Police Pension Board Trustees. Others Present

Transcription

1 Mr. McCullion called the Joint Quarterly Performance Meeting of the City of Orlando Pension Advisory Committee, Police and Firefighters Pension Boards to order at 8:27 a.m. on Thursday, December 4, 2014, in the Harvard Conference Room, 9 th floor, City Hall, Orlando. There were quorums representing all boards. PAC Members Rebecca W. Sutton, Chairman (Absent) Todd Berube, S.E.I.U. Representative Steve Brown, L.I.U.N.A. Representative Jay Carr, Police Department Gustavo Castro, Economic Development Gerald Poke, L.I.U.N.A. Representative (Absent) David Rafanowicz, Executive Offices (8:46 a.m.) Charles Ramdatt, Public Works Michael Rhodes, Economic Development (Absent) Rick Suggs, S.E.I.U. Representative (Absent) Tamara Wilson, Fire Department Police Pension Board Trustees William C. Long, Chairman Jay L. Smith, Vice-Chairman Jose Vicente, Secretary Tony Blanca, Trustee (Absent) Laurie Botts, Trustee Firefighters Pension Board Trustees Ronald A. Glass, Chairman (8:55 a.m.) Kevin Edmonds, Trustee Mario A. Garcia, Trustee (Absent) Edward Torres, Trustee Douglas Zabin, Secretary Others Present Christopher P. McCullion, Treasurer& Executive Director Fire & Police Pension Boards Katrina Laudeman, Treasury Manager & Deputy Director Fire & Police Pension Boards Kevin Leonard (8:38 a.m.) & Keith Stronkowsky, NEPC Jim Nevola, Bank of New York Mellon Amy Iennaco, Chief Assistant City Attorney Dionna Little, Assistant City Attorney Earle Sanborn, Retired Police Officer Michele Keane, Pension Coordinator 1. PUBLIC COMMENT Mr. McCullion asked if there was anyone from the public who wished to speak on an agenda item. There was no response. 2. MARKET UPDATE Keith Stronkowsky, NEPC Mr. Stronkowsky gave an update on the market overview for the third quarter of Volatility in the foreign market escalated as the US dollar surged. The Federal Reserve wound down its bond purchases (QE3) and oil prices fell significantly.

2 3. PERFORMANCE UPDATE Keith Stronkowski, NEPC Mr. Stronkowsky stated the General Employees Pension Plan in the fiscal year to date returned 9.0% and returned a negative 0.8% in the third quarter. The plan has outperformed for the one-year period at 9.0%. The Firefighters and the Police Pension Funds both returned 9.3% in the fiscal year to date and a negative 0.6% for the third quarter. The Firefighters and Police Pension Funds both outperformed for the one-year period, at 9.3%. 4. SMID Value Manager Search Kevin Leonard, NEPC Mr. Leonard explained the vetting process used by the research team at NEPC to narrow the choices of potential replacements for Lord Abbett that will also complement William Blair, the SMID Growth Manager for the Boards. A MOTION WAS MADE BY THE GENERAL EMPLOYEES PENSION BOARD TO INTERVIEW DIAMOND HILL, WELLINGTON AND TS&W AS POTENTIAL SMID VALUE MANAGERS by Mr. Ramdatt and seconded by Mr. Rafanowicz. MOTION CARRIED UNANIMOUSLY. A MOTION WAS MADE BY THE POLICE PENSION BOARD TO INTERVIEW DIAMOND HILL, WELLINGTON AND TS&W AS POTENTIAL SMID VALUE MANAGERS by Vice-Chairman Smith and seconded by Ms. Botts. MOTION CARRIED UNANIMOUSLY. A MOTION WAS MADE BY THE FIREFIGHTERS PENSION BOARD TO INTERVIEW DIAMOND HILL, WELLINGTON AND TS&W AS POTENTIAL SMID VALUE MANAGERS by Mr. Edmonds and seconded by Mr. Zabin. MOTION CARRIED UNANIMOUSLY. The interviews will be scheduled for mid to late January GENERAL EMPLOYEES PENSION ADVISORY COMMITTEE APPROVAL OF MINUTES SEPTEMBER 4, 2014 AND SEPTEMBER 26, 2014 A MOTION TO ACCEPT THE MINUTES FROM SEPTEMBER 4, 2014 AND SEPTEMBER 26, 2014 was made by Mr. Rafanowicz and seconded by Mr. Ramdatt. MOTION CARRIED UNANIMOUSLY. 6. MEETING ADJOURNED FOR THE PENSION ADVISORY COMMITTEE at 10:10 a.m. - A brief recess was taken. Meeting reconvened at 10:25 a.m. 7. DIRECT LENDING EDUCATION AND MANAGER SEARCH Kevin Leonard, NEPC Mr. Stronkowsky and Mr. Leonard educated the Board about the opportunities and advantages of the various types of direct lending. Mr. Stronkowsky compared and contrasted Comvest Capital Advisors, LLC a Florida based company and Park Square Capital, LLC an international company based out of London, England. 2

3 A MOTION WAS MADE BY THE POLICE PENSION BOARD TO INTERVIEW PARK SQUARE CAPITAL, LLP AND COMVEST CAPITAL ADVISORS, LLC AS POTENTIAL DIRECT LENDING OPPORTUNITIES MANAGERS by Chairman Long and seconded by Vice-Chairman Smith. MOTION CARRIED UNANIMOUSLY. A MOTION WAS MADE BY THE FIREFIGHTERS PENSION BOARD TO INTERVIEW PARK SQUARE CAPITAL, LLP AND COMVEST CAPITAL ADVISORS, LLC AS POTENTIAL DIRECT LENDING OPPORTUNITIES MANAGERS was made by Mr. Zabin and seconded by Mr. Torres. MOTION CARRIED UNANIMOUSLY. After a brief discussion, it was decided to schedule both the SMID Value Managers interviews and the Direct Lending Opportunity Managers interviews on the same day in January, The SMID Value Managers interviews will be scheduled for the morning and the Direct Lending Opportunities Managers after lunch. NEPC will conduct a private equity discussion and provide a recommendation before the trustees decide how much to commit and how to fund these allocations. Mr. McCullion updated the trustees about Artisan s side letter that is nearing completion. Mr. Nevola, Bank of New York Mellon, spoke briefly. 8. MEETING ADJOURNED at 11:20 a.m. Respectfully submitted, Christopher P. McCullion Christopher P. McCullion Treasurer Michele Keane Michele Keane Pension Coordinator 3

4 Attachment #2 MINUTES FROM MEETING OF DECEMBER 18, 2014 Chairman Glass called the meeting to order at 9:05 AM in the Sustainability Conference Room, 2 nd floor of City Hall and determined a quorum was present. Members Present Ronald A. Glass, Chair Eddie Torres, Trustee Kevin Edmonds, Trustee Mario Garcia, Trustee Also Present Christopher P. McCullion, Executive Director Katrina Laudeman, Deputy Executive Director James Loper, Board Attorney Katie Zuccarini, Employee Benefits Amy Iennaco, Chief Assistant City Attorney Dionna Little, Assistant City Attorney Mike Clelland, Attorney Brad Arnold, Retired Firefighter Matthew Negedly, District Chief Michele Keane, Sr. Administrative Assistant 1) PUBLIC COMMENT None 2) BRAD ARNOLD DISABILITY HEARING Mr. Loper summarized Mr. Arnold s case and the results of the Functional Capacity Evaluation and MRI ordered by Dr. Faissal Zahrawi. Dr. Zahrawi s Independent Medical Examination states Mr. Arnold s disability is permanent in nature, related to his job and renders him totally disabled to perform his duty as a firefighter. Ms. Amy Iennaco, Chief Assistant City Attorney, stated she has conferred with the Department and there is no objection to continuing Mr. Arnold s disability status. Mr. Clelland waived comments. A MOTION THAT BASED UPON THE EVIDENCE PRESENTED TO THE BOARD THERE HAVE BEEN NO CHANGES THAT WOULD ALLOW BRAD ARNOLD TO RETURN TO SERVICE AS A FIREFIGHTER was made by Chairman Glass and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. Mr. Loper instructed Mr. Arnold about his responsibilities to the Board if any changes occur to his health or circumstances. Mr. Arnold agreed to do so and he and Mr. Clelland left the meeting at 9:13 a.m. 3) ELECTION OF OFFICERS

5 A MOTION TO ELECT RON GLASS AS CHAIR was made by Mr. Edmonds and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. A SECOND MOTION TO ELECT DOUGLAS ZABIN AS SECRETARY was made by Chairman Glass and seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY. A THIRD MOTION TO ELECT EDDIE TORRES AS VICE-CHAIR was made by Mr. Glass and seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY. 4) APPROVAL OF MINUTES August 28, 2014, September 3, 2014 and September 26, 2014 A MOTION TO APPROVE THE MINUTES OF AUGUST 28, 2014, SEPTEMBER 3, 2014 AND SEPTEMBER 26, 2014 was made by Mr. Edmonds and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 5) CONSENT AGENDA The following items will be acted on by the Orlando Firefighters Pension Board in one motion; if separate consideration of an item is requested that item may be removed from this Consent Agenda. Approve & Ratify: Note the following retirement(s)/medical disability(s) calculation(s) prepared by Employee Benefits and reviewed by Accounting & Control (pension calculation will change upon receipt of COLA benefits) authorize payment of appropriate benefit(s): September Retirement Chad Williamson October Retirement Jeffrey Bailey November Retirement Jeffrey Ponds Attachment #2 A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Mr. Edmonds and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 6) PENDING/OLD BUSINESS Ms. Keane informed the Board that Ms. Tracy Farina has submitted her application and notebook for a line-of-duty disability. Ms. Farina s Independent Medical Examination (IME) is scheduled for January 6, Chairman Glass notified the Board that Mr. Jeffrey Roe will be applying for a disability. Mr. McCullion asked for clarification of the time frame and process for delivering applications and notebooks to the trustees. Chairman Glass confirmed Mr. McCullion was correct in his understanding of the procedures to be followed. Mr. Loper would like to receive the application and IME results to aid in his understanding of disability cases. Copies of Ms. Farina s application will be sent to the Board members following the meeting. (Ms. Iennaco left the meeting at 9:26 a.m.) 7) RATIFY 2013 PREMIUM SHARE PROGRAM DISTRIBUTION 2

6 Attachment #2 Mr. McCullion stated that there were no objections to the spreadsheet and the distributions were made in November. A MOTION THAT FOR FUTURE YEARS, THE BOARD DELEGATE TO THE CHAIRMAN THE AUTHORITY TO SIGN OFF ON THE SHARE PROGRAM DISTRIBUTION ONCE THE SPREADSHEET IS APPROVED, TO ALLOW TIMELY DISTRIBUTION OF THE SHARES was made by Mr. Edmonds and seconded by Mr. Torres; MOTION CARRIED UNANIMOUSLY. 8) BACKDROP INFORMATION Mr. Loper explained the circumstances necessitating the proposed Contingency Back Drop Election form and the three options available. He added that item #4F needs to be changed to read my estate instead of any other pension. The form is irrevocable; however, Mr. Loper will amend #4A to allow changing the option. Mr. Loper will bring the amended form to the next meeting for approval. 9) OTHER BUSINESS Mr. Torres stated he had attended the 44th Annual Police Officers and Firefighters Pension Trustees Conference and fiduciary liability insurance for Board members was a key topic. He asked about personal liability, the necessity of the insurance and the cost. Discussion ensued. Mr. Loper will investigate and will bring more information to the next meeting. Mr. McCullion will check into the cost of the insurance and advise the Board at the next meeting. There being no further business Chairman Glass adjourned the meeting at 10:32 AM. Respectfully submitted, Michele Keane Michele Keane Pension Coordinator 3

7 Attachment #2 Mr. McCullion called the Joint Quarterly Performance Meeting of the City of Orlando Pension Advisory Committee, Police and Firefighters Pension Boards to order at 9:04 a.m. on Friday, January 30, 2015, in the Veteran s Conference Room, 2nd floor, City Hall, Orlando. There were quorums representing all boards. PAC Members Rebecca W. Sutton, Chairman Todd Berube, S.E.I.U. Representative Steve Brown, L.I.U.N.A. Representative Jay Carr, Police Department (Absent) Gustavo Castro, Economic Development Gerald Poke, L.I.U.N.A. Representative David Rafanowicz, Executive Offices Charles Ramdatt, Public Works (Absent) Michael Rhodes, Economic Development Rick Suggs, S.E.I.U. Representative (Absent) Tamara Wilson, Fire Department Police Pension Board Trustees William C. Long, Chairman Jay L. Smith, Vice-Chairman Jose Vicente, Secretary Tony Blanca, Trustee Laurie Botts, Trustee Firefighters Pension Board Trustees Ronald A. Glass, Chairman Kevin Edmonds, Trustee (9:06 a.m.) Mario A. Garcia, Trustee Edward Torres, Trustee Douglas Zabin, Secretary Others Present Christopher P. McCullion, Treasurer& Executive Director Fire & Police Pension Boards Katrina Laudeman, Treasury Manager & Deputy Director Fire & Police Pension Boards Kevin Leonard & Keith Stronkowsky, NEPC Michele Keane, Pension Coordinator 1. DIAMOND HILL CAPITAL MANAGEMENT PRESENTATION Mr. Chris Welch and Mr. Josh Alderman gave the presentation for Diamond Hill. Mr. Alderman stated that Diamond Hill s primary focus is to provide lasting value for their clients through a long-term intrinsic value philosophy. Mr. Welch explained the five-year time horizon, the margin of safety and how individual stocks become part of a portfolio. 2. TS&W PRESENTATION Ms. Tracey Ivey and Mr. Brett Hawkins represented TS&W and spoke about the use of a four-factor screen in identifying undervalued stocks, evaluating risk and reward and then setting mileposts for progress. A brief recess was taken. Mr. Castro left. The meeting resumed at 10:45 a.m.

8 Attachment #2 3. WELLINGTON MANAGEMENT COMPANY LLP Mr. Stephen Moorhead, Mr. Shaun Pedersen and Mr. Gardiner Holland made the presentation for Wellington. Mr. Pedersen explained the investment process of identifying inexpensive, high-quality companies through in-depth research and analysis. Mr. Rhodes returned at 10:50 a.m. Mr. Berube returned at 10:55 a.m. A MOTION WAS MADE TO HIRE WELLINGTON AS THE SMID VALUE MANAGER FOR THE GENERAL EMPLOYEES PENSION PLAN by Mr. Rhodes and seconded by Mr. Brown. MOTION CARRIED UNANIMOUSLY. A MOTION WAS MADE TO HIRE WELLINGTON AS THE SMID VALUE MANAGER FOR THE POLICE PENSION PLAN by Mr. Smith and seconded by Ms. Botts. MOTION CARRIED UNANIMOUSLY. A MOTION WAS MADE TO HIRE WELLINGTON AS THE SMID VALUE MANAGER FOR THE FIREFIGHTERS PENSION PLAN by Mr. Torres and seconded by Mr. Garcia. MOTION CARRIED UNANIMOUSLY. Meeting adjourned for the Pension Advisory Committee at 12:00 p.m. The Police and Firefighters Pension Boards recessed for lunch. The Firefighters and Police Pension Boards reconvened at 12:54 p.m. 1. COMVEST PARTNERS PRESENTATION Mr. Daniel Lee, Mr. Robert O Sullivan and Mr. Greg Reynolds made the presentation for Comvest. Mr. O Sullivan stated the company focuses on the lower middle-market in areas where Comvest has direct expertise or strong operating partners. 2. PARK SQUARE CAPITAL PRESENTATION Mr. Roger Kempink and Mr. Osvaldo Pereira represented Park Square Capital. The company focuses on large, high quality European companies that are stable and predictable. A MOTION WAS MADE TO HIRE BOTH COMVEST PARTNERS AND PARK SQUARE CAPITAL, AS DIRECT LENDING OPPORTUNITISTIC MANAGERS, ALLOCATING 1.5 PERCENT TO EACH COMPANY (THREE PERCENT TOTAL) FROM THE CORE BONDS PORTION OF THE FIXED INCOME ALLOCATION, FOR THE FIREFIGHTERS PENSION PLAN by Mr. Edmonds and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. A MOTION WAS MADE TO HIRE BOTH COMVEST PARTNERS AND PARK SQUARE CAPITAL, AS DIRECT LENDING OPPORTUNITISTIC MANAGERS, ALLOCATING 1.5 PERCENT TO EACH COMPANY (THREE PERCENT TOTAL) FROM THE CORE BONDS PORTION OF THE FIXED INCOME ALLOCATION, FOR THE POLICE PENSION PLAN by Chairman Long and seconded by Mr. Smith; MOTION CARRIED UNANIMOUSLY. 2

9 Attachment #2 The meeting was adjourned at 2:58 p.m. by Mr. McCullion. Respectfully submitted, Christopher P. McCullion Christopher P. McCullion Treasurer Michele V. Keane Michele V. Keane Pension Coordinator 3

10 MINUTES FROM MEETING OF FEBRUARY 19, 2015 Chairman Glass called the meeting to order at 9:02 AM in the Sustainability Conference Room, 2 nd floor of City Hall and determined a quorum was present. Members Present Ronald A. Glass, Chair Eddie Torres, Vice-Chair Douglas Zabin, Secretary Kevin Edmonds, Trustee Mario Garcia, Trustee (Arrived 9:03) Also Present Christopher P. McCullion, Executive Director Katrina Laudeman, Deputy Executive Director James Loper, Board Attorney Katie Zuccarini, Employee Benefits Amy Iennaco, Chief Assistant City Attorney Matthew Negedly, District Chief Mike Clelland, Attorney Tracy Farina, Firefighter Michele Keane, Pension Coordinator 1) PUBLIC COMMENT None (The Board decided to take item 8, the Opportunistic Credit Hedge Fund Search, out of order to allow Mr. Garcia to participate in the disability hearing and accommodate Mr. Leonard s time constraint.) 2) OPPORTUNISTIC CREDIT HEDGE FUND SEARCH Ms. Laudeman contacted Kevin Leonard, with NEPC, while Mr. McCullion reminded the Board of a previous discussion regarding the EnTrust Special Opportunities III. Mr. Leonard and Mr. McCullion added there are several options available to the Firefighters Pension Board to reinvest the distributions from EnTrust Special Opportunities II. A MOTION TO CANCEL THE SEARCH FOR AN OPPORTUNISTIC CREDIT HEDGE FUND MANAGER, TO REALLOCATE THE DISTRIBUTIONS FROM THE ENTRUST SPECIAL OPPORTUNITIES II FUND TO CURRENT PRIVATE DEBT MANAGERS, AND TO INCREASE THE ALLOCATION TO THE PRIVATE DEBT PORTION OF THE PORTFOLIO was made by Mr. Edmonds and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. 3) DISABILITY HEARING FOR TRACY FARINA Mr. Loper, Board Attorney, reviewed the procedures. Ms. Farina was represented by Mr. Clelland and Ms. Iennaco represented the Department. Ms. Farina was sworn in by Ms. Keane. Chairman Glass called for the application, disability packet and Independent Medical Examination to be entered into evidence.

11 Mr. Clelland gave a timeline and brief description of Ms. Farina s seven injuries, adding that all were accepted as compensable by workers compensation. Ms. Iennaco waived opening statements, stating the Department does not oppose the application. She but did ask for clarification on one point which Mr. Clelland provided. Ms. Iennaco stated she has consulted with Chief Miller and there are no opportunities for light duty for Ms. Farina. The applicant did not testify. Ms. Ienacco and Mr. Clelland waived closing statements. Chairman Glass stated the evidence phase of the hearing was now closed and the Board would enter the determination phase of the proceeding. A MOTION THAT THIS IS A PERMANENT AND TOTAL DISABILITY was made by Chairman Glass and seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY. A MOTION THAT THIS IS A LINE OF DUTY DISABILTY was made by Mr. Edmonds and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. A MOTION THAT THERE IS NO LIMITED DUTY PERMANENT POSITON AVAILABLE IN THE FIRE DEPARTMENT WITHOUT A REDUCTION IN PAY OR BENEFITS was made by Chairman Glass and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. A MOTION THAT TRACY FARINA DOES NOT HAVE TWENTY YEARS OF SERVICE AND IS NOT ENTITLED TO COST OF LIVING PAYMENTS was made by Chairman Glass and seconded by Mr. Torres; MOTION CARRIED UNANIMOUSLY. A MOTION THAT THE LINE OF DUTY DISABILITY PENSION WILL BE EFFECTIVE MARCH 1, 2015 was made by Chairman Glass and seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY. Ms. Farina and Mr. Clelland left the meeting at 9:20 a.m. and a brief recess was taken. Meeting resumed at 9:27 a.m. 4) APPROVAL OF MINUTES -DECEMBER 4, 2014 A MOTION TO APPROVE THE MINUTES OF DECEMBER 4, 2014 was made by Mr. Edmonds and seconded by Chairman Glass; MOTION CARRIED UNANIMOUSLY. 5) APPROVAL OF MINUTES DECEMBER 18, 2014 A MOTION TO APPROVE THE MINUTES OF DECEMBER 18, 2014 was made by Mr. Edmonds and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. 6) APPROVAL OF MINUTES JANUARY 30, 2015 A MOTION TO APPROVE THE MINUTES OF JANUARY 30, 2015 was made by Chairman Glass and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 7) CONSENT AGENDA 2

12 The following items will be acted on by the Orlando Firefighters Pension Board in one motion; if separate consideration of an item is requested that item may be removed from this Consent Agenda. Approve & Ratify: Note the following retirement(s)/medical disability(s) calculation(s) prepared by Employee Benefits and reviewed by Accounting & Control (pension calculation will change upon receipt of COLA benefits) authorize payment of appropriate benefit(s): December Retirement None January Retirement John McGrath February Retirements Scott Gawler, Ronald Raymond, Frank Cornier, Diana Savalisch and Raymond Biefelt A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Mr. Edmonds and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 8) PENDING/OLD BUSINESS a. DISABILITY APPLICATION STATUS - Ms. Keane informed the Board that Mr. Jeffrey Roe is expected to submit his notebook for a line-of-duty disability today. b. BACK DROP INFORMATION Mr. Loper explained the changes made to the Contingency Back Drop Election form and that it is irrevocable. The form protects the right of a firefighter to secure a Back Drop benefit for a beneficiary (ies) in the event death should occur before electing the Back Drop option. A MOTION TO APPROVE THE REVISED BACK DROP ELECTION FORM was made by Chairman Glass and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. Some discussion followed regarding how to distribute the information and form to all Firefighters. c. FIDUCIARY LIABILITY INFORMATION / PLAN ADMINISTRATION Mr. Loper stated Florida Statute 175 applies to the Orlando Firefighters Pension Fund and states that the sole and exclusive administration and the responsibility for the proper operation of the Pension Fund is with the Board of Trustees. He added that Florida Statute 175 also provides for the compensation of reasonable attorneys fees. Mr. Loper then spoke about Florida Statute which states a fiduciary shall discharge their duties with respect to a plan solely in the interest of the participants and beneficiaries for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the plan. He stated there are two fiduciary responsibilities a Board has to its members: the duty to investigate and the duty to inform. Mr. Loper then spoke specifically about the that Chairman Glass received from retiree Gary Woodard. A MOTION TO HAVE A LETTER SENT TO MR. WOODARD STATING THAT THE BOARD HAS REVIEWED HIS REQUEST AND DETERMINED HE IS NOT ELIGIBLE TO RECEIVE BENEFITS UNDER THE PLAN ESTABLISHED BY FLORIDA STATUTE 175 was made by Mr. Garcia and seconded by Mr. Zabin. MOTION CARRIED UNANIMOUSLY. 3

13 There being no further business Chairman Glass adjourned the meeting at 11:52 AM. Respectfully submitted, Michele Keane Michele Keane Pension Coordinator 4

14 MINUTES FROM MEETING OF APRIL 16, 2015 Chairman Glass called the meeting to order at 9:05 AM in the Sustainability Conference Room, 2 nd floor of City Hall and determined a quorum was present. He telephoned Mr. Loper. Members Present Ronald A. Glass, Chair Eddie Torres, Vice-Chair (Arrived 10:07 AM) Douglas Zabin, Secretary Kevin Edmonds, Trustee Mario Garcia, Trustee Also Present Christopher P. McCullion, Executive Director Katie Zuccarini, Employee Benefits James Loper, Board Attorney (via phone) Dionna Little, Fire Advisor Gitaanjali Sookdeo, Accountant I Imtiaz Khan, Assistant Controller David Harris, Nyhart Randall Stanley, Nyhart Michele Keane, Pension Coordinator Mike Clelland, Attorney 1) PUBLIC COMMENT Mr. Clelland addressed the Board regarding an upcoming disability case for deceased firefighter, Mike Ryan. Mr. Clelland is asking for a waiver of obligations to produce all medical records related to Mr. Ryan s care. Mr. Loper suggested Mr. Clelland provide the trustees with a preliminary application that includes a death certificate that lists the cause of death, reason(s) why the death should be considered a line-of-duty case and a deposition from Mr. Clelland s expert witness. Some discussion ensued and Mr. Clelland left the meeting at 9:35 AM. 2) ACTUARIAL VALUATION PRESENTATION AND SUMMARY Mr. Stanley noted this was the 11 th year that Nyhart has performed the actuarial valuation for the Firefighters Pension Board and turned the meeting over to Mr. Harris. Mr. Harris summarized the actuarial valuation findings, stating the Fund is now 85% funded. He added the expected City contribution will be slightly less this year than last year at $13,450,900. Mr. Harris gave brief explanations of GASB 67 and 68 and SB534; citing how their implementation will effect reporting. (Mr. Torres joined the meeting at 10:07 AM.)

15 A MOTION TO ACCEPT THE ACTUARIAL VALUATION was made by Chairman Glass and seconded by Mr. Zabin. MOTION CARRIED UNANIMOUSLY. 3) 5 YEAR EXPERIENCE STUDY PROPOSAL Mr. Harris stated that it is time to conduct a 5-year experience study that will cover October 1, 2010 to September 30, Some discussion ensued regarding lowering the current rate of return assumption, currently at 8%, and lowering the current assumptions for inflation and payroll growth. A MOTION TO AUTHORIZE THE 5 YEAR EXPERIENCE STUDY was made by Mr. Garcia and seconded by Mr. Edmonds. MOTION CARRIED UNANIMOUSLY. 4) APPROVAL OF MINUTES FEBRUARY 19, 2015 A MOTION TO APPROVE THE MINUTES OF FEBRUARY 19, 2015 was made by Mr. Edmonds and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 5) A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Chairman Glass and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. (Mr. Khan left the meeting at 10:35 AM.) 6) PENDING/OLD BUSINESS a. DISABILITY APPLICATION STATUS No update on Mr. Roe. 7) NEW BUSINESS a. Mr. McCullion informed the trustees that the Police Pension Board members have decided to move to an electronic format and after some discussion, the Firefighters Pension Board decided to do the same. Mr. McCullion will be ordering ipads for all of the trustees except Mr. Edmonds, who has already been issued one through the City. The trustees will discuss at a later date whether to require disability pension applicants to file their materials electronically. For now, disability applications will continue to be done via printed material in notebooks. There being no further business Chairman Glass adjourned the meeting at 10:50 AM. Respectfully submitted, Michele Keane Michele Keane Pension Coordinator 2

16 MINUTES FROM MEETING OF MAY 19, 2015 Chairman Glass called the meeting to order at 9:05 AM in the Sustainability Conference Room, 2 nd floor of City Hall and determined a quorum was present. Members Present Ronald A. Glass, Chair Eddie Torres, Vice-Chair Douglas Zabin, Secretary Kevin Edmonds, Trustee Mario Garcia, Trustee Also Present Christopher P. McCullion, Executive Director Katrina Laudeman, Deputy Executive Director James Loper, Board Attorney Katie Zuccarini, Employee Benefits Jeffrey Roe, Firefighter Matthew Negedly, District Chief Michele Keane, Pension Coordinator 1) PUBLIC COMMENT Chairman Glass asked for public comment. There was none. 2) DISABILITY HEARING JEFFREY ROE Mr. Loper, Board Attorney, reviewed the procedures. Mr. Roe represented himself and was sworn in by Ms. Keane. Ms. Little, Department Advocate, was unable to attend; however her stating there are not any limited duty positions available and that the Department does not oppose the application was placed into evidence. There were no opening statements. Chairman Glass called for the applications, disability packet and Independent Medical Examination to be entered into evidence. Mr. Roe summarized his injuries and treatments. Chairman Glass stated the evidence phase of the hearing was now closed and the Board would enter the determination phase of the proceeding. A MOTION THAT THIS IS A PERMANENT AND TOTAL DISABILITY was made by Chairman Glass and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. A MOTION THAT THIS IS A LINE OF DUTY DISABILITY was made by Mr. Edmonds and seconded by Chairman Glass; MOTION CARRIED UNANIMOUSLY. A MOTION THAT THERE IS NO PERMANENT LIMITED DUTY POSITION AVAILABLE IN THE FIRE DEPARTMENT WITHOUT A REDUCTION IN PAY OR BENEFITS was made by Chairman Glass and seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY.

17 A MOTION THAT JEFFREY ROE DOES HAVE TWENTY YEARS OF SERVICE AND IS ENTITLED TO COST OF LIVING PAYMENTS was made by Chairman Glass and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. A MOTION THAT THE LINE OF DUTY DISABILITY PENSION WILL BE EFFECTIVE JUNE 1, 2015 was made by Chairman Glass and seconded by Mr. Torres; MOTION CARRIED UNANIMOUSLY. A brief recess was taken at 9:29 AM and Mr. Roe and District Chief Negedly left the meeting. Meeting resumed at 9:31 AM. 3) APPROVAL OF MINUTES APRIL 16, 2015 A MOTION TO APPROVE THE MINUTES OF APRIL 16, 2015 was made by Mr. Zabin and seconded by; Mr. Edmonds; MOTION CARRIED UNANIMOUSLY. 4) A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Chairman Glass and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. 5) PENDING/OLD BUSINESS a. DISABILITY APPLICATION STATUS Mr. Horn will be stopping by to review his application on May 21, ) NEW BUSINESS a. CHANGE OF EXECUTIVE DIRECTOR FOR PENSION BOARD - Mr. McCullion announced Ms. Laudeman s promotion to Treasurer. He stated that historically the Pension Boards have appointed the Treasurer as their Executive Director and asked the Trustees to consider making Ms. Laudeman the Executive Director of the Firefighter s Pension Board. A MOTION THAT MS. LAUDEMAN BE APPOINTED AS THE EXECUTIVE DIRECTOR OF THE FIREFIGHTERS PENSION BOARD was made by Mr. Edmonds and seconded by Chairman Glass; MOTION CARRIED UNANIMOUSLY. b. ELECTRONIC POLICY - Mr. McCullion is working on an electronic policy for the ipad usage and will send it out once completed. c. DROP LETTER Chairman Glass asked about the status of the letter that will be sent out with the new DROP forms. Mr. McCullion will forward the letter to Chairman Glass by the end of the week. Some discussion followed regarding how Forward and Back DROP dates affect 10-year certain payouts. Chairman Glass and Mr. Torres also asked if it is possible to provide a formula that will allow firefighters to estimate their monthly pension. Mr. McCullion will see if something can be devised and advise the Board at the next meeting. 2

18 There being no further business Chairman Glass adjourned the meeting at 10:14 AM. Respectfully submitted, Michele Keane Michele Keane Pension Coordinator 3

19 Ms. Laudeman called the Joint Quarterly Performance Meeting of the General Employees Pension Advisory Committee, Police and Firefighters Pension Boards to order at 8:23 am on Thursday, June 4, 2015, in the Harvard Conference Room, 9th floor, City Hall, Orlando. All three Pension Boards had quorums. PAC Members Others Present Rebecca W. Sutton, Chairman (Absent) Katrina Laudeman, Treasurer and Todd Berube, S.E.I.U. Representative Executive Director Fire & Police Pension Steve Brown, L.I.U.N.A. Representative (Absent) Boards Jay Carr, Police Department Kevin Leonard, NEPC Gustavo Castro, Economic Development Keith Stronkowsky, NEPC Gerald Poke, L.I.U.N.A. Representative (Absent) Dionna Little, Asst. City Attorney II David Rafanowicz, Executive Offices Michele V. Keane, Pension Coordinator Charles Ramdatt, Public Works (8:43 am) (Jet) J.E. Taylor, III, The Carlyle Group Michael Rhodes, Economic Development (9:04 am) Margaret McKnight, The Carlyle Group Rick Suggs, S.E.I.U. Representative (Absent) Tamara Wilson, Fire Department Police Pension Board Members Jay Smith, Vice-Chair Laurie Botts, Trustee Antonio Blanca, Trustee William Long, Chairman (Absent) Jose Vicente, Secretary (Absent) Firefighters Pension Board Members Ron Glass, Chairman Edward Torres, Vice-Chair Kevin Edmonds, Trustee Mario Garcia, Trustee Doug Zabin, Secretary (Absent) 1. PUBLIC COMMENT Ms. Laudeman asked if there was anyone who wished to speak on an agenda item. There was no response. 2. MARKET UPDATE Mr. Stronkowsky gave an update on the market overview for the first quarter of He stated that US stocks and government bonds continued to perform well and hedge funds outperformed most major indices in the first quarter. The three funds have not had a negative quarter for the past two years.

20 3. PERFORMANCE UPDATE Mr. Leonard reviewed the performance of our money managers. The General Employees Pension Fund returned 1.9% for the first quarter and 4.5% for the fiscal year-to-date. The one year return is 7.1% versus the policy index of 7.5% and the five year return is 9.6% outperforming the policy index of 8.8%. The Firefighters Pension Fund performed the best of all three funds and returned 2.0% for the first quarter. The Police Pension Fund returned 1.8% for the first quarter. Fiscal year-to-date the Firefighters and Police Pension Funds returned 4.8% and 4.5% respectively. Mr. Leonard added that over the past five years, all three Pension Funds have outperformed their assumed rates of return. 4. METROPOLITAN REAL ESTATE PRESENTATION Mr. Leonard introduced Mr. (Jet) J.E. Taylor and Ms. Margaret McKnight of Metropolitan Real Estate which has been the Non-Core Private Real Estate money manager for all three Pension Funds since Mr. Taylor stated that Metropolitan has been purchased by The Carlyle Group. He added that they will remain independent in their investment decisions but will have access to all of Carlyle s resources. Ms. McKnight stated that the portfolio is doing well and there are no present areas of concern. The presentation concluded at 9:45 AM at which time Mr. Taylor and Ms. McKnight left the meeting. A short break was taken. Meeting resumed at 9:55 AM. 5. METROPOLITAN REAL ESTATE DISCUSSION Mr. Leonard stated he thought the presentation went well however he remains concerned about the delay in the deployment of capital. He noted that one of the risks of investing in a fund of fund is that there is not any direct control over when the capital is called. Mr. Leonard added that despite the fact it is taking longer than anticipated to receive a return on our money, it may still work to our advantage as opportunities can still be found in Europe due to the start of their economic recovery. 6. GENERAL EMPLOYEES PENSION ADVISORY COMMITTEE - APPROVAL OF MINUTES- APRIL 28, 2015 A MOTION TO APROVE THE MINUTES FROM MARCH 27, 2014 was made by Mr. Berube and seconded by Mr. Carr; MOTION CARRIED UNANIMOUSLY. MEETING ADJOURNED FOR THE GENERAL EMPLOYEES PENSION ADVISORY COMMITTEE AT 10:02 AM.

21 7. COLLER PRIVATE EQUITY / ALTERNATIVE ASSET DISCUSSION Mr. Leonard and Mr. Stronkowsky spoke about updating and maintaining the private equity portion of the portfolios. Currently both the Police and Firefighters Pension Plans are invested in Comvest, Park Square and Coller. It is NEPC s recommendation that the private equity portfolio be addressed on an annual basis. Coller has been successful in the past and is looking for investors for its Fund VII. After much deliberation, both Pension Boards decided to delay making a commitment to Coller. NEPC will also be presenting other secondary investment opportunities in the Fall, including energy strategies. There being no further business Ms. Laudeman adjourned the meeting at 10:51 A.M. Respectfully submitted, Katrina A. Laudeman Katrina A. Laudeman Treasurer Michele V. Keane Michele V. Keane Pension Coordinator

22 Ms. Laudeman called the Joint Quarterly Performance Meeting of the General Employees Pension Advisory Committee, Police and Firefighters Pension Boards to order at 8:23 am on Thursday, September 3, 2015, in the Harvard Conference Room, 9th floor, City Hall, Orlando. PAC Members Rebecca W. Sutton, Chairman (Absent) Todd Berube, S.E.I.U. Representative Steve Brown, L.I.U.N.A. Representative (Absent) Jay Carr, Police Department (8:42 am) Gustavo Castro, Economic Development Gerald Poke, L.I.U.N.A. Representative (Absent) David Rafanowicz, Executive Offices Charles Ramdatt, Public Works Rick Suggs, S.E.I.U. Representative (Absent) Tamara Wilson, Fire Department (Absent) Police Pension Board Members William Long, Chairman Jay Smith, Vice-Chair Jose Vicente, Secretary Antonio Blanca, Trustee (8:30 am) Laurie Botts, Trustee Others Present Katrina Laudeman, Treasurer and Executive Director Fire & Police Pension Boards Christopher P. McCullion, Deputy CFO Kevin Leonard, NEPC Keith Stronkowsky, NEPC Dionna Little, Asst. City Attorney II Michele V. Keane, Pension Coordinator Jim Nevola, Bank of New York Mellon Michael Fuehrer, Bank of New York Mellon Firefighters Pension Board Members Ron Glass, Chairman (8:35 am) Doug Zabin, Secretary (8:24 am) Edward Torres, Vice-Chair (Absent) Kevin Edmonds, Trustee (Absent) Mario Garcia, Trustee (Absent) 1. PUBLIC COMMENT Ms. Laudeman asked if there was anyone who wished to speak on an agenda item. There was no response. 2. MARKET UPDATE Ms. Laudeman introduced Mr. Nevola and Mr. Fuehrer of the Bank of New York Mellon and then turned the meeting over to Mr. Leonard and Mr. Stronkowsky of NEPC. Mr. Stronkowsky gave an update on the market overview for the second calendar quarter of 2015, and spoke about the volatility that was tied to China devaluing its currency, commodities, currencies and the Federal Government

23 3. PERFORMANCE UPDATE Mr. Leonard reviewed the performance of our money managers. The General Employees Pension Fund returned -0.2% for the second quarter and 4.4% for the fiscal year-to-date. The one year return is 3.6% versus the policy index of 3.4% and the five year return is 10.9% outperforming the policy index of 10.3%. The Firefighters Pension Fund returned -0.2% for the second quarter and the Police Pension Fund returned -0.3%. Fiscal year-to-date the Firefighters and Police Pension Funds returned 4.6% and 4.3% respectively. 4. GENERAL EMPLOYEES PENSION ADVISORY COMMITTEE - APPROVAL OF MINUTES- JUNE 4, 2015 A MOTION TO APROVE THE MINUTES FROM JUNE 4, 2014 was made by Mr. Rhodes and seconded by Mr. Carr; MOTION CARRIED UNANIMOUSLY. MEETING ADJOURNED FOR THE GENERAL EMPLOYEES PENSION ADVISORY COMMITTEE AT 9:20 AM. 5. POLICE & FIREFIGHTERS 2014 PREMIUM TAX DISTRIBUTION CALCULATION DISCUSSION Mr. McCullion addressed the Police trustees regarding the receipt of the insurance premium tax monies, which can be added towards purchasing remaining minimum benefits and fund a share plan. Ms. Laudeman will be providing an update at a later date about plan changes. Mr. McCullion then spoke with the Firefighters trustees regarding a shortfall of approximately $64,000 of state insurance premium tax revenue over the base amount to cover the current benefits. This shortfall will be covered by the Firefighters membership per the agreement between the City and bargaining unit. The repayment will be spread out over the entire year, with a minimum impact to the 500 members. Some discussion ensued. Mr. McCullion left the meeting at 9:45 AM and a brief break was taken. Meeting resumed at 9:55 AM. 6. PRIVATE EQUITY ASSET ALLOCATION DISCUSSION NEPC Ms. Laudeman stated the pacing plans for private equity would be discussed next. She noted that the figures have been corrected to show a 5% allocation approved for the private equity sector of the fund. Mr. Leonard spoke about the pacing plan as a long-term form of budgeting towards a target or plan that will be revisited on an annual basis.

24 Mr. Stronkowsky explained the different types of strategies the three managers they presented to the Boards, AEA Investors LP, Brookfield Capital Partners, and Monomoy Capital Management LP employ and spoke about the strengths and weaknesses of each company. Of the three, NEPC feels that Brookfield is the best match for the City of Orlando Firefighters and Police Pension boards. Some discussion ensued and the trustees for both boards asked NEPC to arrange for Brookfield to be interviewed by a joint meeting of the Police and Firefighters Pension Boards on September 17, 2015 at 10:00 AM. There being no further business Ms. Laudeman adjourned the meeting at 10:33 AM. Respectfully submitted, Katrina A. Laudeman Katrina A. Laudeman Treasurer Michele V. Keane Michele V. Keane Pension Coordinator

25 MINUTES FROM MEETING OF SEPTEMBER 17, 2015 Chairman Glass called the meeting to order at 9:12 AM in the Sustainability Conference Room, 2 nd floor of City Hall and determined a quorum was present. Chairman Glass contacted Mr. Loper by phone. Members Present Ronald A. Glass, Chair Eddie Torres, Vice-Chair Douglas Zabin, Secretary Kevin Edmonds, Trustee Mario Garcia, Trustee Also Present Katrina Laudeman, Executive Director Christopher P. McCullion, Deputy CFO James Loper, Board Attorney (By telephone) Katie Zuccarini, Employee Benefits Matt Dickey, Treasury Manager Dionna Little, Asst. City Attorney II Michele Keane, Pension Coordinator 1) PUBLIC COMMENT Chairman Glass asked for public comment. There was none. 2) APPROVAL OF MINUTES MAY 19, 2015 A MOTION TO APPROVE THE MINUTES OF MAY 19, 2015 was made by Mr. Zabin and seconded by; Mr. Torres; MOTION CARRIED UNANIMOUSLY. 3) APPROVAL OF MINUTES JUNE 4, 2015 A MOTION TO APPROVE THE MINUTES OF JUNE 4, 2015 was made by Mr. Zabin and seconded by; Mr. Edmonds; MOTION CARRIED UNANIMOUSLY. 4) A MOTION TO APPROVE THE CONSENT AGENDA AS PRESENTED was made by Mr. Zabin and seconded by Mr. Edmonds; MOTION CARRIED UNANIMOUSLY. 5) PENDING/OLD BUSINESS DISABILITY APPLICATION UPDATE Ms. Keane stated that Mr. Horn s IME results have been received and added to his notebook. She noted that Mr. Horn will be unavailable October 4 th through October 16 th. Ms. Little stated she and Ms. Ienacco are still discussing his disability package. Ms. Keane will set a date for the disability hearing. 6) NEW BUSINESS

26 a. RENEWAL OF MR. LOPER S CONTRACT Mr. Loper spoke briefly about his 15 years of service to the Firefighters Pension Board and asked that they renew his contract with an increase of 1.7%. The contract will go into effect October 1, 2015 and will end September 30, A MOTION TO APPROVE THE RENEWAL OF MR. LOPER S LEGAL CONTRACT was made by Mr. Garcia and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. b. PRESENTATION OF PLAQUE TO MR. MCCULLION Chairman Glass presented Mr. McCullion with a plaque and thanked him for all of his assistance and 7 years of service to the Firefighters Pension Board as the Executive Director. Mr. McCullion thanked the Board for the experience and their support. There being no further business Chairman Glass adjourned the meeting at 9:46 AM. Respectfully submitted, Michele Keane Michele Keane Pension Coordinator 2

27 MINUTES FROM JOINT MEETING OF SEPTEMBER 17, 2015 Ms. Laudeman called the Special Joint Police and Firefighters Pension Board Meeting to order at 10:04 AM on Thursday, September 17, 2015, in the Sustainability Conference Room, 2 nd Floor, City Hall, Orlando. Both Pension Boards had a quorum. Police Pension Board Members William Long, Chairman (Absent) Jay Smith, Vice-Chair Jose Vicente, Secretary Laurie Botts, Trustee Antonio Blanca, Trustee (Absent) Firefighters Pension Board Members Ron Glass, Chairman Edward Torres, Vice-Chair Doug Zabin, Secretary Kevin Edmonds, Trustee Mario Garcia, Trustee Others Present Katrina A. Laudeman, Treasurer and Executive Director Fire & Police Pension Boards Christopher P. McCullion, Deputy CFO Matt Dickey, Treasury Manager Kevin Leonard, NEPC David Neiman, Brookfield Asset Management Inc. Michele Keane, Pension Coordinator 1. PUBLIC COMMENT Ms. Laudeman asked if there was anyone who wished to speak on an agenda item. There was no comment. Ms. Laudeman turned the meeting over to Mr. Leonard of NEPC. 2. NEPC INTRODUCTION Mr. Leonard stated that Brookfield would be making a presentation seeking funding for their Brookfield Capital Partners Fund IV. NEPC is recommending the Police and Firefighters Pension Boards consider allocating $13 million and $10 million respectively as part of their 5% approved allocation to private equity. Mr. Leonard reminded the trustees that this is a fully vetted fund. This fourth fund is focusing on opportunistic buyouts and distressed turnaround opportunities in good companies that are in out of favor sectors.

28 3. BROOKFIELD PRESENTATION Mr. Neiman introduced himself, gave an overview of the company and the investment strategies they employ. He stated that Brookfield is a value investor with an established long-term track record. (Mr. Edmonds left the meeting at 10:30 AM.) He added that Brookfield has never had a realized loss in 15 years. Mr. Neiman addressed questions from the trustees, thanked them for their time and left the meeting. 4. DISCUSSION Mr. Leonard, Ms. Laudeman and Mr. McCullion responded to questions from the trustees. A MOTION THAT THE FIREFIGHTERS PENSION BOARD COMMIT $10 MILLION TO THE BROOKFIELD CAPITAL PARTNERS FUND IV, AS PART OF THEIR PRIVATE EQUITY PORTFOLIO ALLOCATION, was made by Mr. Zabin and seconded by Mr. Garcia; MOTION CARRIED UNANIMOUSLY. A MOTION THAT THE POLICE PENSION BOARD COMMIT $13 MILLION TO THE BROOKFIELD CAPITAL PARTNERS FUND IV, AS PART OF THEIR PRIVATE EQUITY PORTFOLIO ALLOCATION, was made by Mr. Smith and seconded by Mr. Vicente; MOTION CARRIED UNANIMOUSLY. 5. APPOINTMENT OF NEW DEPUTY EXECUTIVE DIRECTOR Ms. Laudeman introduced Mr. Matt Dickey, the new Treasury Manager, gave a brief summary of his extensive work experience and asked the trustees to consider appointing him as the new Deputy Executive Director. A MOTION TO APPOINT MATT DICKEY AS DEPUTY EXECUTIVE DIRECTOR FOR THE POLICE PENSION BOARD was made by Ms. Botts and seconded by Mr. Smith; MOTION CARRIED UNANIMOUSLY. A MOTION TO APPOINT MATT DICKEY AS DEPUTY EXECUTIVE DIRECTOR FOR THE FIREFIGHTERS PENSION BOARD was made by Mr. Garcia and seconded by Mr. Zabin; MOTION CARRIED UNANIMOUSLY. There being no further business Ms. Laudeman adjourned the meeting at 11:15 AM. Respectfully submitted, Michele Keane Michele Keane Pension Coordinator