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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 f 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 PId Ow 0 z /\ o/I o To cl4, a . b c 6. Sacs, 1 ici O0, 6 5 02-A o A, D 5 U Tvu Cuu-t„ ,/ SJcs . 117, 712.3 I Date Contribution Refunds: Amount 01/14/10 Kristyn O'Neal $7,485.04