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Home My WebLink About051211 rm agn & min Sanford Firefighters' Retirement System Susy Pita, Pension Plan Administrator ' • 21629 Stirling Pass • Leesburg, Florida 34748 Phone: 352-787-9795 ♦ Fax: 352-787-2699 NOTICE OF MEETING - Posted May 5, 2011 Thursday, May 12, 2011 at 9:00 a.m. City Hall — Railroad Conference Room - 2"d Floor AGENDA 1. Call to Order and Roll Call 2. Approval of Minutes: Regular Meeting — February 10, 2011 3. Approval of Disbursements 4. Investment Manager's Report — Sun Trust 5. Investment Consultant's Report — Dahab 6. Attorney's Report 7. Old Business: Review Updated Investment Policy Statement 8. New Business: F.P.P.T.A. Conference 9. Next Meeting Date: August 11, 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 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 12, 2011— 9:00 A.M. 1. Call to Order and Roll Call The meeting was called to order at 9:05 a.m. by the Acting Chairman, Craig Radzak. The following members were present: Sylvester Chang, John Smith and Robert Vaughn. Thomas Hickson was absent. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Blake Myton, Investment Manager, and Greg McNeillie, Plan Consultant. Caryn Simpkins, from the Finance Department, and David Frost, Union President, were also present. 2. Approval of Minutes A motion was made by John Smith to approve the minutes from the regular meeting held February 10, 2011. Seconded by Robert Vaughn, the motion carried unanimously. 3. Disbursements The Plan Administrator made note of three add -on items to the Disbursement Report. Sylvester Chang asked that Scott elaborate on his invoice fee regarding the Sun Trust Contract (which he did.) Sylvester stated that, going forward, he would like to see more detail on the invoices from Scott. A motion was then made by Sylvester Chang 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 /Ridgeworth Blake Myton discussed the upcoming investment changes proposed by Sun Trust/Ridgeworth Capital that will be in place by the Fiscal Year end. The proposed investment strategy and fee changes are significant enough that the Trustees expressed their collective dissatisfaction with the Sun Trust /Ridgeworth proposal and a lengthy discussion ensued. A motion was made by Sylvester Chang that, based on the fact that he Trustees are very unhappy with the higher fees and the way in which this entire matter is being proposed to the Board, the Consultant is hereby directed to coordinate a search for new money managers and a new Custodian. Seconded by John Smith, the motion carried unanimously. A special meeting date was set for June 7th, 2011 at 9:00 a.m. to conduct a review of potential Investment Managers and a new Plan Custodian. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of March 31, 2011. Asset allocation for the period: Domestic Equity — 55.0 %, International Equity — 12.1 %, Fixed Income — 30.8% and Cash — 2.0 %. Total portfolio value was $18,403,990. 6. Attorney's Report Scott focused his report on Senate Bill 1128 that was passed in Tallahassee last week. He concluded his report by reminding the Trustees that the annual Financial Disclosure Forms are due on July 1, 2011. 7. Old Business Greg informed the Board that he will bring the revised Investment Policy Statement to the Trustees later in the year (once the new Investment Manager selection process has been completed.) 8. New Business The Plan Administrator discussed the upcoming F.P.P.T.A. Conference which will be held at the end of June in Orlando. Since Sylvester Chang is the only Trustee planning on attending, a motion was made by Robert Vaughn to authorize Sylvester to cast the vote on the F.P.P.T.A. Board of Directors on behalf of the Pension Board. Seconded by John Smith, the motion carried unanimously. 9. Next Meeting Date Next regular meeting date was set for Thursday, August 11, 2011 at 9:00 a.m. 10. Adjournment The meeting ended at 10:30 a.m. Ct. (for the Boa a, CITY OF SANFORD FIREFIGHTERS' PENSION FUND Disbursement Report May 12, 2011 Date Issued to: Issued for: Amount 02/11/11 Foster & Foster Actuarial Svcs. $9,140.00 02/18/11 Christiansen & Dehner Legal Services $32.50 03/01/11 Susy Pita Administrative Svcs. $800.00 03/16/11 Christiansen & Dehner Legal Services $2,766.70 04/01/11 Susy Pita Administrative Svcs. $800.00 - 04/12/11 Christiansen & Dehner Legal Services $656.61 = r 05/01/11 Susy Pita Administrative Svcs. $800.00 Ow 05/o/0\ Fo ur g . D S v- A C�luar tal 64CS. 2_,o74:00 05/0 .5t,Lv\ 1;(1,4.64- ' „i , ,` Sev vlCeS 6 20 . 6 105.99 05/0RA - 1) a.b eo.5u,ti,A 5 \3c5 . 6 a, 31 (0.43 Date Contribution Refunds: Amount None