Pension_11-02-2022MinBOARD 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 2, 2022
6:00 P.M.
Present: Robert Redditt, Chair
Bruce Kubec, Vice -Chair
Kevin Little, Secretary
Chris Eichler, Member
Pedro Herrera, Board Attorney (virtually)
Michelle Longo, City Clerk
Jeremy Langley, Florida League of Cities
Absent: Cole Copertino, Member
1. Call to Order.
Chair Redditt called the meeting to order at 6:00 p.m.
2. Pledge of Allegiance.
3. Approval of Minutes: August 3, 2022, Regular Meeting.
The Board reviewed the minutes.
Secretary Little moved to approve the minutes as presented. It
was seconded by Member Eichler and carried by a unanimous
voice vote, with Member Copertino absent.
4. Review of Agenda Packet Material.
A. Quarterly Performance Review (Report ending June 30, 2022).
Mr. Langley presented the quarterly report. The beginning balance was
$27,468,831.98; contributions were $206,023.10; losses were
$2,416,929.63; distributions were $91,822.79; expenses were
$25,458.60; and the ending balance was $25,140,644.06. He informed
the Board that the Plan ended the quarter down at (8.80%) and FYTD
down at (9.41%) was. He informed the Board the fund would probably
end the year down another 3-4%. He reminded the Board that the Plan
was healthy plan, and it should sustain through this down market. The
Board discussed the current market conditions.
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Vice -Chair Kubec moved to accept the plan account statements as
presented. It wa seconded by Secretary Little and carried by a
unanimous voice vote, with Member Copertino absent.
B. Plan Account Statements (June 2022, July 2022, and August 2022).
Mr. Langley briefly reviewed the statements since they just reviewed the
quarterly investment report. The Board agreed that moving forward,
this agenda item will no longer be needed since Mr. Langley will be giving
the quarterly investment report. The Board asked that under item C.
Expense Report, that the individual invoices listed be included in the
agenda packet.
The Beginning Balance for June 2022 was $26,261,049.94; the
Contributions were $69,581.16; the Losses were $1,160,430.35; the
Distributions were $28,619.19; the Fees and Expenses were $937.50; and
the Ending Balance was $25,140,644.06.
The Beginning Balance for July 2022 was $25,140,644.06; the
Contributions were $71,338.42; the Earnings were $1,058,753.73; the
Distributions were $28,619.19; the Fees and Expenses were $21,430.08;
and the Ending Balance was $26,220,686.94.
The Beginning Balance for August 2022 was $26,220,686.94; the
Contributions were $104,232.56; the Losses were $589,116.57; the
Distributions were $28,619.19; the Fees and Expenses were $0.00; and
the Ending Balance was $25,707,183.74.
Secretary Little moved to accept the Plan Account Statements as
presented. It was seconded by Member Eichler and carried by a
unanimous voice vote, with Member Copertino absent.
C. Expense Report.
Chair Redditt reviewed the Expense Report. The Board asked that going
forward, the invoices be included.
Member Kubec moved to approve the Expense Report as
presented. It was seconded by Secretary Little and carried by a
unanimous voice vote, with Member Copertino absent.
D. Distributions and New Retirees: None
5. Other Business.
A. Sth Board Member
Mr. Herrera reminded the Board that this agenda item was carried over
from the last meeting. The Board agreed that since the 5th member, Mr.
Copertino, was not attending the meetings he should be removed from
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the Board. Mr. Herrera informed the Board that the 5th member serves
on the Board at the pleasure of the other 4 members. The 5th member
could be removed at any time. He also informed the Board that a new
member would finish Mr. Copertino's 4 year term.
Secretary Little moved to remove Mr. Copertino as the 5th
member of the Board due to his past attendance record and to
proceed with seeking his replacement for his seat effective
immediately. It was seconded by Member Eichler and carried by a
unanimous voice vote, with the 5th member seat vacant.
Mr. Langley agreed to have the administrator send Mr. Copertino an
email informing him of the Board's decision. The email will remind him
to file his Florida Commission on Ethics final form 1. Ms. Longo informed
the Board that she will proceed with the process to find candidates for
the 5th Member position.
B. Approval of Actual Expenses for FY 2022
Mr. Langley and Mr. Herrera reminded the Board that this is a required
disclosure for the Annual Report. The Board reviewed.
Secretary Little moved approve the Actual Expenses for FY 2022
as presented. It was seconnded by Vice -Chair Kubec and carried
by a unanimous voice vote, with the 5th member seat vacant.
C. Review of Disability Claims
Chair Redditt reminded the Board that the forms were sent out to the
retirees who are receiving a disability pension. Mr. Herrera reminded the
Board that they should verify that those who were receiving a disability
pension were still disabled. The Board commented that the name was
not clearly readable on the form. Ms. Longo informed the Board that the
form was from Anthony Morse. The form was also sent to Robert
Albritton. Mr. Albritton's letter was returned, he was located, and the
letter was then resent to him. The League has had no response from Mr.
Albritton. Chair Redditt confirmed that the form came from Mr.
Herrera's firm.
The Board discussed how to follow up with the forms. The Board agreed
that the form needs to be modified and that it was not the Board's
obligation to assist with the retirees' rehabilitation. The Board discussed
various ways and questions that could be used to find out if the member
was still disabled. The Board discussed asking for the disabled retirees'
work history and tax returns. Mr. Herrera informed the Board that he
would modify the form and would include an affidavit to be completed by
the retiree's physician. He informed the Board that the process could be
as involved as the Board wanted. He will bring this back to the next
meeting. Ms. Longo reminded the Board that at the May 9th meeting,
they approved the steps including the procedures for the Board to take
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to verify the disability payments for the retirees. The procedures state
the Board will review the disability payments once a year.
D. Set Meeting Dates for Next Year: All meetings will be at 6:00 p.m.
February 1st, May V, August 2nd, and November 111
The Board agreed to the meeting dates.
E. Renewal of FPPTA Membership Dues $750.00
Member Eichler moved to approve renewing the FPPTA Membership
Dues as presented. It was seconnded by Secretary Little and carried by a
unanimous voice vote, with the 5th Member sear vacant.
6. Board Attorney Report.
Mr. Herrera informed the Board that the State's Annual Trustee training was
rescheduled for December 14-16. The FPPTA's Winter School was scheduled for
January 29th - February 15Y. Mr. Herrera informed the Board that the Firm was
going to make a contribution in their honor to the American Red Cross Hurricane
Ian Relief Fund as part of the Firm's annual charity tradition. The Board gladly
accepted the donation.
7. Member Comments.
The Board asked that the page numbers for agenda items be given on the
agenda. The Board had a follow up question on the verification of the disability
payments process. Mr. Herrera informed the Board that if the form revealed any
suspicious information the Board could send the retiree to another independent
medical examiner for a follow up examination.
8. Administrator Comments.
DRAGO Fund Balance $2,859,943.56. Mr. Langley reminded the Board that the
fund was invested with the plan's assets and was valued once a year. The
balance will be updated for the next meeting.
The next meeting date is February 1, 2023.
9. Public Participation. None.
10. Adjournment. Chair Redditt adjourned the meeting at 7:30 p.m.
Minutes approved by the Board of Trustees: 11-02-2022
Robert Redditt, Chair
ATTEST:
Jeremy Langley, Recording Secretary
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