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Home My WebLink About110812 rm agn & min Sanford Mreflghtere 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 November 1, 2012 Thursday, November 8, 2012 at 9:00 a.m. City Hall — Railroad Conference Room - 2 Floor AGENDA 1. Call to Order and Roll Call 2. Approval of Minutes: Regular Meeting — August 9, 2012 3. Approval of Disbursements 4. Investment Manager's Report — Herndon Capital 5. Investment Consultant's Report 6. Attorney's Report 7. Old Business: (a) Status of Actuarial Equivalent/Investment Restatement Ordinance (b) Dawn Geraghty /Credited Service Issue 8. New Business 9. Next Meeting Date: February 7, 2013 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, November 8, 2012 — 9:00 A.M. 1. Call to Order and Roll CaII The meeting was called to order at 9:00 a.m. by the Chairman, Thomas Hickson. The following members were present: Sylvester Chang, John Smith, and Robert Vaughn. Craig Radzak was excused. The following service providers were also in attendance: Scott Christiansen, Plan Counsel, and Greg McNeillie, Plan Consultant. Cindy Lindsay, from the Finance Department, was also present. 2. Approval of Minutes A motion was made by Robert Vaughn to approve the minutes from the regular meeting held August 9, 2012. Sylvester Chang made mention of one amendment, seconded the motion, and it carried unanimously. 3. Disbursements The Plan Administrator made note of one add -on item to the Report. A motion was then made by Sylvester Chang to approve the disbursement report as amended. Seconded by Robert Vaughn, the motion carried unanimously. (Copy is attached for the record.) 4. Investment Manager's Report — Herndon Capital Ken Grimes presented the Herndon Capital portfolio results for the period ending September 30, 2012. Market value of the Plan portfolio was $3,660,980.65 with a yield of2.2% 5. Investment Consultant's Report — Dahab Associates Greg McNeillie began his report to the Board by informing the Trustees that the Plan closed the year at 18.2 %. He then reviewed the performance report as of September 30, 2012. Asset allocation for the period: Large Cap Equities — 36.8 %, Mid Cap Equities — 9.4 %, Small Cap Equities — 8.7 %, International Equity — 9.8 %, Fixed Income — 32.4% and Cash — 3.0 %. Total portfolio value was $20,504,277. Greg concluded his report by discussing the possibility of a Real Estate investment. It was decided that Greg would present a list of potential firms to the Board for their review at the next meeting. 6. Attorney's Report Scott began his report by discussing the FYE letter and performance report that needs to be sent to the City. He also touched on the topics of new beneficiary forms, new tax laws (which will ultimately require another IRS Compliance Ordinance) and the issues posed by the "Naples Letter ". 7. Old Business (a) 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 was presented to the City Commission for the first reading on 10/22/12. Page 2 of 2 Sanford Firefighters' Retirement System November 8, 2012 The second /final reading is scheduled for 11/12/12. The Plan Administrator will follow - up on this matter and see to the proper distribution. (b) At the last meeting, Dawn Geraghty's credited service time issue was discussed. The Finance Director investigated the contributions she has made in correlation to the credited service as it appeared on her 10/01/11 benefit statement from the Plan Actuary. The updated contribution information was provided to the Actuary and they have provided a corrected /revised 10/01/11 benefit statement for her. 8. New Business The 2013 meeting schedule was distributed and reviewed. The Plan Administrator will distribute the schedule accordingly. 9. Next Meeting Date The next regular meeting date was set for Thursday, February 7, 2013 at 9:00 a.m. 10. Adjournment The meeting ended at 10:30 a.m. (for the Board) CITY OF SANFORD FIREFIGHTERS' PENSION FUND Disbursement Report November 8, 2012 Date Issued to: Issued for: Amount 08/10/12 Foster & Foster Actuarial Svcs. $1,681.00 08/22/12 Christiansen & Dehner Legal Services $67.60 09/01/12 Susy Pita Adm. Svcs. -Sept. $1,000.00 09/12/12 Christiansen & Dehner Legal Services $1,042.86 10/01/12 Susy Pita Adm. Svcs. -Oct. $1,000.00 10/05/12 Christiansen & Dehner Legal Services $540.80 10/16/12 Lee Munder Capital Management Svcs. $3,618.55 10/25/12 Salem Trust Custodial Svcs. $5,871.92 10/26/12 Garcia Hamilton Management Svcs. $4,976.67 11/01/12 Susy Pita Adm. Svcs. -Nov. $1,000.00 11/01/12 Herndon Capital Management Svcs. $5,948.73 All CA'. I k t o& 112 b Coy-NI-Std. 4,1 5'ocs . 4 2,562-6 Date Contribution Refund: Amount None