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LOS ANGELES FIREMEN’S RELIEF ASSOCIATION MINUTES OF THE BOARD OF TRUSTEES May 6, 2015


CALL TO ORDER


President Juan Albarran called the meeting of the Board of Trustees of the Los Angeles Firemen’s Relief Association to order at 9:29 a.m.


ROLL CALL


MEMBERS PRESENT: Juan Albarran, President Robert Steinbacher, Vice President Andrew Kuljis, Secretary Trustee James Coburn Trustee Gene Bednarchik Trustee Rick Godinez Trustee Mark Akahoshi Trustee David Peters Trustee Francisco Hernandez Trustee Joe Vigil Trustee Tyler Tomich Trustee Doak Smith Trustee Steve Berkery Trustee Steven Domanski Trustee Barry Hedberg – Pension Trustee Tim Larson – Pension Trustee David Lowe – Pension Todd Layfer - Executive Director Liberty Unciano – Controller-Treasurer


MEMBERS ABSENT: Trustee Chris Stine (Excused) Trustee Jeff Cawdrey (Excused) Trustee Chris Hart (Excused) Trustee Frank Aguirre (Excused) Trustee David Ortiz (Excused) Trustee Craig White (Excused) Trustee Steve Ruda (Excused)


GUESTS: Dave Wagner, Grapevine Editor Dennis Mendenhall, Retired Lee Kebler, L.A. Retired Fire & Police Bob Olsen, L.A. Retired Fire & Police


INVOCATION & Flag Salute


Rick Godinez led the invocation. David Lowe led the flag salute. RATIFICATION OF MINUTES


Juan Albarran entertained a motion to ratify and dispense with the reading of the minutes of the Board of Trustees meeting held April 1, 2015. David Lowe so moved. Tim Larson seconded. There was no further discussion or objections.


Motion carried to ratify and dispense with the reading of the minutes and Board actions of the Board of Trustees held April 1, 2015.


56 • July 2015 PRESIDENT REPORT


1) Juan Albarran provided an update to the 7470 Figueroa building construction and indicated that they have added some additional security measures to enter the building and for access to the stairwells. He stated that they received their first bid for the signage out front and are waiting for the second bid. Todd Layfer provided a timeline of when the move will begin.


2) Juan Albarran informed the Board that there will be a Drill Tower graduation ceremony on May 14th. He stated that the Relief Association will be there to meet with families and provide handouts with information.


3) Juan Albarran indicated that they met with the new Kaiser representatives handling the LAFRA account. He stated that Kaiser has expressed interest in attending one of our Board meetings to observe our operations.


4) Juan Albarran referred to the Town Hall meeting held on March 4th and provided a list of items discussed. The Board reviewed the items and decided on items they would begin to take action.


5) Juan Albarran provided the Policy Book changes for the Board’s review.


6) Juan Albarran reported on the Volunteer Appreciation Luncheon and indicated that they recognized Lydia Andrews as Volunteer of the Year.


AUDIT COMMITTEE REPORT


Tonetta Connor from the Harrington Group provided a summary of results from their 2014 audit. She stated that they tested the systems and processes in the organization to determine vulnerability and risk. Her suggestions for improvement were in the areas of vacation approvals and written documentation of such approvals. She stated that overall, LAFRA received a clean opinion as it relates to the audit.


Doak Smith presented the following motion.


The committee recommends and I so move to approve the 2014 audit as presented by the Harrington Group. There was no discussion or objections.


Motion carried to accept the 2014 audit as presented by the Harrington Group.


2) Todd Layfer reported on the Lane Kemper Softball Tournament and indicated that they now have 17 teams signed up to play.


3) Todd Layfer reported on the stats of the Open Enrollment for the LAFRA Medical Plan.


4) Rick Godinez addressed the Board on Marketing and soliciting members. He provided the LAFRA links developed by the Marketing


INVESTMENT COMMITTEE REPORT


Garth Flint presented the 1st quarter portfolio performance for 2015. He referred to the ranking of stocks by the S & P 500 Index and the YTD return analysis. He indicated that going forward, it’s going to be a challenge for both indexes and active managers because the market is starting to narrow. He did indicate that they have managers that are really good stock pickers and they feel that the portfolio will be fine going forward. He reviewed the international market place and stated that international stocks continue to move up. Garth referred to the growth of the LAFRA fund since inception and indicated that it has grown substantially since 1991. He indicated that the portfolio has outperformed the benchmarks but he noted that the 75% S & P and 25% Barclay has been a challenge. He reviewed the allocation index which is the different asset classes in their respective indexes. He indicated that they don’t have any exceptions in the portfolio except for Symons. He stated that Symons has struggled on their five and seven year performance and indicated that they are on Beacon Pointe’s watch list.


BY-LAWS/POLICY COMMITTEE REPORT


David Lowe presented the following motion.


The committee recommends and I so move to implement the proposed changes to the Policy Book. There was no discussion or objections.


Motion carried to implement the proposed changes to the Policy Book.


EXECUTIVE DIRECTOR’S REPORT


1) Todd Layfer provided an update to Hope for Firefighters and indicated that they have 21 Fire Stations signed up including the Fire Hogs. He reported that we have 12 corporate sponsors and are continuing to cultivate new sponsors at this time. He indicated that we received $67K in sponsorship money; $15K pledged; and in-kind donation from Ralphs at $20K.


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