PB 02/12/2019 Minutes - Laserfiche WebLink

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7. Dave West reviewed the managers who would not agree to be a fiduciary to the plan but would draft a side letter addressing this. 8. William Nas commented he would still like to allocate funds to the REIT, but AndCo recommended not to do this. 9. Dave West recommended allocating additional funds to American Realty or get additional diversification by going with PGIM. Dave commented it might be a bit late in the cycle to invest in the value - add manager. Dave ultimately recommended PGIM due to being able to immediately invest in the fund. Dave confirmed that PGIM must invest at least 65% in core and the remaining will be invested in value -add. Dave briefly reviewed PGIM's sector and geographic allocations. 10. William Nas questioned PGIM not having a queue. Dave West commented their real estate team looked at this and was not concerned. Dave West commented that since the fund was so large, they had better control of the in -flows and out -flows. The board briefly reviewed the inflation protection. 11. The board discussed the option to increase the allocation to American Realty or invest with PGIM or Principal. The board voted to acre t the recommendation of AndCo tp invest $1,000,000 with PGIM Real Estate and to authorize Scott Christiansen to do all the paperwork, upon motion by Douglas Mathews and second bv Matthew Hettler: motion carried 3-1 with William Nas opposing. 12. Dave West commented the funding would come from the bond portfolio. The board voted to approve the funding of the PGIM Real Estate allocation using the investment grade bond allocation being managed bV the Baird Aggregate Bond Fund upon motion by Matthew Hettler and second by Dou las Mathews motion carried 3-1 with William Nas opposing. 13. Scott Christiansen commented this was a new manager for him, so the paperwork might take a bit longer. V. New Business a. Update on trustee term expirations i. Ferrell Jenne commented Donald Harkins and Douglas Mathews were reappointed by Commission, and William Nas ran unopposed. b. Proposed 2019 Meeting Dates i. Ferrell Jenne reviewed the revised meeting dates. Ferrell commented she was not able to get the third quarter meeting date changed due to AndCo's schedule. Scott Christiansen confirmed he would be at Clermont on the two alternative meeting dates so that travel costs would be split. William Nas commented there were two trustees who have conflicts with the original meeting dates. The board approved the revised 2019 meeting dates as presented, upon motion by William Nas and second by James Goodman; motion carried 4-0. 3