MINUTES OF THE BOARD OF TRUSTEES
July 10, 2013
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 10:43 a.m.
ROLL CALL
MEMBERS PRESENT:
- John Jacobsen, President
- Juan Albarran, Vice President
- Andrew Kuljis, Secretary
- Trustee James Coburn
- Trustee Robert Steinbacher
- Trustee Gene Bednarchik
- Trustee Steven Domanski
- Trustee Jeff Cawdrey
- Trustee Steve Tufts
- Trustee David Ortiz
- Trustee Mark Akahoshi
- Trustee Steve Ruda
- Trustee Rick Godinez
- Trustee Francisco Hernandez
- Trustee Steve Berkery
- Trustee Barry Hedberg – Pension
- Trustee David Lowe – Pension
- David Ned Smith – Executive Director
- Controller – Todd Layfer
MEMBERS ABSENT:
- Trustee Michael Overholser (Excused)
- Trustee Doak Smith (Excused)
- Trustee Chris Hart (Excused)
- Trustee Craig White (Excused)
- Trustee Chris Stine (Excused)
- Trustee David Peters (Excused)
- Trustee Tim Larson – Pension (Excused)
GUESTS:
- Bob Olsen, L.A. Retired Fire & Police
- Lee Kebler, L.A. Retired Fire & Police
- Dave Wagner, Grapevine Editor
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 June 5, 2013. Barry Hedberg so moved. David Lowe seconded. There was no further discussion or objections.
Motion carried to ratify and dispense with the reading of the minutes of the Board of Trustees held June 5, 2013.
PRESIDENT REPORT
1) Jacobsen informed the Board that they were going to present the Scholarship Awards to the winners of the Scholarship Essay Exam. Rick Godinez acknowledged and presented the winners with their awards and thanked them for their participation. Photographs were taken of the winners.
2) Jacobsen introduced a member to the Board who wanted to thank the Relief Association for their help and support with his situation. Juan Albarran reminded the member that the Relief would also be there for him in the future.
3) Jacobsen indicated that Jerald Coates’ name was being placed on the Colorado Springs Fallen Firefighter Memorial wall. He indicated that Dee Santos will attend the event and stated that they need to identify which Trustees will escort her at the event. He stated that the memorial will be held on September 21st.
4) Jacobsen mentioned the elections this year and indicated that Group 2 Trustees would be up for election. He asked if they wished to continue to serve that they submit their intent to run.
VICE PRESIDENT REPORT
1) Juan Albarran mentioned that he attended a memorial for the Granite Mountain Hotshots the firefighters who perished in Arizona. He indicated that UFLAC rented a bus and he traveled with forty other firemen.
EXECUTIVE DIRECTOR’S REPORT
1) David Smith informed the Board that they closed escrow on June 28th on 7470 Figueroa and that the management firm is in place. He indicated that the management firm will take care of transferring the utility bills and collect rent from existing tenants. Jacobsen indicated that they have notified the Credit Union about the purchase. It was noted that we will stay in the Credit Union building until the end of our lease. He also indicated that the Building committee will need to get together in the next month to begin outlining what our needs will be in terms of plans and design.
INVESTMENT REPORT
Steinbacher informed that the Investment Committee will be holding interviews on July 23rd and 24th for Large Cap Value managers and Fixed Income managers. He mentioned that they will be terminating Cohen & Steers as well as Gresham. He stated that they will place the Gresham funds into the PIMCO Commodity Fund and the Cohen & Steers funds into a new large cap growth manager. Jacobsen mentioned that they make adjustments to the portfolio following the policy guidelines.
The committee recommends and I so move to terminate Gresham Commodities effective August 1st and to reinvest those funds into the PIMCO Commodity Return. There was no discussion or objections.
Motion carried to terminate Gresham and reinvest funds into the PIMCO Commodity Return.
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 $1,206,520.73. There was no discussion or objections.
Motion carried to pay the usual and customary bills in the amount of $1,206,520.73.
The committee recommends and I so move to pay the professional fees in the amount of $250,235.30. There was no discussion or objections.
Motion carried to pay the professional fees in the amount of $250,235.30.
The committee recommends and I so move to approve up to $1,000 to the EPN (Emergency Photographers Network). There was no discussion or objections.
Motion carried to approve up to $1,000 to the EPN to upgrade their equipment.
The committee recommends and I so move to approve $990 for the L.A. Press Club Award dinner. There was no discussion or objections.
Motion carried to approve $990 for the L.A. Press Club Award dinner.
MEDICAL COMMITTEE REPORT
Barry Hedberg presented the following motion.
The committee recommends and I so move to accept the applications to the Medical Plan. There was no discussion and no objections.
Motion carried to accept all applications to the Medical Plan.
The committee recommends and I so move to send two Trustees to the SIIA Conference in September. There was no discussion or objections.
Motion carried to send up to two Trustees to the SIIA Conference in September.
RELIEF COMMITTEE REPORT
James Coburn presented the following motion.
The committee recommends and I so move to pay:
The Sick & Injury benefits in the amount of $21,593.80
The Estate Planning benefit in the amount of $6,668.50,
The Relief Death Benefits in the amount of $31,500.
There was no discussion or objections.
Motion carried to pay the above Relief benefits.
James Coburn read the names of members who recently passed and asked for a moment of silence from the Board.
MEMORIALS
Frank L. Buchanan
Warren G. Pietro
Michael J. Ambarian
John H. Maxey
Earl N. Mazzari
Kenneth N. Mac Lean
Ronald T. Pierce
ASSISTANCE COMMITTEE
James Coburn presented the following motions.
The committee recommends and I so move to accept the donations in the amount of $4,656.70 to the Widows, Orphans & Disabled Firemen’s Fund. There was no discussion or objections.
Motion carried to accept the donations in the amount of $4,656.70 to the Widows, Orphans & Disabled Firemen’s Fund.
The committee recommends and I so move to approve the financial assistance applications for surviving spouses, active and retired members. There was no discussion or objections.
Motion carried to approve the financial assistance applications for surviving spouses, active and retired members.
EMERGENCY ADVANCEMENTS
James Coburn presented the following motion.
The committee recommends and I so move to approve the emergency advancement applications for active and retired members. There was no discussion or objections.
Motion carried to approve the emergency advancement applications for active and retired members.
The committee recommends and I so move to convert one member’s advancement to assistance in the amount of $28,078.40. Coburn stated that after an audit review, it was suggested that they convert this advancement to assistance. There was no further discussion or objections.
Motion carried to convert one member’s advancement to assistance in the amount of $28,078.40.
GRAPEVINE/WESBITE REPORT
David Wagner informed the Board that they have not increase ad prices for quite some time and indicated that they will increase pricing by 10%. He stated that the added benefit to advertisers will be that they will have a large area on the new website for their ads.
David Smith stated that the consultant is working on the final areas of the website development and indicated that they should be able to test the site in a few weeks.
SECRETARY’S REPORT
Andy Kuljis mentioned that they have placed an order for additional flag boxes and indicated that they should receive them within a couple of weeks.
BY-LAW COMMITTEE REPORT
Jacobsen presented the Trustees with a By-law packet containing proposed changes for submission at the August 2013 Board meeting.
David Lowe presented the following motion.
The committee recommends and I so move to put forth recommended changes to the By-laws for election by the membership in November. After discussion, David Lowe stated that he will make the changes stated and will bring back for approval at the August Board meeting. Jacobsen also stated that any changes made to the By-laws need to have the date included to provide a record of when changes were made. He also stated that they will compile all the changes in a clean format and present it in August. David Lowe rescinded his motion to adopt the changes to the By-laws as they well be resubmitted at the August Board meeting.
SETTING OF DATES
1) Estate Planning Seminar – July 17th
2) IFEBP Wharton School of Investments – September 9th – 12th
3) Craig Alder Charity Golf Tourn. – September 9th
4) Over the Line Tournament – September 11th
5) Colorado Springs Memorial – September 21st
6) LAFD Invitational Golf Tournament – September 23rd
7) LAFD Fallen Firefighter Memorial – October 13th
8) LAFD Car Show – October 13th
9) IFEBP Annual Conference – October 20th – 23rd
10) LAFRA Open House – December 7th
RETIREMENT DINNERS
1) Rich Hanson, Fred Ramsey, Jerry Brown – July 12th Fire Station 80
2) Bobby Mihlhauser – July 19th Marriott Warner Center
3) Robert Franco – July 26th Ports O’Call
4) Mark Whatley – July 26th Fire Station 26
5) Thomas Somers – August 13th Knollwood Country Club
6) Bradley Grossman – August 21st Ports O’Call
7) Jay Freeman – August 24th Jay’s Backyard
8) Mike O’Gorman – September 14th Elk’s Lodge #966
ADJOURNMENT
John Jacobsen entertained a motion to adjourn. Rick Godinez so moved. David Lowe seconded. There was no discussion and no objections.
Motion carried to adjourn. The Board of Trustees meeting adjourned at 12:15 pm.
John Jacobsen, President