HomeMy WebLinkAbout020416 MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 4, 2016 — 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, Aaron Hinson, Craig Radzak, and new Trustee, Rick
Russi. The following service providers were also in attendance: Scott Christiansen, Plan Counsel,
Tom Donegan, Investment Consultant, Christine O'Neal Actuary, and Randell Cain and Marc
Sydnor, Investment Managers. Also present was Cynthia Lindsay from the Finance Department,
and a few firefighters.
2. Approval of Minutes
A motion was made by Craig Radzak to approve the minutes from the regular meeting held
November 5, 2015. Seconded by Albert Alberti, the motion carried unanimously.
3. Disbursements
A motion was then made by Rick Russi to approve the disbursement report as presented.
Seconded by Aaron Hinson, the motion carried unanimously. (Copy is attached for the record.)
4. Actuarial Valuation Report
Christine O'Neal presented the Actuarial Valuation Report as of October 1, 2015. Following the
review, and a brief discussion, a motion was made by Craig Radzak to approve the report as
presented. Seconded by Aaron Hinson, 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 Craig Radzak 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
Albert Alberti, the motion carried unanimously.
5. Investment Manaaer's Report
Randell Cain and Marc Sydnor presented the Herndon Capital report as of December 31, 2015.
Market value was $3,654,387.86.
6. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of December 31, 2015. Asset allocation for
the period: Large Cap Equity — 33.3%, Mid Cap Equities — 10.7%, Small Cap Equities — 9.5%,
International Equity — 7.8%, Real Estate — 13.9%, Fixed Income — 21.4% and Cash — 3.5%.
Total portfolio value was $28,012,761.
7. Attorney's Report
Scott Christiansen began his report by discussing some pending legislation. He continued his
report by informing the Trustees that it is time again to update the Summary Plan Description.
A motion was made by Albert Alberti to authorize the attorney to update the SPD and bring it to
the Board for their review and subsequent approval. Seconded by Craig Radzak, the motion
carried unanimously.
8. Old Business
There was none.
Page 2 of 2 Sanford Firefighters' Retirement System February 4, 2016
9. New Business
(a) Scott Christiansen led a brief discussion regarding the suggested Share Plan language that
he prepared at the Board's request. Should the Union members desire his review of their
version, they are to send it to the Plan Administrator and she will forward it to him.
(b) A motion was made by Craig Radzak to approve of the DROP exit/retirement for Robert
Vaughn, effective 01/30/16. Seconded by Albert Alberti, the motion carried unanimously.
(c) A motion was made by Albert Alberti to approve of the DROP entry for David Copeland,
effective 09/01/15. Seconded by Craig Radzak, the motion carried unanimously.
10. Public Comments
There were none.
11. Next Meeting Date
The next regular meeting date was set for Thursday, May 5, 2016 at 9:00 a.m.
12. Adiournment
The meeting ended at 10:35 a.m.
(For the Board)