HomeMy WebLinkAbout080714 minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 7, 2014-8:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 8:30 a.m. by the Chairman, Tom 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 Tom
Donegan, Investment Consultant.
2. Approval of Minutes
A motion was made by Craig Radzak to approve the minutes from the regular meeting held May
8, 2014. Seconded by John Smith, the motion carried unanimously.
3. Disbursements
A motion was made by John Smith to approve the disbursement report as presented. Seconded
by Craig Radzak, the motion carried unanimously. (Copy is attached for the record)
4. Investment Manager's ReRg
Jim Haynes and Todd Morris presented the Polen Capital portfolio results for the period ending
July 31, 2014. Market value of the Plan portfolio was $4,320,918.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of June 30, 2014. Asset allocation for the
period: Large Cap Equities — 31.2%, Mid Cap Equities — 10.9 %, Small Cap Equities — 10.2 %,
International Equity — 10.0%, Real Estate — 14.2%, Fixed Income — 21.6% and Cash — 1.9%.
Total portfolio value was $26,660,517.
6. Attorney's ReRg
Scott Christiansen reminded the Trustees that their Financial Disclosure Forms have all been
received by the Commission on Ethics (per their web site.) Scott continued his report to the
Board under the remaining agenda items requiring his input.
7. Old Business
There was none.
8. New Business
A motion was made by Sylvester Chang to approve the DROP entry for John Smith effective
May 1, 2014. Seconded by Craig Radzak, the motion carried unanimously with John Smith
abstaining (Form 8B is attached for the record.)
The Trustee positions held by Robert Vaughn (member elected), Sylvester Chang (Commission
Appointed), and Craig Radzak (5th member), are set to expire on October 1, 2014. The Plan
Administrator will coordinate the member election for Robert Vaughn. Sylvester Chang
informed the Board that he would not be seeking another term. The Plan Administrator will
submit a letter to the City Clerk's Office requesting another appointment by the City
Commission. Craig Radzak's reappointment will be placed on the agenda for the next meeting.
Trustee John Smith presented a list of three questions regarding use of the State Monies and
requested that Scott address them with the Board.
Page 2 of 2 Sanford Firefighters' Retirement System August 7, 2014
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, November 6, 2014 at 9:00 a.m.
11. Adjournment
The meeting ended at 9:45 a.m.
or the Board)
CITY ' OF - SANF-ORD
FIREFIGHTERS' PENSION FUND
Disbursement Rap rt
A Z-F-20A
Date
Issued to:
Issued for:
Amount
05/16/14
Dahab
Consulting Svcs.
$3,153.10
05/16/14
Herndon
Management Svcs.
$7,026.32
05/16/14
Polen Capital
Management Svcs.
$6,304.00
05/16/14
Foster & Foster
Actuarial Svcs.
$4,440.00
05/16/14
Salem Trust
Custody Svcs.
$4,302.16
05/27/14
City of Sanford
Reimbursement
$1,139.50
06/01/14
Susy Pita
Administrative Svcs.
$1,000.00
06/17/14
Christiansen & Dehner
Legal Services
$1,010.21
07/01/14
Susy Pita
Administrative Svcs.
$1,000.00
07/11/14
Lee Munder Capital
Management Svcs.
$5,422.99
07/15/14
Polen Capital
Management Svcs.
$6,565.00
07/16/14
Salem Trust
Custody Svcs.
$4,859.79
07/22/14
Garcia Hamilton
Management Svcs.
$4,319.41
07/30/14
Foster & Foster
Actuarial Svcs.
$740.00
08/01/14
Susy Pita
Administrative Svcs.
$1,000.00
08/04/14
ASB Capital
Management Svcs.
$3,336.45
08/04/14
Dahab
Consulting Svcs.
$3,332.56
Date Contribution Refunds: Amount
07/04/14 Ashley Krauser $2,010.07
Date DROP Distributions: Amount
None
FORM 813 MEMORANDUM OF VOTING CONFLICT FOR
COUNTY, MUNICIPAL AND OTHER LOCAL PUBLIC OFFICERS
LAST NAME —FIRST NAME — MIDDLE NAME
NAME OF BOARD, COUNCIL, COMMISSION, AUTHORITY, OR COMMITTEE
Smith John Clark
City of Sanford Firefighters" Retirement System - Board of Trustees
MAILING ADDRESS
THE BOARD, COUNCIL, COMMISSION. AUTHORITY OR COMMITTEE ON
PO BOX 1788
WHICH I SERVE IS A UNIT OF:
[Z]CITY []COUNTY []OTHER LOCAL AGENCY
CITY COUNTY
NAME OF POLITICAL SUBDIVISION:
City of Sanford, Florida
Sanford FL 32772 -1788 Seminole County
DATE ON V4MICH VOTE OCCURRED
August 07, 2014
MY POSITION IS
Q ELECTIVE APPOINTIVE
WHO MUST FILE FORM 88
This form is for use by any person serving at the county, city, or other local level of government on an appointed or elected board, council,
commission, authority, or committee. It applies equally to members of advisory and non - advisory bodies who are presented with a voting
conflict of interest under Section 112.3143, Florida Statutes.
Your responsibilities under the law when faced with voting on a measure in which you have a conflict of interest will vary greatly depending
on whether you hold an elective or appointive position. For this reason, please pay close attention to the instructions on this form before
completing the reverse side and filing the form.
INSTRUCTIONS FOR COMPLIANCE WITH SECTION 112.3143, FLORIDA STATUTES
A person holding elective or appointive county, municipal, or other local public office MUST ABSTAIN from voting on a measure which
inures to his or her special private gain or loss. Each elected or appointed local officer also is prohibited from knowingly voting on a mea-
sure which inures to the special gain or loss of a principal (other than a government agency) by whom he or she is retained (including the
parent organization or subsidiary of a corporate principal by which he or she is retained); to the special private gain or loss of a relative; or
to the special private gain or loss of a business associate. Commissioners of community redevelopment agencies under Sec. 163.356 or.
163.357, F.S., and officers Of independent special tax districts elected on a one -acre, one -vote basis are not prohibited from voting in that
capacity.
For purposes of this law, a "relative" includes only the officer's father, mother, son, daughter, husband, wife, brother, sister, father -in -law,
mother - in-law, son -in -law, and daughter -in -law. A "business associate" means any person or entity engaged in or carrying on a business
enterprise with the officer as a partner, joint venturer, coowner of property, or corporate shareholder (where the shares of the corporation
are not listed on any national or regional stock exchange).
ELECTED OFFICERS:
In addition to abstaining from voting in the situations described above, you must disclose the conflict:
PRIOR TO THE VOTE BEING TAKEN by publicly stating to the assembly the nature of your interest in the measure on which you
are abstaining from voting; and
WITHIN 15 DAYS AFTER THE VOTE OCCURS by completing and filing this form with the person responsible for recording the min-
utes of the meeting, who should incorporate the form in the minutes.
APPOINTED OFFICERS:
Although you must abstain from voting in the situations described above, you otherwise may participate in these matters. However, you
must disclose the nature of the conflict before making any attempt to influence the decision, whether orally or in writing and whether made
by you or at your direction.
IF YOU INTEND TO MAKE ANY ATTEMPT TO INFLUENCE THE DECISION PRIOR TO THE MEETING AT WHICH THE VOTE WILL BE
TAKEN:
• You must complete and file this form (before making any attempt to influence the decision) with the person responsible for recording the
minutes of the meeting, who will incorporate the form in the minutes. (Continued on other side)
APPOINTED OFFICERS (continued)
• A copy of the form must be provided immediately to the other members of the agency.
• The form must be read publicly at the next meeting after the form is filed.
IF YOU MAKE NO ATTEMPT TO INFLUENCE THE DECISION EXCEPT BY DISCUSSION AT THE MEETING:
• You must disclose orally the nature of your conflict in the measure before participating.
• You must complete the form and file it within 15 days after the vote occurs with the person responsible for recording the minutes of the
meeting, who must incorporate the form in the minutes. A copy of the form must be provided immediately to the other members of the
agency, and the form must be read publicly at the next meeting after the form is filed.
DISCLOSURE OF LOCAL OFFICERS INTEREST
John Clark Smith h August 07 2014.
ereby disclose that on 120
(a) A measure came or will come before my agency which (check one)
inured to my special private gain or loss;
inured to the special gain or loss of my business associate,
— inured to the special gain or loss of my relative,
— inured to the special gain or loss
whom I am retained; or
inured to the special gain or loss of
is the parent organization or subsidiary of a principal which has retained me.
(b) The measure before my agency and the nature of my conflicting interest in the measure is as follows:
Board Motion -
New Business: Approval of DROP Entry - John Smith - Effective 05/01/2014
ALx-psir 1 *31 Ea i
Date Filed Signature
by
which
NOTICE: UNDER PROVISIONS OF FLORIDA STATUTES §112.317, A FAILURE TO MAKE ANY REQUIRED DISCLOSURE
CONSTITUTES GROUNDS FOR AND MAY BE PUNISHED BY ONE OR MORE OF THE FOLLOWING: IMPEACHMENT,
REMOVAL OR SUSPENSION FROM OFFICE OR EMPLOYMENT, DEMOTION, REDUCTION IN SALARY, REPRIMAND, OR A
CIVIL PENALTY NOT TO EXCEED $10,000.
CE FORM 8B - EFF. 112400 PAGE 2