MINUTES OF THE REGULAR MEETING OF THE FIREFIGHTERS PENSION BOARD JUNE 22, 2011 Present: Vice-chair Michael Hartley, Secretary/Treasurer Pamela Nadalini and Trustees Sheila Roberson and Scott Snow Absent: Chair T.. J. Broom Others. Present; Attorney Pedro Herrera (by teleconference), Ms. Mary McManus and Mr. Ken Kailin of Oak Ridge Investments, Ms. Katie Byrne and Mr. Brian Casey of DePrince, Race & Zollo, Inc., Members Mike Martino, Mike Regnier, Michael Suarez, Mitch Thorne, Pension Plans Administrator Benita Saldutti, Pension Analyst Gail Loeffler and Staff Member Janice Docking CALL TO ORDER Vice-chair Hartley called the meeting to order at 9:05 a.m. APPROVAL OF THE MINUTES OF THE REGULAR MEETING OF MAY 25, 2011 On a motion of Trustee Snow and a second of Trustee Roberson, it was moved to approve the minutes of the regular meeting of May 25, 2011. Motion carried unanimously. INVESTMENT REVIEW - OAK RIDGE INVESTMENTS SMALL TO MID-CAP GROWTH Mr. Kailin presented the portfolio results as of the May 31, 2011, stating that the portfolio has outperformed the benchmark. He continued that the portfolio is up approximately 11.31% year-to-date. INVESTMENT REVIEW = DEPRINCE, RACE & ZOLLO, INC., SMALL AND LARGE CAP VALUE Mr. Casey presented the small cap portfolio results as of May 31, 2011, stating that the portfolio was below the benchmark and has lost $139,435 for the quarter. Ms. Byrne reported that the large cap portfolio was also below the benchmark, and is reporting only one month's performance because the portfolio has been held for less than two months. APPROVAL TO PROVIDE ACCOUNT INFORMATION Ms. Saldutti stated that Graystone Consulting has requested the Board to authorize Informa Investment Solutions (IIS) to collect, combine and transmit data from the Plan's June 22, 2011 1 bank or other account custodian to provide reports to be generated for Graystone Consulting. On a motion of Trustee Roberson and a second of Trustee Snow, it was moved to authorize Informa Investment Solutions to contact the Plan's custodian to receive account information. Motion passed unanimously. ATTORNEY'S REPORT Legislative Update Attorney Herrera (by teleconference) stated that several items from SB 1128 still have not been clarified by the Division of Retirement. He continued that the effective date is the later of July 1, 2011, or the date a new bargaining agreement is signed. Financial Statements Attorney Herrera stated that Trustees must return the financial disclosure statements by July 1, 2011. FPPTA Conference Attorney Herrera inquired if any Board members would be attending the FPPTA conference next week. Vice-chair Hartley stated that Chair Broom, Trustee Snow and himself would be attending. OTHER MATTERS The meeting scheduled for July 27 will be canceled Next Meeting The next regular meeting will be on August 24, 2011, at 9:00 a.m. in the City Commission Chambers. ADJOURN The meeting was adjourned at 10:40 a.m. Vice Chair Michael Hartley Secretaly/rreasurer Nadalini June 22, 2011 2