HomeMy WebLinkAbout021215 SFRS MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 12, 2015 — 9:00 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 9:00 am. by the Chairman, Tom Hickson. The following
members were present: Albert (AJ) Alberti, Sylvester Chang, Craig Radzak and John Smith. The
following service providers were also in attendance: Scott Christiansen, Plan Counsel, Jana
Hamilton, Investment Manager, and Tom Donegan and Greg McNeillie, Investment Consultants.
Also present was Cindy Lindsay, Finance Director and firefighter Jeff Detzel.
2. Approval of Minutes
An additional notation to the investment consultant's report, from the minutes of November 6,
2014, was requested by Sylvester Chang. A motion was then made by John Smith to approve
the minutes with the additional information included. Seconded by John Smith, the motion
carried unanimously.
3. Disbursements
A motion was made by John Smith to approve the disbursement report as presented. Seconded
by Craig Radzak, the motion carried unanimously. (Copy is attached for the record,)
4. Actuarial Valuation Report
Patrick Donlan was unable to attend the meeting today and asked that Scott Christiansen
present the Actuarial Valuation Report as of October 1, 2014. Following Scott's review, and a
brief 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 8%, net of investment expenses.
Seconded by Craig Radzak, the motion carried unanimously.
S. Investment Manager's Report
Jana Hamilton presented the Garcia Hamilton & Associates investment management report as
of December 31, 2014. Portfolio value was $5,939,886.72 with a yield of 2.1%.
6. Investment Consultant's Report — Dahab Associates
Tom Donegan and Greg McNeillie reviewed the Plan's performance as of December 31, 2014.
Asset allocation for the period: Large Cap Equities — 32.%, Mid Cap Equities — 11.2%, Small
Cap Equities — 10.0%, International Equity — 8.5%, Real Estate — 12.7%, Fixed Income —
22.1% and Cash — 3.3%. Total portfolio value was $26,936,504.
Additional discussion took place regarding concerns that the Trustees have with under
performance by Herndon and Manning & Napier. Greg stated that, while he appreciates and
understands their concerns, he assured them that he is closely watching them on a weekly
basis and he feels that they deserve another quarter of performance.
7. Attorney's Rgport
Scott Christiansen began his report by providing a brief legislative update,
Page 2 of 2Sanford Firefighters' Retirement System February 12, 2015
He continued his report by discussing the recent Police Pension Board Ordinance which was
approved by the City Commission. The Ordinance allows for more liberal investment
opportunities, but not more than 25% in foreign securities. Following a brief discussion, a
motion was made by John Smith to authorize the Attorney to draft and submit the Ordinance to
the City Commission for adoption and to request the accompanying Actuarial Impact Statement
from the Actuary. Seconded by A] Alberti, the motion carried unanimously.
S. Old Business
There was none.
9® New Business
The Plan Administrator informed the Board that the estate of Vincent Fioretti has been settled
and a Trust was established for his children; Bradley Fioretti & Melissa Grace Fioretti. A lump
sum retro payment of $62,532.45 was issued for the payment period of 09/01/13 through
12/01/14 (15 months). Regular monthly benefit payments in the amount of $4,168.83 began
on 01/01/15 and the last payment will be made to the Trust Fund on 08/01/2023.
10. Public Comments
There were none.
11. Next Meeting Date
The next regular meeting date was set for Thursday, May 7, 2015 at 9:00 a.m.
12. Adjournment
The meeting ended at 10:30 a.m.
F'For the Board)
CITY ()F RD
. . . . ... . .. . . . . . ...... .
Disbtirsen et t R Ort
01's
Date Issued UM
11/07/14
12/01/14 Susy Pita
12/16/14 Christiansen & Dehner
01/01/15
Susy Pita
01/12/15
Christiansen & Dehner
01/12/15
Lee Munder Capital
01/19/15
Herndon
01/20/15
Garcia Hamilton
01/23/15
Palen Capital
01/30/15
Salem Trust
02/01/15
Susy Pita
02/05/15
Dahab
02/05/15
ASB
Admin. Svcs. -Dec. $1,000.00
Legal Services $964.45
Admin. Svcs. -Jan.
$1,000.00
Legal Services
$37.90
Management Svcs.
$5,632.95
Management Svcs..
$6,282.82
Management Svcs.
$4,454.92
Management Svcs.
$7,354.0#
Custody Svcs.
$3,981.73
Admin. Svcs. -Feb.
$1,000.00
Consulting Svcs.
$3,367.06
Management Svcs.
$3,591.06
Date Contribution Refunds: Amoun
None
Date DROP Distributions: Amoun
V