HomeMy WebLinkAbout020410 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 February 4, 2010
Thursday, February 11, 2010 at 9:00 a.m.
City Hall — Railroad Conference Room - 2' Floor
AGENDA
1. CaII to Order and Roll Call
2. Approval of Minutes: Regular Meeting — November 12, 2009
3. Approval of Disbursements
4. Appointment of Officers to the Board
5. Investment Manager's Report — Sun Trust
6. Investment Consultant's Report — Dahab
7. Actuarial Valuation Report — Foster & Foster
8. Attorney's Report
9. Old Business: (a) Update — Status of New Plan Ordinance
(b) Investment Policy Revisions
(c) Trustee Terms
10. New Business
11. Next Meeting Date: Thursday, May 13, 2010 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 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 11, 2010 — 9:00 A.M.
1. CaII 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: Sylvester Chang, 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 John Smith to approve the minutes from the regular meeting held
November 12, 2009. 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. Appointment of Officer's to the Board
A motion was made by John Smith to reappoint Thomas Hickson as Chairman and Robert
Vaughn as Secretary, and to appoint Craig Ra dak as the new Vice - Chairman. Seconded by
Sylvester Chang, the motion carried unanimously.
5. Investment Manager's Report — Sun Trust
Blake Myton presented the quarterly report from Sun Trust. Total market value at December
31, 2009 was $15,216,100.85. Blake also covered some administrative issues. Following a brief
discussion, it was a consensus of the Board to allow Sun Trust to allow the individually
managed sectors of the portfolio to be moved into the comingled fund as they see fit.
6. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of December 31, 2009. Asset allocation for
the period: Domestic Equity — 54.9 %, International Equity — 10.4 %, Emerging Market — 2.0 %,
Fixed Income — 30.6% and Cash — 2.1 %. Total portfolio value was $15,215,416.
Greg continued his report by discussing the letters he had prepared to the money managers
regarding divestiture from scrutinized companies required by the passage of Senate Bill 538.
7. Actuary's Report
Doug Lozen presented the Actuarial Valuation Report as of October 1, 2009. Following some
discussion, a motion was made by Robert Vaughn to approve of the report as presented.
Seconded by Sylvester Chang, the motion carried unanimously.
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 Robert Vaughn to submit the annual letter to the Division of Retirement stating that
the total expected annual rate of investment return for the fund for the next year is 6.5 %, the
next several years is 8 %, and the long -term thereafter, shall be 8 %, net of investment
expenses. Seconded by John Smith, the motion carried unanimously. Greg McNeillie will
provide the required back -up data to the Administrator to include with the letter.
Page 2 of 2 Sanford Firefighters' Retirement System February 11, 2010
8. Attorney's Report
Scott updated the Board on the status of some pending legislative issues. He also asked the
Trustees to review the draft of the Summary Plan Description for discussion and approval at the
next meeting.
In closing his report to the Board, he informed the Trustees that, with their approval, his office
will consolidate all past Ordinances into one new, fully updated, Plan Document. A motion was
made by John Smith to approve of this task and the associated costs. Seconded by Sylvester
Chang, the motion carried unanimously.
9. Old Business
(a) The restatement of the Plan Ordinance was approved by the City Commission, at second
reading, on January 11, 2010.
(b) Greg McNeillie led a review of the updated Investment Policy Statement. Following a brief
discussion and some minor changes, a motion was made by Robert Vaughn to approve the
newly revised Investment Policy Statement. Seconded by Sylvester Chang, the motion carried
unanimously. The required signatures were obtained and the Plan Administrator will see to the
distribution.
(c) John Smith presented the issue regarding the change in Trustee terms from two years to
four years to the membership and the Union and did not receive any objections. A motion was
made by Robert Vaughn to authorize the Attorney to prepare and submit an Ordinance to the
City authorizing the change in the Trustee terms. Seconded by Craig Radzak, the motion
carried unanimously.
10. New Business
There was none.
11. Next Meeting Date
Next regular meeting date was set for Thursday, May 13, 2010 at 9:00 a.m.
12. Adjournment
The meeting ended at 10:40 a.m.
ir
Thomas Hickson, Chairman
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Robert Vaughn, Secreta
CITY OF SANFORD
FIREFIGHTERS' PENSION FUND
Disbursement Report
February 11, 2010
Date Issued to: Issued for: Amount
11/16/09 Dahab Consulting Svcs. $1,837.74
11/27/09 Christiansen & Dehner Legal Services $116.00
12/01/09 F.P.P.T.A. Annual Dues $600.00
12/16/09 Christiansen & Dehner Legal Services $839.92
01/08/10 Christiansen & Dehner Legal Services $146.55
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Date Contribution Refunds: Amount
01/14/10 Kristyn O'Neal $7,485.04