HomeMy WebLinkAbout08012019 FF minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, August 1,, 2019 — 9:00 A.M.
1. Call to Order and Roll all
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: David Robinson, 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 2,
2019. Seconded by Craig Radzak, the motion carried unanimously.
3. Approval of Disbursement Report
A motion was made by Rick Russi to approve the disbursement report as presented. Seconded
by Aaron Hinson, the motion carried unanimously.
4. Investment Manager's ReRQ
Chris Long and Greg Woodard presented the Manning & Napier investment management report
as of June 30, 2019. Portfolio value was $4,819,869 at the end of the quarter.
S. Investment Consultant's Repgrt — Dahab Associates
Tom Donegan reviewed the Plan's performance as of June 30, 2019. Asset allocation for the
period: Large Cap Equity — 30.9%, Mid Cap Equities — 10.4%, Small Cap Equities — 10.0%,
International Equity —13.9%, Real Estate — 14.7%, Fixed Income — 19.6% and Cash — 0.5%.
Total portfolio value was $34,663,381.
6. Attorney's ReRgrt
David Robinson began his report by reminding the Trustees that their Financial Disclosure
Forms were due by July 1st. He continued by reviewing a drafted Ordinance regarding the
cancer presumption bill. Following some discussion, a motion was made by Craig Radzak to
approve the drafted Ordinance and to request the Actuarial Impact Statement from the Actuary
prior to submission to the City Commission for adoption. Seconded by Rick Russ!, the motion
carried unanimously.
7. Old Business
At the end of May, Jacy Salber requested that the death benefit payment for Michael Salber be
reviewed due to some payroll issues that were uncovered during a recent internal audit of the
payroll system at the City. An error in his initial reported data was discovered and the Actuary
was asked to recalculate the lump sum payout. Initially the lump sum payout was reported as
$253,113.86 and the new amount is $335,858.36 (an increase of $82,744.50.) The last
correspondence between Ms. Salber and the Plan Administrator was on May 30t" where she was
provided with the new death benefit calculation. We have not heard from her (or her attorney)
since.
8. New Business
The Plan Administrator reviewed the Annual Budget Projection for the Fiscal Year ending
09/30/20. A motion was made by Rick Russi to approve the proposed budget as presented.
Seconded by Aaron Hinson, the motion carried unanimously. The Plan Administrator will see to
the proper distribution.
Page 2 of 2 Sanford Firefighters' Retirement System August 1, 2019
Added -
The term of office for Thomas Hickson's Commission Appointment will expire on October 11t.
Tom expressed his interest in another term. The Plan Administrator will send a letter to the City
requesting another appointment. The term of office for Aaron Hinson's member elected
position will also expire on October 1st. Aaron expressed his interest in serving another term.
The Plan Administrator will post the election announcement and coordinate an election if that
becomes necessary.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, November 7, 2019 at 9:00 a.m.
11. Adjournment
The meeting ended at 10:10 a.m.
For the Board:
/(' a. IC'