CITY OF TITUSVILLE  

POLICE AND FIRE PENSION BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, AUGUST 16, 2022, 9:30 A.M.

 CITY HALL COUNCIL CHAMBER

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.

1. CALL TO ORDER
2. DETERMINATION OF A QUORUM
3. APPROVAL OF MINUTES
4. INVESTMENT PRESENTATIONS/REPORTS - Andco review quarterly performance
5. PUBLIC/EMPLOYEES PRESENT
6. OFFICER AND MEMBER REPORT  
7. STAFF REPORT 

1.  Approval of invoices/expenses as follows:

1. Fifth Third Bank for the following accounts:  R&D $2532.41; Garcia Hamilton $270.15; DRZ

 $1,162.58; and Integrity $611.68 for quarter ending 6/30/22

2. DePrince, Race & Zollo in the amount of $16,643 for quarter end 6/30/22

3. Garcia Hamilton & Assoc. in the amount of $2,186.95 for quarter end 6/30/22

4. Integrity in the amount of $5,161.25 for quarter end 6/30/22

5. Sugarman & Susskind in the amount of $9,529.06 dated 7/25/22

6. RBC for quarter end 6/30/22 in the amount of $18,774.07

7. Andco Consulting in the amount of $9,566.82 for quarter end 6/30/22

8. Administrative fee for Plan Administrator $2841.09 monthly (auto debit)

9. Fees deducted from distribution for UBS for quarter end 6/30/22 in the amount of $3,588.53

10. Intercontinental 6/30/22 quarter end in the amount of $8544.00 (deducted from distributions)

11. Foster & Foster dated 8/4/22 in the amount of $5,220.00

                    B.    Rebalance account dated 5/24/22 and 7/25/22

                    C.   Next meeting scheduled for November 22

                    D.  Disability process for member Jason Hanson pending IME results from physician

                    E.  Submitted the following documents to the City to be posted on the website: History of investment
                           returns; Section 112.664 Compliance statement; and Actuarial Valuation

                    F.  Acknowledge/approval of retirements/contribution refunds/buy-in/stop payments for the following:

                          Retirement:  Jeffrey King 100% Joint Survivor option effective June 1, 2022

                          Contribution Refunds:  After plan freeze Jonathan Martinez, Joshua Gentile, Joshua Payne, 
                           Emilio Rosa, Jr.

VIII. OLD BUSINESS

        Update regarding proposed Ordinance language for salary used in average final compensation 

IX.   NEW BUSINESS

1.  Approval for Actuary to not include PLOP calculation on the DROP calculation requests
2. Consideration of fee increase with Foster & Foster actuarial services

Actuary Doug Lozen will review services with the Board

   3. Consideration of administrative expense budget for submittal to the City and
       availability to Plan Members for Fiscal Year 2022/2023

X.   ATTORNEY’S REPORT

Summary Plan Description update

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).