HomeMy WebLinkAbout121310 sm min SANFORD POLICE OFFICERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Monday, December 13, 2010 — 3:00 P.M.
1. CaII to Order and Roll Call
The meeting was called to order at 3:00 p.m. by the Chairman, John Metsopoulos. The
following members were present: Chris Collison, Darrel Presley, and, Greg Smith. Scott
Christiansen, Plan Counsel, was also present as were the Firefighters' Trustee's for Agenda
Items 2 and 3.
2. Records Retention and Storage
The Administrator discussed the current issues regarding the storage and retrieval of pension
plan information. The Trustees directed her to contact the Iron Mountain Storage facility
regarding their services and related costs and to report back to them at the February meeting.
3. Review and Update Operating Rules and Procedures
The Attorney, Administrator and Trustees conducted a page -by -page review of the Operating
Rules and Procedures. Changes and updates were made and Scott will bring the new
document to the February meeting for adoption by the Board.
During the review a motion was made by Greg Smith to extend the terms of office for Trustees
from two years to four years and to direct the Attorney to draft an Ordinance for presentation
to the City Commission. Seconded by John Metsopoulos, the motion carried unanimously.
4. IRS Favorable Determination Letter
Scott discussed his memo to the board, dated October 15, 2010, regarding the IRS favorable
determination letter. Following some discussion, a motion was made by Chris Collison not to
pursue this issue due to the costs that the board will incur in the process add the fact that Scott
continues to apprise the Board of any significant changes that they must be aware of.
Seconded by Greg Smith, the following vote was recorded:
Chris Collison Yes
Darrel Presley Yes
Greg Smith Yes
Chairman Metsopoulos No
5. Any Other Business
Scott informed the Trustees that the family representatives for the estate of Anardi Collazo may
decide to seek a lump sum settlement regarding his remaining pension benefits. Following a
brief discussion, a motion was made by Greg Smith to allow for the lump sum distribution in lieu
of the remaining 54 benefit payments under his 10 year certain option. Seconded by John
Metsopoulos, the motion carried unanimously.
6. Next Meeting Date
The Trustees agreed to switch the starting time for the next meeting with the Firefighters' to
allow them time to conduct their International Investment Manager interviews. The next regular
meeting date was set for Thursday, February 10, 2011 at 9:00 a.m. (for this meeting only).
7. Adjournment
The meeting ended at 5:45 p.m.
Ai (fbr the Board)