Pension_11-01-2023MinBOARD 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 1, 2023
6:00 P.M.
Present: Robert Redditt, Chair
Bruce Kube, Vice -Chair
Kevin Little, Secretary
Chris Eichler, Member
Stephanie Reardon, 5t" Member
Pedro Herrera, Board Attorney
Shauna Morris, Board Attorney
Michelle Longo, City Clerk
Courtney
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. Approval of Minutes: May 5, 2023, Regular Meeting
August 2, 2023, Regular Meeting
The Board reviewed the minutes.
Trustee Kubeck moved to approve both sets of minutes as presented.
Seconded by Trustee Eichler and carried by a unanimous voice vote.
4. Review of Agenda Packet Material.
A. Expense Report for Approval.
The Board reviewed the Expense Report.
Trustee Little moved to approve the expenses as presented.
Seconded by Trustee Reardon and carried by a unanimous voice
vote.
B. Distributions and New Retirees.
Chair Redditt presented the report.
Pension 11-1-2023/1
Agenda Packet Page 3
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 June 30, 2023.
Mr. Langley presented the quarterly report. The beginning balance was
$27,039,752.68; contributions were $200,288.82; earnings were
$483785.07; distributions were $250,345.21; expenses were $27,646.07;
and the ending balance was $27,445,835.29. He informed the Board that
the Plan ended the quarter up at 1.81%. The Board discussed the current
market conditions.
Trustee Kubec moved to accept the Plan Account Statements as
presented. Seconded by Trustee Eichler and carried by a
unanimous voice vote.
S. Other Business.
A. Review of Disability Claims.
Mr. Herrera presented the updated forms. The Trustees commented on
the formatting of the date line associated with the signature line and
updating the notarty signature line. Mr. Herrera walked the Board
through the process if a disabled member recovered enough to be
reinstated as a Police Officer or Firefighter. Mr. Herrera explained that
the member would be sent to an independent medical examiner and a
hearing would be held. The Board discussed if the main contact person
should be listed on the form or if the general FMPTF contact information
should be listed.
Trustee Reardon moved to accept the forms as corrected.
Seconded by Trustee Little and carried by a unanimous voice vote.
B. Approval of Actual Expenses for FY 2022-2023.
Mr. Langley and Mr. Herrera reminder the Board that the budget was a
projection of the expenses. The Board needs to approve the actuary
expenses for the Annual Report. Mr. Langley explained that the line item
for miscellaneous is included in the Budget to act as a buffer for the
Board going over the budget.
Trustee Eichler moved to approve the actual expenses as
presented. Seconded by Trustee Little and carried by a
unanimous voice vote.
House Bill 3 Forms.
Pension 11-1-2023/2
Agenda Packet Page 4
Mr. Herrera reminded the Board of the history of the bill and gave update
on reporting requirements. Mr. Langley informed the Board that
Stephanie Forbes was registered as the designed person to file the report
to the State on behalf of the report. Mr. Langley reminded the Board
that they own shares in the FMPTF and do not own any stocks or bonds.
The FMPTF has always used pecuniary factors in making investment
decisions. The Investment Policy was updated to added the language in
House Bill 3.
Trustee Eichler moved to approve the League filing the required
reports for House Bill 3 on behalf of the Board. Seconded by
Trustee Little and carried by a unanimous voice vote.
C. Terminated Non -Vested Members with Contributions Still in the Plan.
Mr. Langley informed the Board that it would be an on going process of
sending out letters terminated members. The number of members
needing a refund of their employee contributions will be noted in the
valuation.
D. Set Meeting Dates for 2024: February 7, May 1, August 7, and
November 6.
The Board reviewed the dates.
Trustee Little moved to approve dates as presented. Seconded by
Trustee Eichler and carried by a unanimous voice vote.
6. Board Attorney Report.
Mr. Herrera introduced Shauna Morris. She is new attorney with the firm and
will be assisting Mr. Herrera
7. Member Comments.
Trustee Kubec and Trustee Reardon reported that they attended trustee
training.
The Board was updated on the City's and the Unions negotitations. In order to
change the normal retirement date to 20 years and out, the police officer's
employee contributions would be raised from 1% to 5.5%. The City was open to
the change but could not bare the cost associated with it. The Board agreed that
they were not going to be part of any contract negotiations. The Police Union is
ask for examples if different COLA options.
Pension 11-1-2023/3
Agenda Packet Page 5
8. Administrator Comments.
Mr. Langley informed the Board that the Drago money would be updated for the
next meeting.
Public Participation. None.
The next meeting date is February 7, 2024.
10. Adjournment.
Chair Redditt adjourned the meeting at 7:16 p.m.
Robert Redditt, Chair
UVIii*1A
Jeremy Langley, Recording Secretary
Pension 11-1-2023/4
Agenda Packet Page 6