HomeMy WebLinkAbout11072013 minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday,, November 7, 2013 — 9:00 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 9:00 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, David
Lee, Investment Consultant and Peter Hapgood and Andrew Dietz, Investment Managers. Peter
Staffieri, from the Finance Department, was also present.
2. ARRroval of Minutes
A motion was made by Craig Radzak to approve the minutes from the regular meeting held
August 8, 2013. Seconded by Sylvester Chang, the motion carried unanimously.
3. Disbursements
The Plan Administrator made note of four add-on items and explained the reason behind the
three Polen invoices. A motion was then made by Robert Vaughn to approve the disbursement
report as amended. Seconded by Craig Radzak, the motion carried unanimously. (Copy is
attached for the record.)
4. Investment Manager's ReRprts
(a) Andrew Dietz reviewed the ASB Real Estate Investment Portfolio. The total value of the
Plan assets as of September 30, 2013 was $400,000.
(b) Peter Hapgood reviewed the Intercontinental Real Estate Investment Portfolio. The
total value of the Plan assets as of September 30, 2013 was $1,010,791.
5. Investment Consultant's Report — Dahab Associates
David Lee began his report by reviewing the Plan's performance as of September 30, 2013.
Asset allocation for the period: Large Cap Equities — 32.5%, Mid Cap Equities — 10.8%, Small
Cap Equities — 10.1 %, International Equity — 10.4 %, Fixed Income — 24.3% and Cash — 5.8%.
Total portfolio value was $23,179,736.
A lengthy discussion then took place regarding additional investment allocations into the Real
Estate asset class. Following the discussion, a motion was made by John Smith to increase the
Real Estate allocation to the full 15% as permitted in the Plan Ordinance. Additionally, the
Board's Investment Policy Statement will be amended to reflect the Real Estate Investment
allowance. Seconded by Sylvester Chang, the motion carried unanimously. Another motion
was then made by Robert Vaughn to allocate another $500,000 to the Intercontinental Real
Estate portfolio. Seconded by Craig Radzak, the motion carried unanimously.
6. Attorney's Report
Scott Christiansen began his report by informing the Board that the election of officers will need
to take place at the next meeting. He continued his report by reminding the Administrator to
send the annual investment letter to the City. Scott concluded his report by reminding the
Trustees that it is time again to update the Summary Plan Description. A motion was made by
Robert Vaughn to authorize the Plan Attorney to update the Summary Plan Description for the
Trustees' review at the next meeting. Seconded by Craig Radzak, the motion carried
unanimously.
7. Old Business
There was none.
Page 2 of 2 Sanford Firefighters' Retirement System November 7, 2013
8. New Business
The 2014 Meeting Schedule was reviewed and discussed. Greg McNeillie had some issues with
the proposed schedule and has requested that Scott consider changing one of the meeting
dates so that he could attend at least two of the four scheduled meetings. Following some
discussion, a motion was made by Sylvester Chang to approve the 2014 meeting schedule as
presented. Seconded by John Smith, the motion carried unanimously.
Sylvester Chang handed out a draft of an evaluation form and led a discussion regarding a
review process of the Plan's service providers. Following the discussion, the Trustees agreed to
take the information under advisement and discuss this issue again at the next meeting.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, February 6, 2014 at 9:00 a.m.
11. Adjournment
The meeting ended at 10:50 a.m.
NFORD
FIREF'IGHTERS' PENSION FUND
Disbursement
.N,ovemb 13
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Date
Issued to:
Issued for:
Amount
08/09/13
Dahab
Consulting Svcs.
$2,725.22
08/16/13
Foster & Foster
Actuarial Svcs.
$645.00
08/20/13
Herndon Capital
Investment Svcs.
$6,620.87
09/01/13
Susy Pita
Adm. Svcs.-Sept.
$1,000.00
09/16/13
Christiansen & Dehner
Legal Services
$820.95
10/01/13
Susy Pita
Adm. Svcs.-Oct.
$1,000.00
10/07/13
Christiansen & Dehner
Legal Services
$401.50
10/11/13
Polen Capital
Investment Svcs.
$5,601.00
10/15/13
Salem Trust
Custody Svcs.
$4,083.01
10/15/13
Lee Munder Capital
Management Svcs.
$4,695.78
10/22/13
Garcia Hamilton
Management Svcs.
$4,227.27
10/28/13
Foster & Foster
Actuarial Svcs.
$820.00
11/01/13
Susy Pita
Adm. Svcs.-Nov.
$1,000.00
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Date
Contribution Refunds:
Amount
None
Date
DROP Distributions:
Amount
None