Pension_08-02-2023Min BOARD 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
August 2, 2023
6:00 P.M.
Present: Robert Redditt, Chair
Kevin Little, Secretary
Chris Eichler, Member
Pedro Herrera, Board Attorney via telephone
Michelle Longo, City Clerk
Jeremy Langley, Florida League of Cities
1. Call to Order. Chair Redditt called the meeting to order at 6:02 p.m.
2. Pledge of Allegiance.
3. Approval of Minutes: May 5, 2023, Regular Meeting.
Mr. Eichler had an amendment to the minutes. He did not make the motion on
item 4D because he was not a the meeting.
Secretary Little moved to table the approval of the minutes until the
minutes are corrected. Seconded by Member Eichler and carried by a
unanimous voice vote.
4. Review of Agenda Packet Material.
A. Expense Report for Approval.
Chair Redditt presented the report. The Board asked about the
difference in the cost for the estimated benefit calculations. Mr. Langley
explained that the actuary's cost reflects the amount of time it took to
prepare the benefit calculations. The difference maybe that one
calculation did not include the joint and survivor calculation and the one
other did.
Member Eichler moved to approve,expenses as presented.
Seconded by Secretary Little and carried by a unanimous voice
vote.
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B. Distributions and New Retirees.
Chair Redditt presented the report. The Board asked Mr. Langley about
the non-vested members who have not received a return of their
employee contributions. Mr. Langley will update a the Board at the next
meeting.
Member Eichler moved to approve the payments as presented.
Seconded by Secretary Little and carried by a unanimous voice
vote.
C. Quarterly Investment Report ending March 31, 2023.
Mr. Langley presented the quarterly report. The beginning balance was
$26,049,464.95; contributions were$256,376.75; earnings were
$853,330.17; distributions were $101,210.31; expenses were $18,208.88;
and the ending balance was $27,039,752.68. He informed the Board that
the Plan ended the quarter up at 3.30%. The Board discussed the current
market conditions including the Real Estate Fund.
Secretary Little moved to accept the Plan Account Statements as
presented. Seconded by Member Eichler and carried by a
unanimous voice vote.
5. Other Business.
A. Review of Disability Claims
The Board tabled the discussion until the next meeting because Mr.
Herrera was having technical issues and could not present the forms. Mr.
Langley will make sure that the forms are in the next agenda packet.
B. Board Budget FY 2023-2024
Mr. Langley reminded the Board that this was an estimate of what the
Board thought the expenses will be. The Board reviewed the expenses. It
was confirmed that the fiduciary liability insurance had not been paid for
yet. Mr. Langley will double check to make sure that the Board did not
pay the accidental death policy.
Secretary Little moved to adopt the Board Budget as presented.
Seconded by Member Eichler and carried by a unanimous voice
vote.
C. House Bill 3 & Updated FMPTF Investment Policy
Mr. Herrera presented the memo. He informed the Board that the
reporting guidelines have not been released yet. Mr. Herrera's
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recommendation to the Board was to updated the Investment Policy to
include the language used in the new legislation. Mr. Langley reported
that the Investment Policy was updated in June to include the language
used in the new legislation. He reported that the investment managers
do not use ESG factors in making investment decisions. He reminded the
Board that they do not own any stocks or bonds. Rather,they own shares
in the FMPTF fund. Hopefully,the reporting requirements will be a the
Trust fund level.
6. Board Attorney Report.
Mr. Herrera reiterated that he will have the disability forms at the next meeting.
Mr. Herrera reminded the Board to file the Florida Commision on Ethics Form 1.
He informed the Board of the FPPTA school in the fall.
7. Member Comments.
The Firefighter's Union would like to inquire about the cost for a COLA for a fixed
period of time. They would like to know the cost of a 2%, 2.5%, 3%, and 4%
COLA's for a 10 year and 15 year terms. They also asked for details on
implementing a 5 year DROP, and the cost of changing the Normal Retirement
Date from 25 years and out to 20 years and out. Mr. Langley informed the Board
that the City has requested a cost study for a 20 years and out for both the police
officers and the firefighters. The Board agreed that both unions should come
together at the next meeting with their recommendations for plan changes.
Chair Redditt informed the Board of some things that he learned a the FPPTA
conference. He also informed the Board that the FPPTA has an educational
scholarship fund for trustees and their families.
8. Administrator Comments.
Mr. Langley informed the Board that the DRAGO Fund Balance was
$3,039,594.51. He reported that the balance was update as distributions were
made. The DRAGO Fund is only updated once a year for contributions and
interest.
9. Public Participation. None.
The next meeting date is November 1, 2023.
10. Adjournment.
Chair Redditt adjourned the meeting at 7:13 p.m.
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Robert Redditt, Chair
ATTEST:
Jey'ra ey, Recording Secretary
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