Mr. McCullion called the Joint Quarterly Performance Meeting of the City of Orlando Pension Advisory
Committee, Police and Firefighters’ Pension Boards to order at 8:27 a.m. on Thursday, December 4,
2014, in the Harvard Conference Room, 9th floor, City Hall, Orlando. There were quorums representing
all boards.
PAC Members Police Pension Board Trustees Rebecca W. Sutton, Chairman (Absent) William C. Long, Chairman Todd Berube, S.E.I.U. Representative Jay L. Smith, Vice-Chairman Steve Brown, L.I.U.N.A. Representative Jose Vicente, Secretary Jay Carr, Police Department Tony Blanca, Trustee (Absent) Gustavo Castro, Economic Development Laurie Botts, Trustee Gerald Poke, L.I.U.N.A. Representative (Absent) David Rafanowicz, Executive Offices (8:46 a.m.) Firefighters’ Pension Board Trustees Charles Ramdatt, Public Works Ronald A. Glass, Chairman (8:55 a.m.) Michael Rhodes, Economic Development (Absent) Kevin Edmonds, Trustee Rick Suggs, S.E.I.U. Representative (Absent) Mario A. Garcia, Trustee (Absent) Tamara Wilson, Fire Department Edward Torres, Trustee Douglas Zabin, Secretary Others Present Christopher P. McCullion, Treasurer& Executive Director Fire & Police Pension Boards Katrina Laudeman, Treasury Manager & Deputy Director Fire & Police Pension Boards Kevin Leonard (8:38 a.m.) & Keith Stronkowsky, NEPC Jim Nevola, Bank of New York Mellon Amy Iennaco, Chief Assistant City Attorney Dionna Little, Assistant City Attorney Earle Sanborn, Retired Police Officer Michele Keane, Pension Coordinator
1. PUBLIC COMMENT
Mr. McCullion asked if there was anyone from the public who wished to speak on an agenda item.
There was no response.
2. MARKET UPDATE – Keith Stronkowsky, NEPC
Mr. Stronkowsky gave an update on the market overview for the third quarter of 2014. Volatility in the
foreign market escalated as the US dollar surged. The Federal Reserve wound down its bond purchases
(QE3) and oil prices fell significantly.
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3. PERFORMANCE UPDATE – Keith Stronkowski, NEPC
Mr. Stronkowsky stated the General Employees’ Pension Plan in the fiscal year to date returned 9.0%
and returned a negative 0.8% in the third quarter. The plan has outperformed for the one-year period
at 9.0%.
The Firefighters’ and the Police Pension Funds both returned 9.3% in the fiscal year to date and a
negative 0.6% for the third quarter. The Firefighters’ and Police Pension Funds both outperformed for
the one-year period, at 9.3%.
4. SMID Value Manager Search – Kevin Leonard, NEPC
Mr. Leonard explained the vetting process used by the research team at NEPC to narrow the choices of
potential replacements for Lord Abbett that will also complement William Blair, the SMID Growth
Manager for the Boards.
A MOTION WAS MADE BY THE GENERAL EMPLOYEES’ PENSION BOARD TO INTERVIEW DIAMOND
HILL, WELLINGTON AND TS&W AS POTENTIAL SMID VALUE MANAGERS by Mr. Ramdatt and seconded
by Mr. Rafanowicz. MOTION CARRIED UNANIMOUSLY.
A MOTION WAS MADE BY THE POLICE PENSION BOARD TO INTERVIEW DIAMOND HILL, WELLINGTON
AND TS&W AS POTENTIAL SMID VALUE MANAGERS by Vice-Chairman Smith and seconded by Ms.
Botts. MOTION CARRIED UNANIMOUSLY.
A MOTION WAS MADE BY THE FIREFIGHTERS’ PENSION BOARD TO INTERVIEW DIAMOND HILL,
WELLINGTON AND TS&W AS POTENTIAL SMID VALUE MANAGERS by Mr. Edmonds and seconded by
Mr. Zabin. MOTION CARRIED UNANIMOUSLY.
The interviews will be scheduled for mid to late January 2015.
5. GENERAL EMPLOYEES’ PENSION ADVISORY COMMITTEE – APPROVAL OF MINUTES –
SEPTEMBER 4, 2014 AND SEPTEMBER 26, 2014
A MOTION TO ACCEPT THE MINUTES FROM SEPTEMBER 4, 2014 AND SEPTEMBER 26, 2014 was made
by Mr. Rafanowicz and seconded by Mr. Ramdatt. MOTION CARRIED UNANIMOUSLY.
6. MEETING ADJOURNED FOR THE PENSION ADVISORY COMMITTEE at 10:10 a.m. - A brief recess
was taken.
Meeting reconvened at 10:25 a.m.
7. DIRECT LENDING EDUCATION AND MANAGER SEARCH – Kevin Leonard, NEPC
Mr. Stronkowsky and Mr. Leonard educated the Board about the opportunities and advantages of the
various types of direct lending. Mr. Stronkowsky compared and contrasted Comvest Capital Advisors,
LLC a Florida based company and Park Square Capital, LLC an international company based out of
London, England.
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A MOTION WAS MADE BY THE POLICE PENSION BOARD TO INTERVIEW PARK SQUARE CAPITAL, LLP
AND COMVEST CAPITAL ADVISORS, LLC AS POTENTIAL DIRECT LENDING OPPORTUNITIES MANAGERS
by Chairman Long and seconded by Vice-Chairman Smith. MOTION CARRIED UNANIMOUSLY.
A MOTION WAS MADE BY THE FIREFIGHTERS’ PENSION BOARD TO INTERVIEW PARK SQUARE
CAPITAL, LLP AND COMVEST CAPITAL ADVISORS, LLC AS POTENTIAL DIRECT LENDING OPPORTUNITIES
MANAGERS was made by Mr. Zabin and seconded by Mr. Torres. MOTION CARRIED UNANIMOUSLY.
After a brief discussion, it was decided to schedule both the SMID Value Managers interviews and the
Direct Lending Opportunity Managers interviews on the same day in January, 2015. The SMID Value
Managers interviews will be scheduled for the morning and the Direct Lending Opportunities Managers
after lunch.
NEPC will conduct a private equity discussion and provide a recommendation before the trustees decide
how much to commit and how to fund these allocations.
Mr. McCullion updated the trustees about Artisan’s side letter that is nearing completion.
Mr. Nevola, Bank of New York Mellon, spoke briefly.
8. MEETING ADJOURNED at 11:20 a.m.
Respectfully submitted,
Christopher P. McCullion Michele Keane
Christopher P. McCullion Michele Keane Treasurer Pension Coordinator
MINUTES FROM MEETING OF
DECEMBER 18, 2014
Chairman Glass called the meeting to order at 9:05 AM in the Sustainability Conference Room, 2nd floor of
City Hall and determined a quorum was present.
Members Present Also Present
Ronald A. Glass, Chair Christopher P. McCullion, Executive Director
Eddie Torres, Trustee Katrina Laudeman, Deputy Executive Director
Kevin Edmonds, Trustee James Loper, Board Attorney
Mario Garcia, Trustee Katie Zuccarini, Employee Benefits
Amy Iennaco, Chief Assistant City Attorney
Dionna Little, Assistant City Attorney
Mike Clelland, Attorney
Brad Arnold, Retired Firefighter
Matthew Negedly, District Chief
Michele Keane, Sr. Administrative Assistant
1) PUBLIC COMMENT – None
2) BRAD ARNOLD DISABILITY HEARING
Mr. Loper summarized Mr. Arnold’s case and the results of the Functional Capacity Evaluation and MRI
ordered by Dr. Faissal Zahrawi. Dr. Zahrawi’s Independent Medical Examination states Mr. Arnold’s
disability is permanent in nature, related to his job and renders him totally disabled to perform his duty as
a firefighter. Ms. Amy Iennaco, Chief Assistant City Attorney, stated she has conferred with the
Department and there is no objection to continuing Mr. Arnold’s disability status. Mr. Clelland waived
comments. A MOTION THAT BASED UPON THE EVIDENCE PRESENTED TO THE BOARD THERE HAVE
BEEN NO CHANGES THAT WOULD ALLOW BRAD ARNOLD TO RETURN TO SERVICE AS A FIREFIGHTER
was made by Chairman Glass and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY.
Mr. Loper instructed Mr. Arnold about his responsibilities to the Board if any changes occur to his health
or circumstances. Mr. Arnold agreed to do so and he and Mr. Clelland left the meeting at 9:13 a.m.
3) ELECTION OF OFFICERS
Attachment #2
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A MOTION TO ELECT RON GLASS AS CHAIR was made by Mr. Edmonds and seconded by Mr. Garcia;
MOTION CARRIED UNANIMOUSLY.
A SECOND MOTION TO ELECT DOUGLAS ZABIN AS SECRETARY was made by Chairman Glass and
seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY.
A THIRD MOTION TO ELECT EDDIE TORRES AS VICE-CHAIR was made by Mr. Glass and seconded by Mr.
Edmonds; MOTION CARRIED UNANIMOUSLY.
4) APPROVAL OF MINUTES –August 28, 2014, September 3, 2014 and September 26, 2014
A MOTION TO APPROVE THE MINUTES OF AUGUST 28, 2014, SEPTEMBER 3, 2014 AND SEPTEMBER 26, 2014 was made by Mr. Edmonds and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 5) CONSENT AGENDA The following items will be acted on by the Orlando Firefighters’ Pension Board in one motion; if separate consideration of an item is requested that item may be removed from this Consent Agenda. Approve & Ratify: Note the following retirement(s)/medical disability(s) calculation(s) prepared by Employee Benefits and reviewed by Accounting & Control (pension calculation will change upon receipt of COLA benefits) authorize payment of appropriate benefit(s):
September Retirement – Chad Williamson
October Retirement – Jeffrey Bailey
November Retirement – Jeffrey Ponds
A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Mr. Edmonds and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 6) PENDING/OLD BUSINESS
Ms. Keane informed the Board that Ms. Tracy Farina has submitted her application and notebook for a line-of-duty disability. Ms. Farina’s Independent Medical Examination (IME) is scheduled for January 6, 2015. Chairman Glass notified the Board that Mr. Jeffrey Roe will be applying for a disability. Mr. McCullion asked for clarification of the time frame and process for delivering applications and notebooks to the trustees. Chairman Glass confirmed Mr. McCullion was correct in his understanding of the procedures to be followed. Mr. Loper would like to receive the application and IME results to aid in his understanding of disability cases. Copies of Ms. Farina’s application will be sent to the Board members following the meeting. (Ms. Iennaco left the meeting at 9:26 a.m.)
7) RATIFY 2013 PREMIUM SHARE PROGRAM DISTRIBUTION
Attachment #2
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Mr. McCullion stated that there were no objections to the spreadsheet and the distributions were made
in November. A MOTION THAT FOR FUTURE YEARS, THE BOARD DELEGATE TO THE CHAIRMAN THE
AUTHORITY TO SIGN OFF ON THE SHARE PROGRAM DISTRIBUTION ONCE THE SPREADSHEET IS
APPROVED, TO ALLOW TIMELY DISTRIBUTION OF THE SHARES was made by Mr. Edmonds and seconded
by Mr. Torres; MOTION CARRIED UNANIMOUSLY.
8) BACKDROP INFORMATION
Mr. Loper explained the circumstances necessitating the proposed Contingency Back Drop Election form
and the three options available. He added that item #4F needs to be changed to read “my estate” instead
of “any other pension”. The form is irrevocable; however, Mr. Loper will amend #4A to allow changing
the option. Mr. Loper will bring the amended form to the next meeting for approval.
9) OTHER BUSINESS
Mr. Torres stated he had attended the 44th Annual Police Officers and Firefighters’ Pension Trustees’
Conference and fiduciary liability insurance for Board members was a key topic. He asked about personal
liability, the necessity of the insurance and the cost. Discussion ensued. Mr. Loper will investigate and
will bring more information to the next meeting. Mr. McCullion will check into the cost of the insurance
and advise the Board at the next meeting.
There being no further business Chairman Glass adjourned the meeting at 10:32 AM.
Respectfully submitted,
Michele Keane
Michele Keane Pension Coordinator
Attachment #2
Mr. McCullion called the Joint Quarterly Performance Meeting of the City of Orlando Pension Advisory
Committee, Police and Firefighters’ Pension Boards to order at 9:04 a.m. on Friday, January 30, 2015, in
the Veteran’s Conference Room, 2nd floor, City Hall, Orlando. There were quorums representing all
boards.
PAC Members Police Pension Board Trustees Rebecca W. Sutton, Chairman William C. Long, Chairman Todd Berube, S.E.I.U. Representative Jay L. Smith, Vice-Chairman Steve Brown, L.I.U.N.A. Representative Jose Vicente, Secretary Jay Carr, Police Department (Absent) Tony Blanca, Trustee Gustavo Castro, Economic Development Laurie Botts, Trustee Gerald Poke, L.I.U.N.A. Representative David Rafanowicz, Executive Offices Firefighters’ Pension Board Trustees Charles Ramdatt, Public Works (Absent) Michael Rhodes, Economic Development Ronald A. Glass, Chairman Rick Suggs, S.E.I.U. Representative (Absent) Kevin Edmonds, Trustee (9:06 a.m.) Tamara Wilson, Fire Department Mario A. Garcia, Trustee Edward Torres, Trustee Douglas Zabin, Secretary Others Present Christopher P. McCullion, Treasurer& Executive Director Fire & Police Pension Boards Katrina Laudeman, Treasury Manager & Deputy Director Fire & Police Pension Boards Kevin Leonard & Keith Stronkowsky, NEPC Michele Keane, Pension Coordinator
1. DIAMOND HILL CAPITAL MANAGEMENT PRESENTATION
Mr. Chris Welch and Mr. Josh Alderman gave the presentation for Diamond Hill. Mr. Alderman stated that Diamond Hill’s primary focus is to provide lasting value for their clients through a long-term intrinsic value philosophy. Mr. Welch explained the five-year time horizon, the margin of safety and how individual stocks become part of a portfolio. 2. TS&W PRESENTATION Ms. Tracey Ivey and Mr. Brett Hawkins represented TS&W and spoke about the use of a four-factor screen in identifying undervalued stocks, evaluating risk and reward and then setting mileposts for progress. A brief recess was taken. Mr. Castro left. The meeting resumed at 10:45 a.m.
Attachment #2
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3. WELLINGTON MANAGEMENT COMPANY LLP Mr. Stephen Moorhead, Mr. Shaun Pedersen and Mr. Gardiner Holland made the presentation for Wellington. Mr. Pedersen explained the investment process of identifying inexpensive, high-quality companies through in-depth research and analysis. Mr. Rhodes returned at 10:50 a.m. Mr. Berube returned at 10:55 a.m. A MOTION WAS MADE TO HIRE WELLINGTON AS THE SMID VALUE MANAGER FOR THE GENERAL EMPLOYEES PENSION PLAN by Mr. Rhodes and seconded by Mr. Brown. MOTION CARRIED UNANIMOUSLY. A MOTION WAS MADE TO HIRE WELLINGTON AS THE SMID VALUE MANAGER FOR THE POLICE PENSION PLAN by Mr. Smith and seconded by Ms. Botts. MOTION CARRIED UNANIMOUSLY. A MOTION WAS MADE TO HIRE WELLINGTON AS THE SMID VALUE MANAGER FOR THE FIREFIGHTERS’ PENSION PLAN by Mr. Torres and seconded by Mr. Garcia. MOTION CARRIED UNANIMOUSLY. Meeting adjourned for the Pension Advisory Committee at 12:00 p.m. The Police and Firefighters’ Pension Boards recessed for lunch. The Firefighters’ and Police Pension Boards reconvened at 12:54 p.m. 1. COMVEST PARTNERS PRESENTATION
Mr. Daniel Lee, Mr. Robert O’Sullivan and Mr. Greg Reynolds made the presentation for Comvest. Mr. O’Sullivan stated the company focuses on the lower middle-market in areas where Comvest has direct expertise or strong operating partners. 2. PARK SQUARE CAPITAL PRESENTATION Mr. Roger Kempink and Mr. Osvaldo Pereira represented Park Square Capital. The company focuses on large, high quality European companies that are stable and predictable. A MOTION WAS MADE TO HIRE BOTH COMVEST PARTNERS AND PARK SQUARE CAPITAL, AS DIRECT LENDING OPPORTUNITISTIC MANAGERS, ALLOCATING 1.5 PERCENT TO EACH COMPANY (THREE PERCENT TOTAL) FROM THE CORE BONDS PORTION OF THE FIXED INCOME ALLOCATION, FOR THE FIREFIGHTERS’ PENSION PLAN by Mr. Edmonds and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. A MOTION WAS MADE TO HIRE BOTH COMVEST PARTNERS AND PARK SQUARE CAPITAL, AS DIRECT LENDING OPPORTUNITISTIC MANAGERS, ALLOCATING 1.5 PERCENT TO EACH COMPANY (THREE PERCENT TOTAL) FROM THE CORE BONDS PORTION OF THE FIXED INCOME ALLOCATION, FOR THE POLICE PENSION PLAN by Chairman Long and seconded by Mr. Smith; MOTION CARRIED UNANIMOUSLY.
Attachment #2
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The meeting was adjourned at 2:58 p.m. by Mr. McCullion. Respectfully submitted,
Christopher P. McCullion Michele V. Keane
Christopher P. McCullion Michele V. Keane Treasurer Pension Coordinator
Attachment #2
MINUTES FROM MEETING OF
FEBRUARY 19, 2015
Chairman Glass called the meeting to order at 9:02 AM in the Sustainability Conference Room, 2nd floor of
City Hall and determined a quorum was present.
Members Present Also Present
Ronald A. Glass, Chair Christopher P. McCullion, Executive Director
Eddie Torres, Vice-Chair Katrina Laudeman, Deputy Executive Director
Douglas Zabin, Secretary James Loper, Board Attorney
Kevin Edmonds, Trustee Katie Zuccarini, Employee Benefits
Mario Garcia, Trustee (Arrived 9:03) Amy Iennaco, Chief Assistant City Attorney
Matthew Negedly, District Chief
Mike Clelland, Attorney
Tracy Farina, Firefighter
Michele Keane, Pension Coordinator
1) PUBLIC COMMENT – None
(The Board decided to take item 8, the Opportunistic Credit Hedge Fund Search, out of order to allow Mr.
Garcia to participate in the disability hearing and accommodate Mr. Leonard’s time constraint.)
2) OPPORTUNISTIC CREDIT HEDGE FUND SEARCH
Ms. Laudeman contacted Kevin Leonard, with NEPC, while Mr. McCullion reminded the Board of a
previous discussion regarding the EnTrust Special Opportunities III. Mr. Leonard and Mr. McCullion added
there are several options available to the Firefighters’ Pension Board to reinvest the distributions from
EnTrust Special Opportunities II. A MOTION TO CANCEL THE SEARCH FOR AN OPPORTUNISTIC CREDIT
HEDGE FUND MANAGER, TO REALLOCATE THE DISTRIBUTIONS FROM THE ENTRUST SPECIAL
OPPORTUNITIES II FUND TO CURRENT PRIVATE DEBT MANAGERS, AND TO INCREASE THE ALLOCATION
TO THE PRIVATE DEBT PORTION OF THE PORTFOLIO was made by Mr. Edmonds and seconded by Mr.
Zabin; MOTION CARRIED UNANIMOUSLY.
3) DISABILITY HEARING FOR TRACY FARINA
Mr. Loper, Board Attorney, reviewed the procedures. Ms. Farina was represented by Mr. Clelland and
Ms. Iennaco represented the Department. Ms. Farina was sworn in by Ms. Keane. Chairman Glass called
for the application, disability packet and Independent Medical Examination to be entered into evidence.
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Mr. Clelland gave a timeline and brief description of Ms. Farina’s seven injuries, adding that all were
accepted as compensable by workers compensation. Ms. Iennaco waived opening statements, stating the
Department does not oppose the application. She but did ask for clarification on one point which Mr.
Clelland provided. Ms. Iennaco stated she has consulted with Chief Miller and there are no opportunities
for light duty for Ms. Farina. The applicant did not testify. Ms. Ienacco and Mr. Clelland waived closing
statements. Chairman Glass stated the evidence phase of the hearing was now closed and the Board
would enter the determination phase of the proceeding.
A MOTION THAT THIS IS A PERMANENT AND TOTAL DISABILITY was made by Chairman Glass and
seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY.
A MOTION THAT THIS IS A LINE OF DUTY DISABILTY was made by Mr. Edmonds and seconded by Mr.
Zabin; MOTION CARRIED UNANIMOUSLY.
A MOTION THAT THERE IS NO LIMITED DUTY PERMANENT POSITON AVAILABLE IN THE FIRE
DEPARTMENT WITHOUT A REDUCTION IN PAY OR BENEFITS was made by Chairman Glass and seconded
by Mr. Zabin; MOTION CARRIED UNANIMOUSLY.
A MOTION THAT TRACY FARINA DOES NOT HAVE TWENTY YEARS OF SERVICE AND IS NOT ENTITLED TO
COST OF LIVING PAYMENTS was made by Chairman Glass and seconded by Mr. Torres; MOTION
CARRIED UNANIMOUSLY.
A MOTION THAT THE LINE OF DUTY DISABILITY PENSION WILL BE EFFECTIVE MARCH 1, 2015 was made
by Chairman Glass and seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY.
Ms. Farina and Mr. Clelland left the meeting at 9:20 a.m. and a brief recess was taken.
Meeting resumed at 9:27 a.m.
4) APPROVAL OF MINUTES -DECEMBER 4, 2014
A MOTION TO APPROVE THE MINUTES OF DECEMBER 4, 2014 was made by Mr. Edmonds and seconded
by Chairman Glass; MOTION CARRIED UNANIMOUSLY.
5) APPROVAL OF MINUTES – DECEMBER 18, 2014
A MOTION TO APPROVE THE MINUTES OF DECEMBER 18, 2014 was made by Mr. Edmonds and
seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY.
6) APPROVAL OF MINUTES – JANUARY 30, 2015
A MOTION TO APPROVE THE MINUTES OF JANUARY 30, 2015 was made by Chairman Glass and
seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY.
7) CONSENT AGENDA
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The following items will be acted on by the Orlando Firefighters’ Pension Board in one motion; if separate consideration of an item is requested that item may be removed from this Consent Agenda. Approve & Ratify: Note the following retirement(s)/medical disability(s) calculation(s) prepared by Employee Benefits and reviewed by Accounting & Control (pension calculation will change upon receipt of COLA benefits) authorize payment of appropriate benefit(s):
December Retirement – None
January Retirement – John McGrath
February Retirements – Scott Gawler, Ronald Raymond, Frank Cornier, Diana Savalisch and
Raymond Biefelt
A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Mr. Edmonds and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 8) PENDING/OLD BUSINESS
a. DISABILITY APPLICATION STATUS - Ms. Keane informed the Board that Mr. Jeffrey Roe is expected to submit his notebook for a line-of-duty disability today.
b. BACK DROP INFORMATION – Mr. Loper explained the changes made to the Contingency
Back Drop Election form and that it is irrevocable. The form protects the right of a firefighter to secure a
Back Drop benefit for a beneficiary (ies) in the event death should occur before electing the Back Drop
option. A MOTION TO APPROVE THE REVISED BACK DROP ELECTION FORM was made by Chairman
Glass and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. Some discussion followed
regarding how to distribute the information and form to all Firefighters.
c. FIDUCIARY LIABILITY INFORMATION / PLAN ADMINISTRATION – Mr. Loper stated Florida
Statute 175 applies to the Orlando Firefighters’ Pension Fund and states that the sole and exclusive
administration and the responsibility for the proper operation of the Pension Fund is with the Board of
Trustees. He added that Florida Statute 175 also provides for the compensation of reasonable attorneys
fees. Mr. Loper then spoke about Florida Statute 112.656 which states a fiduciary shall discharge their
duties with respect to a plan solely in the interest of the participants and beneficiaries for the exclusive
purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of
administering the plan.
He stated there are two fiduciary responsibilities a Board has to its members: the duty to investigate and
the duty to inform.
Mr. Loper then spoke specifically about the email that Chairman Glass received from retiree Gary
Woodard. A MOTION TO HAVE A LETTER SENT TO MR. WOODARD STATING THAT THE BOARD HAS
REVIEWED HIS REQUEST AND DETERMINED HE IS NOT ELIGIBLE TO RECEIVE BENEFITS UNDER THE PLAN
ESTABLISHED BY FLORIDA STATUTE 175 was made by Mr. Garcia and seconded by Mr. Zabin. MOTION
CARRIED UNANIMOUSLY.
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There being no further business Chairman Glass adjourned the meeting at 11:52 AM.
Respectfully submitted,
Michele Keane
Michele Keane Pension Coordinator
MINUTES FROM MEETING OF
APRIL 16, 2015
Chairman Glass called the meeting to order at 9:05 AM in the Sustainability Conference Room, 2nd floor of
City Hall and determined a quorum was present. He telephoned Mr. Loper.
Members Present Also Present
Ronald A. Glass, Chair Christopher P. McCullion, Executive Director
Eddie Torres, Vice-Chair (Arrived 10:07 AM) Katie Zuccarini, Employee Benefits
Douglas Zabin, Secretary James Loper, Board Attorney (via phone)
Kevin Edmonds, Trustee Dionna Little, Fire Advisor
Mario Garcia, Trustee Gitaanjali Sookdeo, Accountant I
Imtiaz Khan, Assistant Controller
David Harris, Nyhart
Randall Stanley, Nyhart
Michele Keane, Pension Coordinator
Mike Clelland, Attorney
1) PUBLIC COMMENT
Mr. Clelland addressed the Board regarding an upcoming disability case for deceased firefighter, Mike
Ryan. Mr. Clelland is asking for a waiver of obligations to produce all medical records related to Mr.
Ryan’s care. Mr. Loper suggested Mr. Clelland provide the trustees with a preliminary application that
includes a death certificate that lists the cause of death, reason(s) why the death should be considered a
line-of-duty case and a deposition from Mr. Clelland’s expert witness. Some discussion ensued and Mr.
Clelland left the meeting at 9:35 AM.
2) ACTUARIAL VALUATION PRESENTATION AND SUMMARY
Mr. Stanley noted this was the 11th year that Nyhart has performed the actuarial valuation for the
Firefighters’ Pension Board and turned the meeting over to Mr. Harris. Mr. Harris summarized the
actuarial valuation findings, stating the Fund is now 85% funded. He added the expected City
contribution will be slightly less this year than last year at $13,450,900. Mr. Harris gave brief explanations
of GASB 67 and 68 and SB534; citing how their implementation will effect reporting. (Mr. Torres joined
the meeting at 10:07 AM.)
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A MOTION TO ACCEPT THE ACTUARIAL VALUATION was made by Chairman Glass and seconded by Mr.
Zabin. MOTION CARRIED UNANIMOUSLY.
3) 5 – YEAR EXPERIENCE STUDY PROPOSAL
Mr. Harris stated that it is time to conduct a 5-year experience study that will cover October 1, 2010 to
September 30, 2014. Some discussion ensued regarding lowering the current rate of return assumption,
currently at 8%, and lowering the current assumptions for inflation and payroll growth.
A MOTION TO AUTHORIZE THE 5 – YEAR EXPERIENCE STUDY was made by Mr. Garcia and seconded by
Mr. Edmonds. MOTION CARRIED UNANIMOUSLY.
4) APPROVAL OF MINUTES – FEBRUARY 19, 2015
A MOTION TO APPROVE THE MINUTES OF FEBRUARY 19, 2015 was made by Mr. Edmonds and seconded
by Mr. Garcia; MOTION CARRIED UNANIMOUSLY.
5) A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Chairman Glass and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. (Mr. Khan left the meeting at 10:35 AM.) 6) PENDING/OLD BUSINESS
a. DISABILITY APPLICATION STATUS – No update on Mr. Roe. 7) NEW BUSINESS
a. Mr. McCullion informed the trustees that the Police Pension Board members have decided to move to an electronic format and after some discussion, the Firefighters’ Pension Board decided to do the same. Mr. McCullion will be ordering iPads for all of the trustees except Mr. Edmonds, who has already been issued one through the City. The trustees will discuss at a later date whether to require disability pension applicants to file their materials electronically. For now, disability applications will continue to be done via printed material in notebooks.
There being no further business Chairman Glass adjourned the meeting at 10:50 AM.
Respectfully submitted,
Michele Keane
Michele Keane Pension Coordinator
MINUTES FROM MEETING OF
MAY 19, 2015
Chairman Glass called the meeting to order at 9:05 AM in the Sustainability Conference Room, 2nd floor of
City Hall and determined a quorum was present.
Members Present Also Present
Ronald A. Glass, Chair Christopher P. McCullion, Executive Director
Eddie Torres, Vice-Chair Katrina Laudeman, Deputy Executive Director
Douglas Zabin, Secretary James Loper, Board Attorney
Kevin Edmonds, Trustee Katie Zuccarini, Employee Benefits
Mario Garcia, Trustee Jeffrey Roe, Firefighter
Matthew Negedly, District Chief
Michele Keane, Pension Coordinator
1) PUBLIC COMMENT – Chairman Glass asked for public comment. There was none.
2) DISABILITY HEARING – JEFFREY ROE
Mr. Loper, Board Attorney, reviewed the procedures. Mr. Roe represented himself and was sworn in by
Ms. Keane. Ms. Little, Department Advocate, was unable to attend; however her email stating there are
not any limited duty positions available and that the Department does not oppose the application was
placed into evidence. There were no opening statements. Chairman Glass called for the applications,
disability packet and Independent Medical Examination to be entered into evidence. Mr. Roe
summarized his injuries and treatments. Chairman Glass stated the evidence phase of the hearing was
now closed and the Board would enter the determination phase of the proceeding.
A MOTION THAT THIS IS A PERMANENT AND TOTAL DISABILITY was made by Chairman Glass and
seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY.
A MOTION THAT THIS IS A LINE OF DUTY DISABILITY was made by Mr. Edmonds and seconded by
Chairman Glass; MOTION CARRIED UNANIMOUSLY.
A MOTION THAT THERE IS NO PERMANENT LIMITED DUTY POSITION AVAILABLE IN THE FIRE
DEPARTMENT WITHOUT A REDUCTION IN PAY OR BENEFITS was made by Chairman Glass and seconded
by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY.
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A MOTION THAT JEFFREY ROE DOES HAVE TWENTY YEARS OF SERVICE AND IS ENTITLED TO COST OF
LIVING PAYMENTS was made by Chairman Glass and seconded by Mr. Zabin; MOTION CARRIED
UNANIMOUSLY.
A MOTION THAT THE LINE OF DUTY DISABILITY PENSION WILL BE EFFECTIVE JUNE 1, 2015 was made by
Chairman Glass and seconded by Mr. Torres; MOTION CARRIED UNANIMOUSLY.
A brief recess was taken at 9:29 AM and Mr. Roe and District Chief Negedly left the meeting.
Meeting resumed at 9:31 AM.
3) APPROVAL OF MINUTES – APRIL 16, 2015
A MOTION TO APPROVE THE MINUTES OF APRIL 16, 2015 was made by Mr. Zabin and seconded by; Mr.
Edmonds; MOTION CARRIED UNANIMOUSLY.
4) A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Chairman Glass and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 5) PENDING/OLD BUSINESS
a. DISABILITY APPLICATION STATUS – Mr. Horn will be stopping by to review his application on May 21, 2015.
6) NEW BUSINESS
a. CHANGE OF EXECUTIVE DIRECTOR FOR PENSION BOARD - Mr. McCullion announced Ms. Laudeman’s promotion to Treasurer. He stated that historically the Pension Boards have appointed the Treasurer as their Executive Director and asked the Trustees to consider making Ms. Laudeman the Executive Director of the Firefighter’s Pension Board. A MOTION THAT MS. LAUDEMAN BE APPOINTED AS THE EXECUTIVE DIRECTOR OF THE FIREFIGHTERS’ PENSION BOARD was made by Mr. Edmonds and seconded by Chairman Glass; MOTION CARRIED UNANIMOUSLY.
b. ELECTRONIC POLICY - Mr. McCullion is working on an electronic policy for the iPad
usage and will send it out once completed.
c. DROP LETTER – Chairman Glass asked about the status of the letter that will be sent out with the new DROP forms. Mr. McCullion will forward the letter to Chairman Glass by the end of the week.
Some discussion followed regarding how Forward and Back DROP dates affect 10-year certain payouts. Chairman Glass and Mr. Torres also asked if it is possible to provide a formula that will allow firefighters to estimate their monthly pension. Mr. McCullion will see if something can be devised and advise the Board at the next meeting.
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There being no further business Chairman Glass adjourned the meeting at 10:14 AM. Respectfully submitted,
Michele Keane
Michele Keane Pension Coordinator
Ms. Laudeman called the Joint Quarterly Performance Meeting of the General Employees’ Pension Advisory Committee, Police and Firefighters’ Pension Boards to order at 8:23 am on Thursday, June 4, 2015, in the Harvard Conference Room, 9th floor, City Hall, Orlando. All three Pension Boards had quorums.
PAC Members Others Present Rebecca W. Sutton, Chairman (Absent) Katrina Laudeman, Treasurer and Todd Berube, S.E.I.U. Representative Executive Director Fire & Police Pension Steve Brown, L.I.U.N.A. Representative (Absent) Boards Jay Carr, Police Department Kevin Leonard, NEPC Gustavo Castro, Economic Development Keith Stronkowsky, NEPC Gerald Poke, L.I.U.N.A. Representative (Absent) Dionna Little, Asst. City Attorney II David Rafanowicz, Executive Offices Michele V. Keane, Pension Coordinator Charles Ramdatt, Public Works (8:43 am) (Jet) J.E. Taylor, III, The Carlyle Group Michael Rhodes, Economic Development (9:04 am) Margaret McKnight, The Carlyle Group Rick Suggs, S.E.I.U. Representative (Absent) Tamara Wilson, Fire Department
Police Pension Board Members Firefighters’ Pension Board Members Jay Smith, Vice-Chair Ron Glass, Chairman Laurie Botts, Trustee Edward Torres, Vice-Chair Antonio Blanca, Trustee Kevin Edmonds, Trustee William Long, Chairman (Absent) Mario Garcia, Trustee Jose Vicente, Secretary (Absent) Doug Zabin, Secretary (Absent) 1. PUBLIC COMMENT
Ms. Laudeman asked if there was anyone who wished to speak on an agenda item. There was
no response.
2. MARKET UPDATE
Mr. Stronkowsky gave an update on the market overview for the first quarter of 2015. He
stated that US stocks and government bonds continued to perform well and hedge funds
outperformed most major indices in the first quarter. The three funds have not had a negative
quarter for the past two years.
3. PERFORMANCE UPDATE
Mr. Leonard reviewed the performance of our money managers. The General Employees’
Pension Fund returned 1.9% for the first quarter and 4.5% for the fiscal year-to-date. The one
year return is 7.1% versus the policy index of 7.5% and the five year return is 9.6%
outperforming the policy index of 8.8%.
The Firefighters’ Pension Fund performed the best of all three funds and returned 2.0% for the
first quarter. The Police Pension Fund returned 1.8% for the first quarter. Fiscal year-to-date
the Firefighters’ and Police Pension Funds returned 4.8% and 4.5% respectively. Mr. Leonard
added that over the past five years, all three Pension Funds have outperformed their assumed
rates of return.
4. METROPOLITAN REAL ESTATE PRESENTATION
Mr. Leonard introduced Mr. (Jet) J.E. Taylor and Ms. Margaret McKnight of Metropolitan Real
Estate which has been the Non-Core Private Real Estate money manager for all three Pension
Funds since 2010. Mr. Taylor stated that Metropolitan has been purchased by The Carlyle
Group. He added that they will remain independent in their investment decisions but will have
access to all of Carlyle’s resources. Ms. McKnight stated that the portfolio is doing well and
there are no present areas of concern. The presentation concluded at 9:45 AM at which time
Mr. Taylor and Ms. McKnight left the meeting. A short break was taken.
Meeting resumed at 9:55 AM.
5. METROPOLITAN REAL ESTATE DISCUSSION
Mr. Leonard stated he thought the presentation went well however he remains concerned
about the delay in the deployment of capital. He noted that one of the risks of investing in a
fund of fund is that there is not any direct control over when the capital is called. Mr. Leonard
added that despite the fact it is taking longer than anticipated to receive a return on our
money, it may still work to our advantage as opportunities can still be found in Europe due to
the start of their economic recovery.
6. GENERAL EMPLOYEES’ PENSION ADVISORY COMMITTEE - APPROVAL OF MINUTES-
APRIL 28, 2015
A MOTION TO APROVE THE MINUTES FROM MARCH 27, 2014 was made by Mr. Berube and
seconded by Mr. Carr; MOTION CARRIED UNANIMOUSLY.
MEETING ADJOURNED FOR THE GENERAL EMPLOYEES’ PENSION ADVISORY COMMITTEE AT
10:02 AM.
7. COLLER – PRIVATE EQUITY / ALTERNATIVE ASSET DISCUSSION
Mr. Leonard and Mr. Stronkowsky spoke about updating and maintaining the private equity
portion of the portfolios. Currently both the Police and Firefighters’ Pension Plans are invested
in Comvest, Park Square and Coller. It is NEPC’s recommendation that the private equity
portfolio be addressed on an annual basis. Coller has been successful in the past and is looking
for investors for its Fund VII. After much deliberation, both Pension Boards decided to delay
making a commitment to Coller.
NEPC will also be presenting other secondary investment opportunities in the Fall, including
energy strategies.
There being no further business Ms. Laudeman adjourned the meeting at 10:51 A.M.
Respectfully submitted,
Katrina A. Laudeman Michele V. Keane
Katrina A. Laudeman Michele V. Keane Treasurer Pension Coordinator
Ms. Laudeman called the Joint Quarterly Performance Meeting of the General Employees’ Pension Advisory Committee, Police and Firefighters’ Pension Boards to order at 8:23 am on Thursday, September 3, 2015, in the Harvard Conference Room, 9th floor, City Hall, Orlando.
PAC Members Others Present Rebecca W. Sutton, Chairman (Absent) Katrina Laudeman, Treasurer and Todd Berube, S.E.I.U. Representative Executive Director Fire & Police Pension Steve Brown, L.I.U.N.A. Representative (Absent) Boards Jay Carr, Police Department (8:42 am) Christopher P. McCullion, Deputy CFO Gustavo Castro, Economic Development Kevin Leonard, NEPC Gerald Poke, L.I.U.N.A. Representative (Absent) Keith Stronkowsky, NEPC David Rafanowicz, Executive Offices Dionna Little, Asst. City Attorney II Charles Ramdatt, Public Works Michele V. Keane, Pension Coordinator Rick Suggs, S.E.I.U. Representative (Absent) Jim Nevola, Bank of New York Mellon Tamara Wilson, Fire Department (Absent) Michael Fuehrer, Bank of New York Mellon Police Pension Board Members Firefighters’ Pension Board Members William Long, Chairman Ron Glass, Chairman (8:35 am) Jay Smith, Vice-Chair Doug Zabin, Secretary (8:24 am) Jose Vicente, Secretary Edward Torres, Vice-Chair (Absent) Antonio Blanca, Trustee (8:30 am) Kevin Edmonds, Trustee (Absent) Laurie Botts, Trustee Mario Garcia, Trustee (Absent) 1. PUBLIC COMMENT Ms. Laudeman asked if there was anyone who wished to speak on an agenda item. There was
no response.
2. MARKET UPDATE
Ms. Laudeman introduced Mr. Nevola and Mr. Fuehrer of the Bank of New York Mellon and
then turned the meeting over to Mr. Leonard and Mr. Stronkowsky of NEPC. Mr. Stronkowsky
gave an update on the market overview for the second calendar quarter of 2015, and spoke
about the volatility that was tied to China devaluing its currency, commodities, currencies and
the Federal Government
3. PERFORMANCE UPDATE
Mr. Leonard reviewed the performance of our money managers. The General Employees’
Pension Fund returned -0.2% for the second quarter and 4.4% for the fiscal year-to-date. The
one year return is 3.6% versus the policy index of 3.4% and the five year return is 10.9%
outperforming the policy index of 10.3%.
The Firefighters’ Pension Fund returned -0.2% for the second quarter and the Police Pension
Fund returned -0.3%. Fiscal year-to-date the Firefighters’ and Police Pension Funds returned
4.6% and 4.3% respectively.
4. GENERAL EMPLOYEES’ PENSION ADVISORY COMMITTEE - APPROVAL OF MINUTES-
JUNE 4, 2015
A MOTION TO APROVE THE MINUTES FROM JUNE 4, 2014 was made by Mr. Rhodes and
seconded by Mr. Carr; MOTION CARRIED UNANIMOUSLY.
MEETING ADJOURNED FOR THE GENERAL EMPLOYEES’ PENSION ADVISORY COMMITTEE AT
9:20 AM.
5. POLICE & FIREFIGHTERS’ 2014 PREMIUM TAX DISTRIBUTION CALCULATION
DISCUSSION
Mr. McCullion addressed the Police trustees regarding the receipt of the insurance premium tax
monies, which can be added towards purchasing remaining minimum benefits and fund a share
plan. Ms. Laudeman will be providing an update at a later date about plan changes.
Mr. McCullion then spoke with the Firefighters’ trustees regarding a shortfall of approximately
$64,000 of state insurance premium tax revenue over the base amount to cover the current
benefits. This shortfall will be covered by the Firefighters membership per the agreement
between the City and bargaining unit. The repayment will be spread out over the entire year,
with a minimum impact to the 500 members. Some discussion ensued.
Mr. McCullion left the meeting at 9:45 AM and a brief break was taken.
Meeting resumed at 9:55 AM.
6. PRIVATE EQUITY ASSET ALLOCATION DISCUSSION – NEPC
Ms. Laudeman stated the pacing plans for private equity would be discussed next. She noted
that the figures have been corrected to show a 5% allocation approved for the private equity
sector of the fund. Mr. Leonard spoke about the pacing plan as a long-term form of budgeting
towards a target or plan that will be revisited on an annual basis.
Mr. Stronkowsky explained the different types of strategies the three managers they presented
to the Boards, AEA Investors LP, Brookfield Capital Partners, and Monomoy Capital
Management LP employ and spoke about the strengths and weaknesses of each company. Of
the three, NEPC feels that Brookfield is the best match for the City of Orlando Firefighters’ and
Police Pension boards. Some discussion ensued and the trustees for both boards asked NEPC to
arrange for Brookfield to be interviewed by a joint meeting of the Police and Firefighters’
Pension Boards on September 17, 2015 at 10:00 AM.
There being no further business Ms. Laudeman adjourned the meeting at 10:33 AM.
Respectfully submitted,
Katrina A. Laudeman Michele V. Keane
Katrina A. Laudeman Michele V. Keane Treasurer Pension Coordinator
MINUTES FROM MEETING OF
SEPTEMBER 17, 2015
Chairman Glass called the meeting to order at 9:12 AM in the Sustainability Conference Room, 2nd floor
of City Hall and determined a quorum was present. Chairman Glass contacted Mr. Loper by phone.
Members Present Also Present
Ronald A. Glass, Chair Katrina Laudeman, Executive Director
Eddie Torres, Vice-Chair Christopher P. McCullion, Deputy CFO
Douglas Zabin, Secretary James Loper, Board Attorney (By telephone)
Kevin Edmonds, Trustee Katie Zuccarini, Employee Benefits
Mario Garcia, Trustee Matt Dickey, Treasury Manager
Dionna Little, Asst. City Attorney II
Michele Keane, Pension Coordinator
1) PUBLIC COMMENT – Chairman Glass asked for public comment. There was none.
2) APPROVAL OF MINUTES – MAY 19, 2015
A MOTION TO APPROVE THE MINUTES OF MAY 19, 2015 was made by Mr. Zabin and seconded by;
Mr. Torres; MOTION CARRIED UNANIMOUSLY.
3) APPROVAL OF MINUTES – JUNE 4, 2015
A MOTION TO APPROVE THE MINUTES OF JUNE 4, 2015 was made by Mr. Zabin and seconded by;
Mr. Edmonds; MOTION CARRIED UNANIMOUSLY.
4) A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Mr. Zabin and seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY. 5) PENDING/OLD BUSINESS
DISABILITY APPLICATION UPDATE – Ms. Keane stated that Mr. Horn’s IME results have been
received and added to his notebook. She noted that Mr. Horn will be unavailable October 4th
through October 16th. Ms. Little stated she and Ms. Ienacco are still discussing his disability
package. Ms. Keane will set a date for the disability hearing.
6) NEW BUSINESS
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a. RENEWAL OF MR. LOPER’S CONTRACT
Mr. Loper spoke briefly about his 15 years of service to the Firefighters’ Pension Board and asked that they renew his contract with an increase of 1.7%. The contract will go into effect October 1, 2015 and will end September 30, 2016. A MOTION TO APPROVE THE RENEWAL OF MR. LOPER’S LEGAL CONTRACT was made by Mr. Garcia and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY.
b. PRESENTATION OF PLAQUE TO MR. MCCULLION
Chairman Glass presented Mr. McCullion with a plaque and thanked him for all of his assistance and 7 years of service to the Firefighters’ Pension Board as the Executive Director. Mr. McCullion thanked the Board for the experience and their support.
There being no further business Chairman Glass adjourned the meeting at 9:46 AM. Respectfully submitted,
Michele Keane
Michele Keane Pension Coordinator
MINUTES FROM JOINT MEETING OF
SEPTEMBER 17, 2015
Ms. Laudeman called the Special Joint Police and Firefighters’ Pension Board Meeting to order at 10:04 AM on Thursday, September 17, 2015, in the Sustainability Conference Room, 2nd Floor, City Hall, Orlando. Both Pension Boards had a quorum. Police Pension Board Members Firefighters’ Pension Board Members William Long, Chairman (Absent) Ron Glass, Chairman Jay Smith, Vice-Chair Edward Torres, Vice-Chair Jose Vicente, Secretary Doug Zabin, Secretary Laurie Botts, Trustee Kevin Edmonds, Trustee Antonio Blanca, Trustee (Absent) Mario Garcia, Trustee Others Present Katrina A. Laudeman, Treasurer and Executive Director Fire & Police Pension Boards Christopher P. McCullion, Deputy CFO Matt Dickey, Treasury Manager Kevin Leonard, NEPC David Neiman, Brookfield Asset Management Inc. Michele Keane, Pension Coordinator
1. PUBLIC COMMENT
Ms. Laudeman asked if there was anyone who wished to speak on an agenda item. There was no comment. Ms. Laudeman turned the meeting over to Mr. Leonard of NEPC.
2. NEPC INTRODUCTION Mr. Leonard stated that Brookfield would be making a presentation seeking funding for their Brookfield Capital Partners Fund IV. NEPC is recommending the Police and Firefighters’ Pension Boards consider allocating $13 million and $10 million respectively as part of their 5% approved allocation to private equity. Mr. Leonard reminded the trustees that this is a fully vetted fund. This fourth fund is focusing on opportunistic buyouts and distressed turnaround opportunities in good companies that are in out of favor sectors.
3. BROOKFIELD PRESENTATION
Mr. Neiman introduced himself, gave an overview of the company and the investment strategies they employ. He stated that Brookfield is a value investor with an established long-term track record. (Mr. Edmonds left the meeting at 10:30 AM.) He added that Brookfield has never had a realized loss in 15 years. Mr. Neiman addressed questions from the trustees, thanked them for their time and left the meeting.
4. DISCUSSION Mr. Leonard, Ms. Laudeman and Mr. McCullion responded to questions from the trustees. A MOTION THAT THE FIREFIGHTERS’ PENSION BOARD COMMIT $10 MILLION TO THE BROOKFIELD CAPITAL PARTNERS FUND IV, AS PART OF THEIR PRIVATE EQUITY PORTFOLIO ALLOCATION, was made by Mr. Zabin and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. A MOTION THAT THE POLICE PENSION BOARD COMMIT $13 MILLION TO THE BROOKFIELD CAPITAL
PARTNERS FUND IV, AS PART OF THEIR PRIVATE EQUITY PORTFOLIO ALLOCATION, was made by Mr.
Smith and seconded by Mr. Vicente; MOTION CARRIED UNANIMOUSLY.
5. APPOINTMENT OF NEW DEPUTY EXECUTIVE DIRECTOR
Ms. Laudeman introduced Mr. Matt Dickey, the new Treasury Manager, gave a brief summary of his extensive work experience and asked the trustees to consider appointing him as the new Deputy Executive Director. A MOTION TO APPOINT MATT DICKEY AS DEPUTY EXECUTIVE DIRECTOR FOR THE POLICE PENSION BOARD was made by Ms. Botts and seconded by Mr. Smith; MOTION CARRIED UNANIMOUSLY. A MOTION TO APPOINT MATT DICKEY AS DEPUTY EXECUTIVE DIRECTOR FOR THE FIREFIGHTERS’ PENSION BOARD was made by Mr. Garcia and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. There being no further business Ms. Laudeman adjourned the meeting at 11:15 AM. Respectfully submitted,
Michele Keane
Michele Keane Pension Coordinator