 |
BOARD MEMBERS PRESENT:
Jim Freeman, Chair
Micah Mathews, Secretary
Mike Fuller
Benjamin Schlabach
STAFF AND OTHERS PRESENT:
Lindsey Garber, Board Attorney
John Thinnes, Mariner Consulting
Cassi Bailey, Assistant City Clerk/ Pension Plan Administrator
Chair Freeman called the meeting to order at 11:00 am. and conducted a roll call.
1. AGENDA APPROVAL
MOTION: Mr. Fuller moved, Mr. Schlabach seconded, and the motion
carried 4-0 to approve the May 19th, 2025 Police Officers’ Pension Board Agenda.
2. PUBLIC COMMENT
No public comment.
3. APPROVAL OF MINUTES
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the motion
carried 4-0 to approve the February 24th, 2025 minutes.
4. APPROVAL OF EXPENSES
a.) Sawgrass Asset Management invoice dated 04/04/2025
b.) Salem Trust invoice dated 04/10/2025
c.) Foster & Foster invoice dated 04/28/2025
d.) City of Palmetto invoice dated 04/23/2025
e.) Mariner invoice dated 03/26/2025
f.) Klausner, Kaufman, Jensen & Levinson invoices dated 04/30/2025, 03/31/2025 & 02/28/2025
MOTION: Mr. Fuller moved, Mr. Mathews seconded, and the motion carried
4-0 to ratify the paid expenses as presented.
Police Officers’ Pension Board of Trustees
May 19, 2025
Page 2 of 3
5. INVESTMENT REVIEW
John Thinnes, Senior Institutional Advisor with Mariner, presented the end-of-quarter investment review, which was included in the agenda packet. The portfolio showed a positive return of +6.36% for the quarter and +1.81% for the year, a notable improvement compared to a prior review showing -0.85% for the quarter and
-1.9% for the year. Mr. Thinnes emphasized that while market conditions remain unpredictable, the portfolio is currently in a better position than it was three weeks ago. He advised staying aligned with the current investment policy, noting that cash remains at 4% and that the portfolio is within its allowable ranges. There is no need to rebalance at this time. He remains hopeful for a positive outcome by the end of the fiscal year on September 30th.
Mr. Fuller shared that being well diversified has definitely helped with the volatility we’ve seen recently in the market. He agreed we’re where we need to be.
Mr. Freeman raised questions regarding the gross versus net fees shown on page 63 of the report, as well as discrepancies between pages 20 and 23. Mr. Thinnes clarified that on page 21, the figures in parentheses represent net of fees, and that the differences depend on the timing of fee payments and how they are reflected in the reporting system. He noted that, due to the way their system operates, the gross and net figures are typically very similar. To provide additional clarity, Mr. Thinnes offered to supply an Excel spreadsheet with a comparison similar to the format used in the general pension investment reports.
6. BENEFITS DISBURSEMENT APPROVAL
a. DROP PARTICIPANT
· None
b. SEPARATED NON-VESTED EMPLOYEE
· Vincent Diorio (03/11/2025)
c. SEPARATED VESTED EMPLOYEE
· None
d. RETIRED EMPLOYEES
· None
e. DECEASED RETIREES
· None
f. DECEASED ACTIVE EMPLOYEE PAYOUT
· None
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the motion
carried 4-0 to approve the Benefits Disbursements as presented.
7. NEW MEMBER ACKNOWLEDGEMENT (Informational Only)
· N/A
8. SEPARATED MEMBER ACKNOWLEDGEMENT (Informational Only)
· Ryan LaRowe (07/03/2025)
Police Officers’ Pension Board of Trustees
May 19, 2025
Page 3 of 3
9. ATTORNEY GARBER’S REPORT
Ms. Garber explained the amendment to the contract for Mariner. She highlighted the changes, which was included in the agenda.
MOTION: Mr. Schlabach moved, Mr. Fuller seconded, and the motion
carried 4-0 to approve the addendum for the Mariner agreement.
Ms. Garber explained the rule that she is proposing to define a separation of service. The addendum was included in the agenda. This will protect the members and the plan. Mr. Freeman stated that this is a clarification of the separation of service.
Mr. Fuller asked what the advantage was for the employee. This particular individual entered the drop, therefore he has to leave the plan. There’s also a maximum for the plan of 75% which he has hit.
MOTION: Mr. Schlabach moved, Mr. Fuller seconded, and the motion
carried 4-0 to accept the clarification of the operating rules addendum for separation of service.
Form 1 filings are due by July 1st. They should’ve received an email to do so.
10. PLAN ADMINISTRATOR’S REPORT
Nothing additional to report.
A new 5th trustee, Ryan Williams, is on the City Commission meeting agenda for appointment tonight.
Chair Freeman adjourned the meeting at 11:31 am.
Minutes approved: AUGUST 25, 2025
CASSI L. BAILEY
CASSI L. BAILEY
PENSION PLAN ADMINISTRATOR