HomeMy WebLinkAbout020713 minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 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, Thomas 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 John Gunther and Stephen Atkins, Investment Managers. Also
present were Asst. City Manager Tom George, Union Representatives David Frost and Aaron
Henson and Cindy Lindsay, from the Finance Department.
2. Approval of Minutes
A motion was made by Sylvester Chang to approve the minutes from the regular meeting held
November 8, 2012. Seconded by John Smith, the motion, and it carried unanimously.
3. Disbursements
The Plan Administrator distributed a revised/updated report in an email to the Trustees on
February 5th. A motion was made by John Smith to approve the disbursement report as
amended on February 5th. Seconded by Craig Radzak, the motion carried unanimously.
(Copy is attached for the record.)
4. Actuarial Valuation Report
Patrick Donlan presented the Actuarial Valuation Report as of October 1, 2012. Following a
brief discussion, a motion was made by Robert Vaughn 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 John Smith 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 8%, net of investment expenses. Seconded by
Sylvester Chang, the motion carried unanimously.
S. Investment Manager's Report — Pollen Capital
John Gunther and Stephen Atkins presented the Polen Capital portfolio results for the period
ending December 31, 2012. The total market value of the Plan portfolio was $4,001,092 with a
yield of 0.9%
6. Investment Consultants Report — Dahab Associates
David Lee began his report by reviewing the Plan's performance as of December 31, 2012.
Asset allocation for the period: Large Cap Equities — 35.9%, Mid Cap Equities — 9.5%, Small
Cap Equities — 8.8%, International Equity — 10.2%, Fixed Income — 32.1% and Cash — 3.5%.
Total portfolio value was $20,878,282.
David continued his report by reviewing the Real Estate Manager search that the Board
requested at their last meeting. Following a lengthy discussion, the consensus was to interview
the following four firms at a special meeting as soon as it can be arranged by David: American
Realty, ASB Capital Management, Bailard and Intercontinental. David will coordinate this effort
with the Plan Administrator.
Page 2 of 2 Sanford Firefighters' Retirement System February 7, 2013
7. Attorrigys Report
Scott began his report by informing the Trustees that a new Ordinance will be required by the
end of the 2013 Fiscal Year in order for the Plan to be in compliance with the Internal Revenue
Code. A motion was Craig Radzak to authorize the Attorney to draft the Ordinance for the
Trustee's review at the next meeting. Seconded by John Smith, the motion carried
unanimously.
Scott continued his report by discussing the proposed Senate Bill 458 and detailed some of the
items contained in that Bill. It has only been through one Committee and there are several
weeks left in this legislative period, so we are in a "wait and see" position for now.
8. Old Business
There was none.
9. New Business
(a) A motion was made by Craig Radzak to approve of the DROP entry for Michael Turner
effective November 1, 2012. Seconded by Robert Vaughn, the motion carried unanimously.
(b) Davis Frost, Union President, had requested an opportunity to address the Board regarding
the possibility of a Stop-Start Study in order to review potential cost savings for the City. Due to
the current valuation results and the current events going on in the legislative session, he
advised the Trustees that they wished to rescind that request for now.
The Plan Administrator informed the Trustees that Salem Trust is in the process of enhancing
some of the services for the Retiree and Beneficiaries. Should any of them hear any concerns
expressed, they are encouraged to have the participant contact the Plan Administrator or Salem
Trust Company.
10. Next Meeting Date
The next regular meeting date was set for Thursday, May 9, 2013 at 9:00 a.m.
11. Adjournmenfi
The meeting ended at 10:40 a.m.
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the Board)
CITY OF SANFOR ' D
FIREFIGHTERS' 12ENSION FUND
WsbUrsernent Re it*
Feb Lqg y
_k _7L 2013
Date
Issued to:
Issued for:
Amount
11/12/12
Foster & Foster
Actuarial Svcs.
$1,080.00
11/16/12
Christiansen & Dehner
Legal Services
$101.40
12/01/12
Susy Pita
Adm. Svcs.-Dec.
$1,000.00
12/03/12
F.P.P.T.A.
Re-Cert Fee-Chang
$30.00
12/03/12
F.P.P.T.A.
Re-Cert Fee-Raclzak
$30.00
12/03/12
F.P.P.T.A.
Re-Cert Fee-Smith
$30.00
12/03/12
F.P.P.T.A.
Re-Cert Fee-Vaughn
$30.00
12/03/12
F.P.P.T.A.
Annual Dues
$600.00
12/11/12
Christiansen & Dehner
Legal Services
$863.81
01/01/13
Susy Pita
Adm. Svcs.-Jan.
$1,000.00
01/11/13
Lee Munder Capital
Management Svcs.
$722.61
01/14/13
Foster & Foster
Actuarial Svcs.
$10,450.00
01/18/13
Herndon Capital
Management Svcs.
$5,949.68
02/01/13
Susy Pita
Adm. Svcs.-Feb.
$1,000.00
02/01/13
Garcia Hamilton
Management Svcs.
$5,027.74
02/01/13
Salem Trust
Custody Svcs.
$5,406.74
Date
*Re visedlReissued 02105113
Contribution Refund:
None
Amount