HomeMy WebLinkAbout082511 spm agn & min Sanford Firefighters' Retirement System
Susy Pita, Pension Plan Administrator (� [ f
21629 Stirling Pass ♦ Leesburg, Florida 34748
Phone: 352-787-9795 ♦ Fax: 352 -787 -2699
Posted: 08/17/11
SPECIAL MEETING NOTICE
Thursday, August 25, 2011 at 9:00 a.m.
City Hall — Railroad Depot Room - 2n Floor
AGENDA
1. Call to Order and Roll CaII
2. Interview Large Cap Value Managers: Herndon Capital Management
O'Shaughnessy Asset Management
3. Plan of Action
4. Any Other Business
5. Next Meeting Date: Regular quarterly meeting: November 10, 2011 at 10:30 a.m.
6. 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 25, 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 Chairman, Tom Hickson. The following
members were present: Sylvester Chang, Craig Radzak, John Smith, and Robert Vaughn. The
following service providers were also in attendance: Susy Pita, Plan Administrator, and Greg
McNeillie, Plan Consultant.
2. Interview Large Cap Value Managers
Marc Sydnor and Randy Cain presented the overview of Herndon Capital Management. They
included an introduction of the management team and a review of the plan assets. After
answering questions from the Trustees and the Investment Consultant, they closed their
presentation by quoting a negotiable fee of 70 basis points on an anticipated allocation of
approximately $4 million.
Chris Loveless and Ashvin Viswanathan presented the overview of O'Shaughnessy Asset
Management. Christ presented the overview of the company and their investment philosophy.
Ashvin continued the presentation by reviewing the portfolio holdings and investment strategy.
After answering questions from the Trustees and the Investment Consultant, they closed their
presentation by quoting a fee of 55 basis points on the first $25 million and 70 basis points on
the first $50 million.
3. Plan of Action
Following a lengthy discussion, a motion was made by John Smith to hire the firm of Herndon
Capital Management as the Large Cap Value Manager for the Plan and to authorize Greg
McNeillie to negotiate the possibility of a lower fee. Seconded by Craig Radzak, the motion
carried unanimously. Greg McNeillie will coordinate the execution of the contractual agreement
with Plan Attorney and the transfer of the assets with the Plan Administrator.
4. Any Other Business
A brief discussion took place regarding the new agreement with Salem Trust. The Plan
Administrator presented the contracts to the Chairman and the Secretary for their signature at
will distribute them accordingly.
5. Next Meeting Date
The next regular meeting date will be Thursday, November 10, 2011 at the new starting time of
10:30 a.m.
6. Adjournment
The meeting ended at 11:05 a.m.
(for the Board)