MINUTES OF THE REGULAR MEETING OF THE FIREFIGHTERS PENSION BOARD OF TRUSTEES OF JULY24, 2013 Present: Chair Michael Hartley, Secretary/Treasurer Pamela Nadalini, Trustee T.J. Broom Absent: Vice Chair Shelia Roberson and Trustee Scott Snow Others Present: Phil Hurwitz, Director of IT, Howard Bos, President/Portfolio Manager, Richmond Capital Management, Charlie Mulfinger, Managing Director, Graystone Consulting, Attorney Pedro Herrera, Sugarman & Susskind, Pension Plans Administrator Tom Kelley, Pension Analyst Gail Loeffler, and Nicole Ackerman, Office Assistant 1. CALL MEETING TO ORDER: Chair Hartley called the meeting to order at 9:04 a.m. 2. PUBLICI INPUT: None. 3. APPROVAL OF MINUTES: 3.1. APPROVAL RE: MINUTES OF REGULAR FIREFIGHTERS PENSION BOARD MEETING OF JUNE 19, 2013 On a motion of Trustee Broom and a second by Secretary Nadalini, it was moved to approve the minutes of June 19, 2013. Motion passed unanimously. 4. APPROVAL OF RETIREMENT REQUEST: 4.1. RETIREMENT REQUEST OF DARREN BRIGGS Darren Briggs requested a retirement date of August 23, 2013. Mr. Brigs is 51 years of age, has 24.94 years of service and elected the Partial Lump Sum Option with the 50% Joint Annuitant with the option to change the joint annuitant. On a motion of Trustee Broom and a second of Secretary Nadalini, it was moved to approve the retirement request of Darren Briggs. Motion passed unanimously. 4.2. RETIREMENT REQUEST OF T.J. BROOM (Attorney Herrera entered the meeting at 9:08 a.m.) Attorney Herrera stated that since Trustee Broom is serving on the Board at the same time his retirement request is being considered, he cannot vote on his request; that without Trustee Broom' S vote there would be no quorum. Chair Hartley stated that the vote for Trustee Broom's retirement will be held in the August Meeting. 5. PRESENTATION AND DISCUSSION: 51.CONVERSION OF ADVISORY BOARD EMAIL ACCOUNTS Phil Hurwitz, Director of IT, came before the Board to explain the change in the advisory board email accounts; that the new email address for advisory boards will be mmchsd-pen Mr. Hurwitz distributed a welcome package for the advisory board email accounts. July 24, 2013 1 Chair Hartley asked if the advisory board email could be forwarded to a different address, Mr. Hurwitz said that it could be done but the reply must be through the advisory board account. Secretary Nadalini stated that an individual can set up the account to be forwarded to a different email address. Mr. Hurwitz would verify that this process can be done and forward to Chair Hartley. 6. INVESTMENT REVIEW: 6.1. RICHMOND CAPITAL: MANAGEMENT Howard Bos, President and Portfolio Manager of Richmond Capital Management, came before the Board to provide an investment update to the City of Sarasota Firefighters' Pension Fund. Mr. Bos explained that the year to date returns are -2.31%; that the Fund is still above the benchmark; that the returns are positive over the long term; that the Fund has outperformed the benchmark on a long term basis. 6.2. GRAYSTONE CONSULTING Charlie Mulfinger, Managing Director of Graystone Consulting, came before the Board to present the City of Sarasota Firefighters' Pension Fund as of June 30, 2013; that the portfolio had a gain of $1,658,195; that he does not recommend a rebalance of the distribution of the Fund; that the Fund's total returns for the quarter are 1.43 versus the benchmark at 1.30; that fiscal year to date net of fees is 9.79% through June; that fiscal year to date gross of fees is 10.2% through June. 7. ATTORNEY MATTERS: Attorney Herrera stated that a memo was provided concerning the final legislative update; that the public comments are on the agenda; that the Board should discuss with the actuary the cost associated with the Senate Bill 534; that the Financial Disclosure forms were due July 1, 2013. 8. OTHER MATTERS: Michael Tobias, Sarasota County Fire Chief, explained that on September 16, 2013 at 6 p.m. at the City Commission meeting an award will be presented the family of former City Chief Stinchcomb. 9. ADJOURN. The meeting was adjourned at 10:07 a.m. 1 MM. Noola Chair Michael Hartley Secretary/Ireasurer. Pamela Nadalini July 24, 2013 2