HomeMy WebLinkAbout080218 MinsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 2 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 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, and Tom Donegan, Investment Consultant.
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 May 3, 2018.
Seconded by Craig Radzak, 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 Reports
Clyde Robinson presented the ASB Real Estate Investment Report as of June 30, 2018. Total portfolio
value was at $1,552,744.
Kristin Phelan presented the Intercontinental Real Estate Investment Report as of June 30, 2018.
Total portfolio value was at $3,203,646.
5. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of June 30, 2018. Asset allocation for the period:
Large Cap Equity — 30.0%, Mid Cap Equities — 10.8%, Small Cap Equities — 10.1%, International Equity —
14.5%, Real Estate — 14.3%, Fixed Income — 19.3% and Cash — 0.8%. Total portfolio value was
$33,154,867.
6. Attorney's Report
Scott Christiansen began his report by reminding the Trustees that their Financial Disclosures Forms were
due by July 1st. He continued his report by recommending that the Board authorize him to prepare an
updated IRC Compliance Ordinance. A motion was made by Craig Radzak to authorize Scott to begin the
process and bring the drafted Ordinance to the Trustees at their next meeting. Seconded by Aaron
Hinson, the motion carried unanimously. He then discussed the new IRS procedure that requires the
Board to establish a process in which to search for members who are due a benefit or contribution
refund. Following the discussion, a motion was made by Aaron Hinson to authorize the Attorney to
update the Operating Rules & Procedures for the Trustees approval at the next meeting. Seconded by
Craig Radzak, the motion carried unanimously. Scott closed his report by recommending that the
Trustees authorize him to draft an amendment to the current agreement with Foster & Foster to
accurately reflect the fees that they are charging due to State mandated reporting requirements. A
motion was made by Aaron Hinson to authorize the amendment as discussed. Seconded by Josh Milian,
the motion carried unanimously.
Additional discussion took place regarding the death of Firefighter Michael Salber. Unfortunately we are
unable to locate a Beneficiary Form for him. His ex-wife has also made every effort to find one in his
personal files at home and she, too, has not been successful. Scott explained that an Estate will need to
be established so that we can make the required payments for ten years. The Plan Administrator will
advise her to get with her attorney to get that set up as soon as possible. This led the Trustees to
discuss benefit options that can be permitted while someone is still employed. Scott recommended that
he be permitted to include a life time option (in addition to the Life and 10 Year Certain) since it will not
have any cost to the Plan. The Trustees were in agreement and asked him to include that language in the
IRC Compliance Ordinance he was authorized to draft for the next meeting.
7. Old Business
There was none.
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