HomeMy WebLinkAbout111110 rm agn & min Sanford Firefighters' Retirement System
Susy Pita, Pension Plan Administrator
21629 Stirlin g Leesburg, ♦ Leesbur , Florida 34748
Phone: 352-787-9795 ♦ Fax: 352-787-2699
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NOTICE OF MEETING - Posted November 2, 2010
Thursday, November 11, 2010 at 9:00 a.m.
City Hall — Railroad Conference Room - 2 n Floor
AGENDA
1. Call to Order and Roll Call
2. Approval of Minutes: Regular Meeting — August 12, 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) IRS Favorable Determination Letter
(b) International Investment Manager Search
(c) Overpayment to Irene Culbreth
(d) Trustee Election Results
8. New Business: (a) Records Retention & Storage
(b) Update Operating Rules & Procedures
(c) 2011 Meeting Schedule
9. Next Meeting Date: Thursday, February 10, 2011 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 (TDD) or 800 - 955 -8770 (VOICE) for assistance.
APPEAL NOTICE: If a person decides to appeal any derision 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, November 11, 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, Mary
Mullins, Money Manager, and Greg McNeillie, Plan Consultant. Union President David Frost was
also present.
2. Approval of Minutes
A motion was made by John Smith to approve the minutes from the regular meeting held
August 12, 2010. Seconded by Craig Radzak, the motion carried unanimously.
3. Disbursements
The Plan Administrator made note of one add -on item 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.) The
Trustees requested that, going forward, the monthly administrative fee be added to the report,
invoices will be provided electronically as they are paid )allowing for a more detailed review),
and any potential travel expenses be approved in advance of a trip (as a matter of record).
4. Investment Manager's Report — Sun Trust
Mary Mullins presented the quarterly report from Sun Trust. Total market value at September
30, 2010 was $16,562,389.
S. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of September 30, 2010. Asset allocation for
the period: Domestic Equity — 53.8 %, International Equity — 9.1 %, Fixed Income — 34.8% and
Cash — 2.4 %. Total portfolio value was $16,562,402.
6. Attorney's Report
Scott provided the Trustees with a legislative update and discussed some potential issues that
public pension plans may face in the coming year.
7. Old Business
(a) Scott discussed his memo to the board, dated October 15, 2010, regarding the IRS
favorable determination letter. Following some discussion, a motion was made by Sylvester
Chang not to pursue this issue due to the costs that the board will incur in the process add the
fact that Scott continues to apprise the Board of any significant changes that they must be
aware of. Seconded by John Smith, the motion carried unanimously.
(b) Greg briefly reviewed the international equity manager search results. The Trustees agreed
to review the information and agenda this for a special meeting (date & time to be announced).
(c) At the last meeting the Trustees discussed the overpayment made to Irene Culbreth in the
amount $1,490.84. Scott sent a letter to her in an attempt to recover the overpayment and
negotiated a payment plan with her. She is able to pay $30.00 per month until the debt has
been satisfied and he recommended that the Board accept this arrangement. A motion was
made by Craig Radzak to approve of the payment arrangement. Seconded by Robert Vaughn,
the motion carried unanimously.
(d) The member elected Trustee position held by Robert Vaughn expired on October 1, 2010
and a notice was posted at the SFD. He did not have any member opposition and, therefore;
will retain his seat on the Board for the new four -year term.
Page 2 of 2 Sanford Firefighters' Retirement System November 11, 2010
8. New Business
(a) The records retention and storage issue was postponed for a special meeting (date & time
to be announced).
(b) The Operating Rules and Procedures review was postponed for a special meeting (date &
time to be announced).
(c) The 2011 meeting schedule was reviewed and approved by the Board.
The Plan Administrator discussed the F.P.P.T.A. retiree membership classification and offered to
send the information out to the retirees. The Trustees agreed that this would be a good
opportunity to educate the retirees and agreed to the offer.
Because of the time constraints, the Trustees were not able to give their full attention to
Agenda Items #7b, #8a and #8b. The Plan Administrator was directed to coordinate and
organize a special meeting sometime in December.
9. Next Meeting Date
Next regular meeting date was set for Thursday, February 10, 2011 at 9:00 a.m.
10. Adjournment
The meeting ended at 10:40 a.m.
.I .""' 7 D>r -- ��. ��1�,
Thomas Hickson, Chairman
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obert Vaughn, Secretary
CITY OF SANFORD
FIREFIGHTERS' PENSION FUND
Disbursement Report
November 11, 2010
Date Issued to: Issued for: Amount
09/23/10 Christiansen & Dehner Legal Services $825.55
10/05/10 Christiansen & Dehner Legal Services $103.98
10/05/10 Sanford Fire Department Travel /Hotel Fees $1,521.00
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Date Contribution Refunds: Amount
None