Pension_02-07-2024Min 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
February 7, 2024
6:00 P.M.
Present: Robert Redditt, Chair
Kevin Little, Secretary
Chris Eichler, Member
Stefanie Reardon, 5th Member
Madison Levine, Board Attorney
Pedro Herrera, Board Attorney
Michelle Longo, City Clerk
Jeremy Langley, Florida League of Cities
1. Call to Order. Chair Redditt called the meeting to order at 6:00 p.m.
2. Pledge of Allegiance.
3. Election of Officers.
A. Chair
Trustee Little moved to keep Trustee Redditt as the Chair. Seconded by
Trustee Reardon and carried by a unanimous voice vote.
B. Vice-Chair
Trustee Eichler moved to elect Trustee Little as the Vice-Chair. Seconded
by Trustee Reardon and carried by a unanimous voice vote.
C. Secretary
Trustee Reardon moved to elect Trustee Eichler as the Secretary.
Seconded by Trustee Little and carried by a unanimous voice vote.
4. Approval of Minutes: November 1, 2023, Regular Meeting
The Board reviewed the minutes. Trustee Reardon noted a correction.
"Stephanie" needs to be corrected to "Stefanie."
Trustee Kubeck moved to approve the minutes as corrected. Seconded
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by Trustee Eichler and carried by a unanimous voice vote.
5. Review of Agenda Packet Material.
A. Expense Report for Approval.
The Board reviewed 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 Eichler moved to approve the payments as presented.
Seconded by Trustee Little and carried by a unanimous voice vote.
C. Quarterly Investment Report ending September 30, 2023.
Mr. Langley presented the quarterly report. The beginning balance was
$27,445,835.29; contributions were $764,213.42; earnings were
$693,625.54; distributions were $271,010.37; expenses were $28,417.03;
and the ending balance was $27,227,993.77. He informed the Board that
the Plan ended the quarter down at-2.48% but ended the fiscal year up
at 8.61%which is above the assumed rate of return. Mr. Langley
informed the Board that one of the Large Cap investment managers has
been replaced with an S&P 500 Index Fund.
Trustee Eichler moved to accept the Plan Account Statements as
presented. Seconded by Trustee Little and carried by a
unanimous voice vote.
6. Other Business.
A. Annual Report.
Mr. Langley informed the that the annual report was being worked on
and would be submitted into the State by the March 15th deadline.
7. Board Attorney Report.
A. Electronic Filing of Florida Commission on Ethics Form 1
Ms. Levine informed the Board that the form will now be submitted only
through the State via the new online portal.
B. Examples of COLA'a
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Mr. Herrera informed the Board that a COLA can be structured many
different ways. He provided a few examples. The Board discussed the
possibilities and various way to inplement a COLA. The Board would like
to keep this manner under Old Business. The Union Representatives will
bring back COLA options for a cost study. Mr. Herrera informed the
Board that there was a bill in the Legistature to reinstate the COLA for the
FRS.
8. Member Comments.
The Board asked about one of the actuary bills and its description that the
DRAGO Fund and DROP were discussed. The Board asked for clarification on
that discussion. Mr. Langlely informed the Board that the City and the actuary
had a general conversation on these matters.
9. Administrator Comments.
The Board asked how the DRAGO Fund was funded. Mr. Langley informed the
Board that the DRAGO Fund was funded by the State Money and was invested
along with the plan's assets. Mr. Herrera informed the Board that is was valued
once a year. At the next meeting, Mr. Langley will bring back the particulars of
the DRAGO Fund.
10. Public Participation. None.
11. Next Meeting: May 1, 2024
12. Adjournment.
Chair Redditt adjourned the meeting at 7:07 p.m.
Robert Redditt, Chair
ATTEST:
Jeremy Langley, Recording Secretary
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