Police & Fire Pension Board - August 17, 2021

CITY OF TITUSVILLE

POLICE AND FIRE PENSION BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, AUGUST 17, 2021, 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

A. Approval of invoices/expenses as follows:

1. Fifth Third Bank for the following accounts: R&D $3,072.07; Garcia Hamilton $287.03; DRZ $1,396.54; and Integrity $660.79 for quarter ending 6/30/21

2. DePrince, Race & Zollo in the amount of $19,933.00 for quarter end 6/30/21

3. Garcia Hamilton & Assoc. in the amount of $2,333.52 for quarter end 6/30/21

4. Integrity in the amount of $5,508.80 for quarter end 6/30/21

5. Sugarman & Susskind in the amount of $6,344.97 dated 7/15/21

6. RBC for quarter end 6/30/21 in the amount of $21,483.38

7. Andco Consulting in the amount of $9,288.18 for quarter end 6/30/21

8. Administrative fee for Plan Administrator $2758.34 monthly (auto debit)

9. Fees deducted from distribution for UBS in the amount of $3,399.13 for quarter 6/30/21

10. Intercontinental 6/30/21 quarter end in the amount of $8,150 (deducted from distributions)

11. Foster & Foster invoice dated 7/30/2021 in the amount of $13,293.35 and dated 3/24/21 in the amount of $26,716.00

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

Contribution refunds: Nunez, Affeld; Interest only: Ferraiuolo, Distler, Holiday, Slack, Lucas

C. 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

D. Deposit in the amount of $2,993.00 dividend from reserves held by Principal Financial Group

E. Acknowledge fund transfer in the amount of $1,000,000 to meet monthly funding distributions

F. Approval of 2020 Annual State Report received

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

H. Submitted proposed Ordinance and impact statement for Supplemental Benefits (Fire Members) to the Division of Retirement prior to adoption by City Council

I. Next meeting scheduled for November 16, 2021

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

IX. NEW BUSINESS

Consideration of administrative expense budget for submittal to the City and availability to Plan Members for Fiscal Year 2021/2022

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).