HomeMy WebLinkAbout05022019 FF minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, May 2, 2019 — 9:00 A.M.
I. Call to Order and R-oll Call
The meeting was called to order at 9:00 a.m. by the Chairman, Tom Hickson. The following
members were present: Aaron Hinson, Craig Radzak, and Rick Russi. Josh Milian was excused.
The following service providers were also in attendance: Scott Christiansen, Plan Counsel, and
Tom Donegan, Investment Consultant. Also present was Cynthia Lindsay, Finance Director, and
Pedro Herrera, Attorney/Partner with Sugarman & Susskind.
2. Approval of Minutes
A motion was made by Rick Russi to approve the minutes from the regular meeting held
February 7, 2019. Seconded by Aaron Hinson, the motion carried unanimously.
3. ARRroval of Disbursement ReRg
A motion was made by Craig Raclzak to approve the disbursement report as presented.
Seconded by Rick Russi, the motion carried unanimously. (Copy Is attached for the record)
4. Investment Manager's Report
Jim Haymes presented the Palen Capital investment management report as of March 31, 2019.
Portfolio value was $5,226,602 with a 16.97% return (net of fees) for the quarter.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of March 31, 2019. Asset allocation for the
period: Large Cap Equity — 30.7%, Mid Cap Equities —10.4%, Small Cap Equities — 10.2%,
International Equity —13.7%, Real Estate —14.8%, Fixed Income —19.6% and Cash — 0.6%.
Total portfolio value was $33,944,730.
Tom concluded his report by handing out a Mid Cap Core Manager Search to the Trustees. The
performance of the current manager is improving, and he does not feel that the Trustees need
to take any action at this time, but encouraged them to read over it and to call him with any
questions.
6. Attorney's ReRgrt
Scott Christiansen began his report by reminding the Trustees that their Financial Disclosure
Forms are due by July 1st. He continued by discussing the current legislation regarding the
cancer provision for firefighters which is on the Governor's desk for signature.
He went on to discuss the status of the Salber death benefit informing the Trustees that Jayce
Salber is not satisfied with the lump sum payout as directed by a Court Order and is insistent
that the payments be issued under a 10 Year Certain Option. Unfortunately, because a
beneficiary form could not be located, that option is not available to the Estate. The last
correspondence between Ms. Salber and the Plan Administrator was on February 13t' in which
she indicated that she would be reaching out to her attorney for additional guidance. We have
not heard from her (or her attorney) since.
Scott concluded his report by explaining that, due to the death of his law partner, Lee Dehner,
he has had to reduce his current client load and, unfortunately, he will need to end the firm's
legal representation of the Sanford Firefighters' Plari, He introduced Pedro Herrera, Partner with
Sugarman & Susskind, and recommended that the Trustees consider a transition to his firm.
Pedro discussed his firm and their qualifications.
Page 2 of 2 Sanford Firefighters' Retirement &gem May 2, 2019
Following some discussion, a motion was made by Craig Radzak to consent to the assignment
of the legal services agreement effective June 1, 2019, under the same terms and conditions for
at least a 3 -year period. Seconded by Rick Russi, the motion carried unanimously. The
Chairman and Secretary signed the agreement and the Plan Administrator will see to the proper
distribution.
The Trustees thanked Scott for his many years of service and wished him well.
Z. Old Business
The IRC Compliance Ordinance was approved by the City Commission (at first reading) on April
22nd. The second (and final) reading is scheduled for May 13th.
8. New Business
(a) A motion was made by Craig Radzak to approve of the early retirement of Albert Alberti
effective 01/01/19. Seconded by Aaron Hinson, the motion carried unanimously.
(b) A motion was made by Craig Radzak to approve of the DROP entry for Chris Murphy
effective 02/01/19. Seconded by Aaron Hinson, the motion carried unanimously.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, August 1, 2019 at 9:00 a.m.
11. Adjournment
The meeting ended at 10:10 a.m.
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For the Board:
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