The URL can be used to link to this page

Home My WebLink About080912 rm agn & min Sanford Firefighter' Retirement System Susy Pita, Pension Plan Administrator 4 ` 21629 Stirling Pass • Leesburg, Florida 34748 g g . Phone: 352 -787 -9795 • Fax: 352- 787 -2699 NOTICE OF MEETING - Posted August 2, 2012 Thursday, August 9, 2012 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 — May 10, 2012 3. Approval of Disbursements 4. Investment Manager's Report — Lee Munder Capital 5. Investment Consultant's Report 6. Attorney's Report 7. Old Business: (a) Review Draft of Actuarial Equivalent/Investment Restatement Ordinance (b) Lee Munder Trades — Letter Dated 06/01/12 8. New Business: (a) Polen Capital Changes — Letter Dated 07/02/12 (b) DROP Entry — George Seda — Effective 04/01/12 (c) Service Purchase — Michael Uglione — ly /10m/7d - $36,126.01 9. Next Meeting Date: November 8, 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, August 9, 2012 — 9:00 A.M. 1. Call to Order and Roll Call The meeting was called to order at 9:00 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 Greg McNeillie, Plan Consultant. Staff members also present: Jessica Rochelle, from the Finance Department and Firefighter's Aaron Hinson, and Dawn Geraghty. 2. Approval of Minutes A motion was made by Craig Radzak to approve the minutes from the regular meeting held May 6, 2012. Seconded by Robert Vaughn, the motion carried unanimously. 3. Disbursements A motion was made by Craig Radzak to approve the disbursement report as presented. Sylvester Chang requested that groups of invoices from service providers be listed individually on future Disbursement Reports, seconded the motion, and it carried unanimously. (Copy is attached for the record.) 4. Investment Manager's Report — Lee Munder Capital Tom Capobianco and James GribbeII presented the Lee Munder Capital portfolio results for the period ending June 30, 2012. Market value of the Plan portfolio was $1,801,145.11. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie reviewed the performance report as of June 30, 2012. Asset allocation for the period: Large Cap Equities — 37.2 %, Mid Cap Equities — 9.4 %, Small Cap Equities — 8.7 %, International Equity — 9.8 %, Fixed Income — 33.4% and Cash — 1.5 %. Total portfolio value was $19,166,805. 6. Attorney's Report Scott provided the Trustees with a legislative update. He discussed, at length, the new laws passed under House Bill 401 regarding designations of beneficiaries and record keeping /housekeeping regarding overpayments of benefits. Scott concluded his report by discussing the memo from the Division of Retirement with regard to funding requirements. The Trustees agreed that they wished to have the Plan Actuary continue the funding by utilizing the payroll percentage method. Jessica Rochelle will pass this information on to the Finance Director and, unless the City has an issue, the Actuary will continue to prepare the valuation report utilizing the percentage method. 7. Old Business (a) Scott reviewed the draft of the Ordinance regarding the definition of Actuarial Equivalent to correctly reflect the mortality table being used by the Plan's Actuary and the modification to the investment restrictions to allow the Plan to invest in Real Estate. Page 2 of 2 Sanford Firefighters' Retirement System August 9, 2012 Following some discussion, a motion was made by Sylvester Chang to include the addition of Group Investment Trust allocations and to have Scott send the revised Ordinance to the City for presentation to the Commission. Seconded by Robert Vaughn, the motion carried unanimously. (b) Greg McNeillie reviewed the letter from Lee Munder (dated June 1, 2012) regarding the high volume of trades that appeared on the Custody Statement last quarter. In that letter, they agreed to reduce the next quarter investment management fee by $3,000 to help offset the additional trading charges that were incurred by the Board. 8. New Business (a) The Plan Administrator received a letter from Polen Capital (dated July 2, 2012) regarding the changes in the Management's Organization due to the death of David Polen. As part of an estate and business succession plan, the Board will need to indicate, on the form provided, whether they agree with the assignment of their advisory contract. Greg McNeillie advised the Trustees that agreement with the changes will not adversely impact the Plan portfolio and recommended that the Trustees submit to the assignment. A motion was made by Sylvester Chang to send the agreement form back in the affirmative, as recommended by the Investment Consultant. Seconded by Robert Vaughn, the motion carried unanimously. (b) A motion was made by Craig Radzak to approve of the DROP entry for George Seda, effective April 1, 2012. Seconded by John Smith, the motion carried unanimously. (c) A motion was made by Craig Radzak to approve of the prior service time purchase of lyear /10months /7days by Michael Uglione in the amount of $36,126.01. Seconded by Robert Vaughn, the motion carried unanimously. (d) Plan Member Dawn Geraghty has addressed a credited service time issue with the Plan Administrator through a series of emails over the past several weeks. She is looking for answers to questions regarding contributions she has made in correlation to the credited service as it appeared on her recent benefit statement from the Plan Actuary. Following some discussion, Jessica Rochelle was given a copy of the emails and related data and agreed to address this with Dawn so that it can be resolved. 9. Next Meeting Date The next regular meeting date was set for Thursday, November 8, 2012 at 9:00 a.m. 10. Adjournment The meeting ended at 10:35 a.m. (for the Board) CITY OF SANFORD FIREFIGHTERS' PENSION FUND Disbursement Report August 9 2012 Date Issued to: Issued for: Amount 05/14/12 Foster & Foster Actuarial Svcs. $3,749.00 05/14/12 Christiansen & Dehner Legal Services $2,775.68 06/01/12 Susy Pita Adm. Svcs. -June $1,000.00 06/11/12 Christiansen & Dehner Legal Services $637.69 07/01/12 Susy Pita Adm. Svcs. -July $1,000.00 07/10/12 Christiansen & Dehner Legal Services $171.80 07/16/12 FL Municipal Insurance Trust Fiduciary Insurance $5,228.75 07/16/12 Lee Munder Capital Management Svcs. $3,377.15 07/18/12 Salem Trust Custodial Svcs. $5,047.69 07/25/12 Dahab Consulting Services $2,395.44 07/27/12 Herndon Capital Management Svcs. $5,602.02 07/30/12 Garcia Hamilton Management Svcs. $4,802.48 08/01/12 Susy Pita Adm. Svcs. -Aug. $1,000.00 Date Contribution Refund: Amount None