Police & Fire Pension Board - February 16, 2021

CITY OF TITUSVILLE 

POLICE AND FIRE PENSION BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, FEBRUARY 16, 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

             And co 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 $2,918.23; Garcia Hamilton $273.77; DRZ $1,141.56; and Integrity $678.76 for quarter ending 12/31/20

2. DePrince, Race & Zollo in the amount of $16,253 for quarter end 12/31/20

3. Garcia Hamilton & Assoc. in the amount of $2,374.65 for quarter end 12/31/20

4. Integrity in the amount of $5,735.10 for quarter end 12/31/20

5. Sugarman & Susskind in the amount of $1,955 dated 12/31/20

6. RBC for quarter end 12/31/20 in the amount of $17,242.15

7. Andco Consulting in the amount of $9,288.18 for quarter end 12/31/20

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

9. Fees deducted from distribution for UBS in the amount of $3680.36 for quarter 12/31/20 

10. Intercontinental 12/31/20 quarter end in the amount of $8,063 (deducted from distributions)

        B.   Submitted scriber’s revision of Investment Policy Statement to City, State, Attorney, Actuary 

        C.   Submitted annual report of investment activity for FY 2019/2020 to the City

        D.   Submitted FY 2019/202 detailed accounting report to the City for posting and to the members via posting

        E.   Submitted response to 2020 Annual survey of public pensions 

        F.   Rebalance account to fund month end distributions 1/26/21, 12/23/20, 11/25/20

        G.  Deposit in the amount of $459.27 from Wells Fargo for securities litigation settlement

        H.   Receipt of disability claim for Javier Rodriquez forwarded to Pension Plan Attorney 

         I.   Next meeting scheduled for May 18

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

                Retirement:  Terminated Vested member Gennie Ferguson-Bradley 11/1/20

                Contribution Refunds:  After plan freeze Jason Sanchez

                Stop payment:  Christine Baltzagler (beneficiary for Charles Baltzagler) 2/1/2021

VIII.    OLD BUSINESS

IX.    NEW BUSINESS

1.    Review of calculation of death benefit for beneficiary of terminated vested member and approval of retirement benefits to beneficiary Renee Kusterer (for member Randy Moore)

2.    Review of calculation of not-in-line of duty disability benefit methodology for Scott Einkopf

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

4.  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

5.  Interest calculation for DROP member statements

6.  Approval of Fifth Third resolution to update signature authorities

7.  Signature authorities for Integrity Fixed Income

X.    ATTORNEY’S REPORT

E-Verify Law

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).