HomeMy WebLinkAbout081315FF MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, "u ust 13, 2015 — 9:00 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 9:05 a.m. by the Chairman, Tom Hickson. The following
members were present: Albert (AJ) Alberti and John Smith. Craig Raclzak was excused and
Sylvester Chang resigned on May 20, 2015. The following service providers were also in
attendance: Scott Christiansen, Plan Counsel, and Tom Donegan, Investment Consultant. Al
present was Lynn Skinner and Brad Rinsem from Salem Trust, Peter Staffien from the Finan]
Dept., and a few firefighters.
2. Approval of Minutes
A motion was made by John Smith to approve the minutes from the regular meeting held May
7, 2015. Seconded by AJ Alberti, the motion carried unanimously.
3. Disbursements
A motion was made by John Smith to approve the disbursement report as presented. Second
by A] Alberti, the motion carried unanimously. (Copy is dttached for the record.) I
4. Custodian's Mort
Lynn Skinner began by handing out and reviewing the spreadsheet of statement recipients to
ensure that we are up to date. Brad Rinsem then reported on the results of the 2014 audit and
the adverse opinion that resulted from that process. He explained that this opinion was largely
due to the system conversion that took place in late 2013 and assured the Trustees that the
2015 audit process in underway and he is looking forward to coming back to a future meeting
with the positive results. The Trustees thanked him and Lynn to taking the time to address this
matter, in person, with the Board.
S. Investment Manager's Repo
(a) Clyde Robinson presented the ASB Allegiance Real Estate Fund report as of June 30, 2015.
Total assets were $1,242,414. Fund return since investment inception is 14.38%.
(b) Intercontinental Real Estate had a scheduling conflict and was unable to attend today's
meeting. They will plan to another meeting in the near future.
6. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of June 30, 2015. Asset allocation for the
period: Large Cap Equities — 32.7%, Mid Cap Equities — 11.3%, Small Cap Equities — 10.5%,
International Equity — 8.6%, Real Estate — 12.9%, Fixed Income — 21.2% and Cash — 2.9%.
Total portfolio value was $27,823,929.
7. Attorney's Re2o
Scott Christiansen began his report by updating the Board on the recent legislative session and
the adoption of two Bills by the House and Senate. As a result, he is drafting the newly
required IRS Compliance/Share Plan Ordinance and he will also request the accompanying AIS
from the Actuary.
0. old Business
The Ordinance allowing for more liberal investment opportunities was approved by the City
Commission, at second reading, on June 8, 2015 and has been distributed appropriately by the
Plan Administrator.
Page 2 of 2 Sanford Firefighters' Retirement System August 13, 2015
9. New Business
(a) The Plan Administrator presented and reviewed the Budget of Administrative Expenses for
the FYE 09/30/16. Following a lengthy discussion, and some adjustments, a motion was made
by John Smith to adopt the final version of the Budget and provide it to the City as required.
Seconded by AJ Alberti, the motion carried unanimously.
it n4c4mi—is'.
Tom expressed his interested in another term. The Plan Administrator will send a letter to the
City requesting another appointment. The term of office for John Smith's member elected
position will expire on October 1st. John stated that he would notify the Plan Administrator by
September 1st as to whether or not he intends to run for another term. Sylvester Chang
resigned from his Commission Appointed position on May 20, 2015 (his second resignation).
The City Clerk has informed the Plan Administrator that Michael Taylor has submitted an
application for this vacancy and his interview/appointment has been placed on the August 2+11
Commission Agenda.
(c) A motion was made by John Smith to approve the DROP exit/retirement of David Myers
effective August 7, 2015. Seconded by AJ Alberti, the motion carried unanimously.
11. Next Meeting Dat
The next regular meeting date was set for Thursday, November 5, 2015 at 9:00 a.m.
C11 Y 01'SAINFORD
...FI . ......... . . .. . ..... . ..... . . . . . . . ....... . ........ . ................. . .... . . . .. . . . . . . ......... . ........... . ..... . .. . ...... . ... . ........ . ... ....... . ...... REFIGH"T ERSPENSION FUND
Disba,irsem nt,,R
Date
Issued to:
Issued for:
Amount
05/08/15
Dahab
Consulting Svcs.
$3,455.52
06/01/15
Susy Pita
Administrative Svcs.
$1,000.00
06/19/15
Christiansen & Dehner
Legal Services
$1,046.64
06/26/15
FL Municipal Insurance
Fiduciary Insurance
$5,816.15
07/01/15
Susy Pita
Administrative Svcs.
$1,000,00
07/15/15
Lee Munder Capital
Management Svcs.
$5,883.51
07/21/15
Foster & Foster
Actuarial Svcs.
$4,600.00
07/21/15
Garcia Hamilton
Management Svcs.
$4,417.12
07/21/15
Herndon Capital
Management Svcs.
$6,328.39
07/27/15
Palen Capital
Management Svcs.
$7,807.00
07/29/15
ASB Real Estate
Management Svcs.
$3,882.54
08/01/15
Susy Pita
Administrative Svcs.
$1,000.00
08/04/15
Salem Trust
Custody Svcs.
$4,581.25
08/06/15
Dahab
Consulting Svcs.
$3,477.99