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HomeMy WebLinkAbout111011 rm agn & min Sanford Firefighters' Retirement System t Susy Pita, Pension Plan Administrator 21629 Stirling Pass ♦ Leesburg, Florida 34748 j Phone: 352-787-9795 • Fax: 352 -787 -2699 \� • NOTICE OF MEETING - Posted November 3, 2011 Thursday, November 10, 2011 at 10:30 a.m.* City Hall — Railroad Conference Room - 2 " Floor *Please make note of the new starting time. AGENDA 1. CaII to Order and Roll Call 2. Approval of Minutes: (a) Regular Meeting — August 11, 2011 (b) Special Meeting — August 25, 2011 3. Approval of Disbursements 4. Investment Manager's Report 5. Investment Consultant's Report — Dahab 6. Attorney's Report 7. Old Business: (a) Status of Salem Trust Agreement (b) Status of Investment Manager Agreements (c) Status of Trustee Positions 8. New Business: (a) 2012 Meeting Schedule (b) Administrative Services Agreement 9. Next Meeting Date: February 9, 2012 at 10:30 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, November 10, 2011 — 10:30 A.M. I.. Call to Order and Roll Call The meeting was called to order at 11:20 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, Greg McNeillie, Plan Consultant, and Lynn Skinner from Salem Trust Company. David Frost, Union President, was also present. 2. Approval of Minutes A motion was made by John Smith to approve the minutes from the regular meeting held August 11, 2011 and the special meeting held August 25, 2011. 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 discussion ensued regarding the invoice the Board received from Polen Capital. It stated that our account had automatically been debited for the $5,664 fee and it was billed (and approved) in arrears. This is not in line with their Contract. The Trustees directed the Plan Administrator to notify Polen of the situation and see that this is corrected going forward. A motion was then made by Sylvester Chang 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 There was none. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie provided a short review of the performance report as of September 30, 2011. Asset allocation for the period: International Equity — 10.2 %, and Cash — 89.8 %. Total portfolio value was $16,973,183. 6. Attorney's Report Scott discussed the newly proposed House Bill 365 and the potential implications on the Plan. Scott continued his report to the Board by informing the Trustees that it is time, once again, to revise and reissue the Summary Plan Description. A motion was made by Robert Vaughn to authorize the Attorney to draft the revised SPD for the Trustee's review and approval at the next meeting. Seconded by John Smith, the motion carried unanimously. 7. Old Business (a) Lynn Skinner, from Salem Trust Company, was present to introduce herself to the Board and to thank Trustees for hiring Salem Trust to perform the custody services. She briefly explained some of the services that they will provide and handed out on -line access applications to those Trustees who want to have that option going forward. (b) Greg McNeillie informed the Board that all the contracts with the new money managers have been fully executed and trading has begun. The revised Investment Policy Statement was presented to the Chairman for his signature. The Plan Administrator will see to the distribution. (c) Thomas Hickson was reappointed to the Pension Board by the City Commission on September 19, 2011. He will serve a four -year term which will expire in October 2015. John Smith did not receive any opposition from the members and, therefore; he will serve another four year term which will expire in October 2015. The Board will appoint Officer's at the next regular meeting. Page 2 of 2 Sanford Firefighters' Retirement System November 10, 2011 8. New Business (a) A motion was made by John Smith to approve of the proposed 2012 meeting schedule. Seconded by Craig Radzak, the motion carried unanimously. The Plan Administrator will see to the distribution. (a) The renewal of the Administrative Services Agreement was discussed. A motion was made by John Smith to approve of a new four -year agreement at a monthly fee of $1,000 effective January 1, 2012. Seconded by Sylvester Chang, the motion carried 3 -1 with Craig Radzak opposing. Robert Vaughn had to leave the meeting early and did not vote. Scott will prepare the addendum to the agreement. 9. Next Meeting Date The next regular meeting date was set for Thursday, February 9, 2012 at 10:30 a.m. 10. Adjournment The meeting ended at 12:05 p.m. (for the rd) CITY OF SANFORD FIREFIGHTERS' PENSION FUND Disbursement Report November 10, 2011 Date Issued to: Issued for: Amount 08/15/11 Christiansen & Dehner Legal Services $33.80 08/15/11 Dahab Consulting Services $2,311.74 09/01/11 Susy Pita Administrative Svcs. $800.00 09/13/11 Christiansen & Dehner Legal Services $4,886.95 10/01/11 Susy Pita Administrative Svcs. $800.00 10/06/11 Sun Trust (Final) Custody Services $18,083.04 10/06/11 Manning & Napier Management Svcs. $247.34 9 P 9 10/12/11 Christiansen & Dehner Legal Services $516.84 10/14/11 Polen Capital Management Svcs. $5,664.00 11/01/11 Susy Pita Administrative Svcs. $800.00 11/02/11 Salem Trust Custody Services $680.75 ,add C14; 11/04A t r05 - 4 -r Ae --wu -.vt a- I Sx s . 443.00 Date Contribution Refund: Amount 08/29/11 Bryan Watts $865.35