HomeMy WebLinkAbout05032018 MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, May 3, 2018 — 9:00 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 9:05 a.m. by the Acting Chairman, Craig Radzak. The following
members were present: Aaron Hinson, Josh Milian, and Rick Russi. Tom Hickson was excused. The
following service providers were also in attendance: Scott Christiansen, Plan Counsel, Tom Donegan,
Investment Consultant, and Janna Hamilton, Investment Manager. Also present was Cynthia Lindsay,
Finance Director.
2. Approval of Minutes
A motion was made by Rick Russi to approve the minutes from the regular meeting held February 1,
2018. Seconded by Aaron Hinson, 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
Josh Milian, the motion carried unanimously. (Copy is attached for the record.)
4. Investment Manager's Report
Janna Hamilton presented the Garcia Hamilton & Associates Investment Report as of March 31,
2018. Total portfolio value was at $6,379,639.03 with a yield of 2.3%.
5. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of March 31, 2018. Asset allocation for the period:
Large Cap Equity — 29.6%, Mid Cap Equities — 10.3%, Small Cap Equities — 10.5%, International Equity —
15.0%, Real Estate — 14.0%, Fixed Income — 19.3% and Cash — 1.3%. Total portfolio value was
$33,044,184.
6. Attorney's Report
Scott Christiansen began his report with a brief legislative update and reminded the Trustees that their
Financial Disclosures Forms are due by July 1St. He continued his report throughout the meeting under
Agenda items requiring his input.
7. Old Business
There was none.
8. New Business
(a) Scott reviewed the updated Summary Plan Description with the Board. A motion was then made by
Aaron Hinson to approve the updated Summary Plan Description and distribute it to the membership.
Seconded by Rick Russi, the motion carried unanimously.
(b) A motion was made by Josh Milian to approve of the DROP exit/retirement for Timothy Robles
effective April 4, 2018. Seconded by Rick Russi, the motion carried unanimously.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, August 2, 2018 at 9:00 a.m.
11. Adiournment
The meeting ended at 9:50 a.m.
For the Board: