HomeMy WebLinkAbout081408 rm agn & min Sanford Firefighters' Retirement System
Susy Pita, CPPT, Plan Administrator
21629 Stirling Pass ♦ Leesburg, Florida 34748
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Phone: 352-787-9795 ♦ Fax: 352 -787 -2699
NOTICE OF MEETING - Posted August 7, 2008
Thursday, August 14, 2008 at 9:00 a.m.
City Hall — Railroad Conference Room - 2 Floor
AGENDA
1. Call to Order and Roll CaII
2. Approval of Minutes: Regular Meeting — May 15, 2008
3. Approval of Disbursements
4. Old Business
5. Investment Consultant's Report - Dahab
6. Investment Manager's Report — Trusco
7. Attorney's Report
8. New Business: Annual Declaration of Returns Letter
9. Next Meeting Date — Thursday, November 13, 2008 at 9:00 a.m.
10. 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, AUGUST 14, 2008 — 9:00 A.M.
1. CaII to Order and Roll Call
The meeting was called to order at 9:10 a.m. by the Acting Chairman, Bill Kirchhoff. John
Smith was the only other Trustee present. Thomas Hickson, Craig Radzak, and Robert Vaughn
were absent. The following service providers were also in attendance: Scott Christiansen, Plan
Counsel, Blake Myton, Money Manager, and David Lee and Greg McNeillie, Plan Consultants.
Because there was no quorum, there was no action taken by the Board.
2. Approval of Minutes
Approval of the minutes from the meeting held May 15, 2008 will be on the agenda at the next
meeting.
3. Approval of Disbursements
Approval of the disbursement report dated August 14, 2008 will be on the agenda at the next
meeting.
4. Old Business
There was none.
5. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of June 30, 2008. Asset allocation for the
period: Equities — 54.8 %, International - 8.0 %, Cash & Equivalents — 1.5% and Fixed Income —
35.6% Total fund value was $14,331,491.
6. Investment Manager's Report — Trusco
Blake Myton presented the quarterly report from Trusco. Total market value at June 30, 2008
was $14,329,330.
7. Attorney's Report
Scott Christiansen began his report by reviewing the Trustees' current terms. The terms of
office for Bill Kirchhoff, as a City Commission appointment, Robert Vaughn, as the member
elected Trustee, and Craig Radzak, the 5 member, all expire at the end of September. The
Plan Administrator will coordinate the election process and appointments.
Scott continued his report to the Board by informing them of the new forms package and the
annual schedule of events that his office has distributed to the Plan Administrators. Additionally,
they have sent a lengthy memo to the Plan Actuaries regarding the Section 415 testing required
under the IRS Code.
In closing, Scott stated that he is also working to prepare an Ordinance to update the Plan on
IRS compliance issues and he will be sending a new Special Tax Notice form to the
Administrator regarding contribution roll -overs into Roth IRA's.
8. New Business
A discussion took place regarding the annual Declaration of Returns letter. Following lengthy
input from the investment professionals, attorney and the Trustees, it was determined that the
annual letter to the Division of Retirement will be amended to reflect that the total expected
Page 2 of 2 Sanford Firefighters' Retirement System August 14, 2008
annual rate of investment return for the fund for the next year is 4 %, the next several years is
6 %, and the Tong -term thereafter, shall be 8 %, net of investment expenses. This will be on the
agenda for the next meeting so that a vote of the Board can take place prior to the distribution
of the letter. Greg McNeillie will also provide the required back -up data to the Administrator to
include with the letter to Mr. Slavin.
The Administrator handed out the schedule for the upcoming conference presented by the
Division of Retirement. Anyone interested in attending should let Susy know as soon as
possible to get registered.
9. Next Meeting Date
The Administrator will schedule a make -up meeting with the Trustees to account for the
quarterly schedule. The next regularly scheduled quarterly meeting date is Thursday, November
13, 2008 at 9:00 a.m.
10. Adjournment
The meeting ended at 10:15 a.m.
4 I 1 I I I N 1 •00■VWtOenY
Thomas Hickson, Chairman
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Robert Vaughn, Secretary