HomeMy WebLinkAbout02062020 PP minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 6, 2020 — 9:00 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 9:00 a.m. by the Chairman, Tom Hickson. Craig Radzak.
The following members were present: Aaron Hinson, Josh Milian, Craig Radzak, and Rick Russi.
The following service providers were also in attendance: Drew Ballard, Plan Actuary, Pedro
Herrera, Plan Counsel, and Tom Donegan, Investment Consultant.
2. Approval of Minutes
A motion was made by Rick Russi to approve the minutes from the regular meeting held
November 7, 2019. Seconded by Craig Radzak, the motion carried unanimously.
3. Approval of Disbursement Repg
A motion was made by Craig Radzak to approve the disbursement report as presented.
Seconded by Josh Milian, the motion carried unanimously.
4. Investment Manager's Reports
Kristin Phalen presented the Intercontinental investment report as of December 31, 2019.
Portfolio value was $3,599,029 at the end of the quarter.
Clyde Robinson presented the ASB investment report as of December 31, 2019. Portfolio value
was $1,673,351 at the end of the quarter.
S. Investment Consultant's Rert— Dahab Associates
Tom Donegan reviewed the Plan's performance as of December 31, 2019. Asset allocation for
the period: Large Cap Equity — 31.8%, Mid Cap Equities — 10.5%, Small Cap Equities — 9.7%,
International Equity — 14.2%, Real Estate — 14.4%, Fixed Income — 18.6% and Cash — 0.8%.
Total portfolio value was $36,715,232,
6. Actuarial Valuation Report
Drew Ballard presented the Actuarial Valuation Report as of October 1, 2019. Following the
review, and a brief discussion, a motion was made by Craig Radzak to approve the report as
presented. Seconded by Aaron Hinson, the motion carried unanimously.
Drew concluded his report by recommending that the Board consider changing the funding
methodology from a percentage of payroll to a fixed dollar amount beginning with the
10/01/2020 valuation. A motion was made by Aaron Hinson to adopt the recommendation.
Seconded by Josh Milian, the motion carried unanimously.
A discussion then took place regarding the annual Declaration of Returns letter. Following input
from the investment professionals, attorney, and the Trustees, a motion was made by Josh
Milian to submit the annual letter to the Division of Retirement stating that the total expected
annual rate of investment return for the fund for the next year, the next several years, and the
long-term thereafter, shall be 7.50%, net of investment expenses. Seconded by Craig Radzak,
the motion carried unanimously.
7. Attorney's ReRg
Pedro Herrera began his report by discussing his firm's memo regarding the SECURE Act and
the annual limits under the IRS Code. He concluded with a brief discussion regarding a recent
Cancer Presumption case.
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8. Old Business
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Investment
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' t entMr|icySLatementtoindudethe new bench mark for Lee Mund8r. Seconded by
Aaron Hinson, the motion carried UDan|nDOVs|y.
(b) The Cancer Presumption Ordinance (No. 4513) was passed and approved by the City
Commission, at second reading, on January 13, 2020.
9. New Business
There was none.
10. Public Comments
There were none.
11. Next Meeting Date
The next regular meeting date was set for Thursday, May 7, 2020 a, 9:00 a.rn.
12. AdjournmentThe meeting ended at 10:40 a.m.
For the Board�------
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