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HomeMy WebLinkAbout021408 rm agn & min Sanford Firefighters' Retirement System Susy Pita, CPPT, Plan Administrator 4 4 21629 Stirling Pass ♦ Leesburg, Florida 34748 *. Phone: 352-787-9795 ♦ Fax: 352-787-2699 NOTICE OF MEETING - Posted February 7, 2008 Thursday, February 14, 2008 at 9:00 a.m. City Hall — Lake Monroe Conference Room - 2 Floor AGENDA 1. Call to Order and Roll CaII 2. Approval of Minutes: Regular Meeting — November 8, 2007 3. Approval of Disbursements 4. Old Business: (a) Trustee Position — Commission Reappointment (b) Revised Impact Statement for Ordinance No. 4086 5. Actuary's Report: (a) Cost Study Analysis (b) Actuarial Valuation Report — 10/01/07 6. Investment Consultant's Report - Dahab 7. Investment Manager's Report — Trusco 8. Attorney's Report: (a) Reporting Requirements — Use of Social Security Numbers (b) Pre -Tax Health Insurance Premiums (c) Summary Plan Description 9. New Business 10. Any Other Business (that may legally come before the Board) 11. Next Meeting Date — Thursday, May 15, 2008 at 9:00 a.m. 12. Adjournment DISABILITY INFORMATION: In accordance with the Americans with Disabilities Act and F.S.S. 286.26, persons with disabilities needing special accommodation to participate in this meeting should contact Susy Pita, Plan Administrator, no later than seven days subsequent to the proceeding at 352 - 787 -9795 for assistance. If hearing impaired, call the Florida Relay Service Numbers at 800- 955- 8771 (TDD) or 800 - 955 -8770 (VOICE) for assistance. APPEAL NOTICE: If a person decides to appeal any derision made by the Board, with respect to any matter considered at such meeting or hearing, that person will need to ensure that a verbatim record of the proceedings is made, which record indudes the testimony and evidence upon which appeal is to be based. SANFORD FIREFIGHTERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES THURSDAY FEBRUARY 14, 2008 - 9:00 A.M. 1. Call to Order and Roll Call The meeting was called to order at 9:00 a.m. by the Chairman, Thomas Hickson. The following members were present: Bill Kirchhoff, Craig Radzak, John Smith and Robert Vaughn. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Greg McNeillie, Consultant and Blake Myton, Money Manager. The City Finance Director, Mr. Jim Poulalion was also present. 2. Approval of Minutes The minutes were reviewed and a change in the last paragraph on page 3 was requested. A motion was then made by Robert Vaughn to approve the minutes from the regular meeting held November 8, 2007 as amended. Seconded by John Smith, the motion carried unanimously. The signatures will be obtained at the May meeting. 3. Disbursements A motion was made by Robert Vaughn to approve the disbursement report. Seconded by John Smith, the motion carried unanimously. (Copy is attached for the record.) The Administrator discussed the invoice from Foster & Foster that was just received yesterday. The $800 fee for the cost study analysis requested by the City was included in the total and there was some question regarding the breakdown of services billed. This will be further reviewed by the Administrator for clarification and discussed at the next meeting. 4. Old Business (a) Thomas Hickson was re- appointed for another two -year term by the City Commission on November 12, 2008. The Trustees then discussed the appointment of Officers to the Board. A motion was made by Craig Radzak to re- appoint all current Officers to their positions. Seconded by John Smith, the motion carried unanimously. (b) Foster & Foster has provided a Revised Actuarial Impact Statement in support of Ordinance No. 4086. The Chairman affixed his signature and the Administrator will forward the data to the Division of Retirement. 5. Actuary's Report (a) The Cost Study Analysis regarding the Retiree's COLA was tabled until the next meeting. (b) The Actuarial Valuation Report as of 10/01/07 was tabled until the next meeting. 6. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of December 31, 2007. Asset allocation for the period: Equities — 56.3 %, International - 5.0 %, Cash & Equivalents — 0.8% and Fixed Income — 35.0% Total fund value was $15,869,286. 7. Investment Manager's Report — Trusco Blake Myton presented the quarterly report from Trusco. Total market value at December 31, 2007 was $15,868,688.01. Blake concluded his report by discussing the new name change from Trusco to Ridgeworth Captial Management. Page 2 of 2 Sanford Firefighters' Retirement System February 14, 2008 8. Attorney's Report (a) The reporting requirements regarding the use of Social Security Numbers was discussed. The Plan Administrator has already complied with a letter to the Senate President and the Speaker of the House of Representatives. (b) The pre -tax health insurance premiums was briefly discussed. (c) The Summary Plan Description was reviewed. A motion was made by Robert Vaughn to approve the Report. Seconded by Craig Radzak, the motion carried unanimously. The Chairman affixed his signature and the Secretary will see that it is distributed to the members. Scott Christiansen continued his report by providing the Trustees with a current Legislative update and went on to discuss the impact of the Fire Department payroll on the State Report to the Division of Retirement. Scott concluded his report by informing the Trustees that the entire membership must have a vote to use the State monies for any cost associated with the retiree's COLA. (This report will be discussed at the May meeting.) 9. New Business There was none. 10. Any Other Business Thomas Hickson asked the Trustees to consider having a plaque prepared and presented to Ron Russi for his service to the Pension Board. 11. Next Meeting Date Next regular meeting date was set for Thursday, May 15, 2008 at 9:00 a.m. The Administrator reminded the Trustees to bring the Cost Study Analysis and the Actuarial Valuation Report with them to the May meeting. 12. Adjournment The meeting ended at 10:35 a.m. Thomas Hickson, Chairman • I C L. (, - Robert Vaughn, Secretary CITY OF SANFORD FIREFIGHTERS' PENSION FUND DISBURSEMENT REPORT February 14, 2008 Date Payment Issued To: Amount 09/28/07 Christiansen & Dehner $830.22 10/30/07 Christiansen & Dehner $751.05 11/05/07 Dahab $1,988.67 11/07/07 Sun Trust Bank $18,402.71 12/03/07 F. P. P.T.A. $ 500.00 01/22/08 Christiansen & Dehner $1,503.01 02/01/08 Foster & Foster $8,160.00 02/04/08 Dahab $1,985.93