HomeMy WebLinkAbout081210 rm agn & min Sanford Firefighters' Retirement System
Susy Pita, Pension Plan Administrator
1 9 Stirling Pass ♦ Leesburg, 62 g g, Florida 34748
Phone: 352 - 787 -9795 • Fax: 352 -787 -2699
NOTICE OF MEETING - Posted August 3, 2010
Thursday, August 12, 2010 at 9:00 a.m.
City Hall — Railroad Conference Room - 2n Floor
AGENDA
1. CaII to Order and Roll CaII
2. Approval of Minutes: Regular Meeting — May 13, 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: Status of Ordinance No. 10 -4212
8. New Business: (a) Preparation of Annual State Report
(b) Overpayment to Irene Culbreth
(c) Trustee Positions
9. Next Meeting Date: Thursday, November 11, 2010 at 9:00 a.m. (Veteran's Davi
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
Thursday, August 12, 2010 — 9:00 A.M.
1. Call to Order and Roll CaII
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 and Marcus Hopkins, Money Managers, and Greg McNeillie, Plan Consultant.
2. Approval of Minutes
A motion was made by Craig Radzak to approve the minutes from the regular meeting held May
13, 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 John Smith, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manager's Report — Sun Trust
Marcus Hopkins presented the quarterly report from Sun Trust. Total market value at June 30,
2010 was $14,862,920.74. A lengthy discussion ensued regarding the international investments
and the losses that the Plan is experiencing. It was agreed that Greg would issue an RFP for
international manager options and provide the results to the Trustees at the next meeting.
5. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of June 30, 2010. Asset allocation for the
period: Domestic Equity — 54.2 %, International Equity — 9.0 %, Fixed Income — 34.3% and Cash
— 2.5 %. Total portfolio value was $14,862,921.
6. Attorney's Report
Scott informed the Trustees that their Premium Tax Distribution is expected to be $273,868.45
as soon as the report is approved by the Division of Retirement. The City is currently in the
process of responding to some questions posed by the Division and as soon as those are
resolved, they will issue the check.
Scott continued his report by discussing the possibility of an IRS favorable determination letter.
He reviewed some of the pros and cons and asked that the Trustees give the matter some
consideration and make a decision as to whether or not they want to proceed at the November
meeting.
7. Old Business
Ordinance No. 10 -4212 was passed and approved at second reading by the City Commission on
June 14, 2010.
8. New Business
(a) The Plan Administrator met with the interim City Finance Director, Ms. Cynthia Lindsay, after
the May Pension Board Meeting. The subject of the Annual State Report came up. She asked
that the Pension Board consider having the Actuary begin preparing the report beginning with
the 2010 Fiscal Year. The Plan Administrator contacted Foster & Foster and asked them for a
quote for this service and they responded with an approximate fee of $2,000. Their current
agreement with the Board has a $1,500 fee quoted for this particular service. Following some
discussion, a motion was made by John Smith to approve of Foster & Foster preparing the
Annual State Report starting in FY 2010 at the $1,500 fee stated in the current services
agreement. Seconded by Craig Radzak, the motion carried unanimously.
Page 2 of 2 Sanford Firefighters' Retirement System August 12, 2010
(b) On February 3, 2010, retired Firefighter Frank Culbreth passed away. His payments were
immediately stopped. His former spouse, Irene, was also collecting a QDRO in the amount of
$745.42 each month and it appeared that this was acceptable until the Attorney determined
that this was not the case. She received two monthly payments (for March 1s and April 1s
before this was decided. The Plan Administrator has written to Irene Culbreth and called her
several times in an attempt to recover the two payments which total $1,490.84. She has stated
that she is not in a financial position in which to repay the benefit at this time. Scott requested
that this matter be brought before the Pension Board for further action and direction. Following
a brief discussion, a motion was made by Robert Vaughn to direct Scott to send a letter to
Irene Culbreth in an attempt to recover the overpayment, including negotiating a payment plan
with her if necessary. Seconded by John Smith, the motion carried unanimously.
(c) The Trustee positions held by Robert Vaughn (member elected) and Craig Radzak (5th
member) are set to expire on October 1, 2010. With the passage of Ordinance No. 10 -4212 the
new terms of office have changed from two years to four. The Plan Administrator will
coordinate the member election for Robert Vaughn. Craig Radzak then stated his interest in
serving another term. A motion was made by Sylvester Chang to appoint Craig Radzak as the
5 member for a four year term. Seconded by John Smith, the motion carried unanimously.
Sylvester Chang, Craig Radzak, John Smith and Robert Vaughn all informed the Plan
Administrator that they would be attending the F.P.P.T.A. Trustees School in September.
9. Next Meeting Date
Next regular meeting date was set for Thursday, November 11, 2010 at 9:00 a.m.
10. Adjournment
The meeting ended at 10:35 a.m.
a l ls oarAt, cj j
Thomas Hickson, Chairman
A
Robert V. ughn, Secretary V
CITY OF SANFORD
FIREFIGHTERS' PENSION FUND
Disbursement Report
i
August 12, 2010
Date Issued to: Issued for: Amount
05/14/10 Christiansen & Dehner Legal Services $1,044.36
06/15/10 Christiansen & Dehner Legal Services $730.30
07/02/10 Christiansen & Dehner Legal Services $58.00
07/21/10 Florida Municipal Ins. Trust Fiduciary Insurance $4,875.27
07/29/10 Foster & Foster Actuarial Svcs. $1,094.00 .
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Date Contribution Refunds: Amount
None