Police & Fire Pension Board - November 17, 2020

  1. Agenda

CITY OF TITUSVILLE
POLICE AND FIRE PENSION BOARD OF TRUSTEES REGULAR MEETING
TUESDAY, NOVEMBER 17, 2020, 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 $2,569.51; Garcia Hamilton $283.96; DRZ $895.25; and Integrity $694.21 for quarter ending 9/30/20

2. DePrince, Race & Zollo in the amount of $12,754 for quarter end 9/30/20

3. Garcia Hamilton & Assoc. in the amount of $2,371.69 for quarter end 9/30/20

4. Integrity in the amount of $4,148.91 for quarter end 9/30/20

5. Sugarman & Susskind in the amount of $2,210 dated 10/14/20

6. RBC for quarter end 9/30/20 in the amount of $15,339.72

7. Andco Consulting in the amount of $9,017.65 for quarter end 9/30/20

8. Administrative fee for Plan Administrator $8,034 for quarter end 9/30/20 (auto debit)

9. Fees deducted from distribution for UBS in the amount of $4,194.84 for quarter 9/30/20 

10. Intercontinental 9/30/20 quarter end in the amount of $7,988 (deducted from distributions)

          11. Foster & Foster dated 9/1/20 in the amount of $500.

          12. Brown & Brown, Fiduciary insurance renewal 10/1/20-10/1/21 in the amount of $6,944 

          13. FPPTA annual membership renewal in the amount of $620 and re-certification fees for members Baker, Russo, and Werring

B.   Submitted revised Investment Policy Statement to City, State, Attorney, Actuary and Consultant

C.   Submitted approved budget to City and members

D.   Acknowledge deposit of $3460 dividend from Principal Financial Group

E.   Acknowledge transfer of funds per Board direction $3million to Integrity and $2million to DRZ

F.   Distributions from Intercontinental $35,262.63 on 10/29/20 and $33,099.85 on 8/20/20

G.   Approval of 2021 meeting schedule for the following dates:  February 16, May 18, August 17, and November 16

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

  • Retirement:  None
  • Contribution Refunds:  After plan freeze Kimberly Collins, Vincent DeRise and Brian Bond
  • Joint Annuitant change:  Robert Steinmetz 11/1/20
  • COLA:  10/1/20 Annual COLA’s

VIII. OLD BUSINESS

IX. NEW BUSINESS

Consideration/approval of detailed accounting of paid administrative expenses during Fiscal Year 2019/2020 for submittal to the City and availability to Plan Members (and actuary for the Division of Retirement with the Annual Report)

  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).