HomeMy WebLinkAbout050715 FF MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
—9
Thursday, May 7, 2015 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: Albert (A]) Alberti, Sylvester Chang, Craig Radzak and John Smith. The
following service providers were also in attendance: Scott Christiansen, Plan Counsel, and Tom
Donegan, Investment Consultant. Also present was Peter Staffieri, from the Finance Dept., and
firefighter Aaron Hinson.
2. Approval of Minute
A motion was made by Craig Radzak to approve the minutes from the regular meeting held
February 12, 2015. Seconded by John Smith, the motion carried unanimously.
3. Disbursements
The Plan Administrator made note of one add-on item to the disbursement report. A motion
was then made by John Smith to approve the disbursement report as amended. Seconded by
Craig Radzak, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of March 31, 2015. Asset allocation for the
period: Large Cap Equities — 32.6%, Mid Cap Equities — 11.4%, Small Cap Equities — 10.3%,
International Equity — 8.5%, Real Estate — 12.511/o, Fixed Income — 21.9% and Cash — 2.80/0.
Total portfolio value was $27,644,169.
Additional discussion took place regarding concerns that the Trustees continue to have with
under performance by Manning & Napier. Tom stated that he appreciates the Board's patience
and understands their concerns and he will continue to closely monitor their performance.
5. Attorney's Report
Scott Christiansen began his report by reminding the Trustees to file their Financial Disclosure
Forms by July 1st. He then discussed form PF -1 which was sent to the City and not yet signed
and returned to the Plan Administrator. She will continue to follow-up on this request.
Scott continued his report by discussing the issues that have plagued Salem Trust this past year
(at the request of the Finance Director). The most recent issue is their SAC letter. This caused
the City's auditor's to perform additional testing at a cost of $3,100. The City has paid the
invoice and is requesting reimbursement from the Plan. Scott stated that the Board cannot
reimburse the City for this expense and that it should be covered by Salem Trust. The Plan
Administrator is working on this request with Salem Trust. Our Salem Trust representatives
also wanted to attend today's meeting but, unfortunately, had a scheduling conflict. They have
asked to be placed on the agenda for the next meeting.
Scott closed his report by updating the Trustees on the recent legislative session and the
adoption of two Bills by the House and Senate, but not yet signed by the Governor. As always,
he will continue to monitor these for the Trustees.
6. Old Business
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The Ordinance allowing for more liberal investment opportunities is on the City Commission
Agenda for May 11, 2015 (for first reading).
Page 2 of 2.- Sanford Firefighters'
__44-t,4--,,'Retirement system Mav 7- 2015
The Plan Administrator will continue to follow-up as it moves through the process and distribute
the fully executed copy to everyone once completed.
7. New Business
There was none.
8. Public Comments
There were none.
9. Next Meeting Date
The next regular meeting date was set for Thursday, August 13, 2015 at 9:00 a.m.
10. Adjournment
The meeting ended at 10:00 a.m.
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Dish A R
Date
Issued to:
02/15/15
Foster & Foster
02/15/15
Christiansen & Dehner
03/01/15
Susy Pita
03/25/15
Christiansen & Dehner
03/25/15
Foster & Foster
04/01/15
04/15/15
04/16/15
04/21/15
04/23/15
04/28/15
04/28/15
04/30/15
05/01/15
a5/05A5
Susy Pita
Lee Munder Capital
Herndon
Christiansen & Dehner
Garcia Hamilton
Foster & Foster
Polen Capital
Salem Trust
Date
04/14/15
Issued for:
Amount
Actuarial Svcs.
$15,373.00
Legal Services
$151.60
Admin. Svcs. -March $1,000.00
Legal Services $1,134.32
Actuarial Svcs. $3,000-00
Admin. Svcs. -April
$1,000.00
Management Svcs.
$5,900.53
Management Svcs.
$6,398.52
Legal Services
$310.52
Management Svcs.
$4,538.67
Actuarial Svcs.
$600.00
Management Svcs.
$7,626.00
Custody Svcs.
$4,344.26
Susy Pita Admin. Svcs. -May $1,000.00
A -63 Cci-p I +o,4 I a�. R�Mt, 5�C6. 1*3,6qo.47
Contribution Refunds: Amount
Shaun Rattigan $22,390.59
Date DROP Distributions: Amount
None