HomeMy WebLinkAbout081309 rm min (ag missing) SANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 13, 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 May 22, 2009. Seconded by Craig Radzak, the motion carried
unanimously.
3. Disbursements
The Plan Administrator made note of three add -on items to the Disbursement Report. A
motion was then made by John Smith to approve the disbursement report as amended.
Seconded by Craig Radzak, the motion carried unanimously. (Copy is attached for the
record.)
4. Old Business
Thomas Hickson mentioned that he would like to see prior pension board members
recognized for their service as a Trustee in some manner. He asked the Trustees to
consider how that can happen in the future.
5. Investment Manager's Report — Sun Trust
Blake Myton presented the quarterly report from Sun Trust. Total market value at June
30, 2009 was $12,749,256.04.
6. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of June 30, 2009. Asset allocation
for the period: Equities — 54.7 %, International Equity — 6.5 %, Fixed Income — 36.4%
and Cash & Equivalents — 2.4 %. Total fund value was $12,748,488.
A discussion ensued with regard to the investment changes that have been passed
under Senate Bill 538. Following a brief discussion, a motion was made by Robert
Vaughn to amend the Investment Policy to extend the international investments to a
10% target, with a maximum of 15 %, and to include the divestiture language.
Seconded by Craig Radzak, the motion carried unanimously. Greg will bring the new
draft of the Investment Policy to the next meeting for review and discussion.
7. Review Plan Amendments and Draft Ordinance
Several weeks ago, Scott provided the Trustees with a draft of the Plan restatement so
that they would have time to review it before today's meeting. Foster & Foster has
already provided the Statement of No Impact.
Page 2 of 2 Sanford Firefighters' Retirement System August 13, 2009
Following some discussion regarding short term disability, a motion was made by Craig
Radzak to approve of the new Plan Ordinance to be presented to the City Commission
for adoption. Seconded by Robert Vaughn, the motion carried unanimously.
8. Attorney's Report
The Commission Appointed Trustee position currently occupied by Thomas Hickson will
expire in October 2009. Thomas has expressed his interest in seeking another term.
The Plan Administrator will submit a letter of request to the City Clerk for appointment
by the City Commission.
The member elected Trustee position currently occupied by John Smith will expire in
October 2009. John has expressed his interest in seeking another term. The Plan
Administrator will coordinate the member election in mid September.
The 2008 State check has been mailed. The Plan can expect to receive $282,504.23.
9. New Business
The Plan Administrator discussed the State Conference that will be held in October and,
given all the changes with the passage of Senate Bill 538, encouraged the Trustees to
attend.
Bill Kirchhoff discussed the July 14 letter he received from the City Clerk. He is not
ready to make a decision, but will notify The Board of Trustees as soon as he does.
10. Next Meeting Date
Next regular meeting date was set for Thursday, November 12, 2009 at 9:00 a.m.
11. Adjournment
The meeting ended at 10:25 a.m.
' : = WO f o cr , --J
Thomas Hickson, Chairman
A l 4 I - V/
Robert Vaughn, Secretary
CITY OF SANFORD
FIREFIGHTERS' PENSION FUND
Disbursement Report
August 13, 2009
Date Issued to: Issued for: Amount
06/16/09 Christiansen & Dehner Legal Services $839.17
07/15/09 Christiansen & Dehner Legal Services $1,479.58
Acid On'. O s /eqi.9k der 8. er AC- -1 -( SuGS . $ I,363:OO
o s /I o/ oc �c- 6(LAct C - A`-Dt� -1--tir J ,5c,--, 1 1 1 59413
68 /( o / 0 c A 5LL ivLL * T ./ e_usk � S .\ O i q l 5,247.
Date Contribution Refunds: Amount
08/03/09 Ashley Paruch $6,002.17