Pension_02-05-2025Min 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
February 5, 2025
6:00 P.M.
Present: Robert Redditt, Chair
Kevin Little, Vice Chair arrived at 6:28 p.m.
Chris Eichler, Secretary
Justin Lerro, Trustee
Michelle Longo, City Clerk
Jeremy Langley, Florida League of Cities
Chuck Carr, Board Actuary via Zoom
David Robinson, Board Attorney via Zoom
1. Call to Order and Pledge of Alligance.
Chair Redditt called the meeting to order at 6:00 p.m.
2. Elect Board Officers: Chair, Vice Chair, and Secretary.
Trustee Eichler moved to reappoint Robert Redditt as Chair. Seconded by
Trustee Lerro and carried by a unanimous voice vote.
Trustee Eichler moved to reappoint Kevin Little as Vice Chair. Seconded by
Trustee Lerro and carried by a unanimous voice vote.
Trustee Redditt moved to reappoint Chris Eichler as Secreatary. Seconded
by Trustee Lerro and carried by a unanimous voice vote.
3. Approval of Minutes: November 6, 2024, Regular Meeting.
The Board reviewed the minutes. It was noted that Joshua lamaio was misspelled
on page 2 and 3.
Trustee Eichler moved to approve the minutes as amended. Seconded by
Trustee Lerro and carried by a unanimous voice vote.
4. 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.
Pension 2.5.2025/1
Seconded by Trustee Lerro and carried by a unanimous voice vote.
B. Distributions and New Retirees.
Chair Redditt presented the report.
Trustee Eichler moved to approve the payments as presented.
Seconded by Trustee Lerro and carried by a unanimous voice vote.
C. Quarterly Investment Report ending September 30, 2024.
Mr. Langley presented the quarterly report. The beginning balance was
$31,162,148.32; contributions were $1,027,502.28; earnings were
$1,661,988.28; distributions were $314,680.10; expenses were $14,282.92;
and the ending balance was $33,522,675.86. He informed the Board that
the Plan ended the quarter at 5.31% and ended the fiscal year at 11.01%.
The Board discussed the current market conditions.
Trustee Eichler moved to accept the Plan Account Statements as
presented. Seconded by Trustee Lerro and carried by a unanimous
voice vote.
5. Other Business.
A. Actuarial Valution 10/01/2024.
Mr. Carr presented the Actuarial Valuation report. He informed the Board
that the minimum required contribution rate for 2025/2026 will be 34.49%.
He reminded the Board of the 5 year "smoothing" method used for the
unexpected gains and losses to help keep the minimum required
contribution more stable. He explained that the advanced employer
contributions could be used at any time by the City. Mr. Carr explained
how the funded percentage of 111.26% was calculated. The Board asked
for a report showing individual balances in the DRAGO Fund. Mr. Carr
explained how the members' balances were calculated.
Trustee Little moved to approve Actuarial Valuation as presented.
Seconded by Trustee Eichler and carried by a unanimous voice vote.
B. Set Expected Rate of Return.
Mr. Langley explained that this was needed for Annual Report.
Trustee Little moved to set the expected rate of return at 6.5%for
this year, the next year, and the long term after. Seconded by
Trustee Lerro and carried by a unanimous voice vote.
C. Annual Disability Verification Forms
The Attorney reminded the Board about the change in procedures made at
the last meeting allowing for doctors' offices to fax the form in if no notary
is available. Mr. Langley informed the Board that the missing paperwork
from Mr. Morse and Mr. Albritton were in the packet materials.
Pension 2.5.2025/2
Mr. Albritton will addressed the Board during public participation. The
Board reviewed the forms.
Trustee Little moved to accept the disability verification forms as
presented. Seconded by Trustee Eichler and carried by a
unanimous voice vote.
The Board allowed public participation at this time.
Mr. Robert Albritton addressed the Board. He informed the Board that he served
as a police officer for 15 years. He explain how he granted a complete and
permanent disability pension 10 years ago. He described his current medical
condition for the Board. He informed the Board he did not understand the need to
verify that he was disabled. He reported that he has several doctors and none of
them wanted to sign the forms. Doctors do not have notaries in thier offices. He
explained at length how this new verification requirement is stressful and very
burdensome. At the age of 68, he was not going to get better or return to work.
Mr. Albritton stated he understood that some people will try to take advantage of
the system and asked the Board to reconsider modifying the verification process.
The Board thanked Mr. Albritton for coming and speaking and informing them of
his experience. They explained a disability could be granted on a wide rage of
conditions and ages. The Board discussed ways to make the process less stressful.
They considered after a certain age only completing the form every 3 years or
having a cut off point where the form is no longer needed. Mr. Robinson
reminded the Board that with this Plan a disability pension does not convert to a
regular pension at a certain age. It was done this way in order to keep the tax
benefits to the retiree. He informed the Board that any changes to the procedures
would have to be done in a way as not to discriminate against anyone. He will
research to see what accommodations could be applied to the verification process.
Mr. Albritton asked the Board to condiser a cost-of-living adjustment (COLA). The
Board informed him a COLA has been discussed several times but due to the cost
of implementing a COLA it has not been added. The Board thanked Mr. Albritton
for coming to the meeting and they valued his imput on the matter. They invited
him back to the next meeting for further input on this matter.
6. Board Attorney Report.
Mr. Robinson reiterated that he will bring back recommendations on the
verification process to the next meting. He also reported that the Firm will be
watching for new legislation that would affect the pension plan.
7. Member Comments. None.
8. Administrator Comments.
A. DRAGO Fund Balance $3,281,301.22.
The Board reviewed the DRAGO balance.
Pension 2.5.2025/3
B. Annual Report
Mr. Langley reported that the report is being worked on and will be
submitted by March 15tn
8. Public Participation. Already discussed.
9. Next Meeting: April 30, 2025.
10. Adjournment.
Chair Redditt adjourned the meeting at 7:12 p.m.
Robert Redditt, Chair
ATTEST:
Jeremy Langley, Recording Secretary
Pension 2.5.2025/4