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    FIREFIGHTERS’ RETIREMENT PLAN MINUTES BOARD OF TRUSTEES MEETING THURSDAY, NOVEMBER 21, 2019 1:30 PM. 1114 MARKET STREET, ST. LOUIS, MO 63101 CARNAHAN COURTHOUSE ROOM 746 Regular Meeting pursuant to call St. Louis, Missouri; November 21, 2019 Trustees met at 1:30 p.m. Meeting Held In: Room 746, Carnahan Building. Present: John Costello, Chairman; Kenny Mitchell, Larry Reinecke (via telephone), Harvey Citerman, Beverly Fitzsimmons and Nevena Chamov, Trustees. Also present: Janice Fairless, ‘Tim Myles and Karla Kenton, Firefighters’ Retirement Plan; Steve Roth, Dahab; Janna Hamilton and Ben Monkiewez, Garcia Hamilton, Excused: Paul Payne, Trustee; and Richard Frank, Secretary. Chairman Costello called the session to order at 1:33 p.m. Chairman Costello presented the minutes of the October 24, 2019 Board Meeting. Trustee Citerman moved to approve the minutes of the October 24, 2019 meeting as presented. Discussion followed. Trustee Mitchell requested the minutes be amended to delete the following sentence: “Once the FRS agrees and that is provided, staff is authorized to pay survivors of Captain Todd Gooch who passed away on 9/1/2019”. Trustee Citerman withdrew his motion to approve the minutes as presented; and instead moved to approve the minutes as amended. Motion seconded by Trustee Mitchell and carried by a 6-0 vote of all Trustees present. ‘The Chairman then introduced Janna Hamilton, Partner and Ben Monkiewez, Partner and Portfolio Manager with Garcia Hamilton the Plan's fixed income manager. The FRP has $17,910,635 invested with Garcia Hamilton. This past fiscal year the account returned 8.39% which lagged compared to 10.30% for Bloomberg Barclays Aggregate index. Since inception in 5/2015 the return has been 3.57% compared to 3.24% for the index. For the quarter the fund i returning 2.39% against 2.27 for the index. Mr. Monkiewez discussed current fixed income market factors; he discussed the bullish sentiment in the market, the market expectations for the Feds to cut rates, as well as touched on money supply growth, jobless claims and consumer confidence. He presented a graph indicating “spreads are not signaling a recession”. He mentioned how small the impact of the Chinese Trade War is on the World GDP among other topics (Attachment 1). Discussion followed. Trustee Mitchell moved to accept the Garcia Hamilton report as presented. Motion seconded by Trustee Citerman and motion carried by a 6-0 vote of all ‘Trustees present, Chairman Costello then turned to Steve Roth with Dahab who presented September 30, 2019 Performance Review (Attachment 2), The Plan’s ending value was $87,832,432. Discussion followed. Mr. Roth also presented the Preliminary Performance report for October. The portfolio has topped the $90 million mark at $90,428,977. For the month the portfolio increased 2% slightly outperforming the St. Louis Manager Shadow Index of 1,9%. Great Lakes (SMID) under performed at 14% vs 1.9% for the Russell 2500; Wellington (Emerging Markets) ‘underperformed at 3.6% compared to 4.2% for MSCI emerging Markets; and Garcia Hamilton (Fixed Income) was at 0.1% compared to 0.3% for the Barclays Aggregate. Invesco (International) outperformed the market at 4.4% compared to 3.5% for the MSCI All Country World Index. Trustee Mitchell moved to accept the updates from Dahab as presented. Motion seconded by Trustee Citerman and motion carried by a 6-0 vote of all Trustees present. Mrs. Fairless asked Mr. Roth to confirm the Net Contributions in the Performance report as they appeared low to her. He agreed to. ‘The Chairman then asked for an update on the Small and Mid-Cap manager searches. Dahab drafted the RFP's and Mrs. Fairless reports legal has reviewed and approved them. Mr. Roth said they will go out and close in mid-January. The Chairman then moved on to Mrs. Fairless for Pension benefits, Mrs. Fairless presented benefits for one retiree, Captain Ellis Outlaw who is also requesting his refundable contributions. He has asked to rollover his sick leave accruals to another Plan (Attachment 4) Trustee Mitchell moved to approve the Pension award, rollover of sick leave accruals, and refund of contributions as presented. Motion seconded by Trustee Fitzsimmons and carried by a 6-0 vote of all Trustees present. Next, Chairman Costello called for the Approval of the Action of the Secretary in payment of Death and survivor benefits to the children of Todd Gooch. Discussion followed. Trustee Fitzsimmons moved to approve the Action of the Secretary in payment of Death and survivor benefits to the children of Todd Gooch as presented. Motion seconded by Trustee Mitchell and carried by a 6-0 vote of all Trustees present. Next order of business on the agenda was the review and vote on the Education Resolution, The Chairman laid this item over until the next meeting, ‘The Chairman then addressed the issue of payments for guests. ‘The Board received bills for a Spouse and a guest so they could attend events outside of meetings including breakfast and receptions. The FRP does not pay for any “guest” expenses. If'a guest is invited free of charge and incurs no additional expense there is no problem with a guest attending. Otherwise, Trustees need to pay for their guests to attend these events. ‘The Board cannot pay these bills and deduct the charges from any reimbursements owed to the member for travel. The bills from NCPERS were returned to the Board members involved for their personal payment. Next Mrs. Fairless asked the Board if they would approve payment of expenses without an itemized receipt for some small meal charges made during the recent NCPERS conference in New Orleans. She noted all requested expenses are within the dollar amounts allowed as outlined in the travel expense policy. Discussion followed. Trustee Mitchell moved to pay if a receipt (non-itemized) is included provided such receipt is within the parameters for receipts associated with NCPERS expenses. Motion seconded by Trustee Citerman and carried by a 6-0 vote of all Trustees present, The Chairman then asked Mrs. Fairless to address the issues she noted with the DROP Policy. Mrs. Fairless noted some of the items either are not possible to do because our Plan is not identical to the FRS, nor would a member need to make withdrawals in the same manner. ‘The Board agreed to lay this matter over until legal could review the requested changes. The next agenda item, the RFP for Auditors, was laid over until the next meeting The next item up for discussion was the REP for Medical Review Services. The Board reviewed the draft RFP approved by legal. Mrs. Fairless noted she dropped in a Dec. 2 date for releasing the RFP. ‘Trustee Chamov moved to approve the RFP for Medical Review Services. Motion seconded by Trustee Fitzimmons and carried by a 6-0 vote of all Trustees present. The Chairman then provided an update on the RFP for Stock Recovery Brokers. Chairman Costello noted he had been contacted by an attorney from the City Counselor's Office. Trustee Chamov was also placed on the selection committee by the mayor. He reports the committee has not met yet. Next the Chairman opened up discussion on recording of meetings. Chairman Costello noted this item has been on the agenda before and the Board has always voted it down. Trustee Mitchell expressed the desire to record meetings. Discussion followed. Trustee Fitzsimmons asked to lay this item over until we had legal’s opinion on the subject. Chairman Costello called for a motion to go into Closed Session pursuant to Section 610.021 RSMo (Roll Call Vote) to discuss legal matters and matters of physical and mental health of ‘members. Trustee Fitzsimmons moved to go into Closed Session. Motion seconded by ‘Trustee Chamov and carried by a 6-0 roll call vote of all Trustees present. Returned from Closed Session at 3:17 p.m. ‘The Chairman asked for motions coming forward from Closed Session. There were none, ‘The Chairman called for any further business. Mrs. Fairless presented a draft response to an inquiry on service purchase to the Board. She wanted the Boards’ concurrence on the content prior to mailing. The Board had no problem with the content. ‘The Board confirmed the meeting date/time for the next 3 months: December 19 at 10:00 am. January 30 at 1:30 p.m. and February 27 at 1:30 p.m., all to be held in room 746, Carnahan Courthouse. ‘The Chairman called for any further business. There being no additional further business, the Chairman called for a motion to adjourn the meeting ‘Trustee Fitzsimmons moved to adjourn the meeting. Motion seconded by Trustee Mitchell and carried by a 6-0 vote of all Trustees present. Meeting adjourned at 3:19 p.m. Vben te Ye \2

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