General Employees' Pension Board - August 17, 2021

CITY OF TITUSVILLE

GENERAL EMPLOYEES’ BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, AUGUST 17, 2021, 1:00 P.M.

COUNCIL CHAMBER CITY HALL

Any person who decides to appeal any decision of the Pension Board with respect to any matter considered at this meeting will need a record of the proceedings, and for such purpose, may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statutes, persons with disabilities needing special accommodations to participate in this meeting should call the City Clerk’s Office, 567-3775, at least 24 hours prior to the meeting.

I. CALL TO ORDER

II. DETERMINATION OF A QUORUM

III. APPROVAL OF MINUTES

IV. INVESTMENT PRESENTATIONS/REPORTS

Review of quarterly investment performance by &CO Consulting

V. REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT

VI. OFFICER AND MEMBER REPORTS

VII. STAFF REPORT

1. Approval of expenses:

A. Fifth Third Bank for the following accounts: R&D $2,932.71; Integrity $604.15; TIPS $303.63; Anchor $1,169.34 for quarter end 6/30/21

B. Anchor Capital for quarter end 6/30/21 in the amount of $22,006.00

C. Integrity in the amount of $5,078.82 & TIPS in the amount of $1,466.11 for quarter end 6/30/21

D. RBC Global for quarter end 6/30/21 in the amount of $20,414.58

E. Sugarman & Susskind in the amount of $2,380.00 dated 6/30/21

F. &Co Consulting in the amount of $9,288.18 for quarter ending 6/30/21

G. American Realty Advisors in the amount of $3,359.15 for quarter ending 6/30/21 (deducted from distributions)

H. Administrative fee for Plan Administrator $3394.88 monthly (automatic debit)

I. Intercontinental quarterly fees 6/30/21 (deducted from distributions) in the amount of $8,080

J. Foster & Foster dated 7/30/21 in the amount of $8,718.35

2. Approval/Acknowledgement of the retirements/contribution refunds/buy-in/stop payments:

Retirement(s): Renee Kusterer, 10-year certain 6/1/2021; Jeffrey Hall, Life only 6/1/21

Contribution refund(s): After Plan benefits only: Mathew Affeld

Stop Benefit: April Barber 8/1/2021; Mamie Pittman 7/1/2021; Charles Freed 7/1/2021 (100% Joint Annuitant-pending); Philip Reno 7/1/2021; Peter Sypien 7/1/202; Gerald DiRisio 7/1/21, initiate 100% Joint Annuitant benefit to Geraldine DiRisio

3. Registration for Stan Retz to FPPTA Conference in the amount of $775 dated 6/15/2021

4. Submitted the following documents to the City to be posted on the website: History of investment returns; Section 112.64 Compliance statement; and Actuarial Valuation

5. Deposit in the amount of $3,468 dividend from reserves held by Principal Financial Group

6. Acknowledge fund transfer of $1,000,000 to meet funding requirements for monthly disbursements

7. FPPTA Trustee school, October 3-6, 2021– acknowledgement of any board members/Plan Administrator attendance in accordance with policy guidelines

8. Next meeting scheduled for November 16

VIII. OLD BUSINESS

A. Continue discussion regarding reducing assumed rate of return

B. Update regarding salaries used for benefit calculation, Ordinance language for salaries and benefit portal option

C. Continue discussion regarding Ordinance language of leave payout for pension purposes

IX. NEW BUSINESS

X. ATTORNEY’S REPORT

NOTE: If you are not a Trustee of the Pension Board, your absence from work must be charged to vacation or compensatory time. Your attendance will not be compensated (per Personnel Policies 6.02).