HomeMy WebLinkAbout110515 MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday,, November S. 2015 — 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, Tom Hickson. The following
members were present: Albert Alberti, Craig Radzak, and new Trustee, Aaron Hinson. The
following service providers were also in attendance: Scott Christiansen, Plan Counsel, Greg
McNeillie and Tom Donegan, Investment Consultants, and Daniel Singh and Jenna Welsh,
Investment Managers. Also present was Karen Simkins from the Finance Department, and a
few firefighters.
Due to the recent changes in the Trustees on the Board, the current officers' positions were
reviewed. A motion was made by Craig Radzak to elect Albert Alberti as the new Secretary.
Seconded by Aaron Hinson, the motion carried unanimously. Another motion was made by
Criag Radzak to continue with the same Chairman (Tom Hickson) and Vice -Chairman (Craig
Radzak). Seconded by Aaron Hinson, the motion carried unanimously.
2. Approval of Minutes
A motion was made by Albert Alberti to approve the minutes from the regular meeting held
August 13, 2015. Seconded by Aaron Hinson, 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 Albert Alberti to approve the disbursement report as amended. Seconded by
Aaron Hinson, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manager's Repg
Daniel Singh and Jenna Welsh presented the Lee Munder Capital report as of September 30,
2015. Market value was $2,879,112.. Fund return since investment inception was 18.3%.
S. Investment Consultants Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of September 30, 2015. Asset allocation for
the period: Large Cap Equitiy — 32.6%, Mid Cap Equities —10.3%, Small Cap Equities — 9.4%,
International Equity — 7.7%, Real Estate — 13.8%, Fixed Income — 22.3% and Cash — 3.6%.
Total portfolio value was $26,962,103.
Following the review of the portfolio, and a lengthy discussion, a motion was made by Albert
Alberti to maintain a position below the Investment Policy minimum in international investments
as a tactical move and to continue to monitor them closely (per the Investment Consultant's
recommendations). Seconded by Craig Radzak, the motion carried unanimously.
6. Attorney's Report
Scott Christiansen began his report by reminding the Plan Administrator to send the annual
investment letter to the City and explained that he is continuing to work on a draft of the newly
required IRS Compliance/Share Plan Ordinance and will bring it to the Board early next year.
Scott concluded his report by discussing Chapter 2015-39 Florida Statutes and the allocation of
State Monies and included the Union members that were present in the discussion.
7. Qld Business
There was none.
Page 2 of 2 Sanford Firefighters' Retirement System November 5, 2015
8. New Business
(a) The Plan Administrator presented and reviewed the Annual Expense Report for the FYE
09/30/15. Following the review a motion was made by Albert Alberti to approve. the final
version of the Expense Report and distribute as required. Seconded by Aaron Hinson, the
motion carried unanimously.
(b) The 2016 meeting schedule was reviewed and approved.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, February 4, 2016 at 9:00 a.m.
11. Adjournment
The meeting ended at 10:20 a.m.
CITY OF �LAItE-ORD
FIREFIGHTERS' PENSION FUND
Disbursement
November
Date Issued to:
09/01/15 Susy Pita
09/16/15 Christiansen & Dehner
10/01/15
Susy Pita
10/19/15
Polen Capital
10/19/15
Lee Munder Capital
10/19/15
Garcia Hamilton
10/19/15
City of Sanford
10/26/15
Herndon Capital
10/30/15
Dahab
11/01/15 Susy Pita
IVO -5/[.6 A513
Mm
Issued for:
Administrative Svcs.
Legal Services
Administrative Svcs.
Management Svcs.
Management Svcs.
Management Svcs.
FD CC Reimb-Alberti
Management Svcs.
Consulting Svcs.
Administrative Svcs.
1 -Irl. <4cls.
DROP Distribution:
08/24/15 David Myers $113,515.31