PB 05/12/2015 Minutes - Laserfiche WebLink

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Cit, of Cass'etberii Police Officers* and Firefighters' Pension Board or1rustecs Infoltes of May 12, 2015 Mocang Page 2 of 5 5. Reports (Consultants) A. Manning & Napier Mr. Gregory 1-loldeir, Manning & Napier, presented air update oil strategy and recent performance based on the Investment Perlbrinarice Review as of March 31, 2015; He stated that the past Year has been challenging for Manning & Napier. Annualized Market Returns: itt>stacst uitv Stock Market: The plan is currently earning between 16-19% returns in the three year tirne period and 13-16% returns in the 5 year time period in a benchmark environment. International Market 7-LEmc1-i . fig Mai kets The plan earnings are barely positive in the one year time frames with returns of less than I percent_ The three and five year returns are between 4-6%, This is due to global volatility. It is hoped that those will stabil ize. Individual Account Performance: Since inception, the plan's overall performance is a little over 8% annualized which is 2% over benchmark. The aggregate historic benchmark varied over tirric because they use a blended method. The plan was at benchmark for five years with the one and three year numbers taggling. The plan is aina)4 4% below benchmark for the current fiscal year to datc. 6. New Business THE AGENDA WAS VERBALLY AMENDED TO MOVE THIS ITEM UP. A. Memo from Matthew Plettler - Consideration for Endorsement of Workshop Relating to Fire Department Members Pending Consolidation Member Hauler requested that the board consider approving a special workshop be conducted to assist Fire Department members in making a decision regarding; staying in the plan or moving to the Florida Retirement System Pension Plan (FRS) as a pail of the pending consolidation with Seminole County. It was requested that representatives front Faster & Foster and FRS as well as Scott Christiansen be present at the seminar. It was further requested that Foster & Foster prepare new member statements for members fiom the Firer Department oomparing the benefit calculations for the benefits in the current pension plan and the benefits for FRS and that the Plan pay the costs for these services. The session will be videotaped by the City Human Resources Department and made available to members via the PCOmornon drive to accommodate any members who may be on shift at the time of the workshop, MOTION: Member Mettler moved to authorize Foster & Foster to prepare a study for each Firefighter member of the plan comparing the benefit calculations for the benefits in the current pension plan and the benefits for FRS and further authorizing Patrick Donlon with Faster & Foster and Scott Christiansen of Christiansen & Delmer to attend a workshop with the Fire Department members of the plan to explain the options that they have in regard to staying with the current plan or changing to the FRS plan with Seminole County. Motion was seconded by MemberVan Ore Motion carried by voice vote 4-1. Member Strenth dissented. Member Hettler departed the meeting to attend previous]), scheduled training.