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Home My WebLink About021011 rm agn & min Sanford Firefighters' Retirement System Susy Pita, Pension Plan Administrator i4 21629 Stirlin g Leesburg, ♦ Leesbur , Florida 34748 Phone: 352 -787 -9795 ♦ Fax: 352 -787 -2699 NOTICE OF MEETING - Posted February 7, 2011 Thursday, February 10, 2011 at 9:00 a.m. City Hall — Railroad Conference Room - 2 "d Floor *REVISED* AGENDA 1. CaII to Order and Roll Call 2. Approval of Minutes: (a) Regular Meeting — November 11, 2010 (b) Special Meeting — December 13, 2010 3. Approval of Disbursements 4. International Equity Manager Interviews: (a) Hartford Life (b) Manning & Napier (c) State Street Global 5. Investment Consultant's Report — Dahab 6. Actuary's Report 7. Attorney's Report 8. Old Business: (a) Approval of Operating Rules & Procedures (b) Records Storage (c) Culbreth Overpayment 9. New Business: (a) Approval of Retirement — Timothy Gracey — 10/20/10 (b) RMLO Resolution 10. Next Meeting Date: May 12, 2011 at 9:00 a.m. 11. 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 10, 2011— 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, Brad Heinrichs, Plan Actuary, and Greg McNeillie, Plan Consultant. Cynthia Lindsay, Finance Director, Mayor Jeff Triplett, Tom George, Interim City Manager, and John Metsopoulos, Police Pension Board Chairman, were also present. 2. Approval of Minutes A motion was made by John Smith to approve the minutes from the regular meeting held November 11, 2010 and the Special Meeting held December 13, 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 John Smith, the motion carried unanimously. (Copy is attached for the record) 4. International Equity Manager Interviews Three International Equity Money Management firms were interviewed: Hartford Life, Manning & Napier, and State Street Global. A lengthy discussion ensued and a motion was made by Sylvester Chang to hire the firm of Manning & Napier and, pending the Attorney's review and approval of the agreement, to engage in their international equity management services. Seconded by Craig Radzak, the motion carried unanimously. Another motion was made by Craig Radzak to authorize the Consultant and Administrator to coordinate the transfer of funds from the Sun Trust International Fund Account to Manning & Napier for investment purposes. Seconded by John Smith, the motion carried unanimously. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of December 31, 2010. Asset allocation for the period: Domestic Equity — 53.5 %, International Equity — 12.0 %, Fixed Income — 31.8% and Cash — 2.7 %. Total portfolio value was $17,645,402. 6. Actuary's Report Brad Heinrichs presented the Actuarial Valuation Report as of October 1, 2010. Following a brief discussion, a motion was made by John Smith to approve of the Actuarial Valuation 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 John Smith 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, the next several years, and the long -term thereafter, shall be 8 %, net of investment expenses. Seconded by Craig Radzak, the motion carried unanimously. Greg McNeillie will provide the required back -up data to the Administrator to include with the letter. 7. 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 session. Page 2 of 2 Sanford Firefighters' Retirement System February 10, 2011 8. Old Business (a) The Operating Rules and Procedures were reviewed at length during the special meeting on December 13, 2010. Scott reviewed the incorporated changes with the Board and a motion was made by Sylvester Chang to approve of the revised Operating Rules & Procedures. Seconded by Craig Radzak, the motion carried unanimously. (b) The Plan Administrator discussed the records storage options with the Trustees: Iron Mountain was highly expensive for such a small amount of storage and included high retrieval and exit fees as well. The Plan Administrator contacted a local storage facility near her office which offered climate controlled security at a nominal fee, which the Plan Administrator agreed to pay as part of the services agreement with the Board. The Trustees made an administrative decision to approve of the off site storage facility near the office of the Plan Administrator and the Board Secretary will be provided with a key for access in case of an emergency. (c) At the last meeting the Trustees discussed the overpayment made to Irene Culbreth in the amount $1,490.84. Scott had sent a letter to her in an attempt to recover the overpayment and negotiated a payment plan with her. She had verbally agreed to pay $30.00 per month until the debt has been satisfied and the Board accepted this arrangement. However; as of today's meeting date, Ms. Culbreth has not made any payments. The Trustees agreed to make a business decision not to take any further action regarding this matter. 9. New Business (a) A motion was made by John Smith to approve of the retirement of Timothy Gracey, effective October 20, 2010. Seconded by Robert Vaughn, the motion carried unanimously. (b) Scott discussed his memo, dated January 18, 2011, regarding records management. Following some discussion, a motion was made by Sylvester Chang to appoint the Plan Administrator as the RMLO and to adopt Records Schedule GS1 -SL. Seconded by John Smith, the motion carried unanimously. The Plan Administrator will see to the proper distribution of the required memo and the resolution. Added on; Brad Heinrichs led a discussion on his letter to Cynthia Lindsay regarding a Stop /Restart analysis. The Division of Retirement has tentatively approved of a method by which the City may use available State monies to fund the current level of benefits above the minimums under Chapter 175. The City and the Plan Members would need to negotiate any potential use of these monies prior to adopting any respective Ordinances. Following some discussion, a motion was made by Sylvester Chang to make the analysis available to the Union and the City in order to promote a good will effort at resolving the pensionable costs that the City is facing. Seconded by John Smith, the motion carried unanimously. Robert Vaughn made a motion to have the money managers attend only one meeting per year at the Consultants recommendation. Seconded by Sylvester Chang, the motion carried unanimously. 10. Next Meeting Date Next regular meeting date was set for Thursday, May 12, 2011 at 9:00 a.m. 11. Adjournment The meeting ended at 1:30 p.m. (f CITY OF SANFORD FIREFIGHTERS' PENSION FUND Disbursement Report February 10 2011 Date Issued to: Issued for: Amount 11/16/10 Christiansen & Dehner Legal Services $233.98 11/16/10 Dahab & Associates Consulting Svcs. $2,070.43 12/01/10 Susy Pita Administrative Svcs. $800.00 12/16/10 Christiansen & Dehner Legal Services $836.63 12/27/10 F.P.P.T.A. Annual Dues $600.0 01/01/11 Susy Pita Administrative Svcs. $800.00 02/01/11 Susy Pita Administrative Svcs. $800.00 02/04/11 Dahab & Associates Consulting Svcs. $2,203.79 M Our: 02/07/11 Su- nTru - 5Scs. 4 'Z0,145.4o Date Contribution Refunds: Amount 11/29/10 Nunez, Orlando $10,753.48 12/06/10 Miller, Patrick $10,480.41