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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 . M A Ow cog /to /10 5u. T ✓GL5k imi. /cusk -, Sics. ..+f t 7, 362,86 ✓ D&k4 -b C13►15u- l 4- i n60c4 . ' 1 g58.°° Date Contribution Refunds: Amount None