HomeMy WebLinkAbout051310 rm agn & min Sanford Firefighters' Retirement System
Susy Pita, Pension Plan Administrator
21629 Stirling Pass ♦ Leesburg, Florida 34748
352 -787 -9795 • Fax: 352 -787 -2699
NOTICE OF MEETING - Posted May 6, 2010
Thursday, May 13, 2010 at 9:00 a.m.
City Hall — Railroad Conference Room - 2 Floor
AGENDA
1. Call to Order and Roll CaII
2. Approval of Minutes: Regular Meeting — February 11, 2010
3. Approval of Disbursements
4. Investment Manager's Report — Sun Trust
5. Investment Consultant's Report — Dahab
6. Attorney's Report
7. Old Business: (a) Stauts of Pending Ordinance
(b) Review and Approve the Summary Plan Description
8. New Business:
9. Next Meeting Date: Thursday, August 12, 2010 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 (IUD) 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, May 13, 2010 — 9:00 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 9:00 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. David Frost, Union Representative, was also present.
2. Approval of Minutes
A motion was made by Craig Radzak to approve the minutes from the regular meeting held February 11,
2010. Seconded by Sylvester Chang, 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. Investment Manager's Report — Sun Trust
Blake Myton presented the quarterly report from Sun Trust. Total market value at March 31, 2010 was
$15,832,236.83.
5. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of March 31, 2010. Asset allocation for the period:
Domestic Equity — 58.2 %, International Equity — 9.9 %, Fixed Income — 29.8% and Cash — 2.2 %. Total
portfolio value was $15,832,237.
6. Attorney's Report
Scott informed the Trustees that SB 1902 did not make it to the floor this year, however; the consensus
is that these issues will continue to be discussed by legislative officials and possibly be brought back to
the floor next year. He continued his report by reminding the Trustees to file their Financial Disclosure
1 Forms by July 1, 2010. The Plan Administrator will email the form to the Trustees. Scott then addressed
his letter to the Board, dated April 5, 2010, requesting a fee increase from $290 to $325 per hour for
legal services, and half of that amount for travel time. Additionally, there will be a 4% increase every
year beginning July 1, 2011. Following a brief discussion, a motion was made by Craig Radzak to approve
of the increases as requested. Seconded by Robert Vaughn, the motion carried unanimously.
7. Old Business
(a) Scott submitted the draft Ordinance to the City authorizing the change in the Trustee terms (From 2
years to 4 years) on April 16, 2010. It is still under review at the City.
(b) Scott reviewed the Summary Plan Description with the Trustees. A motion was made by John Smith
to approve the updated Summary Plan Description dated February 1, 2010. Seconded by Robert Vaughn,
the motion carried unanimously.
8. New Business
The Plan Administrator asked that those Trustees planning on attending the FPPTA Conference in June let
her know of their plans as soon as possible.
9. Next Meeting Date
Next regular meeting date was set for Thursday, August 12, 2010 at 9:00 a.m.
10. Adjournment
The meeting ended at 10:20 a.m. it' �
1, o as 7 kson, Chair : n . r
• ._
Robert Vaughn, Secre .
CITY OF SANFORD
FIREFIGHTERS' PENSION FUND
Disbursement Report
May 13, 2010
Date Issued to: Issued for: Amount
02/19/10 Foster & Foster Actuarial Svcs. $8,419.00
02/24/10 Christiansen & Dehner Legal Services $584.98
03/16/10 Christiansen & Dehner Legal Services $857.52
04/13/10 Christiansen & Dehner Legal Services $58.00
Add OnS: 05 /tvf o "DAha b � l� �c� 5 1,C1`77.2.0
05/0/0 5ual i us+ Cas .Svcs . 18, 328.38
Date Contribution Refunds: Amount
02/24/10 Andrew Crowe $9,427.74