Police & Fire Pension Board - August 25, 2020

CITY OF TITUSVILLE 

POLICE AND FIRE PENSION BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, AUGUST 25, 2020, 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.

Pursuant to Executive Order 20-69 as extended by 20-112, 20-123, 20-139, 20-150, 20-179 signed by Governor DeSantis and in accordance with F.S. 120.54(5)(b)2, notice of use of communications media technology for public participation and availability at this meeting is hereby provided.  Any member of the public may utilize the website link to participate by video and/or audio or utilize the phone number to participate via audio.  

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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 

A.     Approval of invoices/expenses as follows:

1. Fifth Third Bank for the following accounts:  R&D $2,694.346; Garcia Hamilton $288.47; DRZ $730.28; and Integrity $410.47 for quarter ending 6/30/20

2. DePrince, Race & Zollo in the amount of $10,344 for quarter end 6/30/20

3. Garcia Hamilton & Assoc. in the amount of $2,353.54 for quarter end 6/30/20

4. Integrity in the amount of $3,281.03 for quarter end 6/30/20

5. Sugarman & Susskind in the amount of $5,624.53 dated 6/30/20

6. RBC for quarter end 3/31/20 $14,983.40 and quarter end 6/30/20 $13,958.61

7. Andco Consulting in the amount of $9,017.65 for quarter end 6/30/20

8. Administrative fee for Plan Administrator $8,034 for quarter end 6/30/20 (auto debit)

9. Fees deducted from distribution for UBS in the amount of $3,705.61 for quarter 6/30/20 

10. Intercontinental 6/30/20 quarter end in the amount of $7,832 (deducted from distributions)

           11. Foster & Foster dated 6/1/20 in the amount of $10,285

           12. Ciox Health dated 4/30/20 in the amount of $865.53 for records of Scott Einkop 

B.   Submitted Compliance Statement, history of investment returns and Actuarial Valuation to the City for posting on City’s website

C.   Acknowledge approval of Actuarial Valuation by the Division of Retirement and note regarding investment return assumption

D.   Notification of claim filed by Kessler Topaz Meltzer & Check on behalf of the Board-no action required 

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

           Retirement:  None

           DROP:  Todd Hutchinson 6/1/2020

           Contribution Refunds:  After plan freeze James Spahn, Conner McBride

VIII.    OLD BUSINESS
Continue discussion regarding Share Plan and option to change expected rate of return 

IX.    NEW BUSINESS

A.  Investment Policy Statement revision

B.  Selection of Vice Chair to the Board

C.  UBS updated signature authority

D.  Consideration of administrative expense budget for submittal to the City and availability to 

       Plan Members for Fiscal Year 2020/2021

  X.       ATTORNEY’S REPORT

             Review of proposed Ordinance to provide compliance with the Secure Act and approval for the Actuary to provide an Impact Statement

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).