CITY OF PORT ORANGE

FIRE AND RESCUE PENSION BOARD OF TRUSTEES QUARTERLY MEETING

PORT ORANGE CITY HALL

1000 City Center Circle, City Council Chamber

  PORT ORANGE, FLORIDA  32129

AGENDA

Monday, November 18, 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 Board Secretary Gregg Bastian 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 - August 19, 2013

 

III.                   REPORTS (ATTORNEY/CONSULTANTS)

                        1.   Patrick Donlan, Foster & Foster, Actuary

·         2013 Valuation 

·         Declaration of returns

                        2.   Burgess Chambers, Performance Monitor                

                        3.   Scott Christiansen, Attorney

4.      Sheila Hutcheson, Plan Administrator

·         2014 meeting dates: February 18, May 19, August 18, November 17 (6:00 p.m.)

·         PNC retiree death audit for Aug. - Oct., 2013 - no deaths

·         Terms of elected Trustee Rick Gherlone, Fifth Member Frank Sheridan, and appointed Trustee Bob Ford end on 12/31/13.  An election will be coordinated for Member Gherlone’s elected position and the City Council considers appointments in January, 2014.

·         Consideration of Fifth Member Appointment - term of Trustee Frank Sheridan ends on 12/31/13.

·         Letter to City transmitting FY12/13 report of investment activity

 

IV.                    NEW BUSINESS/OLD BUSINESS

 

 V.                    DISBURSEMENTS/RETURN OF CONTRIBUTIONS and DEPOSITS

·         DISBURSEMENTS

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

2.         Christiansen & Dehner, Professional Services - $3,418.30, $785.99

                        3.     PNC, quarterly fee for custody: FMI - $636.67; SSI -$263.94; MCV -

        $195.86

                        4.     PNC Asset Management, quarterly fee, 3rd quarter, 2013 - $12,707.85

5.     Fiduciary Management Inc., quarterly fee, 3rd quarter, 2013 - $8,277.00

                        6.     Burgess Chambers, Performance Monitor, 3rd quarter, 2013 - $10,128.24

                        7.     SSI, quarterly fees - $4,293.00

8.     J.W. Edens Insurance Agency - pension fiduciary insurance renewal -$3,926.68; waiver of recourse endorsement for Trustees (paid by City) - $75.00;

waiver of recourse endorsement for Plan Administrator (paid by Sheila Hutcheson) - $25.00

                        9.     Ken Largent, commencement of retirement on Nov. 1, 2013 - lifetime/joint 

75% survivor option - $4,627.51/month; rollover of DROP account in the   amount of $316,827.29 has not been processed as of the date of the agenda

         10.    Craig Morrisey, refund of contribution to non-vested member - $4,005.43

                       11.    Jason Woodruff, refund of contribution to non-vested member - $958.44

12.    Kayvan Zomorodian, rollover of contribution to non-vested member - $2,991.59

DEPOSITS

·         2012 Premium Tax Distribution - $334,467.40 (2011: $217,738.72)

·         Firefighters’ Supplemental Compensation Trust Fund - $27,745.61 (2011: $81,672.78)

 

        VI.           STAFF REPORTS, DISCUSSION, AND ACTION

 

       VII.          TRUSTEES’ REPORTS, DISCUSSION, AND ACTION

 

      VIII.            REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT

 

         IX.            ADJOURNMENT