CITY OF TITUSVILLE 

POLICE AND FIRE PENSION BOARD OF TRUSTEES REGULAR MEETING

TUESDAY, FEBRUARY 21, 2023, 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  

VIII. STAFF REPORT 

1.  Approval of invoices/expenses as follows:

1. Fifth Third Bank for the following accounts:  R&D $2384.81; Garcia Hamilton $263.60; DRZ

 $1,217.69; and Integrity $606.19 for quarter ending 12/31/22

2. DePrince, Race & Zollo in the amount of $17,707.00 for quarter end 12/31/22

3. Garcia Hamilton & Assoc. in the amount of $2,131.44 for quarter end 12/31/22

4. Integrity in the amount of $4,922.29 for quarter end 12/31/22

5. Sugarman & Susskind in the amount of $4,763.47 dated 2/8/23

6. RBC for quarter end 12/31/22 in the amount of $17,826.37

7. Andco Consulting in the amount of $9,853.83 for quarter end 12/31/22

8. Administrative fee for Plan Administrator $2926.32 monthly (auto debit)

9. Fees deducted from distribution for UBS for quarter end 12/31/22 in the amount of $2,676.97

10. Intercontinental 12/31/22 quarter end in the amount of $8,816 (deducted from distributions)

11. American Realty Strategic Value Fund 12/31/22 in amount of $393.22 (deducted from fund)

12. Approval of travel expenses for Desmond Russo and Tim Werring (hotel invoice name)

13. Foster & Foster dated 2/16/23 in the amount of $26,277.00

                    B.  Next meeting scheduled for May 16

                    C.  Deposit from Kessler Topaz for litigation settlement with Citibank in the amount of $18.27 

                    D.  Elected term for Police member Tyler Wright expires February 2023

                    E.  Acknowledge receipt of Share Plan distribution amounts for the Fire members and Ordinance\
                           adopted for the Police Share Plan-pending distribution amount report from Actuary

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

                          Retirement:  None

                          Contribution Refunds:  After plan freeze only:  Anthony Gonzalez; Parker Landis; 
                           Cheyne Wilson; John Loncaric; Skylar Aument; Michael Brosman; Wayne Lawson

                          Stop payment:  Stop payment John McIntyre effective 1/1/23 and Kenneth “Mike” Waring 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

1. Discussion for ADA conversion of annual Foster & Foster reports to be posted on City website
2. Discussion regarding option to propose a change from 5 year to 8 year DROP
3. Discussion regarding benefit goals for the Plan
4. Approval of interest rate to use for repurchase of service time
5. Discussion regarding travel policy for Pension Board and use of City purchasing card

X. ATTORNEY’S REPORT

1.  Update regarding Summary Plan Description
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).