HomeMy WebLinkAbout11022017 MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, November 2, 2017 — 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: Aaron Hinson, Josh Milian, Craig Radzak and Rick Russi. The following
service providers were also in attendance: Scott Christiansen, Plan Counsel, Tom Donegan,
Investment Consultant, Anthony Xuereb, Investment Manager, and Lynn Skinner from Salem
Trust Company. Also present was Cynthia Lindsay, Finance Director.
A motion was made by Rick Russi to re -appoint Tom Hickson as Chairman, Craig Radzak as
Vice -Chairman, and Aaron Hinson as Secretary. Seconded by Aaron Hinson, the motion carried
unanimously.
2. Approval of Minutes
A motion was made by Craig Radzak to approve the minutes from the regular meeting held
August 3, 2017. Seconded by Rick Russi, the motion carried unanimously.
3. Approval of Disbursement Report
The Pan Administrator made note of one add-on item to the Disbursement Report. A motion
was then made by Craig Radzak to approve the disbursement report as amended. Seconded by
Aaron Hinson, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manaaer's Report
Anthony Xuereb presented the Polen Capital Investment Report as of September 30, 2017.
Market Value was at $5,482,037.
5. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of September 30, 2017. Asset allocation for
the period: Large Cap Equity — 31.4%, Mid Cap Equities — 10.2%, Small Cap Equities — 10.6%,
International Equity — 13.1%, Real Estate — 13.8%, Fixed Income — 19.7% and Cash — 1.2%.
Total portfolio value was $32,234,414. Tom concluded his report to the Board by discussing
investment portfolio management strategies for a closed Plan.
6. Custodian's Report
Lynn Skinner handed out and reviewed the Salem Trust quarterly newsletter.
7. Attorney's Report
Scott Christiansen began his report by reminding the Plan Administrator to send the Annual
Report of Investment Activity letter to the City. He then discussed his letter to the Board
regarding his Firms' transition and reduction of their client base.
Scott continued his report to the Board under agenda items requiring his input.
8. Old Business
The Plan Closing Ordinance (No. 4416) was passed by the City Commission (at second reading)
on 09/18/17. The Plan Administrator received a list of members who decided to move to the
FRS Plan (rather than stay in the DB Plan). She has prepared letters to the three firefighters
who decided to go to the FRS plan advising them of their options with regard to their member
contributions.
Page 2 of 2 Sanford Firefighters' Retirement System November 2, 2017
9. New Business
(a) The Plan Administrator presented and reviewed the Annual Expense Report for the FYE
09/30/17. Following a brief discussion, a motion was made by Craig Radzak to approve the
Expense Report and provide it to the City as required. Seconded by Aaron Hinson, the motion
carried unanimously.
(b) The 2018 Meeting Schedule was review and approved.
10. Public Comments
There were none.
11. Next Meetina Date
The next regular meeting date was set for Thursday, February 1, 2018 at 9:00 a.m.
12. Adiournment
The meeting ended at 9:55 a.m.
For the Board