HomeMy WebLinkAbout051012 rm agn & min Sanford Firefighters` Retirement System
Susy Pita, Pension Plan Administrator kir
21629 Stirlin g Pass ♦ Leesburg, Florida 34748
Phone: 352-787-9795 ♦ Fax: 352 -787 -2699
NOTICE OF MEETING - Posted May 3, 2012
Thursday, May 10, 2012 at 9:00 a.m.*
City Hall — Railroad Conference Room - 2 Floor
*Please make note of the NEW starting time.
AGENDA
1. Call to Order and Roll Call
2. Approval of Minutes: Regular Meeting — February 9, 2012
Special Meeting — February 28, 2012
Disability Hearing — April 17, 2012
3. Approval of Disbursements
4. Investment Manager's Report — Manning & Napier
5. Investment Consultant's Report
6. Attorney's Report
7. Old Business
8. New Business
9. Next Meeting Date: August 9, 2012 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 10, 2012 — 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, 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, and Dave Lee, Plan Consultant. Cynthia Lindsay, Finance
Director, was also present.
2. Approval of Minutes
A motion was made by Robert Vaughn to approve the minutes from the regular
meeting held February 9, 2012, the special meeting held February 28, 2012 and the
disability hearing held April 17, 2012. Seconded by Craig Radzak, the motion carried
unanimously.
3. Disbursements
The Administrator made note of one add -on item. A motion was then made by John
Smith to approve the disbursement report as amended. Seconded by Robert Vaughn,
the motion carried unanimously. (Copy is attached for the record.)
A brief discussion took place regarding the number of trades by Lee Munder Capital and
the costs associated with those transactions. David Lee will check into this matter and
report back to the Trustees.
4. Investment Manager's Report — Manning & Napier
Michael Marsh presented the Manning & Napier portfolio results for the period ending
March 31, 2012. Market value of the Plan portfolio was $2,063,228.
5. Investment Consultant's Resort — Dahab Associates
Dave Lee reviewed the performance report as of March 31, 2012. Asset allocation for
the period: Large Cap Equities — 41.0 %, Mid Cap Equities — 9.4 %, Small Cap Equities —
6.2%, International Equity — 10.4 %, Fixed Income — 31.6% and Cash — 1.4 %. Total
portfolio value was $19,844,813.
Dave continued his report by recommending an asset reallocation of $500,000 from
Polen Capital (Large Cap Growth) to Neuberger Berman (Small Cap) in order to
maintain the asset class diversification. Following some discussion, a motion was made
by John Smith to approve of the reallocation as recommended. Seconded by Robert
Vaughn, the motion carried unanimously. Dave will coordinate the transfer with the Plan
Administrator.
6. Attorney's Report
Scott provided the Trustees with a legislative update. He concluded his report by
reminding the Trustees to file their Financial Disclosure Forms by July 1st.
Page 2 of 2 Sanford Firefighters' Retirement System May 10, 2012
7. Old Business
There was none.
8. New Business
John Smith asked Dave Lee to comment on the possibility of the Plan investing in Real
Estate. Dave informed the Trustees that the Plan is large enough to possibly invest
about $1 million in that asset class. Following some discussion, a motion was made by
Robert Vaughn to direct the Plan Attorney to draft an Ordinance allowing for Real
Estate investing. Seconded by John Smith, the motion carried unanimously.
The Plan Administrator reminded the Trustees that the FPPTA Conference will be held in
Orlando at the end of June. Any Trustee interested in attending should contact her as
soon as possible to ensure a timely registration.
9. Next Meeting Date
The next regular meeting date was set for Thursday, August 9, 2012 at 9:00 a.m.
10. Adjournment
The meeting ended at 10:10 a.m.
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CITY OF SANFORD
FIREFIGHTERS' PENSION FUND
Disbursement Report
May 10, 2012
Date Issued to: Issued for: Amount
02/20/12 Dahab Consulting Services $2,240.03
02/20/12 Herndon Capital Management Svcs. $5,046.66
02/20/12 Christiansen & Dehner Legal Services $1,268.53
03/01/12 Susy Pita Administrative Svcs. -Ma ak $1,000.00
03/16/12 Christiansen & Dehner Legal Services $1,837.59
03/23/12 F.P.P.T.A. Recert. Fee -Chang $30.00
04/01/12 Susy Pita Administrative Svcs. -Apr►l $1,000.00
04/12/12 Lee Munder Capital Management Svcs. $3,505.24
04/18/12 Christiansen & Dehner Legal Services $795.98
04/23/12 Salem Trust Custodial Svcs. $6,372.24
04/30/12 Herndon Capital Management Svcs. $5,908.22
04/30/12 Garcia Hamilton Management Svcs. $4,698.76
05/01/12 Susy Pita Administrative Svcs. - May $1,000.00
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Date Contribution Refund: Amount
03/28/12 Caltagirone, Michael $11,997.80