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CITY OF CASSELBERRY <br />POLICE OFFICERS' AND FIREFIGHTERS' PENSION BOARD OF TRUSTEES <br />The Police Officers' and Firefighters' Pension Board of Trustees met on Tuesday, May 18, 2010 <br />at 10:01 a.m. in the Casselberry City Hall Commission Chambers, 95 Triplet Lake Drive, <br />Casselberry, Florida, 32707. <br />TRUSTEE MEMBERS PRESENT: <br />John J. Pavlis, Chairman <br />Sgt. William R. Nas, Vice Chairman <br />Matthew Hettler, Secretary <br />Daniel C. Glancy, Member <br />Harold Stewart, Member <br />STAFF/OTHERS PRESENT: <br />Sue Maddox, Records Management Liaison Officer <br />Randy Newlon, Finance Director <br />Scott Christiansen, Board Attorney <br />Mike Welker, Bogdahn Group <br />1. Call to Order with Pledge of Allegiance <br />The May 18, 2010 meeting of the Police Officers' and Firefighters' Pension Board was called to <br />order with the Pledge of Allegiance by the Chairman at 10:01 a.m. in the City Hall Commission <br />Chambers. The Agenda had been duly posted and circulated to the Board Members by the <br />Records Management Liaison Officer for the Board. <br />2. Introduction of Members and Guests <br />The Pension Board Members, staff and guests were introduced. <br />3. Approval of Minutes — February 16, 2010 <br />MOTION: Moved by William Nas to approve the minutes of the February 16, 2010 <br />motion as presented. Motion was seconded by Matt Hettler and carried <br />unanimously on a 5 — 0 voice vote. <br />4. Acceptance of the Financial Reports <br />The Financial Reports from Manning and Napier, Galliard Capital Management and Salem Trust <br />were accepted by the board. Copies of the reports as submitted are available for inspection with <br />the Records Management Liaison Officer. <br />5. Presentation by Mike Welker — Bogdahn Group <br />Mr. Mike Welker representing Bogdahn Group gave a presentation evaluating the performance of <br />the pension plan investments in equities and debt instruments and the managers who direct the <br />investment portfolios. <br />The allocation of the portfolio at March 31, 2010, was reviewed. Consistent with the new <br />investment policy approved in November, 2009 Manning and Napier increased the investment in <br />