MINUTES OF THE BOARD OF TRUSTEES
October 1, 2014
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 10:32 a.m.
ROLL CALL
MEMBERS PRESENT:
Juan Albarran, President
Robert Steinbacher, Vice President
Andrew Kuljis, Secretary
Trustee James Coburn
Trustee Jeff Cawdrey
Trustee David Peters
Trustee Chris Hart
Trustee Rick Godinez
Trustee Steve Tufts
Trustee Craig White
Trustee Steve Berkery
Trustee Doak Smith
Trustee Mark Akahoshi
Trustee Barry Hedberg – Pension
Trustee Tim Larson – Pension
Trustee David Lowe – Pension
Todd Layfer – Executive Director
Liberty Unciano – Controller-Treasurer
MEMBERS ABSENT:
Trustee Gene Bednarchik (Excused)
Trustee Tyler Tomich (Excused)
Trustee Francisco Hernandez (Excused)
Trustee Chris Stine (Excused)
Trustee Steven Domanski (Excused)
Trustee David Ortiz (Excused)
Trustee Steve Ruda (Excused)
GUESTS:
Dave Wagner, Grapevine Editor
Bob Olsen, L.A. Retired Fire & Police
Tom Stires, Retired
Jim Dolan, Asst. Secretary
INVOCATION & Flag Salute
Rick Godinez led the invocation. Steve Ruda 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 September 3, 2014. David Peters so moved. Tim Larson 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 September 3, 2014.
PRESIDENT REPORT
Juan Albarran provided an update on the 7470 Figueroa building and reported that the plans have been approved and are now out for bid. He stated that we should receive the final bids by October 21st for review and will get approval for the construction budget on October 23rd. He mentioned that the remaining tenant has not responded to our offers so we will begin working around their area. He indicated that we have requested a lease extension of two months to the Credit Union.
VICE PRESIDENT REPORT
1) Bob Steinbacher reported on the L.A. Kings Fest and stated that it was a successful event. He indicated that the L.A. Kings have sent a check for the WODFF in the amount of $2,400.
2) Bob Steinbacher asked if anyone wanted to attend the Sacramento Memorial on October 11th.
3) Bob Steinbacher referred to the IFEBP conference in Boston and discussed the agenda for the conference including meetings with some of our vendors.
EXECUTIVE DIRECTOR’S REPORT
1) Todd Layfer reported on the Golf Tournament and indicated that we had the most successful day of revenue since 2008 and raised $34,100, which is a 48% increase from last year. He reported that the silent auction brought in $21K. He indicated that we had more golfers this year as well as more attractive merchandise for the silent auction.
2) Todd Layfer informed the Board that Open Enrollment will begin on October 13th and go through November 7th. He indicated that the open enrollment materials are currently being printed and will be mailed out by October 6th. He reported that there will be many changes and detailed information in the open enrollment materials and asked Trustees to encourage members to read their packets.
3) Todd Layfer reported on the FRITS 2.0 conversion and stated that we are making good progress and some areas are running and fully functional.
4) Todd Layfer presented the Financial Expenditure Review compared to the budget for the six months ending in June. He stated that the main revenue sources are running on target. He stated both Hope for Firefighters and Golf were very successful. He indicated that the medical benefits paid to members are running below budget however, the pharmaceuticals are running ahead of budget. He reported that the Operating Expenses are running on target. He reviewed the investment balances as of August and it shows that they are performing well. Overall, expenditures and income are pacing close to the budget.
INVESTMENT COMMITTEE REPORT
Bob Steinbacher presented the following motions.
The committee recommends and I so move to terminate Stralem & Co., EII Global Property Fund., London Co. and fund Silvercrest SCV, Neumeier Poma and Fiduciary. He stated that London Co. funds will go to Silvercrest and Neumeier Poma; Stralem funds will go to Fiduciary, St. James and Symons; EII funds will be split to Titan, FPA, Southwest Partners and maybe RCP Fund 10. There was no further discussion or objections.
Motion carried to terminate Stralem & Co., EII Global Property Fund and London Co. and move funds to Silvercrest, Neumeier Poma and Fiduciary, St. James and Symons as stated.
The committee recommends and I so move that after October 23rd, they move 33% of PIMCO assets to another fund manager. There was no discussion or objections.
Motion carried to move 33% of PIMCO assets to another fund manager after October 23rd.
ADMINISTRATIVE COMMITTEE REPORT
Jeff Cawdrey presented the following motions.
The committee recommends and I so move to pay the usual and customary bills in the amount of $887,565.32. There was no discussion or objections.
Motion carried to pay the usual and customary bills in the amount of $887,565.32.
The committee recommends and I so move to pay the professional fees in the amount of $58,389.72. There was no discussion or objections.
Motion carried to pay the professional fees in the amount of $58,389.72.
The committee recommends and I so move to approve $500 for the USC pre-game for refreshments for the Wounded Warrior Group. There was no discussion or objections.
Motion carried to approve $500 for the USC pre-game refreshments for the Wounded Warrior Group.
The committee recommends and I so move to approve $500 for the LAFD Historical Society Fallen Firefighter Memorial. There was no discussion or objections.
Motion carried to approve $500 for the LAFD Historical Society Fallen Firefighter Memorial.
The committee recommends and I so move to approve $250 for the Metro Fire Center Station Grand Opening. There was no discussion or objections.
Motion carried to approve $250 for the MFC station Grand Opening.
Todd Layfer informed the Board that they will be searching for new disaster recovery space. He indicated that currently, the disaster space is with one of our vendors. He stated that they will report back to the Board once they find suitable space.
MEDICAL COMMITTEE REPORT
David Peters 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.
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 $18,863.39,
The Estate Planning benefit in the amount of $5,300,
The Life & Accident Death Benefit in the amount of $12,000
The Relief Death Benefits in the amount of $18,000.
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
Daryl D. Rohloff
Robert D. Patterson
Robert W. Karger
Richard W. Matthes
ASSISTANCE COMMITTEE
James Coburn presented the following motions.
The committee recommends and I so move to accept the donations in the amount of $3,433.13 to the Widows, Orphans & Disabled Firemen’s Fund. There was no discussion or objections.
Motion carried to accept the donations in the amount of $3,433.13 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.
SECRETARY’S REPORT
Andy Kuljis indicated that the Group 3 Trustees would be up for this election. He reported that California Elections is ready to print the Bylaw changes and those candidate names running for Trustee positions. He indicated that all announcements will be placed in the Grapevine and website.
BYLAWS COMMITTEE REPORT
David Lowe indicated that the Bylaw changes has been approved by the Board and will be sent out to the membership during the election for ratification.
SETTING OF DATES
1) SIIA Conference Arizona – October 5 – 7
2) LAFRA Committee Meeting – Thursday October 23rd
3) LAFD Fallen Firefighter Memorial – October 11th
4) IFEBP Annual Conference (Boston) – October 12th – 15th
5) Mayo Classic – October 22nd
6) LAFRA Open House – December 6th
RETIREMENT DINNERS
1) Jorge Ostrovsky – October 4th Jorge’s House
2) Raul Miranda – October 18th The Odyssey Restaurant
3) Daniel Mattera – November 16th Old FS 27’s Fire Museum
ADJOURNMENT
Juan Albarran entertained a motion to adjourn in memory of Jerry Johns. David Peters so moved. Chris Hart seconded. There was no discussion and no objections.
Motion carried to adjourn in memory of Jerry Johns. The Board of Trustees meeting adjourned at 11:28 a.m.
Juan Albarran, President