General Employees' Pension Board - August 16, 2022

  1. Agenda

  CITY OF TITUSVILLE

GENERAL EMPLOYEES’ BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, AUGUST 16, 2022, 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.

 

  1. CALL TO ORDER
  2. DETERMINATION OF A QUORUM 
  3. APPROVAL OF MINUTES
  4. INVESTMENT PRESENTATIONS/REPORTS - Review of quarterly investment performance by &CO Consulting
  5. REQUESTS FROM THE PUBLIC/EMPLOYEES PRESENT 
  6. OFFICER AND MEMBER REPORTS
  7. STAFF REPORT    
  1. Approval of expenses:

A.  Fifth Third Bank for the following accounts:  R&D $2,344.90; Integrity $570.20; TIPS $266.99; Anchor $1067.02 for quarter end 6/30/22

B.  Anchor Capital for quarter end 6/30/22 in the amount of $20,014.80

C.  Integrity in the amount of $4,731.76 & TIPS in the amount of $1,457.71 for quarter end 6/30/22

D.  RBC Global for quarter end 6/30/22 in the amount of $17,840.05

E.  Sugarman & Susskind in the amount of $6,585.80 dated 7/25/22

F.  &Co Consulting in the amount of $9,566.82 for quarter ending 6/30/22

G.  American Realty Advisors in the amount of $4,347.55 for quarter ending 6/30/22 (deducted from distributions)

H. Administrative fee for Plan Administrator $3496.72 monthly (automatic debit) 

I.  Intercontinental quarterly fees 6/30/22 (deducted from distributions) $8539

J.  Foster & Foster dated 8/4/22 in the amount of $6,575.00

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

Retirement(s):  Sally Moore Retirees Lifetime with 60 Payments Guaranteed 5/1/2022; Judith Decker 75% Joint Annuitant with 10% PLOP 5/1/2022; Maryanne Dickey Life only and withdrawal from the DROP 6/1/2022; Change for Albert Brown to refund overpayment for 17 months with reduction of monthly amount to $445.91 8/1/2022 and effective 1/1/2024 amount increases to $738.86; DROP Charles Farinha 100% Joint Annuitant 4/1/2022; Craig Dunlap Life only with 10% PLOP 6/1/2022

Contribution refund(s): After Plan benefits only:  Dell Murray, Navael Fontus, Justien Cadiz, Gerald Reynolds, Leah Bellissimo, and Jonathan Martinez 

Stop payment:  Patricia Edmonds 7/1/2022

                         3.   Rebalance account on 7/25/22 and 5/24/22                                                                                                  4.  Submitted the following documents to the City to be posted on the website:  History of                                      investment returns; Section 112.664 Compliance statement; and Actuarial Valuation

VIII. OLD BUSINESS                                                                                                                                      Update regarding proposed Ordinance language for salary used in average final compensation 

IX.   NEW BUSINESS

  1. Approval for Actuary to not include PLOP calculation on the DROP calculation requests
  2. Consideration of fee increase with Foster & Foster actuarial services                    Actuary Doug Lozen will review services with the Board 

X.    ATTORNEY’S REPORT                                                                                                                                           Summary Plan Description 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).