HomeMy WebLinkAbout11072019 FF minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, November 7, 2019 — 9:00 A.M.
1. Call to Qrder and Roll Call
The meeting was called to order at 9:00 a.m. by the Vice -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: Christine O'Neal, Plan
Actuary, Pedro Herrera, Plan Counsel, and Tom Donegan, Investment Consultant.
2. Approval of Minutes
A motion was made by Aaron Hinson to approve the minutes from the regular meeting held
August 1, 2019. Seconded by Josh Milian, the motion carried unanimously.
3. Approval of Disbursement Repg
A motion was made by Aaron Hinson to approve the disbursement report as presented.
Seconded by Josh Milian, the motion carried unanimously.
4. Investment Manager's Report
Jana Hamilton presented the Garcia Hamilton investment management report as of September
30, 2019. Portfolio value was $6,948,352 at the end of the quarter.
5. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of September 30, 2019. Asset allocation for
the period: Large Cap Equity — 31.0%, Mid Cap Equities — 10.2%, Small Cap Equities — 9.4%,
International Equity — 13.6%, Real Estate — 14.8%, Fixed Income — 19.9% and Cash —1.1%.
Total portfolio value was $34,931,716.
Tom concluded his report by recommending that the Board allow the Lee Munder portfolio to be
bench marked by the S&P 400 in place of the Russell Mid -Cap, Following a brief discussion, a
motion was made by Rick Russi to approve of the Investment Consultant's recommendation.
Seconded by Aaron Hinson, the motion carried unanimously.
6. Actuary's Report
Christine O'Neal, of Foster & Foster, attended today's meeting to discuss the letter the Plan
received from the State regarding their concerns over the 7.75% return assumption. She
discussed some options that the Trustees can consider in order to lower it. Following the
discussion a motion was made by Aaron Hinson to lower the assumption from 7.75% to 7.50%
beginning with the 10/01/19 valuation. Seconded by Josh Milian, the motion carried
unanimously.
7. Attorney's ReRg
Pedro Herrera began his report by discussing the need to look into obtaining cyber insurance.
He continued his report throughout the meeting under agenda items that required his input.
S. Old Business
The announcement for the member elected position held by Aaron Hinson was posted at the
City in September. No one else expressed an interest in running for it and, therefore; Aaron will
serve another 4 -year term which will expire in October 2023. The Commission re -appointment
for Tom Hickson is on the November 181' City Commission Agenda. The Plan Administrator will
follow-up with the City Clerk after that meeting takes place.
Page 2 of 2 Sanford Firefighters' Retirement System November 7, 2019
9. New Business
(a) The Plan Administrator reviewed the Annual Expense Report for the Fiscal Year ending
09/30/19. A motion was made by Richard Russi to approve the report as presented. Seconded
by Aaron Hinson, the motion carried unanimously. The Plan Administrator will see to the proper
distribution.
(b) The 2020 Meeting Schedule was reviewed and approved.
10. Public Comments
There were none.
11. Next Meeting Date
The next regular meeting date was set for Thursday, February 6, 2020 at 9:00 a.m.
12. Adjournment
The meeting ended at 10:20 a.m.
For the Board:
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