HomeMy WebLinkAbout02012018 MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 1, 2018 — 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, Greg Woodard and Chris Long, Investment Managers, and Patrick
Donlan, Plan Actuary. Also present was Cynthia Lindsay, Finance Director.
2. Approval of Minutes
A motion was made by Craig Radzak to approve the minutes from the regular meeting held
November 2, 2017. Seconded by Rick Russi, the motion carried unanimously.
3. Approval of Disbursement Report
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
Greg Woodard and Chris Long presented the Manning & Napier Investment Report as of
December 31, 2017. Aggregate Market Value of Assets was at $4,347,964.
5. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of December 31, 2017. Asset allocation for
the period: Large Cap Equity — 32.4%, Mid Cap Equities — 10.4%, Small Cap Equities — 10.4%,
International Equity — 13.0%, Real Estate — 13.6%, Fixed Income — 19.2% and Cash — 1.1%.
Total portfolio value was $33,440,063.
Tom concluded his report by recommending that the Trustees reallocate $600,000 from Polen
Capital to Manning & Napier in order to comply with Investment Policy targets. Following a brief
discussion, a motion was made by Aaron Hinson to approve of the Investment Consultants
recommendation. Seconded by Rick Russi, the motion carried unanimously. Tom will
coordinate the transaction with the Plan Administrator.
6. Actuary's Report
Patrick Donlan presented the Actuarial Valuation Report as of October 1, 2017. Following the
review, and a lengthy discussion, a motion was made by Aaron Johnson to approve the report
with recommended wording changes on pages 5 and 8. Seconded by Rick Russi, the motion
carried unanimously.
A discussion then took place regarding the annual Declaration of Returns letter. Following input
from the investment professionals, attorney, and the Trustees, a motion was made by Rick
Russi 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 7.75%, net of investment expenses. Seconded by Craig Radzak,
the motion carried unanimously.
7. Attorney's Report
Scott Christiansen began his report with a brief legislative update. He continued his report to
the Board by informing the Trustees that it is time again to update the Summary Plan
Description.
Page 2 of 2 Sanford Firefighters' Retirement System February 1, 2018
A motion was made by Craig Radzak to authorize the Attorney to update the SPD and present it
to the Trustees for their review and approval at the next meeting. Seconded by Aaron Hinson,
the motion carried unanimously.
8. Old Business
There was none.
9. New Business
A motion was made by Craig Radzak to approve of the DROP exit/retirement for Robert
Thornton effective January 22, 2018. Seconded by Aaron Hinson, the motion carried
unanimously.
10. Public Comments
There were none.
11. Next Meeting Date
The next regular meeting date was set for Thursday, May 3, 2018 at 9:00 a.m.
12. Adiournment
The meeting ended at 10:05 a.m.
For the Board