General Employees' Pension Board - February 21, 2023

  CITY OF TITUSVILLE

GENERAL EMPLOYEES’ BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, FEBRUARY 21, 2023, 1:00 P.M.

COUNCIL CHAMBER CITY HALL

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

Review of quarterly investment performance by &CO Consulting

V . REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT 

VI. OFFICER AND MEMBER REPORTS

VII. STAFF REPORT    

1. Approval of expenses:

A.  Fifth Third Bank for the following accounts:  R&D $2,322.05; Integrity $559.62; TIPS $99.14; Brandy $1201.95 for quarter end 12/31/22

B.  Brandywine for quarter end 12/31/22 in the amount of $17,098.00

C.  Integrity in the amount of $4,609.85 & TIPS in the amount of $742.22 for quarter end 12/31/22

D.  RBC Global for quarter end 12/31/22 in the amount of $16,755.38

E.  Sugarman & Susskind in the amount of $2,298.40 dated 2/8/23

F.  &Co Consulting in the amount of $9,853.83 for quarter ending 12/31/22

G.  American Realty Advisors in the amount of $4,157.26 for quarter ending 12/31/22 (deducted from distributions)

H. Administrative fee for Plan Administrator $3601.62 monthly (automatic debit) 

I.  Intercontinental quarterly fees 12/31/22 (deducted from distributions) $8,841

J.  Anchor Capital final invoice thru 9/30/22 in the amount of $13,271.07 

K. Foster & Foster dated 2/16/23 in the amount of $37,492.00

L. Deposit to purchase 4 years of service from Jason Jackson in the amount of $27,181.00. 

M. Deposit from Kessler Topaz for litigation settlement of Citibank in the amount of $3.07 & $48.12

N. Next meeting date is May 16

                         2.    Approval/Acknowledgement of the retirements/contribution refunds/buy-in/stop payments:

Retirement(s): Martha Oakey effective 1/1/23 Life Only; Danny Edmonson effective 1/1/23 Life Only with 10% Partial lump sum; Randy Sultzbaugh effective 12/1/22 100% Joint & Survivor; Change from Michael Dixon to Joint Annuitant Debbie Word 12/1/22 

Contribution refund(s):  Solomon Jones, Jr.; Timothy Ford; Paul Koeltzow; Kevin Borges; Harold Newsome; Skylar Aument; Parker Landis; Thomas Liebengood; William Nolen; Than Maggard; Kimberley Covington; James Fulcher; Caitlin Rodriguez; Kyle Colvin; Jon Sellers; Anthony Gonzalez; Alexander Christian (term 9/4/19 & 8/1/22); Jarrod Winstead; Jonathon Gore; John Loncaric

Stop payment:  Willie Platt 2/1/23; Basil Sluder 2/1/232; Gary Robinson 3/1/23; Regina Messina 2/1/23; Ann Welch 2/1/23

1.  Acceptance of Actuarial Valuation presented by Actuary Doug Lozen, Foster & Foster

2.  Declare expected rate of return for the next year, several years and long term based on the recommendation of investment professional for submittal to the City and State

3.  Discussion regarding ADA conversion of annual Foster & Foster reports to be posted on City website

4.  Discussion regarding travel policy for Pension Board and use of City purchasing card 

X. ATTORNEY’S REPORT

1. Summary Plan Description update
2. Legislative 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).