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The City of Titusville, Florida / Boards & Commissions / Other Post-Employment Benefits (OPEB) Board

Thursday, May 09, 2019

OPEB Board Minutes - 2/28/2019

­Other Post-Employment Benefits Trust
Board of Trustees Minutes
February 28, 2019

A meeting of the OPEB Board of Trustees was held on February 28, 2019 in the Council Chambers of City Hall.
I.             Call to Order
Chairman Cook called the meeting to order at 11:00 AM in the Council Chambers of City Hall. 
II.            Determination of a Quorum
There was a quorum of the Board with five members present as follows: Chairman Kevin Cook, Vice-Chair Tom Abbate, Member April Comer, Member Amelia Robinson and Member Joe Denaro.
Others Present:  Bridgette Clements, Finance Director, Laura Bledsoe, HR Coordinator, Aimee Strickland, Foster & Foster (via telephone), Scott Stitcher, PFM Asset Management (via telephone) and Secretary Gail Gilchrist.
III.          Approval of Minutes – November 8, 2018
Motion to approve the minutes of November 8, 2018 by Vice-Chair Abbate; second by Member Robinson, with all in favor.
IV.          New Business
  1. Presentation of OPEB actuarial valuation from Foster & Foster
    Ms. Aimee Strickland presented the OPEB actuarial valuation.  The Board reviewed the actuarial valuation and Vice-Chair Abbate asked if the Report to Council was on track for the March 26 City Council presentation.  Ms. Strickland stated is was.  Member Comer asked Ms. Strickland if she would be there in person to present and Ms. Strickland stated she would have to see.  Vice-Chair Abbate stated someone from Foster & Foster needed to be there in person.  Motion to approve OPEB actuarial valuation from Foster & Foster by Member Denaro, second by Member Comer, with all in favor.
  2. PFM Presentation of the December 31, 2018 Investment Performance
    Mr. Scott Stitcher, Director, presented the December 31, 2018 investment performance report.  The Board reviewed the investment performance for the quarter.  Mr. Stitcher stated the 4th quarter was very bad, however, he noted employment looked strong, inflation was subdued and the U.S. economy was poised to continue to slowly grow.  He also noted the market had rebounded considerably since the 4th quarter.  Motion to approve PFM Presentation by Member Comer; seconded by Member Denaro, with all in favor.
  3. Approval of US Bank and PFM Invoices for October - December 2018
    Motion to approve the above referenced invoices by Vice-Chair Abbate; second by Member Denaro, with all in favor.
  4. Old Business
  6. Requests from the Public/Employees Present – Bridgette Clements requested the Board send RFP for actuarial valuation bids.  Discussion ensued with Vice-Chair Abbate suggesting tabling and putting on the next agenda until the current actuarial valuation goes to Council. 
    The meeting of the OPEB Trust Board of Trustees adjourned at 11:57 AM. 
    The next meeting of the Board is scheduled for May 9, 2019 at 11:00 AM in the Council Chambers of City Hall.
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