HomeMy WebLinkAbout052209 rm agn & min Sanford Firefighters' Retirement System
Susy Pita, Pension Plan Administrator
21629 Stirling Pass ♦ Leesburg, Florida 34748 �
Phone: 352 -787 -9795 • Fax: 352 -787 -2699
NOTICE OF MEETING - Posted May 15, 2009
Friday, May 22, 2009 at 9:00 a.m.
City Hall — Lake Monroe Conference Room* - 2n Floor
*Please note change in location
AGENDA
1. Call to Order and Roll Call
2. Approval of Minutes: Regular Meeting — February 12, 2009
3. Approval of Disbursements
4. Old Business
5. Investment Consultant's Report - Dahab
6. Investment Manager's Report — Sun Trust
7. Attorney's Report
8. New Business: Retirement Request — Greg Lemieux — Effective 03/19/09
9. Next Meeting Date: Thursday, August 13, 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
FRIDAY, MAY 22, 2009 — 9:00 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 9:05 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, Blake Myton, Money Manager, and Greg McNeillie, Plan Consultant.
2. Approval of Minutes
A motion was made by Robert Vaughn to approve the minutes from the regular
meeting held February 12, 2009. Seconded by Craig Radzak, the motion carried
unanimously.
3. Disbursements
The Plan Administrator made note of one add -on item to the Disbursement Report. A
motion was then made by John Smith to approve the disbursement report as amended.
Seconded by Robert Vaughn, the motion carried unanimously. (Copy is attached for the
record.)
4. Old Business
There was none.
5. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of March 31, 2009. Asset allocation
for the period: Equities — 54.7 %, International Equity — 4.0 %, Fixed Income — 38.5%
and Cash & Equivalents — 2.8 %. Total fund value was $11,802,191.
6. Investment Manager's Report — Sun Trust
Blake Myton presented the quarterly report from Sun Trust. Total market value at
March 31, 2009 was $11,802,191.03.
7. Attorney's Report
Scott Christiansen began his report by reminding the Trustees that the Financial
Disclosure Forms are due by July 1 He then discussed the new Ordinance (No. 2009-
4172) recently passed by the City. There were some additions and deletions made that
he disputes; however, the Plan Administrator was instructed to forward it to the
Division of Retirement and await their response.
Scott continued his report by discussing the new legislative changes that were passed
just two weeks ago. A lengthy discussion ensued regarding items passed under Senate
Bill 538. The two optional items were: (1) Buy -Back provisions were expanded to
include federal and out -of -state time, and (2) Trustee terms can be expanded from 2
years to 4. The four required items were: (1) Investments in Foreign Securities were
increased from 10% to 25% at Market Value, (2) Direct Investments in Sudan, Darfur
and Iraq must be divested by September 2010, (3) Pension Funds can direct payments
Page 2 of 2 Sanford Firefighters' Retirement System May 22, 2009
to outside agencies for retirees' health and life insurance, and (4) Provisions have
changed guiding the vesting requirements and payouts when terminating a Plan.
Following the discussion, the Trustees agreed to have Scott incorporate all the required
provisions and only the buy -back provision into the draft Compliance Ordinance and
Plan Restatement he is currently working on and bring it back to the Board for a final
review.
8. New Business
Retirement Request — Greg Lemieux — Effective March 19, 2009. A motion was made by
Craig Radzak to approve of the retirement. Seconded by John Vaughn, the motion
carried unanimously.
The FPPTA Conference was discussed. Three Trustees plan to attend. The Plan
Administrator will submit their registrations and request the travel per diem.
Bill Kirchhoff distributed three articles regarding pension funds and investments and
asked the Trustees to review them at their convenience.
9. Next Meeting Date
Next regular meeting date was set for Thursday, August 13, 2009 at 9:00 a.m.
10. Adjournment
The meeting ended at 10:20 a.m.
I .
Thomas Hickson, Chairman
Robert Vaughn, Secretary
CITY OF SANFORD
FIREFIGHTERS' PENSION FUND
Disbursement Report
May 22, 2009
Date Issued to: Issued for: Amount
02/18/09 Dahab Consulting Services $1,547.11
03/13/09 Christiansen & Dehner Legal Services $758.28
04/20/09 Christiansen & Dehner Legal Services $87.00
05/11/09 Sun Trust Bank Custodian Services $14,300.44
Add »N'. OS/ /oci TDc ha b Co, )604 -16 ;cs. 1 ,2_5
Date Contribution Refunds: Amount
04/29/09 Aaron Colburn $2,956.05