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BOARD MEMBERS PRESENT:
Jim Freeman, Chair
Micah Mathews, Secretary
Mike Fuller (Not Present)
Benjamin Schlabach
STAFF AND OTHERS PRESENT:
Lindsey Garber, Board Attorney
John Thinnes, Mariner Consulting
Cassi Bailey, Assistant City Clerk/ Pension Plan Administrator
Doug Lozen, Actuary with Foster & Foster
Chair Freeman called the meeting to order at 11:00 am. and conducted a roll call.
1. AGENDA APPROVAL
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the
motion carried 3-0 to approve the February 24th, 2025 Police Officers’ Pension Board Agenda.
2. PUBLIC COMMENT
None
3. CERTIFICATION OF ELECTION FOR ELECTED TRUSTEE SEAT FOR TERM ENDING DECEMBER 31, 2026
Micah Mathews ran unopposed for the elected Police Pension Trustee seat for a term ending December 31, 2026.
MOTION: Mr. Schlabach moved, Mr. Freeman seconded, and the
motion carried 3-0 to certify the election results as presented.
4. APPROVAL OF MINUTES
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the
motion carried 3-0 to approve the November 18th, 2024 minutes.
Police Officers’ Board of Trustees
February 24, 2025
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5. APPROVAL OF EXPENSES
a.) Foster & Foster invoice dated 01/31/2025
b.) Mariner Institutional, LLC invoices dated: 09/24/24, received 11/15/24 and 12/27/24
c.) Sawgrass Asset Management Invoice dated 01/09/25
d.) Klausner, Kaufman, Jensen & Levinson invoices dated 01/31/25 and 11/30/24
MOTION: Mr. Schlabach moved, Mr. Mathews seconded, and the
motion carried 3-0 to ratify the paid expenses as presented.
6. INVESTMENT REVIEW
John Thinnes, Senior Institutional Advisor with Mariner, presented the end of the quarter investment review.
We will review the private equity search at the next meeting, when more of the Board is present.
The quarterly report was discussed, and this was included in the agenda packet. Tariffs have created more volatility in the market. Inflation is not going away. We have over $17 million in our plan as of 12/31/24. For the time being, Mr. Thinnes suggested leaving Principal alone (real estate). The year 2025 is going to be bumpy ride. We are still within our ranges. Our returns are -1.05% for the quarter. Currently for the new quarter we are sitting at around +2-3%. Our 1-year number is 11.19%. Individual asset classes and managers were highlighted. Our cash is currently over 4%.
7. 2024 ACTUARIAL VALUATION REPORT
Doug Lozen, Actuary with Foster and Foster, presented the 2024 Actuarial Valuation Report, which was included in the agenda.
We are looking at a small percent of payroll reduction for the City’s contribution. We will need to provide 21.34% as opposed to 22.40% for last year. Cities are giving above average salary increases, which is contributing to the overall fund. Our funded status is in the upper 80%, which is still considered well funded.
MOTION: Mr. Schlabach moved, Mr. Mathews seconded, and the
motion carried 3-0 to accept the 2024 Actuarial Valuation Report.
When the Florida Retirement System, FRS, changes the mortality assumption, we have to adopt the same. They adopted a new experience study with their July 1, 2024 valuation study, which means we have to adopt the changes by our October 1, 2025 valuation. Mr. Lozen suggested running a mortality study for the May pension meeting, the same as the General Employees Board of Trustees, in preparation for the 2025 valuation.
Police Officers’ Board of Trustees
February 24, 2025
Page 3 of 3
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the
motion carried 3-0 to approve Mr. Lozen to conduct a mortality study.
Mr. Thinnes stated that based on our asset allocations, 6.75% is a reasonable rate of return, for the next year, next several years and the long term thereafter.
MOTION: Mr. Schlabach moved, Mr. Mathews seconded, based upon
the advice of the investment consultant, the Board expects to get a 6.75% investment return for the next year, the next several years, and the long term thereafter. The motion carried 3-0.
8. BENEFITS DISBURSEMENT APPROVAL
a. DROP PARTICIPANT
· None
b. SEPARATED NON-VESTED EMPLOYEE
· None
c. SEPARATED VESTED EMPLOYEE
· None
d. RETIRED EMPLOYEES
· None
e. DECEASED RETIREES
· None
f. DECEASED ACTIVE EMPLOYEE PAYOUT
· None
9. NEW MEMBER ACKNOWLEDGEMENT (Informational Only)
· N/A
10. SEPARATED MEMBER ACKNOWLEDGEMENT (Informational Only)
· N/A
11. ATTORNEY GARBER’S REPORT
Ms. Garber shared a memo regarding the withholding requirements, which were part of the agenda. These only affect members who live outside of the country.
12. PLAN ADMINISTRATOR’S REPORT
Nothing additional to report.
Chair Freeman adjourned the meeting at 11:30 am.
Minutes approved: MAY 19, 2025
CASSI L. BAILEY
CASSI L. BAILEY
PENSION PLAN ADMINISTRATOR