CITY OF PORT ORANGE

FIRE AND RESCUE PENSION BOARD OF TRUSTEES QUARTERLY MEETING

PORT ORANGE CITY HALL

1000 City Center Circle, Second Floor Conference Room

  PORT ORANGE, FLORIDA  32129

AGENDA

Monday, August 22, 2011, 7:00 P.M.

 

Any person who decides to appeal any decision of the Pension Board with respect to any matter considered at this meeting will need a record of the proceedings, and for such purpose, may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based.

 

In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statutes, persons with disabilities needing special accommodations to participate in this meeting should call Board Secretary Dominick Leone at the Fire Department Headquarters, 386-506-5900, at least 24 hours prior to the meeting.

 

I.                    CALL TO ORDER/DETERMINATION OF A QUORUM

 

II.                                      APPROVAL OF MINUTES - Quarterly Meeting - May 23, 2011; Special Meeting - August 4, 2011

 

 III.                  REPORTS (ATTORNEY/CONSULTANTS)

                        1.   Burgess Chambers, Performance Monitor                

                        2.   Scott Christiansen, Attorney

·         Legislative update

3.      Sheila Hutcheson, Plan Administrator

·         Renewal of pension fiduciary insurance

 

IV.                    NEW BUSINESS

1.  Consideration of an independent audit of the pension plan and associated Request for Proposal (RFP)

                        2.  Requests by Ted Noftall

 

·         “An analysis from the plan actuary disclosing the revised annual contribution and the revised UAAL based on the assumed investment earnings adopted by the State retirement system plans.” 

·         “This plan's historic investment earnings over say 5 years, 10 years  15 years and the plans lifetime before and after  investment expenses,  ALONG  with a candid explanation as to why investment earnings have been so low ...... and indeed are the lowest of the 3 City  pension  plans.”       

·         “An explanation from the plan attorney as regards the  fiduciary responsibilities of the pension board members,  ADDRESSING  for example the rather pressing question as to whose responsibility it is to establish the assumed investment earnings rate for the plan , AND   whether he perceives if city councilmen enjoy a conflict of interest in serving on the pension board.”  

3.      Foster & Foster - notice of fee increase

4.      Approval of revised 2010 Valuation

 

   V.                  OLD BUSINESS

Continued consideration of request from the City for payment of $4,591.25 auditing fees  

 

VI.                  DISBURSEMENTS/RETURN OF CONTRIBUTIONS and DEPOSITS

·         DISBURSEMENTS

1.         Sheila Hutcheson, Professional Services - $3,300.00 (administration fees)

2.         Christiansen & Dehner, Professional Services - $325.00, $1,045.74, $65.00

 

 

CITY OF PORT ORANGE

FIRE AND RESCUE PENSION BOARD OF TRUSTEES QUARTERLY MEETING

PORT ORANGE CITY HALL

1000 City Center Circle, Second Floor Conference Room

  PORT ORANGE, FLORIDA  32129

AGENDA

Monday, August 22, 2011, 7:00 P.M.

 

 

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                       3.     PNC Asset Management, quarterly fee, 2nd quarter, 2011 - $11,575.16

4.     C.S. McKee, quarterly fees, $9,974.44

                          5.     Burgess Chambers, Performance Monitor - 2nd quarter, 2011 - $8,321.00

                          6.     PNC, quarterly fee, 2nd quarter, 2011 - $674.63

                          7.     Hotel reimbursement, Drew Bastian, FSU Police/Fire School (May, 2011) in

                                  Tallahassee - $334.14

             8.     Mileage reimbursement, FSU Police/Fire School (May, 2011) in Tallahassee -

                     Trustee Gherlone - $265.20

·         DEPOSITS

       None

 

        VII.         STAFF REPORTS, DISCUSSION, AND ACTION

 

       VIII.         TRUSTEES’ REPORTS, DISCUSSION, AND ACTION

 

         IX.            REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT

 

          X.            ADJOURNMENT