HomeMy WebLinkAbout020614 minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 6, 2014 — 9:00 A.M.
1. Call to Order and Moll Call
The meeting was called to order at 9:00 a.m. by the Acting Chairman, Robert Vaughn. The
following members were present: Sylvester Chang and John Smith. Chairman Tom Hickson and
Craig Radzak were excused. The following service providers were also in attendance: Scott
Christiansen, Plan Counsel, and David Lee and Tom Donegan, Investment Consultants. Cynthia
Lindsay, Finance Director, was also present.
2. Approval of Minutes
A motion was made by Sylvester Chang to approve the minutes from the regular meeting held
November 7, 2013. Seconded by John Smith, the motion carried unanimously.
2. Disbursements
A motion was made by John Smith to approve the disbursement report as presented. Seconded
by Sylvester Chang, the motion carried unanimously. (Copy is attached for the record.)
4. Actuarial Valuation ReRort as of October 1, 2013
Christine ONeal presented the Actuarial Valuation Report as of October 1, 2013. Following
some discussion, a motion was made by Sylvester Chang to approve the report as presented.
Seconded by John Smith, the motion carried unanimously.
A discussion then took place regarding the annual Declaration of Returns letter. Following
lengthy input from the investment professionals, attorney, and the Trustees, a motion was
made by Sylvester Chang to submit the annual letter to the Division of Retirement stating that
the total expected annual rate of investment return for the fund for the next year, the next
several years, and the long-term thereafter, shall be 810, net of investment expenses.
Seconded by John Smith, the motion carried unanimously.
S. Investment Manager's Repgrts
Lee Munder Capital was scheduled to present the December 31, 2013 report to the Board,
however; severe weather conditions in the Boston area prevented them from attending today's
meeting. They provided an electronic copy of their report to the Administrator and she
forwarded it to the Trustees.
6. Investment Consultants Report — Dahab Associates
David Lee and Tom Donegan reviewed the Plan's performance as of December 31, 2013. Asset
allocation for the period: Large Cap Equities — 34.1%, Mid Cap Equities —11.0%, Small Cap
Equities —10.4%, International Equity —10.2%, Real Estate — 5.9%, Fixed Income — 23.0%
and Cash — 5.5%. Total portfolio value was $24,758,754.
7. Attorney's Report
Scott Christiansen provided a brief legislative update to the Board regarding two pending Bills:
Senate Bill 246 and House Bill 509. They will be monitoring the progress of these Bills for their
clients and keep them appraised of any updates.
8. Old Business
(a) Scott Christiansen reviewed the updated Summary Plan Description with the Trustees.
Following some discussion, a motion was made by John Smith to approve the revised Summary
Plan Description as of March 1, 2014, pending the attachment of "Exhibit B" by the Plan
Actuary. Seconded by Sylvester Chang, the motion carried unanimously.
Page 2 of 2 Sanford Firefighters' Retirement System February 6, 2014
(b) David Lee reviewed the updated Investment Policy Statement with the Board. Following
some discussion, David will review the additional recommended changes with Greg McNeillie
and bring this back to the Board at their next meeting.
(c) A motion was made by Sylvester Chang to re -appoint Thomas Hickson as Chairman, Craig
Raclzak as Vice -Chairman, and Robert Vaughn as Secretary. Seconded by John Smith, the
motion carried unanimously.
(d) At the last meeting Sylvester Chang handed out an evaluation form and recommended a
review process for the service providers to the Board. A brief discussion ensued and, because
there was not a full board in attendance, this matter will be placed on the agenda for the next
meeting.
9. New Business
A motion was made by John Smith to approve the DROP entry for Timothy Benton effective
November 1, 2013. Seconded by Sylvester Chang, the motion carried unanimously.
10. Public Comments
There were none.
11. Next Meeting Date
The next regular meeting date was set for Thursday, May 8, 2014 at 9:00 a.m.
12. Adjournment
The meeting ended at 10:20 a.m.
CITY OF SANFORD
F"IREFIGHTERS" PENSION FUND
. .... . .. . ....... . . ..... . ... ..... ...... . . . .... __
Disbursement Repqft
ft L)�ULal3L& 20 14
Date
Issued to:
Issued for:
Amount
11/08/13
Dahab
Consulting Svcs.
$2,897.79
11/22/13
FPPTA
Re -Cert. Fee-Radzak
$30.00
11/22/13
FPPTA
Re -Cert. Fee -Smith
$30.00
11/22/13
FPPTA
Re -Cert. Fee -Vaughn
$30.00
11/26/13
FPPTA
Annual Dues
$600.00
12/01/13
Susy Pita
Adm. Svcs. -Dec.
$1,000.00
12/03/13
Salem Trust
Custody Svcs.
$4,074.15
12/13/13
Christiansen & Dehner
Legal Services
$1,132,62
12/13/13
FPPTA
Re -Cert. Fee -Chang
$30.00
01/01/14
Susy Pita
Adm. Svcs. -Jan.
$1,000.00
01/17/14
Lee Munder Capital
Inv. Mgmt. Svcs.
$5,086.99
01/22/14
Polen Capital
Inv. Mgmt. Svcs.
$6,265.00-
01/29/14
Garcia Hamilton
Inv. Mgmt. Svcs.
$4,267.57
01/31/14
ASB Capital
Inv. Mgmt. Svcs.
$1,288.50
01/31/14
Foster & Foster
Actuarial Svcs. $10,404.00
02/01/14
Susy Pita
Adm. Svcs. -Feb.
$1,000.00
Date
Contribution Refunds: Amount
11/12/13 William Flinn
$12,899.97
12/13/13 Matthew Allegra
$11,401.52
Date
DROP Distributions: Amount
None
REVISED 01/31/14