Pension_10-20-2020MinBOARD OF TRUSTEES
City of Longwood Police Officers and Firefighters
Pension and Trust Fund
Longwood City Commission Chambers
175 West Warren Avenue
Longwood, Florida
REGULAR MEETING
MINUTES
October 20, 2020
6:00 P.M.
(Virtual Meeting —Zoom)
Present: Robert Redditt, Chair
Bruce Kubec, Vice -Chair
Kevin Little, Secretary
Chris Eichler, Member
Cole Copertino, Member
Pedro Herrera, Board Attorney
Jeremy Langley, Florida League of Cities
Michelle Longo, City Clerk
Judith Rosado, Finance Director
1. Call to Order. Chair Redditt called the meeting to order at 6:03 p.m.
2. Pledge of Allegiance.
3. Approval of Minutes: July 21, 2020, Regular Meeting.
Vice -Chair Kubec moved to approve the minutes as presented. Seconded
by Member Copertino and carried by a unanimous voice vote.
4. Review of Agenda Packet Material.
A. Quarterly Performance Review.
Mr. Langley went over the summary of the Quarterly Performance Review
ending June 30, 2020, and answered questions.
B. Plan Account Statements (June 2020, July 2020, and August 2020).
Mr. Langley reviewed the statements for June, July, and August 2020.
The Beginning Balance for June 2020 was $20,236,213.02, the Contributions
were $47,986.71, the Earnings were $359,739.09, the Distributions were
$19,673.51, the Fees and Expenses were $0.00, and the ending balance was
$20,624,263.31.
The Beginning Balance for July 2020 was $20,624,263.31, the Contributions were
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$50,605.23, the Earnings were $791,904.64, the Distributions were $19,673.51,
the Fees and Expenses were $13,229.80, and the ending balance was
$21,433,905.87.
The Beginning Balance for August 2020 was $21,433,905.87, the Contributions
were $72,837.49, the Earnings were $763,221.75, the Distributions were
$25,150.04, the Fees and Expenses were $6,080.17, and the ending balance was
$22,238,734.90.
Mr. Langley answered questions regarding the possibility of not meeting the
assumption rate and went over the process if the assumption rate was not met.
Mr. Herrera reviewed the Board process if this should occur.
Member Copertino moved to accept the Plan Account Statements as
presented. Seconded by Secretary Little and carried by a unanimous
voice vote.
C. Expense Report.
Mr. Herrera went over an increase in expenses due to the lamaio Disability Case.
Member Eichler moved to approve the Expense Report as presented.
Seconded by Vice -Chair Kubec and carried by a unanimous voice vote.
5. Other Business.
A. Approve the actual administrative expenses for fiscal year 2019-2020.
Chair Redditt reviewed the actual administrative expenses report and indicated
we were 20% over our budgeted amount in expenses. He noted the attorney's
legal fees went over budget and expenses increased primarily because of the
disability case.
Discussion ensued on the increase in attorney legal expenses and fees. Mr.
Herrera said he would go over his invoices and review in detail at the next
meeting to see what the discrepancies are.
Secretary Little moved to approve the actual administrative expenses for
fiscal year 2019-2020 as presented. Seconded by Vice -Chair Kubec and
carried by a unanimous voice vote.
4. D. Discuss and approve 2021 Pension Board Meeting Dates.
Ms. Longo went over the proposed meeting dates for 2021, with a start time of
6:00 p.m. and held on a Wednesday. They were February 3, May 5, August 4,
and November 3, 2021.
Vice -Chair Kubec moved to approve the proposed Pension Board
meeting dates as presented. Seconded by Member Eichler and
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carried by a unanimous voice vote.
6. Board Attorney Report.
A. Update on the Joshua lamaio Disability Case.
Mr. Herrera said the Governor's Executive Order was extended through the end
of this month. The expectation is that it will again be extended through either
the end of the year or the pattern of another 30 days to allow Boards and Public
Agencies to continue to meet virtually. For the time being, we should plan on
meeting in person or at the very least have a quorum of the Board meeting in
person. The rest can meet virtually or by phone, in the event the Governor has
not extended the order.
Mr. Herrera provided an update on the lamaio Disability Case. He said we
received the final report from the Board's Doctor. He shared that with Ms.
Longo. He said he followed up with the Physician to get an update on the report
and asked the same questions being asked to the Board. He suggested that
rather than wait until February, the Board schedule a Special Meeting with this
one item on the agenda to have our hearing for the disability. He said they will
first address it through an informal hearing. He answered questions and
explained how the process of the hearing will go and what to do, the medical
records and documents that the Board will have, the questions that will be asked
to the Board, and what happens after the decision has been made. He then
suggested scheduling the day to hold the informal hearing.
Chair Redditt asked if this meeting would be via Zoom.
Mr. Herrera said presuming that the Governor extends the Executive Order
allowing for these meetings to take place, we would do it virtually by Zoom. If he
does not, it will be a public meeting, which we would have to be present in City
Hall. We would know by the end of next week what the forum would be.
Discussion ensued on possible dates to hold the hearing. It was the consensus of
the Board to tentatively hold the Special Meeting on Tuesday, November 17,
2020, at 6:00 p.m.
7. Member Comments.
Ms. Longo reminded the Board that Mr. Langley is going to be doing a free Board
Trustee meeting on Thursday, November 5, 2020, from 10:00 a.m. to 11:00 a.m.
She said she sent the Webinar information out via email to everybody and the
link to register is attached to the flyer.
Mr. Langley noted that this is a very high-level crash course about what it means
to be a Trustee on a defined benefit board. He said all trustees are invited.
8. Public Participation. None.
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9. Adjournment. Chair Redditt adjourned the meeting at 7:09 p.m.
Minutes approved by the Board of Trustees: 02-03-2021
Robert Redditt, Chair
ATTEST: ,
Michelle Log ecording ecretary
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