HomeMy WebLinkAbout050814 minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
1. Call to Order and Roll Call
The meeting was called to order at9:OOa'm.bythe Chairman, Tom Hickson. The following members
were present: Sylvester Chang, Craig RadzakJohn Smith and Robert Vaughn. The following service
providers were also in attendance: Scott Christiansen, Plan Counsel, and Greg McNeillie and Tom
Donegan, Investment Consultants. Cynthia Lindsay, Finance Director, was also present.
2. Approval of Minutes
A motion was made by John Smith to approve the minutes from the regular meeting held February 6,
2O14.Seconded bvRobert Vaughn, the motion carried unanimously.
3. Disbursements
The Plan Administrator made note of one add-on item to the Disbursement Report. /\ motion was then
made bvSylvester Chang toapprove the disbursement report auamended. Seconded bvCraig Radzak
the motion carried unanimously. (Copy is attached for the
4. Investment Manager's Reports
Ken Grimes and Marc Reid presented the Herndon Capital portfolio results for the period ending March
31, 3014' Market value of the Plan portfolio was $4,323,702.56.
S. Investment Consultant's Report — Dahab Associates
Greg McNeillie and Tom Donegan reviewed the Plan's performance as of March 31, 2014. Asset allocation
for the period: Large Cap Equities — 33.8%, Mid Cap Equities — 11.0%, Small Cap Enuities— 18.696,
International Equity— 10.296, Real Estate -9.596, Fixed Inconne— 23.196 and Cash — 1.996. Total
portfolio value was $25,326,312.
6. Attomey's Report
Scott Christiansen informed the Trustees that there were no legislative changes made this year.
7. Old Business
(a) Greg McNeillie reviewed the updated main Investment Policy Statement with the Board. Following
some discussion, and a few minor corrections, a motion was made by John Smith to approve of the
updated Investment Policy. Seconded bvRobert Vaughn, the motion carried unanimously.
(b) Sylvester Chang led a discussion regarding an evaluation form and recommended a review process
for the service providers tmthe Board. Abrief discussion ensued and the Trustees decided that they
would address any service provider issues asthey arise.
8. New Business
A motion was made by Craig Radzak to approve the DROP entry for Michael Uglione effective March 1,
2014. Seconded bvRobert Vaughn, the motion carried unanimously.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, August 7,2U14at9:0X}a.rn. _
11. Adjournment
The meeting ended at1Ox45a.mn.
ary OF SA ' NF ' ORD '
FIRE FIG HTERS' PENSION FUND
DisbursemellLtL
2014
Date
Issued to:
Issued for:
Amount
02/13/14
Dahab
Consulting Svcs.
$3,095.17
02/13/14
Christiansen & Dehner
Legal Services
$192.34
02/18/14
Herndon
Management Svcs.
$6,927.18
02/24/14
City of Sanford
Reimbursement
$50.37
02/27/14
Salem Trust
Custody Svcs.
$4,088.54
03/01/14
Susy Pita
Administrative Svcs.
$1,000.00
03/25/14
Christiansen & Dehner
Legal Services
$1,053.76
04/01/14
Susy Pita
Administrative Svcs.
$1,000.00
04/08/14
Christiansen & Dehner
Legal Services
$73.00
04/15/14
Lee Munder Capital
Management Svcs.
$5,183.04
04/22/14
Garcia Hamilton
Management Svcs.
$4,267.57
04/22/14
FL Municipal Ins. Trust
Fiduciary Insruance
$6,569.41
04/22/14
FL Municipal Ins. Trust
Waiver of Recourse
$102.20
04/28/14
Garcia Hamilton
Management Svcs.
$104.48
04/29/14
FL Municipal Ins. Trust
Dishonesty Policy
$168.15
05/01/14
Susy Pita
Administrative Svcs.
$1,000.00
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Date
Contribution Refunds: Amount
02/27/14 Glenn Johnson
$16,694.45
Date
DROP Distributions: Amount
None