Loading...
Pension_08-08-2024Min 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 8, 2024 6:00 P.M. Present: Robert Redditt, Chair Chris Eichler, Secretary Stefanie Reardon,Trustee Justin Lerro, Trustee Pedro Herrera, Board Attorney via Zoom Michelle Longo, City Clerk Jeremy Langley, Florida League of Cities 1. Call to Order and Pledge of Alligance. Chair Redditt called the meeting to order at 6:00 p.m. Trustee Eichler moved to re-appiont Trustee Reardon as the 5th Member of the Board for another 4 year term. Seconded by Trustee Lerro and carried by a unanimous voice vote. 2. Approval of Minutes: May 1, 2024, Regular Meeting. The Board reviewed the minutes. Trustee Eichler moved to approve the minutes as presented. Seconded by Trustee Lerro and carried by a unanimous voice vote. 3. Review of Agenda Packet Material. A. Expense Report for Approval. Chair Reddit presented the Expense Report. Trustee Eichler moved to approve the expenses as presented. Seconded by Trustee Lerro and carried by a unanimous voice vote. B. Distributions and New Retirees. Chair Redditt presented the report. Trustee Reardon moved to approve the payments as presented. Seconded by Trustee Eichler and carried by a unanimous voice vote. Pension 8.8.2024/1 Agenda Packet Page 3 C. Quarterly Investment Report ending March 31, 2024. Mr. Langley presented the quarterly report. The beginning balance was $29,454,488.36; contributions were $363,752.11; earnings were $1,346,053.94; distributions were$155,963.80; expenses were $9,970.31; and the ending balance was$30,998,360.30. He informed the Board that the Plan ended the quarter at 4.57%and fiscal year to date 12.87%. The Board discussed the current market conditions. Trustee Eichler moved to accept the Plan Account Statements as presented. Seconded by Trustee Reardon and carried by a unanimous voice vote. 4. Other Business. A. Proposed Budget for FY 2024-2025. The Board reviewed the proposed budget. The Board discussed increasing the budget for the fiduciary liability insurance to $4,000. Mr. Langley informed the Board that the FMPTF will be raising their quarterly fees slightly. He will be able to bring more information to the next meeting. He recommended that the Quarterly Fees budget be raised to $45,000. Mr. Langley will include the revised budget in the next agenda. Trustee Eichler moved to approve budget as amended to total $87,750. Seconded by Trustee Lerro and carried by a unanimous voice vote. B. Approve Summary Plan Description (SPD) and Distribution. Mr. Langley reminded the Board that the Summary Plan Description needed to be approved every two years even if there were no changes to the Plan and needed to be distributed to the members. The Board reviewed the document. The City will post the Summary Plan Description. Trustee Reardon moved to approve the Summary Plan Description as presented. Seconded by Trustee Eichler and carried by a unanimous voice vote. 5. Board Attorney Report. Mr. Herrera reminded the Board to file their Florida Commission on Ethics Form 1 if they have not already. Ms. Longo verified that all the Trustees had filed their forms. 6. Member Comments. None. 7. Administrator Comments. A. DRAGO Fund Balance $3,112,170.70. Mr. Langley reviewed how the DRAGO Fund operated for the benefit of Pension 8.8.2024/2 Agenda Packet Page 4 the new Trustee, Mr. Lerro. B. Annual Report was approved. Mr. Langley reported that the Annual Report was approved by the State. C. Annual Disabilty Letters and Letters to Terminated Non-Vested Member Letters have been sent out. Mr. Langley reported that the letters were sent out. He will report to the Board at the next meeting if there was any response from those eligible for a return of their employee contributions. D. State Police/Fire Pension Conference. Mr. Langley presented the State Conference to the Board. Mr. Lerro was encouraged to attend. 8. Public Participation. Mr. Joshua lamio, a retiree with a disability pension, addressed the Board. He informed the Board that his doctor did not have a notary on staff and could not have the form notarized. Ms. Forbes at the League was out of the office so he contact Mr. Herrera's office. Mr. Herrera instructed him to have the doctor's office sign the form and fax it to his office. Mr. lamio thought that other doctors' offices would not have a notary on staff making that requirement of the form difficult to comply with. Mr. Herrera informed Mr. lamio that this was a State statute the Board was flowing to make sure that the disability pensioners were still disabled. He stated that if having the form notarized was a problem, a doctor's office could fax or email the form to the administrator/attorney. The Board discussed updating the form to remove the notary requirement on the physician's form. Mr. lamio informed the Board that he received the forms at the end of July and the deadline to have the form submitted was August 31st. He asked how often he would have to fill out the proof of disability forms. He request that in the future, the forms be sent out earlier. He stated that he looked online but could not find the most recent pension board minutes. He wanted to know when the Board started this disability verificary. Mr. Langley thought this was an annual requirement. The Board agreed that the forms could be sent out 90 days in advance of the deadline. Mr. lamio asked the Board if there was a sunset clause for the disability verification forms. Mr. Herrera explained to the Board that a sunset clause would stop this verification process at a set point in time,typically at normal retirement age. This Plan does not convert a disability pension to a normal retirement benefit upon normal retirement age so the Plan would not have sunset clause. The Board thanked Mr. lamio for bringing these issues before the Board. The Board asked that a the next meeting they discuss amending the doctor's forms and potentially adding a sunset clause. Pension 8.8.2024/3 Agenda Packet Page 5 9. Next Meeting: November 6, 2024. 10. Adjournment. Chair Redditt adjourned the meeting at 7:09 p.m. / 417 Robert Redditt, Chair ATTEST: Jer gley, Recording Secretary Pension 8.8.2024/4 Agenda Packet Page 6