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Home My WebLink About081111 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 August 3, 2011 Thursday, August 11, 2011 at 9:00 a.m. City Hall Railroad Conference Room - 2 Floor AGENDA 1. Call to Order and Roll Call 2. Approval of Minutes: (a) Regular Meeting — May 12, 2011 (b) Special Meeting — June 7, 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: (a) Status of Sun Trust Agreement (b) Status of Investment Manager /Investment Product Searches 8. New Business: (a) Approval of Buy Back — Michael Uglione ly /lm /23d - $16,054.19 (b) Trustee Terms: 1 Appointment & 1 Member Elected 9. Next Meeting Date: November 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 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 11, 2011— 9:00 A.M. 1. Call to Order and Roll Call The meeting was called to order at 9:10 a.m. by the Acting Chairman, Robert Vaughn. The following members were present: Sylvester Chang, Craig Radzak, and John Smith. Thomas Hickson was excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel and Greg McNeillie, Plan Consultant. David Frost, Union President, was also present as was member Michael Uglione. 2. Approval of Minutes A motion was made by Sylvester Chang to approve the minutes from the regular meeting held May 12, 2011 and the special meeting held June 7, 2011. Seconded by John Smith, 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 John Smith to approve the disbursement report as amended. Seconded by Craig Radzak, the motion carried unanimously. (Copy is attached for the record.) 4. Investment Manager's Report — Sun Trust /Ridgeworth Blake Myton was not asked to attend the meeting so that he Trustees could devote some time to review the Investment Manager research material with the Consultant. A written report was provided for the Trustees' to review at their convenience. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie provided a short review of the performance report as of June 30, 2011. Asset allocation for the period: Domestic Equity — 54.9 %, International Equity — 12.2 %, Fixed Income — 30.7% and Cash — 2.2 %. Total portfolio value was $18,514,447. 6. Attorney's Report Scott discussed the passage of SB 1128 and the implications on the Plan. He also reminded the Trustees that the Financial Disclosure Forms were due on July 1 7. Old Business (a) Scott informed the Trustees that he will contact Salem Trust to discuss implementation of the new Custody Services Agreement. (b) Greg McNeillie reviewed the Investment Manager /Investment Product search results with the Trustees at length. Following a very thorough review of the material provided, the following action was taken by the Board of Trustees: A motion was made by John Smith to hire Garcia Hamilton for the Fixed Income product, to authorize the attorney to negotiate the respective contract for compliance, and to have the Chairman and Secretary execute them on behalf of the Plan. Seconded by Craig Radzak, the motion carried unanimously. A motion was made by Craig Radzak to invite Herndon Capital Management and O'Shaughnessy Asset Management for the Large Cap Value product interview. Seconded by John Smith, the motion carried unanimously. Greg will coordinate a date for the meeting. A motion was made by Sylvester Chang to hire Polen Capital Management for the Large Cap Growth product, to authorize the Consultant to attempt to negotiate the fees, to authorize the attorney to negotiate the respective contract for compliance, and to have the Chairman and Page 2 of 2 Sanford Firefighters' Retirement System August 11, 2011 Secretary execute them on behalf of the Plan. Seconded by Craig Radzak, the motion carried unanimously. A motion was made by Sylvester Chang to hire Lee Munder Capital Group for the Mid Cap product, to authorize the attorney to negotiate the respective contract for compliance, and to have the Chairman and Secretary execute them on behalf of the Plan. Seconded by John Smith, the motion carried unanimously. A motion was made by John Smith to hire Neuberger Berman for the Small Cap product, the attorney to negotiate the respective contract for compliance, and to have the Chairman and Secretary execute them on behalf of the Plan. Seconded by Craig Radak, the motion carried unanimously. 8. New Business (a) A motion was made by John Smith to approve the buy back of service for Michael Uglione at a total cost of $16,054.19. Seconded by Craig Radzak, the motion carried unanimously. (b) The term of office for Thomas Hickson's Commission Appointment will expire on October 1s Due to his absence today, the Plan Administrator will contact him and, if he is interested in another term, she will send a letter to the City requesting another appointment. The term of office for John Smith's member elected position will expire on October 1 John expressed his interest in another term on the Board. The Plan Administrator will coordinate the posting of the announcement with the Secretary. Added On; The passage of SB 1128 will have an immediate impact on most all of the local law plans in the State of Florida. Foster & Foster provided a letter to the Board, dated July 14, 2011, detailing the new fee structure for additional actuarial and administrative work that will be required of the Plan Actuaries. Following a brief discussion, a motion was made by Craig Radzak to approve of the amended fee structure for Foster & Foster. Seconded by Sylvester Chang, the motion carried unanimously. 9. Next Meeting Date The Police Pension Board of Trustees asked to switch meeting times with the Fire Board. Following a brief discussion, a motion was made by John Smith to begin the future Fire Pension Board meetings at 10:30 am. The motion carried 3 -1 with Robert Vaughn voting no. The next regular meeting date was set for Thursday, November 10, 2011 at 10:30 a.m. 10. Adjournment The meeting ended at 11:15 a.m. vil • - (for the Board) CITY OF SANFORD FIREFIGHTERS' PENSION FUND Disbursement Report August 11, 2011 Date Issued to: Issued for: Amount 06/01/11 Susy Pita Administrative Svcs. $800.00 06/14/11 Christiansen & Dehner Legal Services $853.12 06/21/11 FI. Municipal Insurance Trust Fiduciary Insurance $4,786.62 07/01/11 Susy Pita Administrative Svcs. $800.00 08/01/11 Susy Pita Administrative Svcs. $800.00 Gt: os /DV sty n t(LL6 - Manti X I\14ier T- nve64-wte 's 242.22 J 1, 6 I 753. N0 Date Contribution Refund: Amount 07/28/11 Joseph Fox $12,934.48