Laserfiche WebLink
Cite of Casselberry Police Officers" and <br />Firefighters' Pension Board of Trustees <br />Minutes of November 8, 2016 Meeting <br />Page 2 of <br />invoicing the University for services rendered. The City is requesting that the pension board attorney draft <br />an ordinance which would exclude off-duty pay from pensionable wages. The ordinance is not intended <br />to include MutUal aid. service. Andy Brooks, City of Casselberry HUrnan Resources and Risk Manager <br />stated that he consulted with the City labor attorney and that, due to the specific language of the current <br />bargaining agreement, this woLIld be something that could be defined with a inemorandum of <br />understanding. Mr. Brooks also spoke witli the Eifion representative and it appears that they are generally <br />favorable, bUt would like to see the draft ordinance before they agree to it. As the off-duty work discussed <br />could be overtime wages, the board attom y will contact the State to determine ifoff-duty overtime wages <br />can be excluded from the 300 Hour Provision of Florida Statute 185.02. <br />MOTION: Member Van ore moved to permit the boat -d attorney to work oil a City ordinance <br />to address the definition of compensation for the put -pose of off-duty work. Motion was seconded <br />by Member Glancy. Motion carried by voice vote -0. <br />4. Approval of Nfinutes <br />A. August , 2I ��ar-terly 1'lcetin <br />MOTION; Member Larkins moved to approve the minutes of August 9, 2016. Motion was <br />seconded by Member van ore. Motion carried by voice vote -0. <br />. Reports (Consultants) <br />A. The Bogdahn Group — Quarterly Financial Review Presentation <br />Mr. Jack E att, The Bogdahn Group, presented the performance review of investment activity for the <br />quarter ending September 30, 2016. Overall investnnent return for Fiscal Year 2016 was 9.52%. This was <br />higher than the expected rate of return of %. <br />Mr. Evatt inforined the board that Boordahn Group is rebranding and a firfn name change will be <br />announced on January 1, 20 17. <br />Major Market Index Perforniance: The quarter did well and the re LIIt was very similar to the last quarter. <br />International inarkets were very strong. Emerging markets showed % returns for the second quarter. <br />Developed European area markets are stabilizing now that they are moving past the BRE IT vote. <br />]domestic Equity loops nearly identical to the previous report. Normalcy is returning to stock selection in <br />the market by managers. Interest rates rose a bit, which hurt Treasuries to some extent. <br />Asset Allocation by Total Fuad: The quarter ending September 30, 2016 began at $18.56 million and <br />ended at $19.76 million. Both contributions and retums on investment contributed to a strong positive <br />cash flow. <br />Coniparative l erfomiance: Active plan managers perfonil d better and contributed to a good quarter. <br />Domestic Equity Composite Active) Growth and value stocks were rewarded and band <br />surrogates are beginning to falter sonic. <br />International Equity om osite: Botli managers had excellent quarters. Both performed in the top <br />10`x' percentile relative to the peer group. <br />Domestic Fixed fncome: Up about Y with the benchmark up about 0.0x.. <br />Global Fixed Income: While Templeton Global was down this quarter, PIMCO Diversified saw a <br />small gain. <br />