HomeMy WebLinkAbout02042021 PP minsSANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 4, 2021— 9:00 A.M.
PurSUan� to Eyecutive Order 20-179 signed by Governor DeSantis on JLfly 29, 2020, and in
accordance ,Mth FS120,54(5) (b) 2, notice of use of cornmunications media technoiogy for
public paiticipation and a�,,,aiiabifty 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, Michael Hoening, Josh Milian, and Rick Russi. Susy Pita,
Plan Administrator and Drew Ballard, Plan Actuary also attended in person. Attending virtually
was Pedro Herrera, Plan Attorney, Tom Donegan and Greg McNeillie, Investment Consultants,
Steven Tonkovich, Investment Manager, 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
November 5, 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
Steve Tonkovich presented the Brandywine investment report as of December 31, 2020.
Portfolio value was $6,248,662 at the end of the quarter.
S. Investment Consultant's Report — Dahab Associates
Tom Donegan reviewed the Plan's performance as of December 31, 2020. Asset allocation for
the period: Large Cap Equity — 32.0%, Mid Cap Equities — 10.7%, Small Cap Equities — 10.8%,
International Equity — 15.7%, Real Estate — 12.7%, Fixed Income — 17.5% and Cash — 0.7%.
Total portfolio value was $42,243,331.
6. Actuarial Valuation Report
Drew Ballard presented the Actuarial Valuation Report as of October 1, 2020, Following the
review, and a lengthy discussion, a motion was made by Josh Milian to authorize the Actuary to
revise the Valuation utilizing a 7.0% investment rate of return. Seconded by Rick Russi, the
motion carried unanimously. Cynthia Lindsey asked that the revised Valuation Report, and the
GASB Report, be provided to her within a week so that the Finance Department can meet the
Auditor's deadlines for the City's financial reports. Drew stated that he would do his best to
have everything to her as soon as possible.
Review and approval of the revised Valuation Report and the Declaration of Returns letter will
be placed on the Agenda for the next meeting.
7. Attorney's Report
Pedro Herrera began his report by reviewing his Firm's memo regarding the new mandatory
Florida Law for registration and use of the "E -Verify" System which took effect on January 1,
2021. The Plan Administrator will be working on this item for the Pension Board
Page 2 of 2 Sanford Firefighters' Retirement -System February 4, 2021
Pedro concluded his report with a brief legislative update.
8. Old Business
The SECURE Act Ordinance was presented to the City Commission, at first reading, on January
251"andis scheduled for the second, and final, reading on February 81".
9. New Business
There was none
10. Public Comments
There were none.
11. Next Meetinci Date
The next regular meeting date was set for Thursday, May 6, 2021 at 9:00 a.m.
12. Adjournment
The meeting ended at 10:05 a.m.
For the Board,