Police & Fire Pension Board - August 22, 2023 9:30 A.M.

  1. Agenda

CITY OF TITUSVILLE 

 

POLICE AND FIRE PENSION BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, AUGUST 22, 2023, 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.

 

 I. CALL TO ORDER

II. DETERMINATION OF A QUORUM

III. APPROVAL OF MINUTES

IV. INVESTMENT PRESENTATIONS/REPORTS - Andco review quarterly performance

V. PUBLIC/EMPLOYEES PRESENT

VI. OFFICER AND MEMBER REPORT  

VII. STAFF REPORT 

  1.  Approval of invoices/expenses as follows:

1. Fifth Third Bank for the following accounts:  R&D $2558.70; Garcia Hamilton $268.19; DRZ

 $1,242.74; and Integrity $614.13 for quarter ending 6/30/23

2. DePrince, Race & Zollo in the amount of $17,973.00 for quarter end 6/30/23

3. Garcia Hamilton & Assoc. in the amount of $2,172.79 for quarter end 6/30/23

4. Integrity in the amount of $5,068.00 for quarter end 6/30/23

5. Sugarman & Susskind in the amount of $11,899.81 dated 6/8/23

6. RBC for quarter end 6/30/23 in the amount of $19,804.30

7. Andco Consulting in the amount of $9,853.83 for quarter end 6/30/23

8. Administrative fee for Plan Administrator $2926.32 monthly (auto debit)

9. Fees deducted from distribution for UBS for quarter end 6/30/23 in the amount of $3,025.61

10. Intercontinental 6/30/23 quarter end in the amount of $8868.00 (deducted from distributions)

11. Foster & Foster dated 7/25/23 in the amount of $14,375.00 and dated 8/11/23 in the amount 
                    of 13,000.00

                    B.    Rebalance account dated 7/5/23 and 7/27/23

                    C.   Acceptance of settlement offer from Kessler Topaz Meltzer & Check for PG&E in amount of $25
                            and deposit of JP Morgan settlement $23.24; BNYM ADR $3.77; Citibank $14.40 

                    D.  Acknowledge pending receipt state money in amount 397,464.33 (Fire) and $487,708.28 (Police)

                    E.   Acknowledge receipt of the Police Share Plan distribution report for FY 2019/2020 and 2020/2021

                    F.   Next meeting scheduled for November 21

                    G.  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

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

                          Retirement:  Victor Rodriguez 50% Joint Survivor option effective 5/16/23 and Terminated
                           Vested member Rodney Donhoff 100% Joint Annuitant effective 8/1/23

                          Contribution Refunds:  After plan freeze Christopher Quinn, Jean Paul, Brendan Walsh

VIII. OLD BUSINESS

Update regarding proposed Ordinance language for salary used in average final compensation and DROP distribution language.

IX. NEW BUSINESS

  1.  Approval for attorney to revise Ordinance in accordance with union negotiated changes to pension and for Actuary to prepare Impact Statement
  2.  Consideration of administrative expense budget for submittal to the City and
     availability to Plan Members for Fiscal Year 2023/2024
  3. Review/approval of Travel Expense Policy
  4. Doug Baker term of office expires 9/30/23; Board appointed position with City Council confirmation – recommendation/approval for additional term of office

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).