HomeMy WebLinkAbout08082013 minsSANFORD FIREFIGHTERS' RE71REMENT SYSTEM
PENSION BOARD MEE71NG MINUTES
1. Call to Order and Roll Call
The meeting was called bo order atS:OO a.m. by the Chairman, Tom Hickson. The following members
were present; Sylvester Chang, Craig Radzak]ohnSmith/and Robert Vaughn. The following service
providers were also in attendance: Scott Christiansen, Plan Counsel, Greg McNeiUie,Investnent
Consultant and Chris Jon Long, Investment Manager. Cindy Lindsay, Finance Director, was also present.
2. ARRroval of Minutes
A motion was made by Craig Radzak to approve the minutes from the regular meeting held May 9, 2013.
Seconded bv Robert Vaughn, the motion carried unanimously.
3. Disbursemen
A motion was made by Craig Radzak to approve the disbursement report as presented. Seconded by
Robert Vaughn, the motion carried unanimously. (Copy is attached for the
4. Investment Manager's Report — Manning & Navie
Chris Jon Long presented the Manning & Napier portfolio results for the period ending June 30, 2013.
The total market value of the Plan assets was $2,2OQ,5S8.
S. Investment Consultant's Report — Dahab Associates
Greg McNeillie began his report by reviewing the Plan's performance as of June 30, 2013. Asset allocation
for the period: Large Cap Equities— 37.096, Mid Cap Equities — 10.79t, Small Cap Equities —9.896,
International Equity —1O.196, Fixed Income —3U.696 and Cash —1'896. Total portfolio value was
$21,803,455.
Scott Christiansen discussed the passage of Senate Bill 534. This bill imposed additional filing and
disclosure requirements by the Plan Actuaries. Foster & Foster will most likely address this issue with the
Board prior to preparing the R/2013reports.
7. Old Business
The Internal Revenue Compliance Ordinance (No. 4296) passed the second reading at the City
Commission meeting on July 22, 2013 and has been submitted to the Division of Retirement along with
the accompanying Actuarial Impact Statement.
8. New Business
(a) A motion was made by Craig Radzak to approve of the DROP entry for Tim Robles, effective May 1,
2013. Seconded bv John Smith the motion carried unanimously.
(b) A motion was made by Craig Radzak to approve of the DROP entry for Stacey Livingston, effective
June 1,2O1]. Seconded bv John Smith the motion carried unanimously.
9. Next Meeting Date
The next regular meeting date was set for Thursday, November 7, 2013 at 9:00 a.m.
10. Adioumment
The meeting ended at 10:10 a.m.
CITY OF SANF ' ORD
FIREFIGHTERS" PENSION FUND
Disbursement Relig
Angst 013
I _ju I—
Date
Issued to:
Issued for:
Amount
05/10/13
Foster & Foster
Actuarial Svcs.
$1,515.00
05/24/13
Herndon Capital
Investment Svcs.
$6,610.52
06/01/13
Susy Pita
Adm. Svcs.-June
$1,000.00
06/18/13
Christiansen & Dehner
Legal Services
$1,141.87
07/01/13
Susy Pita
Adm. Svcs.-July
$1,000.00
07/18/13
Christiansen & Dehner
Legal Services
$152.83
07/18/13
FL Municipal Ins. Trust
Fiduciary Insurance
$5,380.04
07/18/13
FL Municipal Ins. Trust
*Waiver of Recourse
$101.30
07/22/13
Polen Capital
Investment Svcs.
$5,962.00
07/22/13
Lee Munder Capital
Management Svcs.
$4,402.75
07/30/13
Garcia Hamilton
Management Svcs.
$4,948.28
08/01/13
Susy Pita
Adm. Svcs.-August
$1,000.00
Date Contribution Refunds: Amount
05/15/13 Matthew Sheppard $17,818.71
Date DROP Distributions: Amount
05/13/13 Gerard Ransom $350,594.46
*The City reimbursed the Board for payment of the "Waiver of Recourse" fee in the
amount of $101.30 on 08/02/13.