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

Wednesday, February 26, 2014, 11:30 A.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 - November 18, 2013

 

III.                   REPORTS (ATTORNEY/CONSULTANTS)

                          1.    Janet Newcomb, Caleb Croquart, PNC Capital Advisors

                        2.    Burgess Chambers, Performance Monitor               

                        3.    Scott Christiansen, Attorney

·         Discussion:  Division of Retirement letter (12/5/13) regarding 8% rate of return

·         Status report on proposed ordinances

4.      Sheila Hutcheson, Plan Administrator

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

·         Discussion on recently issued City policy for Trustees’ email addresses

·         DROP provisions in proposed “Clean-up” ordinance

·         Trustee Jim Reardon, City Council appointee, was reappointed on Jan. 28, 2014 to a new term ending on Feb. 15, 2016. The appointment of Fifth Member Frank Sheridan by the Board was ratified by the City Council on Jan. 7, 2014.  Trustees Bob Ford and Rick Gherlone were reappointed/ reelected to new terms ending Dec. 31, 2015 and Dec. 31, 2016, respectively. 

·         Fee schedule

 

 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 - $1,452.43; $3,512.75; $219.00

3.         PNC, quarterly fee for custody: FMI - $693.49; SSI -$280.54; MCV -  $212.22

                          4.     PNC Asset Management, quarterly fee, 4th quarter, 2013 - $12,789.71

5.     Fiduciary Management Inc., quarterly fee, 4th quarter, 2013 - $9,015.00

                          6.     Burgess Chambers, Performance Monitor, 4th quarter, 2013 - $10,470.03

                          7.     SSI, quarterly fees - $4,547.00

                        8.     Foster & Foster, actuarial services - $11,474.00

                          9.     Ken Largent, rollover of DROP account - $316,827.29            

DEPOSITS - none

 

                

        VI.           STAFF REPORTS, DISCUSSION, AND ACTION

 

       VII.          TRUSTEES’ REPORTS, DISCUSSION, AND ACTION

 

      VIII.            REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT

 

         IX.            ADJOURNMENT