for August 23, 2023 — November 21, 2023
The Board voted to approve the Consent Agenda as presented, upon motion by Corev
Winkler and second bv Dan Krusenklaus7 motion carried 5-0.
10. Staff Reports. Discussion and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. FPPTA Membership Renewal
1. Michelle commented the Board's annual FPPTA membership was
up for renewal at a cost of $750.00.
The Board voted to renew their annual FPPTA membership upon motion by Corev Winkler
and second bv Dan Krusenklaus. motion carried 5-0.
ii. Education Opportunities
1. Michelle Rodriguez reviewed education opportunities that were
available to the Board.
11. Trustee Reports. Discussion and Action
a. David Griggs asked the plan administrator to obtain quotes for fiduciary liability
insurance policies to see if they could get a less expensive policy.
b. Ellis Conner advised the Board he was resigning from the Board.
c. Andrew Schnieder thanked him for his extended service of 22 years to the
pension Board.
d. Corey Winkler asked the plan administrator to register him for the Winter Trustee
School.
12. Adiournment - The meeting adjourned at 4:15pm.
13. Next Meeting, — March 5, 2024, at 2:30pm.
Respectfully submitted by:
Ian Administrator
Date Approved by the Pension Board:
Approved
drew Schneil'er, Chair
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