LUFKIN FIREMEN’S RELIEF and RETIREMENT FUND

REGULAR BOARDMEETING

City Hall Council Chambers, Room 102

1:30 PMTuesday, February 25, 2014

On the 25th day of February 2014 at 1:40 PM, the Board of Trustees of the Firemen’s Relief and Retirement Fund of the City of Lufkin, Texas convened a regular meeting with the following members thereof, to wit:

Present:Absent:

Jimmy Ragsdale, ChairmanDanny Roper

Rufus Duncan, Trustee

Stanley New, TrusteeVisitors:

Tino Villasana, TrusteePorter Montgomery, VP Westwood Group

Paul Parker, TrusteeAmy Lester, Senior Client Advocate, Westwood Group

Levi Cole, TrusteeRodney Ivy, HR Director

David Cross, Fire BC

Jared Sowell, Fire Lt.

Non-Voting Board Members in Attendance:

Diana Russell, Plan Administrator

  1. Call to Order – Chairman Ragsdale called the meeting to order at 1:40PM, stated that a quorum was present.
  2. Consider Approval ofMinutes from January 30 2014Meeting - Trustee Villasana made the motion, seconded by Trustee Parker, to approve the minutes as written. A unanimous vote was recorded.
  1. Review of Fund Performance – J. Porter Montgomery, VP Trust & Investments Westwood

Mr. Montgomery reviewed the fund’s performance, indicating that since becoming a Westwood client, the fund has

grown approximately four million dollars – inception with Westwood was 1/1/2011. Performance for 2013 was

15.8% gross of fees; and 15.0% net of fees. Fund balance market value of 12/31/2013 was $13,304.738. And the

market value as of 2/25/2014 is $13,399,892.

The entire Westwood 2013 Fund Performance Update is filed with the minutes of this meeting.

  1. 2014Cash Flow Report

Contribution Total YTD:$249,967.85

Misc Income$

Benefits Paid YTD:($100,642.93)

Refund of Contributions: ($ 19,128.41)

Expenses: Training/ Paid YTD:($ 980)

Expenses: Services/Paid YTD:($ 2,500)

Expenses Fees – PaidYTD($ 23,916)

FUND Balance–As of 02/20/2014=$13,414,815

LIABILITIES –

  • DROP Liability (between 2015 & 2017) = ($1,300,000)– estimated
  • Refund of Contributions, Not Requested = ($50,580.55)

Tino Villasana Lufkin Fire Department Scholarship Fund – Balance $6167.00,as of 02/24/2014

Ms Russell stated that she would be emailing to all the FF’s Scholarship application and policy, this week.

  1. Update on TLFFRA Conference Planning – Tara Watson-Watkins, Director, LCVB

In LCVB Director; absence, Ms Russell stated that each packet had an overview of the first planning meeting. Attendees at this meeting includedChairman Ragsdale; Trustee Cole, Ms. Russell; and LCVB Director Tara Watson-Watkins. The overview shows host hotels; daily activities; dinners, etc.

Board appointed a committee of four to put together the daily Conference agenda. That committee is

Paul Parker, Danny Roper, Jimmy Ragsdale and Diana Russell. Ms.Russell will schedule the first meeting

and provide samples of agendas from previous conferences.

  1. Executive Session: Pursuant to Texas Government Code §§ 551.001, et seq. (Texas Open Meetings Act) to discuss any item on its open meeting agenda in accordance with the Texas Open Meetings Act (“Act”), including, without limitation, §§ 551.071-551.088 of the Act. Any final action, decision, or vote on a matter deliberated in a closed meeting will only be taken in an open meeting that is held in compliance with Texas Government Code, Chapter 551.

Chairman Ragsdale stated there was no reason for an Executive Session.

  1. Upcoming Meetings/Conferences

Lufkin Fire Pension Board Meeting – Monday, March 31, 2014 – 2 PM

2014 TEXPERS 25th Annual Conference – March 23-26 – Renaissance Worthington, Ft. Worth

Trustees Cole, New, Roper and Villasana will be attending this conference.

2014 TLFFRA Peer Review – May 8-9,2014 – Austin (two half days)

2014 TEXPERS Summer Conference – Aug 10-12 – Houston Omni

2014 TLFFRA Educational Conference – Sept 7-9 – Lufkin

  1. Adjournment

There being no further business meeting was adjourned at 2:40 PM.