Pension_11-06-2024Min 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
November 6, 2024
6:00 P.M.
Present: Robert Redditt, Chair
Chris Eichler, Secretary
Stefanie Reardon, Trustee
Kevin Little, Trustee
David Robinson, 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 6:03 p.m.
2. Approval of Minutes: August 8, 2024, Regular Meeting.
The Board reviewed the minutes. The Board discussed the Plan not having a
"sunset clause" which converts a disability pension to a regular pension once the
retiree reached normal retirement age. The Board also discussed the Mr. lamaio's
comments on not being able to get the doctor's statement notarized. The Board
would accept the doctor's statement not being notarized if it was faxed directly
from the doctor's office to the attorney or administrator. The Board also
discussed giving the retirees 90 days to complete the paperwork.
Trustee Eichler moved to approve the minutes as presented. Seconded by
Trustee Reardon 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 Little and carried by a unanimous voice vote.
B. Distributions and New Retirees.
Chair Redditt presented the report.
Trustee Little moved to approve the payments as presented.
Seconded by Trustee Eichler and carried by a unanimous voice vote.
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C. Quarterly Investment Report ending June 30, 2024.
Mr. Langley presented the quarterly report. The beginning balance was
$30,998,360.30; contributions were $195,385.66; earnings were
$247,840.32; distributions were $249,279.30; expenses were $30,158.66;
and the ending balance was $31,162,148.32. He informed the Board that
the Plan ended the quarter at 0.81% and fiscal year to date 13.78%. The
Board discussed the current market conditions.
Trustee Reardon moved to accept the Plan Account Statements as
presented. Seconded by Trustee Eichler and carried by a
unanimous voice vote.
4. Other Business.
A. Approve Actual Expenses for FY 2023-2024.
The Board reviewed the report.
Trustee Eichler moved to approve actual expenses as presented.
Seconded by Trustee Little and carried by a unanimous voice vote.
B. Set Meeting Dates for 2025: February 5, April 30, August 6, & November 5.
Mr. Langley presented the meeting dates for next year.
Trustee Eichler moved to approve the meeting dates as presented.
Seconded by Trustee Reardon and carried by a unanimous voice
vote.
C. Annual Disability Verification Forms
The Board discussed the disability verification process. They noted that
only one retiree completed all the forms. The other two only submitted
one of the two required forms. One retiree did not have the form that he
submitted notarized. The Board instructed the administrator to notify the
two retirees that did not submit all their paperwork that they need to do so
by January 31st. The Board discussed sending a letter to the retirees letting
them know that this verification will be an annual requirement and will be
due by April 30th of each year.
Trustee Reardon moved to approve the administrator to send a
letter to Mr. Morse and Mr. Albritton to have them complete the
necessary forms by January 31, 2025; and to inform them that their
payments could be conditional upon complying the Board's request.
Seconded by Trustee Eichler and carried by a unanimous voice vote.
5. Board Attorney Report.
A. Special Report 2024 Florida Legislature
Mr. Robinson presented the special report on foreign countries of concern
and human trafficking.
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Trustee Little moved to accept the two affidavits as presented.
Seconded by Trustee Reardon and carried by a unanimous voice
vote.
Trustee Little moved to request that both the Pension Attorney and
the Penion Administrator complete both affidavits. Seconded by
Trustee Eichler and carried by a unanimous voice vote.
6. Member Comments. None.
7. Administrator Comments.
A. DRAGO Fund Balance $3,402,159.11.
The Board reviewed the DRAGO balance.
Mr. Langley informed the Board that the quarterly fees would be
increasing. Mr. Langley reminded the Board off all the services that the fees
included. This was the first increase in 21 years.
Trustee Eichler moved to approve fee increase. Seconded by
Trustee Little and carried by a unanimous voice vote.
8. Public Participation. None.
9. Next Meeting: February 5, 2025.
10. Adjournment.
Chair Redditt adjourned the meeting at 7:12 p.m.
Robert Redditt, Chair
ATTEST:
/r 2
Jeremy
✓Lam ecording Secretary
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