HomeMy WebLinkAbout050516 MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, May 5, 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 Rick Russi. The
following service providers were also in attendance: Scott Christiansen, Plan Counsel, Tom
Donegan, Investment Consultant, and Jim Haymes and Steve Atkins, Investment Managers.
Also present was Cynthia Lindsay from the Finance Department, and firefighter Jones.
2. Approval of Minutes
A motion was made by Rick Russi to approve the minutes from the regular meeting held
February 4, 2016. Seconded by Aaron Hinson, the motion carried unanimously.
3. Disbursements
A motion was made by Craig Radzak to approve the disbursement report as presented.
Seconded by Aaron Hinson, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manaaer's Report
Jim Haymes and Steve Atkins presented the Polen Capital report as of March 31, 2016.
Current value was at $5,685,750.
5. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of March 31, 2016. Asset allocation for the
period: Large Cap Equity — 33.3%, Mid Cap Equities — 10.8%, Small Cap Equities — 9.5%,
International Equity — 8.1%, Real Estate — 14.0%, Fixed Income — 22.2% and Cash — 2.1%.
Total portfolio value was $27,923,405.
Tom continued his report by discussing Herndon Capital's performance history and their recent
proposal regarding a Performance Based Fee Schedule. Following the discussion, a motion was
made by Albert Alberti to authorize Tom to conduct a search for a potential replacement
manager (for review at the next meeting) and to adopt the Performance Based Fee Schedule
upon review and acceptance of the contractual agreement by the Attorney. Seconded by Aaron
Hinson, the motion carried unanimously.
6. Attorney's Report
Scott Christiansen began his report by reminding the Trustees to file their annual Financial
Disclosure Forms. He continued his report to the Board under agenda items requiring his input.
7. Old Business
Tom Hickson stated that he has not been able to contact the daughter of Cecil Bass because
she is out of the State. He will continue his attempts to do so and report back to the Trustees
at the next meeting.
8. New Business
(a) Scott reviewed the updated Summary Plan Description with the Trustees. Following the
review, a motion was made by Albert Alberti to adopt the revised Summary Pan Description and
to distribute it to the membership. Seconded by Aaron Hinson, the motion carried unanimously
(b) Scott reviewed the drafted IRC/Share Plan Ordinance with the Trustees.
Page 2 of 2 Sanford Firefighters' Retirement System May 5, 2016
Following a lengthy discussion (which included questions from the Union representative), a
motion was made by Albert Alberti to remove the Share Plan language from the drafted
Ordinance (until the negotiations are finalized) and to present the IRC Ordinance to the City for
subsequent adoption. Seconded by Aaron Hinson, the motion carried unanimously.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, August 4, 2016 at 9:00 a.m.
11. Adiournment
The meeting ended at 10:25 a.m.
(For the Board)