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LOS ANGELES FIREMEN’S RELIEF ASSOCIATION MINUTES OF THE BOARD OF TRUSTEES March 7, 2012


CALL TO ORDER


President John Jacobsen called the Meeting of the Board of Trustees of the Los Angeles Firemen’s Relief Association to order at 10:37a.m.


ROLL CALL


MEMBERS PRESENT: John Jacobsen, President Juan Albarran, Vice President Andrew Kuljis, Secretary Trustee James Coburn Trustee Jeff Cawdrey Trustee Chris Stine Trustee Robert Steinbacher Trustee Francisco Hernandez Trustee Rick Godinez Trustee Steven Domanski Trustee Gary Matsubara Trustee Kurt Stabel Trustee David Ortiz Trustee David Lowe Trustee Tim Larson


David Ned Smith - Exec. Director Todd Layfer - Controller


MEMBERS ABSENT: Trustee Gene Bednarchik (Excused) Trustee Mike Overholser (Excused) Trustee Doak Smith (Excused) Trustee Chris Hart (Excused) Trustee Craig White (Excused) Trustee Mark Akahoshi (Excused) Trustee David Peters (Excused) Trustee Steve Tufts (Excused) Trustee Barry Hedberg (Excused)


GUESTS:


Dennis Mendenhall, Retired INVOCATION & Flag Salute


Andy Kuljis led the invocation. David Lowe led the flag salute. RATIFICATION OF MINUTES


John Jacobsen entertained a motion to ratify and dispense with the reading of the minutes of the Board of Trustees meeting held February 1, 2012. Gary Matsubara so moved. Jeff Cawdrey seconded the motion. There was no further discussion or objections.


Motion carried to ratify and dispense with the reading of the minutes of the Board of Trustees meeting held February 1, 2012.


52 • June 2012 PRESIDENT’S REPORT


1) Jacobsen informed the Board that open enrollment for the medical plan will be pushed back approximately two weeks in hopes of the Pension Board determining the early retiree subsidy rate. He indicated that they would like to have the open enrollment materials as accurate as possible with the correct information. The start of the open enrollment will be April 16th.


2) Jacobsen referred to the Pension meeting for affecting retired members younger than 65. He mentioned that Pensions will decide on whether or not to increase their subsidy. He stated that the Pension staff report had recommended a 5% increase but was voted down as was a motion for 7% increase. The Pension Board decided to table the issue and send back to the Pension staff to come back with additional information for the March 15th Board meeting.


3) Jacobsen referred to the Pension audit and mentioned that they going through the final stages of them auditing the medical subsidy. He indicated that they have had a preliminary meeting with the auditor to discuss their findings, which were minimal and favorable. He stated that when we receive the final draft he and Bradawn will offer suggestions to be included into the report before it is final.


4) Jacobsen mentioned the Firefighter of the Year Luncheon honoring Doak Smith and indicated that it will be on the next committee day, March 21st. He encouraged all Trustees to attend the luncheon and reminded them that the attire is coat and tie.


5) Jacobsen indicated that they have had some issues concerning the continued use of personal Trustee emails. He stressed the importance of Trustees using their LAFRA email to maintain security.


INVESTMENT COMMITTEE REPORT


Steinbacher presented the following motion.


The committee recommends and I so move to enter into contract with the following fund managers; Titan Securities (hedge fund) at $1 million, E.I.I. (global REITS fund) at $1 million and F.P.A. at $1 million. Implementation of these investments is dependent on a favorable due diligence meeting at each of their offices. There was no further discussion or objection.


Motion carried to contract with the above three fund managers at $1 million each.


EXECUTIVE DIRECTOR’S REPORT


1) David Smith provided an update on the website and indicated that they are splitting the current website into two websites. He mentioned that David Vienna has drafted a website for the WODFF and fundraising efforts. He stated that the second website will focus on firefighters and their families and mentioned that they have had two consultants look at the site and will ask them to give us a proposal to modify the site. He stated that they will report back to the committee once they receive the proposals.


2) Todd Layfer provided a status update on the financial audit. He mentioned that the auditors should be done by the end of the day and indicated that everything was going well. He indicated that their findings and report will be presented to the Audit Committee sometime in April and Tonetta Connor will present at the May Board meeting.


ADMINISTRATIVE COMMITTEE REPORT


Robert Steinbacher presented the following motions.


The committee recommends and I so move to pay the usual and customary bills in the amount of $1,031,153.14. There was no discussion or objections.


Motion carried to pay the usual and customary bills in the amount of $1,031,153.14.


The committee recommends and I so move to pay the professional fees in the amount of $69,097.48. There was no discussion or objections.


Motion carried to pay the professional fees in the amount of $69,097.48.


David Smith reported on the FRITS database system and indicated that it is written in the software FoxPro that has not been maintained by Microsoft for approximately 10 years. He stated that in about three to five years, FRITS will no longer be compatible with Windows which will create a problem. He stated that the Administrative Committee has approved the first of three phases which is to hire a FoxPro expert to become familiar with FRITS and provide documentation. He will then provide a cost estimate to perform the second phase which would be to write a specification to convert FRITS to a compatible platform. David Smith indicated that if the Board decides to do the second phase, we be in a position at year end 2012 to know cost in order to l budget for 2013 or wait until 2014 to make the conversion.


The committee recommends and I so move to approve up to $4K for the Phase I portion of the upgrade. There was no further discussion or objection


Motion carried to approve up to $4K for the Phase I portion of the upgrade.


The committee recommends and I so move to approve contracting with Healthcare Actuarials for up to $10K for the actuarial study. David Smith also mentioned that they had budgeted $20K in this year’s budget for the actuarial study of Relief benefits. There was no further discussion or objections.


Motion carried to approve contracting with Healthcare Actuarials for up to $10K for the actuarial study of Relief benefits.


1) Jacobsen stated that in the next month, they will have a meeting to discuss Policy Book review and potential By-law changes. He stated that there has been some discussion


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