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

Tuesday, February 19, 2013, 6:00 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 Gregg Bastian, Secretary, at the Fire Department Headquarters, 386-506-5900, at least 24 hours prior to the meeting.

 

I.                                       CALL TO ORDER/DETERMINATION OF A QUORUM - welcome new Trustee Bob Ford

 

II.                  APPROVAL OF MINUTES - Quarterly Meeting - November 19, 2012

 

 III.                  REPORTS (ATTORNEY/CONSULTANTS)

                        1.   Burgess Chambers, Performance Monitor                

                        2.   Scott Christiansen, Attorney

·         Discussion: Summary Plan Description

3.      Sheila Hutcheson, Plan Administrator

·         Trustee Gregg Bastian was unopposed and re-elected for a term until December 31, 2014

·         Discussion - training for trustees

·         Retiree death audit by PNC (December 2012) and Administrator (January 2013) showed no deaths.

·         Authorization for Actuary to make presentation to City Council on March 19 , 2013

 

  IV.                   NEW BUSINESS - Presentations:

                                                           Fiduciary Management, Inc.

                                                           Fayez Sarofim & Company

                     

   V.                 OLD BUSINESS - none

 

 VI.                   DISBURSEMENTS/RETURN OF CONTRIBUTIONS and DEPOSITS

·         DISBURSEMENTS

1.         Sheila Hutcheson, Professional Services - $4,500.00 (administration fees)

2.         Christiansen & Dehner, Professional Services - $101.40, $1,263.18, $202.80

                        3.     PNC Asset Management, quarterly fees, $13,009.09

4.     PNC, quarterly fee for custody: C.S. McKee - $540.17; SSI - $229.73; MCV -

        $159.37  

5.     C.S. McKee, quarterly fees, $8,106.41

                          6.   Burgess Chambers, Performance Monitor, quarterly fees, $9,466.90

                          7.   SSI, quarterly fees - $3,744.00

                        8.     Foster & Foster, actuarial services - $12,582.00

                          9.   Chris Ballinger, terminated, vested member, commencement of early retirement

                                on December 1, 2012 - lifetime/75% joint survivor option - $1,001.78/month

                        10.  Todd Traster, commencement of retirement on Feb. 1, 2013 - lifetime/joint  

 66&2/3% survivor option - $3,949.82/month; rollover of   DROP account -

 $271,993.65

                       11.   Joe Carrasquillo, commencement of retirement on Feb. 1, 2013 - lifetime/joint 

 50% survivor option - $3,939.58/month; rollover of   DROP account -

 $271,290.15

12.       Jim Hammons, commencement of retirement on March 1, 2013 - lifetime option -      

$4,231.60/month; rollover of DROP account - amount to be determined (based         on net return of fund - not available as of date of this agenda)

·          DEPOSITS - none

 

        VII.         STAFF REPORTS, DISCUSSION, AND ACTION

 

       VIII.          TRUSTEES’ REPORTS, DISCUSSION, AND ACTION

 

          IX.          REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT

 

           X.          ADJOURNMENT