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HomeMy WebLinkAbout08062020 PP minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, August 6, 2020 — 9:00 A.M. Pursuant to Executive Order 20-179 signed by Governor DeSantis on 3uiy 29, 2020, and in accordance rAfith F.S. 120.54(5) (b) 2, notce of Li se of coninnunications media teclrmology for 1)Ublic participation and availabifty at this meeting was horeby provided, Anyone wishing toadend the vidtial 117eadrig War, dil-ected to i.&e dieatfached in�atrzfctiolls(, 1. Call to Order and Roll Call The meeting was called to order at 9:05 a.m. by the Vice Chairman, Craig Raclzak. The following members were present: Aaron Hinson, Josh Milian, and Rick Russi. The following service providers were also in attendance: Drew Ballard, Pedro Herrera, Plan Counsel, Elizabeth Stevko, Investment Manager, and Tom Donegan, Investment Consultant. Cynthia Lindsay, Finance Director, was also present. Chairman Thomas Hickson passed away on May 6t''. The City Commission will be making a replacement appointment for someone to complete his unfinished term which was not set to expire until October 2023. A motion was made by Rick Russi to appoint Craig Raclzak as the new Chairman. Seconded by Aaron Hinson, the motion carried unanimously. The Trustees decided not to appoint anyone to the Vice -Chairman position previously held by Craig Raclzak. 2. Approval of Minute A motion was made by Rick Russi to approve the minutes from the regular meeting held February 6, 2020. Seconded by Aaron Hinson, the motion carried unanimously. 3. Approval of Disbursement Report The Plan Administrator presented the disbursements reports for the quarterly meeting that was cancelled (05/07/20) as well as the report for today's meeting. A motion was made by Aaron Hinson to approve of both disbursement reports. Seconded by Josh Milian, the motion carried unanimously. 4. Investment Manager's Reports Elizabeth Stevko presented the Intercontinental investment report as of June 30, 2020. Portfolio value was $5,086,564 at the end of the quarter. 5. Investment Consultant's Report — Dahab Associate Tom Donegan reviewed the Plan's performance as of June 30, 2020. Asset allocation for the period: Large Cap Equity — 31.5%, Mid Cap Equities — 9.8%, Small Cap Equities — 8.9%, International Equity — 14.2%, Real Estate — 14.8%, Fixed Income — 20.3% and Cash — 0.6%. Total portfolio value was $35,778,741. 6. Attorney's Report Pedro Herrera began his report by reminding the Trustees that their Financial Disclosure Forms were due by July 1st. He continued his report under the agenda items requiring his input. 7. Old Business The Addendum to the Monitoring Agreement with KTMC was handed out at the February meeting, however; the Trustees wanted time to review it. In summary, they will begin to charge a contingency fee of 4% which will be applicable to all claim recovery payments related Page 2 of 2___ Sanford Firefighters' Retirement System August 6, 202 to claims filed on or after January 1, 2020. A motion was made by Aaron Hinson to approve of the Addendum and to authorize the Chairman to sign the agreement on behalf of the Board. Seconded by Rick Russi, the motion carried unanimously. The Plan Administrator will see to the proper distribution. 8. New Business (a) Pedro reviewed the drafted Ordinance regarding the SECURE Act. Following a brief discussion, a motion was made by Aaron Hinson to approve of the drafted Ordinance. Seconded by Josh Milian, the motion carried unanimously. The Plan Administrator will request the Actuarial Impact Statement from the Actuary and forward the documents to the City for subsequent adoption by the City Commission. (b) The Plan Administrator reviewed the Annual Budget Projection for the Fiscal Year ending 09/30/2021. A motion was made by Aaron Hinson to approve the proposed budget as presented. Seconded by Josh Milian, the motion carried unanimously. The Plan Administrator will see to the proper distribution. (c) A motion was made by Josh Milian to approve the DROP exit/retirement for Christopher Murphy effective 03/31/20. Seconded by Aaron Hinson, the motion carried unanimously. (d) A motion was made by Josh Milian to approve the DROP entry for Daren Denmark effective 05/01/20. Seconded by Aaron Hinson, the motion carried unanimously, ADDED ON., Aaron Hinson led a discussion regarding the current death benefit options for beneficiaries in the event of the death of a member while still working. Currently the Plan only has two options: The 10 Year Certain and the Lifetime of the Beneficiary. He would like to see the Joint & Survivor Options that are currently available to members who retire or go out on a disability. Following some discussion, the Plan Administrator was directed to request a Cost Study Analysis from the Actuary for the Trustees review at the next meeting. Pedro will also amend the SECURE Act Ordinance Oust approved under Agenda Item 8a) to add the Joint & Survivor Options and bring the revised Ordinance to the next meeting for the Trustee's review and approval. 9. Public Comments There were none, 10. Next Meeting Date The next regular meeting date was set for Thursday, November 5, 2020 at 9:00 a.m. 11. Adjournment The meeting ended at 10:15 a.m. For the Board: