Palm Tran, Inc. Amalgamated Transit Union Local 1577 Pension Plan

Key discussions included the introduction of a new trustee appointed by the County, replacing a previous member, and a request for the administrator to distribute the trustee approval letter. The agenda was approved, and public comment was concluded without input. Minutes from previous meetings in September 2020 were approved after requested corrections to attendee names and references to 'Local 1577' were made. The Investment Manager Report detailed asset allocation and stock performance, noting a positive return trend in November despite a negative year-to-date figure through October. The Investment Consultant's report covered the economic disparity between growth and value stocks and recommended initiating paperwork to shift $3 million from Fidelity Large Cap Growth Index to BNY Mellon Large Cap Index via a CIT, which the board approved. The Actuary presented an issue regarding changing benefit payment forms post-commencement and requested approval to draft a policy to mitigate potential harm related to Joint & Survivor (J&S) factor recalculations, which was granted. The Attorney presented the final 2020 Summary Plan Description, which was approved, and discussed vendor evaluations for the plan administrator (SBA), noting high marks except for fees. The attorney also updated the board on state legislation changes and ongoing class action litigation status. The Administrator reported that the auditor's annual renewal increase was limited to 1%.

This document presents the investment performance for the Palm Tran, Inc./ATU Local 1577 Pension Fund for the period ending December 31, 2013. It provides an overview of asset allocation, manager reviews, and financial returns, analyzing the fund's performance against its strategic model and various benchmarks, and reviewing adherence to its investment policy.

The key discussions involved the approval of the agenda and the review of previous minutes from November 29, 2012. The Investment Manager, Ziegler Lotsoff Capital Management, reported on the mid cap equity portfolio for the quarter ending December 31, 2012, addressing underperformance against the benchmark and resulting in a motion to liquidate one half of the portfolio and purchase an index fund, alongside accepting a fee concession offer. The Investment Consultant reported on overall portfolio performance for the quarter, noting satisfactory returns, and recommended considering alternative investment products such as master limited partnerships related to domestic energy recovery infrastructure. The Actuary provided an update on the two-year amortization of the funding deficiency. Attorney reports covered IRS mileage reimbursement rate revisions and progress on obtaining a favorable tax determination letter requiring possible Plan Document revisions. Benefit approvals and disbursements were reviewed and passed. The Administrative Report included updates on the annual affidavit requirement for retirees, the accepted fee for the 2013 audit, and internal audit results concerning unclaimed death benefits. Specific death benefits were approved for immediate issuance to family members for three deceased retirees where beneficiary designations were complicated or incomplete.

The meeting involved reports from Investment Managers Galliard Capital Management and SSI Investment Management concerning the fixed income investment portfolios for the quarter ending June 30, 2014. The Investment Consultant provided a performance report, noting satisfactory results for most products except the CS McKee large cap value portfolio, leading to a motion to interview Vulcan Value Partners and Manning & Napier as prospective replacement managers. The Board also addressed legal matters, accepting an opinion letter regarding pensionable compensation limitations under Senate Bill 1128, and approved benefit approvals and disbursements. Administrative reports covered updates on employee contribution rate increases, pensionable leave time limitations, satisfaction with the incumbent auditor, and executing an Addendum to the Management Agreement with Westwood Holdings Group for a fee reduction. The Actuary discussed the funding deficiency amortization payments and future employer funding requirements. Other business included renewing fiduciary liability insurance, adopting a revised Summary Plan Description, authorizing demand letters regarding overpayments to retirees, deferring action on a Plan Document restatement, and joining the National Conference on Public Employees Retirement Systems.

The meeting commenced with the approval of the agenda. Key discussions centered on the Auditor's Report from Cherry Bekaert & Holland LLP, presenting financial statements for the fiscal year ending December 30, 2009, noting an increase in net plan assets due to investment gains and confirming fair presentation according to Government Auditing Standards with no material weaknesses identified. The Actuary Report from Freiman Little Actuaries detailed the 2009 Actuarial Valuation, highlighting that the recommended employer contribution rate was not met in 2009, resulting in a cumulative funding shortage of $2,507,746 as of December 31, 2009, with projections indicating an increase to approximately $6M by the end of 2010 if contributions remained static. The required contribution rate for fiscal year 2011 was reported to have increased to 32.4% of payroll. The Board adopted the 2009 Actuarial Valuation and directed the Plan Administrator to submit it to the County, explaining the funding shortage. The Administrator was also directed to mail the Annual Benefit Statements for active members to the members, confirming the intentional exclusion of the late retirement benefit calculation.