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Home My WebLink About021209 rm agn & min Sanford Firefighters' Retirement System p 1 Susy Pita, Pension Plan Administrator 21629 Stirling Pass • Leesburg, Florida 34748 g g� Phone: 352- 787 -9795 • Fax: 352 -787 -2699 NOTICE OF MEETING - Posted February 5, 2009 Thursday, February 12, 2009 at 9:00 a.m. City Hall — Railroad Conference Room - 2 " Floor AGENDA 1. Call to Order and Roll Call 2. Approval of Minutes: Regular Meeting — November 13, 2008 3. Approval of Disbursements 4. Old Business: Commission Reappointment of Trustee Bill Kirchhoff 5. Investment Consultant's Report - Dahab 6. Investment Manager's Report — Trusco /Ridgeworth 7. Attorney's Report 8. New Business: T/V Retiree — Sondra Gajdarik — Effective 12/01/08 9. Next Meeting Date: Friday, May 22, 2009 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 decision 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 includes the testimony and evidence upon which appeal is to be based. SANFORD FIREFIGHTERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES THURSDAY, FEBRUARY 12, 2009 — 9:00 A.M. 1. Call to Order and Roll Call The meeting was called to order at 9:07 a.m. by the Chairman, Thomas Hickson. The following members were present: Bill Kirchhoff, Craig Radzak and Robert Vaughn. John Smith was excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Blake Myton, Money Manager, and Greg McNeillie, Plan Consultant. 2. Approval of Minutes A motion was made by Bill Kirchhoff to approve the minutes from the regular meeting held November 13, 2008. Seconded by Robert Vaughn, the motion carried unanimously. 3. Disbursements The Plan Administrator made note of two add -on items to the Disbursement Report. A motion was then made by Robert Vaughn to approve the disbursement report as amended. Seconded by Craig Radzak, the motion carried unanimously. (Copy is attached for the record.) 4. Old Business The discussion between the City Attorney and the Mayor with regard to dual office positions was resolved and the City Commission reappointment of Trustee Bill Kirchhoff has been done. Bill will remain on the Firefighter's Board andthe Police Officer's Pension Board of Trustees for another two -year term. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of December 31, 2008. Asset allocation for the period: Equities — 54.8 %, International — 3.0 %, Cash & Equivalents — 2.8% and Fixed Income — 39.4% Total fund value was $12,366,264. 6. Investment Manager's Report — Sun Trust Jon Larson presented the quarterly report from Sun Trust. Total market value at December 31, 2008 was $12,366,266.13. 7. Attorney's Report Scott began his report by discussing the proposed legislative changes and concluded his report by stating that his office is still working on the Ordinance regarding the Internal Revenue Code changes and he hopes to have the process completed by the next meeting date. 8. New Business The Administrator informed the Trustees that Terminated /Vested member Sondra Gajdarik began collecting her retirement benefit effective December 1, 2009. As a matter of due process, a motion was made by Robert Vaughn to approve of the retirement. Seconded by Craig Radzak, the motion carried unanimously. Add On: Actuarial Valuation Report — Foster & Foster Doug Lozen, presented the Actuarial Valuation Report as of October 1, 2008. The methodology used to amortize the unfunded liability assumptions was discussed at length. A motion was made by Bill Kirchhoff to approve the report as presented using the new methodology of a 10- 20-30 amortization of the unfunded liability for the purpose of compliance with the legislative intent, and to maximize the likelihood of State acceptance. Seconded by Robert Vaughn, the motion carried unanimously. The Plan Administrator will submit the report to the Division of Retirement. Page 2 of 2 Sanford Firefighters' Retirement System February 12, 2009 A discussion then took place regarding the annual Declaration of Returns letter. Following lengthy input from the investment professionals, attorney and the Trustees, a motion was made by Bill Kirchhoff to submit the annual letter to the Division of Retirement with the same language as last year stating that the total expected 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. Seconded by Robert Vaughn, the motion carried unanimously. Greg McNeillie will also provide the required back -up data to the Administrator to include with the letter to Mr. Slavin. 9. Next Meeting Date Next regular meeting date was set for Friday, May 22, 2009 at 9:00 a.m. 10. Adjournment The meeting ended at 10:25 a.m. 41 _� r ro Thomas Hickson, Chairman P 02-,e , Robert Vaughn, -cretary CITY OF SANFORD FIREFIGHTERS' PENSION FUND Disbursement Report February 12, 2009 Date Issued to: Issued for: Amoun 11/25/08 F.P.P.T.A. Dues $600.00 12/19/08 Christiansen & Dehner Legal Services $869.42 01/26/09 Christiansen & Dehner Legal Services $58.00 A� Or1'. 0 2104-/Ock 50,,n O4-1y, ZrN.Joice, Izt-,g692 c Z /t (%o5 -ki fa('-ktci taI 51)es. i ,547.00 Date Contribution Refunds: Amount 01/28/09 Ross Meadows $2,802.00