MINUTES OF THE BOARD OF TRUSTEES
September 4, 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 9:30 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 Craig White
- Trustee Steve Ruda
- Trustee Francisco Hernandez
- Trustee Mark Akahoshi
- Trustee Steve Berkery
- Trustee Barry Hedberg – Pension
- Trustee David Lowe – Pension
- Trustee Tim Larson – Pension
- David Ned Smith – Executive Director
- Controller – Todd Layfer
MEMBERS ABSENT:
- Trustee Michael Overholser (Excused)
- Trustee Doak Smith (Excused)
- Trustee Chris Hart (Excused)
- Trustee David Ortiz (Excused)
- Trustee Rick Godinez (Excused)
- Trustee Chris Stine (Excused)
- Trustee David Peters (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 August 7, 2013. Tim Larson so moved. Craig White 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 August 7, 2013.
PRESIDENT REPORT
1) Jacobsen stated that the nominations made at last Board meeting were nominations for President and Vice President. He indicated that there had been no other nominations. He asked for Board to approve the election of the nominated.
Gene Bednarchik so motioned to approve the election of Juan Albarran for President. David Lowe seconded. There was no discussion or objections.
Motion carried to elect Juan Albarran for President.
Tim Larson motioned to approve the election of Robert Steinbacher for Vice President. Craig White seconded. There was no discussion or objections.
Motion carried to elect Robert Steinbacher for Vice President.
2) Jacobsen stated that the Group 2 Trustees were up for election. He stated that Andy will place notice in the next month’s Grapevine for those members interested in running for the Trustee election. The Notice will be placed immediately on the website. He asked those Trustees in Group 2 to submit their intent to run if they wanted to continue to serve as a Trustee next year.
3) Jacobsen stated that they plan to hold a Building Committee meeting following normal scheduled Committee meetings on non-Board meeting days. He also indicated that they will alternate with a meeting with the Investment Committee based on the need for a meeting.
VICE PRESIDENT REPORT
Juan Albarran referred to the Wounded Warrior Project events coming up this weekend. He mentioned that the Wounded Warrior’s will be honored at the UCS game on Saturday and indicated that they will have a tailgate gathering before the game. On Friday night there will be a dinner to be attended by over 20 fire stations. On Sunday the Wounded Warriors are invited to attend their sponsor fire stations.
INVESTMENT REPORT
Robert Steinbacher stated that at the last Board meeting they approved rebalancing the LAFRA portfolio and to invest in Wedgewood after meeting with them at their offices. Jacobsen indicated that Todd Layfer was currently working with Beacon Pointe to transfer the funds from Cohen & Steers.
EXECUTIVE DIRECTOR’S REPORT
1) David Smith indicated that Todd Layfer will present the Quarterly Review of Expenditures compared to the budget.
Todd Layfer presented the financial results through the month of June 2013. He reported that the revenues from medical premiums and donations were tracking on target as well as the member dues. He indicated that the benefits paid to members were tracking 13% below what was budgeted as well as the Sick & Injury benefit expenditures. Total operating expenses are below budget. He reported the new building expenses and rental income. He also reported on the investment balances and mentioned that building fund has been depleted with the purchase of the building. He stated that the portfolio balance continues to grow.
2) David Smith referred to the LAFRA.org site and mentioned that they will have their final review next week. He indicated that there only concern was how the site displayed on smartphones which they have asked to consultant to fix.
3) David Smith reported on the status of the Golf Tournament planning and mentioned that they have 116 paid golfers so far. He also indicated that they have received the Fire Department’s approval for the flyover, use of a truck from FS 88 for the golf ball drop and Color Guard.
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 $939,626.68. There was no discussion or objections.
Motion carried to pay the usual and customary bills in the amount of $939,626.68.
The committee recommends and I so move to pay the professional fees in the amount of $119,357.17. There was no discussion or objections.
Motion carried to pay the professional fees in the amount of $119,357.17.
The committee recommends and I so move to enter into agreement with PFM Solutions for project management of the new building remodel not to exceed $50K. There was no discussion or objections.
Motion carried to approve entering into agreement with PFM Solutions not to exceed $50K.
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.
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 $16,381.80
The Estate Planning benefit in the amount of $6,000,
The Life & Accident Death Benefits of $24,000,
The Relief Death Benefits in the amount of $36,000.
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
Richard R. Seden, Jr.
Wince V. King, Jr.
Harold H. Young
Edwin W. Tapert
Willis L. Henry
Thomas L. Mac Hale
Maurice I. Martinat
Darrell B. Thomas
ASSISTANCE COMMITTEE
James Coburn presented the following motions.
The committee recommends and I so move to accept the donations in the amount of $344,755.44 to the Widows, Orphans & Disabled Firemen’s Fund. There was no discussion or objections.
Motion carried to accept the donations in the amount of $344,755.44 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 stated that he will place in next month’s Grapevine the notice of election for Trustee positions. He also mentioned the flag ceremony video and stated that it will be available soon.
SETTING OF DATES
1) IFEBP Wharton School of Investments – September 9th – 12th
2) Craig Alder Charity Golf Tourn. – September 9th
3) Over the Line Tournament – September 11th
4) Colorado Springs Memorial – September 21st
5) LAFD Invitational Golf Tournament – September 23rd
6) California Firefighters Memorial, Sacramento – October 5th
7) LAFD Fallen Firefighter Memorial – October 12th
8) LAFD Car Show – October 13th
9) IFEBP Annual Conference – October 20th – 23rd
10) LAFRA Open House – December 7th
RETIREMENT DINNERS
1) Mike O’Gorman – September 14th Elk’s Lodge #966
2) Mike Sullivan – September 15th Bridgeport Clubhouse
3) Dennis Waters – October 25th Odyssey Restaurant
4) David Yamahata – October 26th Japanese American National Museum
ADJOURNMENT
John Jacobsen entertained a motion to adjourn. David Lowe so moved. Juan Albarran seconded. There was no discussion and no objections.
Motion carried to adjourn. The Board of Trustees meeting adjourned at 10:34 pm.
John Jacobsen, President
