HomeMy WebLinkAbout051007 rm agn & min AGENDA
MEETING OF THE BOARD OF TRUSTEES
CITY OF SANFORD FIRE FIGHTERS' RETIREMENT SYSTEM
MAY 10, 2007, AT 9:00 A.M.
IN THE CITY MANAGER'S CONFERENCE ROOM
AT THE CITY HALL
CITY OF SANFORD, SANFORD FLORIDA
I. Call to order
II. Approval of Minutes
a) February 8, 2006
III. Appointing of new board member
IV. Investment Manager's Report
V. Dahab
VI. Foster & Foster
VII. Approval of Payments
a) Christiansen & Dehner $ 673.00
b) Christiansen & Dehner $ 50.00
c) Christiansen & Dehner $ 25.00
d) Suntrust $16,985.41
e) Dahab $ 1,809.24
VIII. Scott Christiansen — Legal Issues
IX. Other Business
ADVISE TO THE PUBLIC: If a person decides to appeal a decision made with respect to any matter
considered at the above meeting of hearing, he may need a verbatim record of the proceedings, including the
testimony and evidence, which record is not provided by the City of Sanford (FS 286.0105)
Persons with disabilities needing assistance to participate in any of these proceedings should contact the
Personnel Office ADA Coordinator at (407) 330 -5626, forty-eight hours in advance of meeting.
MINUTES
Meeting of the Board of Trustees
City of Sanford Firefighters' Retirement System
May 10, 2007, at 9:00 A.M.
Railroad Depot Room
City Hall, Sanford, Florida
Members Present:
Thomas Hickson, Chairman
John Smith, Trustee
Robert Vaughn, Trustee
Bill Kirchhoff, Trustee
Others in Attendance:
Jim Poulalion, Finance Director
Sarah Battles, Administrative Assistant
Craig Radzak, Deputy Fire Chief
Scott Christiansen, Christiansen & Dehner
Greg McNeillie, Dahab, Inc.
Blake Myton, Trusco
Patrick Donlan, Foster & Foster
Mr. Hickson called the meeting to order at 9:08 a.m.
Mr. Hickson asked for a motion to approve the minutes for the February 8, 2007 meeting.
Mr. Vaughn made a motion to approve the minutes and Mr. Smith seconded the motion.
Motion passed.
Mr. Smith discussed the appointing of a fifth member, Craig Radzak. Mr. Hickson
discussed the qualifications and attributes that a member of the Board of Trustees should
possess in truly representing the Fire Pension Plan. Mr. Smith made a motion to elect
Craig Radzak as the fifth member of the Board and Mr. Vaughn seconded the motion and
motion carried. Mr. Christiansen explained the process of electing the fifth member and
how it would then need to go before the City Commission for approval.
Mr. Myton with Trusco gave the quarterly report.
Mr. McNeillie with Dahab gave the investment manager's report. Mr. McNeillie stated
that Mr. Myton would send a letter to have Mr. Hickson sign giving holding rights to
Dahab which means that Dahab would have authorization to review holdings.
Mr. Donlan with Foster & Foster gave a report regarding the valuations. The rate of
return for September of 2006 was 8.42 %. He explained that Charles Slavin needed a
letter regarding the predicted 8% return of investment for next year.
Based upon advice of consultants, Mr. Kirchhoff made a motion to approve the 8%
expected rate of return of investments over the next five years, and Mr. Vaughn seconded
the motion and motion passed.
Mr. Hickson asked for a motion to approve the payments to the following:
1.) Christiansen & Dehner $ 673.00
2.) Christiansen & Dehner $ 50.00
3.) Christiansen & Dehner $ 25.00
4.) Suntrust $16,985.41
5.) Dahab $ 1,809.24
Mr. Smith made a motion to approve the payments and Mr. Kirchhoff seconded the
motion. Motion carried.
Mr. Christiansen discussed changes in the DROP form due to legislation.
Mr. Christiansen informed the Board that the Financial Disclosures form would need to
be sent to the Supervisor of Elections from each Board member.
Mr. Christiansen discussed Chapter 175 and 185 and the fact that no legislation was
passed regarding having a twenty percent limitation in international funds or that the
terms of Trustees had changed. Also, no legislation was passed regarding pre -tax for
self -aid medical insurance.
Mr. Christiansen talked about the discussion of increasing the FRS buyback which would
change from 2% to 5% but this didn't pass either.
Mr. Christiansen mentioned to Ms. Battles that he needed a copy of the Addendum to the
Agreement in regards to the rate increase for attorney's fees.
Mr. Christiansen discussed changing the Ordinance regarding the Union incentive
statement and the PLOP option and that he could draw up a draft ordinance for the
Board's review. Mr. Smith made a motion and Mr. Vaughn seconded the motion and the
motion passed.
In h
Ot er Business, Mr. Smith discussed a ro ram for Trustees to attend to become
p g
certified and continue their education each year. Mr. Smith made a Motion to approve
funds for this program which would be $750 to $850 per person for certification of the
Trustees. Mr. Vaughn seconded the motion and the motion carried.
There being no other business to come before the Board, meeting was adjourned at 10:37
a.m.
Chairman Thomas Hickson Robert Vaughn
Chairman Secretary