HomeMy WebLinkAbout11052020 PP minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, November SL_2020
Pursuant to E),,MftiVe Order 20-179 signed by Governor DeSantis on 301 29, ?020, and in
accof dance vvrth F.S. 120,54(5) (b) 2, notice of use of cornmunicatsons media technology for
p: ,,V participation and avalabNit/ at this meeting was hereby provided.
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1. Call to Order and Roll Call
The meeting was called to order at 9:00 a.m. The following Trustees were present in-person:
Chairman Craig Raclzak, Aaron Hinson, Rick Russi and new Trustee Michael Hoening. Attending
virtually was Trustee Josh Milian, Susy Pita, Plan Administrator, Pedro Herrera, Plan Attorney,
Greg McNeillie and Tom Donegan, Investment Consultants, Roland Cole and Anthony Xuereb,
Investment Managers, Patrick Donlan and Drew Ballard, Plan Actuaries and Cynthina Lindsey,
City Finance Director.
2. Approval of Minutes
A motion was made by Rick Russi to approve the minutes from the regular meeting held August
6, 2020. Seconded by Aaron Hinson, the motion carried unanimously.
3. Approval of Disbursement Report
The Plan Administrator made note of one add-on item to the Disbursement Report. A motion
was then made by Aaron Hinson to approve of the Disbursement Report as amended. Seconded
by Rick Russi, the motion carried unanimously.
4. Investment Manager's Reports
Anthony Xuereb and Roland Cole presented the Polen Capital investment report as of
September 30, 2020. Portfolio value was $6,613,825 at the end of the quarter.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of September 30, 2020. Asset allocation for
the period: Large Cap Equity — 31.6%, Mid Cap Equities — 9.7%, Small Cap Equities — 8.6%,
International Equity — 15.1%, Real Estate — 14.0%, Fixed Income — 19.3% and Cash — 1.7%.
Total portfolio value was $37,963,359.
6. Attorney's Report
Pedro Herrera began his report by informing the Trustees that the Governor's Executive Order
regarding virtual meetings has officially expired and in-person quorums of Trustees will once
again be required.
The Trustees discussed the current DROP investment option for members and the possibility of
providing additional investment options going forward. Pedro stated that any changes would
have to be negotiated between the City and the Union, however; he would be willing to assist
in any way if needed.
7. Old Business
At the last meeting a discussion took place regarding the current death benefit options for
beneficiaries in the event of the death of a member while still working. The Actuary was able to
clarify the options for the Trustees and they did not see a need to make any changes at this
time.
Page 2 of 2 Sanford Firefthters' Retirement System November S. 2020
The SECURE Act Ordinance will now move forward (now that there will not be any
amendments) and the Actuary will provide the letter of no impact to the Plan Administrator so
that she can send it to the City for review and subsequent adoption.
8. New Business
(a) A motion was made by Aaron Hinson to approve the DROP exit/retirement for Terry James
effective 10/29/2020. Seconded by Michael Hoening, the motion carried unanimously.
(b) A motion was made by Michael Hoening to approve the DROP entry for Matthew Hall
effective 08/31/2020. Seconded by Rick Russi, the motion carried unanimously.
(c) The Plan Administrator reviewed the Annual Expense Report for the Fiscal Year ending
09/30/2020. A motion was made by Aaron Hinson to approve the report as presented.
Seconded by Rick Russi, the motion carried unanimously. The Plan Administrator will see to the
proper distribution.
(d) The 2021 Meeting Schedule was reviewed and approved.
9. Public Comments
There were none.
10. Next Meeting Date
The next regular meeting date was set for Thursday, February 4, 2021 at 9:00 a.m.
11. Adjournment
The meeting ended at 10:25 a.m.
For the Board: