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'itv of Casselberry- Police Officers' ers' and Firefighters' Pension Board offru tees Minutes of Februnry 9, 2016 Meeting Page 2 of MOTION: Member Hettler moved to approve the minutes of November 10, 2015 and December 22, 2015. Motion was seconded by Member Hufford. Motion carried unanimously by voice vote 5-. 5. Reports (Consultants) A. Foster & Foster T 0 ctober 1, 2015 Actu rial val wit1on Repo Mr. Patrick Donlan, Foster & Foster, presented the Actuarial Valuation Report as of October 1, 2015. Total required contributions decreased this year by 0.5% of payroll shown as a requirement of 28.5% of payroll for plan year 2015 and 28.0% of payroll for plan year 2016. The 4 year smoothing method utilized by the Actuary allowed the plan to see a decreased contribution rate while showing a -4.38% rate of return for FY 2015. The negative rate of return for plan year 2015 will likely result in slightly higher City contributions for the next three gears. In addition, Mr. Donlan suggested that an Experience Study should be completed over the corning summer. while the cost of the study is estimated to be 56,000, a study has neve- been completed for the plan. The result of the study is believed to be a lower net pension liability by improving the accuracy of the Actuarial Assumptions and Methods. Over the course of the 2015 plan year, the Ilan had three members retire with standard benefits, one member retire with disability benefits, one member termed before vesting, and five new hires entered the plan. The Covens ental Accounting Standards Board Statement Number 68 (GASB 6) which takes effect this year, requires that the Unfunded Actuarial Liability statement be replaced with the Net Pension Liability of the Sponsor. While most plans have a goal of an 80% ratio for the Plan Fiduciary Net Position, the City's plan has achieved a 96% ratio. MOTION: Member van Ore moved to accept the Actuarial Valuation Report as of October 1, 01as presented by Foster & Foster. Motion was seconded by Member Hettler. Motion carried by voice vote -0. MOTION: Member Hufford moved to authorize Faster & Foster to complete an Experience Study this summer for a fee to not exceed $6,000. Motion was seconded by Member Mettler. Motion carried by voice vote -. B. The Bogdahn Group -Quarterly Financial Review Presentation 1r. .yak Evatt, The Bogdahn Croup, presented the performance review of investment activity for the quarter ending December 31, 20 -5. Major Market Index Perfo ante: During this quarter, the Federal Reserve raised interest rates by 25 basis -p oints, mostly affecting the fixed income market, and stated that they plan to do so quarterly. The international markets bounced back 3.2% from last quarter. Domestic inarkets dict well with growth stocks being a large contributor to the growth. Bonds perfonned better than Treasury investments. Asset Allocation by Total Fund: The quarter ending December 1, 2015 reflected a slight increase in assets of 0.7%. The plan is very close to target for all segments, Comparative Performance: The flan was down by 5.5% over the quarter. The. transition out of both international and domestic Manning & Napier plans, may have contributed to the Plan being more behind than intended for the Fiscal Year.