HomeMy WebLinkAbout080317 MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 3, 2017 — 8:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 8:30 a.m. by the Chairman, Tom Hickson. The following
members were present: Aaron Hinson, Josh Milian, and Craig Radzak. Rick Russi was excused.
The following service providers were also in attendance: Scott Christiansen, Plan Counsel, Tom
Donegan, Investment Consultant, and Christine O'Neal, Plan Actuary. Also present was Karen
Simmons from the Finance Department.
2. Approval of Minutes
A motion was made by Craig Radzak to approve the minutes from the regular meeting held May
4, 2017. Seconded by Josh Milian, the motion carried unanimously.
3. Approval of Disbursement Report
A motion was made by Aaron Hinson to approve the disbursement report as presented.
Seconded by Craig Radzak, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manaaer's Report
Brandywine was scheduled to present their quarterly investment report but their flight was
cancelled and they were not able to attend.
5. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of June 30, 2017. Asset allocation for the
period: Large Cap Equity — 31.3%, Mid Cap Equities — 10.2%, Small Cap Equities — 10.4%,
International Equity — 12.2%, Real Estate — 14.1%, Fixed Income — 20.5% and Cash — 1.3%.
Total portfolio value was $30,870,196.
6. Actuary's Report
Christine O'Neal presented the Experience Study to the Board. Following some discussion, a
motion was made by Aaron Hinson to adopt the fresh start assumption and the 7.5% rate of
return beginning with the 10/01/17 valuation. Seconded by Josh Milian, the motion carried
unanimously.
7. Attorney's Report
Scott Christiansen began his report by reminding the Trustees that their Financial Disclosure
Forms were due by July 111 and, if not filed by the September 111 deadline, penalties will be
imposed. He concluded with a legislative update.
8. Old Business
The Impact Statement for the Plan Closing Ordinance was just completed by the Actuary last
week. The Plan Administrator will forward the information to the City and request that the
Ordinance be presented to the Commission as soon as possible.
9. New Business
(a) Scott Christiansen led a discussion regarding the recent amendments to the Public Records
Act including a recommendation for an action plan. Following the discussion, the Plan
Administrator was directed to post the notice at City Hall and on the City's web site.
(b) The Plan Administrator reviewed her memo to the Board regarding a proposed fee increase.
Following a brief discussion, a motion was made by Aaron Hinson to approve the
Administrator's fee increase of $100 per month, effective October 1, 2017, and guaranteed for
Page 2 of 2 Sanford Firefighters' Retirement System August 3, 2017
three years. Seconded by Josh Milian, the motion carried unanimously. Scott will prepare the
Amendment to the Administrative Services Agreement for execution.
(c) The Plan Administrator reviewed the Annual Budget Projection for the Fiscal Year ending
09/30/18. A motion was made by Josh Milian to approve the proposed budget with the
amendment to the Administrative Services line item. Seconded by Craig Radzak, the motion
carried unanimously. The Plan Administrator will see to the proper distribution.
10. Public Comments
There were none.
11. Next Meetina Date
The next regular meeting date was set for Thursday, November 2, 2017 at 9:00 a.m.
12. Adiournment
The meeting ended at 9:50 a.m.
For the Board