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BOARD MEMBERS PRESENT:
Jim Freeman, Chair
Micah Mathews, Secretary
Mike Fuller
Benjamin Schlabach
Ryan Williams
STAFF AND OTHERS PRESENT:
Lindsey Garber, Board Attorney
Doug Lozen, Foster & Foster
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 roll call.
1. AGENDA APPROVAL
MOTION: Mr. Fuller moved, Mr. Schlabach seconded, and the motion
carried 5-0 to approve the August 25th , 2025 Police Officers’ Pension Board Agenda.
2. PUBLIC COMMENT
No public comment.
3. APPOINTMENT OF RYAN WILLIAMS TO THE POLICE OFFICERS’ PENSION BOARD FOR A TERM ENDING DECEMBER 31, 2026 (INFORMATIONAL ONLY)
The City Commission appointed Ryan Williams to the Police Officers' Pension Board for a term ending December 31, 2026.
4. APPROVAL OF MINUTES
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the motion
carried 5-0 to approve the May 19th, 2025 minutes.
5. FY 2025-2026 POLICE PENSION BUDGET
MOTION: Mr. Mathews moved, Mr. Schlabach seconded, and the motion
carried 5-0 to adopt the fiscal year 2025-2026 Police Pension
Plan Budget.
Police Officers’ Pension Board of Trustees’
August 25, 2025
Page 2 of 4
6. APPROVAL OF EXPENSES
a.) Klausner, Kaufman, Jensen & Levinson Invoices dated 06/30/2025 & 05/31/2025
b.) Sawgrass Asset Management Invoice dated 07/09/2025
c.) Mariner Invoice dated 06/30/2025
d.) Salem Trust Company Invoice dated 07/11/2025
e.) Foster & Foster Invoice dated 08/05/2025
MOTION: Mr. Schlabach moved, Fuller seconded, and the motion carried
5-0 to ratify the paid expenses as presented.
7. INVESTMENT REVIEW
John Thinnes, Senior Institutional Advisor with Mariner, presented the end-of-quarter investment review, as included in the meeting packet. For the benefit of the new board member, Mr. Thinnes provided a brief overview of his role as the investment consultant to the Pension Board. He also reviewed the proposed updates to the Investment Policy Statement, which were included in the minutes.
MOTION: Mr. Fuller moved, Mr. Freeman seconded, and the motion carried
5-0 to adopt the changes to the investment policy statement as
presented by the investment consultant.
Mr. Thinnes reviewed the Quarter 2 investment summary, as included in the agenda. He was satisfied with the current portfolio allocations. The plan was up 7.29% for the quarter and 5.25% year-to-date, with an additional estimated 2% increase in the past couple of months. Mr. Thinnes also reviewed the performance of individual managers for the quarter and fiscal year to date, noting that just over one month remains before the fiscal year closes.
Mr. Thinnes presented a memo, included in the minutes, proposing a change from a flat fee to a percentage-based fee structure. The proposed rate of 0.295% would include the custodian fee and aligns with the General Employees’ Pension fee schedule.
Mr. Fuller inquired about the General Employees’ Pension Investment Consultant’s fees, and Mr. Freeman confirmed they are 0.30%. Ms. Garber noted that most of her plans continue to use flat fees.
Mr. Fuller recommended tabling the fee structure discussion until the next meeting to allow time for additional information. Mr. Thinnes agreed to return with further details.
Mr. Freeman clarified that the current annual flat fee is $25,500, while the proposed percentage-based fee would total approximately $42,053 per year, based on one quarter’s figures. He also inquired about fee structures used by comparable plans and suggested exploring the possibility of a percentage-based fee with a cap.
Police Officers’ Pension Board of Trustees’
August 25, 2025
Page 3 of 4
8. ACTUARIAL MORTALITY ASSUMPTION STUDY
Mr. Doug Lozen of Foster & Foster presented the actuarial findings, as included in the agenda. He explained that the Board is required to adopt the assumptions determined by the Florida Retirement System (FRS) actuary and provided an overview of how these studies are conducted, noting the broad range of methodologies used by the FRS.
Mr. Lozen reported that the previously approved contribution rate of 21.34% from the prior actuarial study has increased to 23.49% in the new study. This updated rate will need to be adopted with the next budget cycle and will be incorporated into the actuarial valuation for the fiscal year beginning October 1, 2026.
9. BENEFITS DISBURSEMENT APPROVAL
a. DROP PARTICIPANT
· N/A
b. SEPARATED NON-VESTED EMPLOYEE
· N/A
c. SEPARATED VESTED EMPLOYEE
· N/A
d. RETIRED EMPLOYEES
· Scott Tyler (05/31/2025)
· Ryan LaRowe (07/03/2025)
e. DECEASED RETIREES
· N/A
f. DECEASED ACTIVE EMPLOYEE PAYOUT
· N/A
MOTION: Mr. Mathews moved, Mr. Fuller seconded, and the motion carried
5-0 to approve the Benefits Disbursements as presented.
10. NEW MEMBER ACKNOWLEDGEMENT (Informational Only)
· Timothy Downey (06/04/2025)
· Zachery Stackhouse (06/04/2025)
· Isazier Whitfield (06/04/2025)
· Scott Tyler (07/01/2025)
· Jordan Caouette (07/16/2025)
11. SEPARATED MEMBER ACKNOWLEDGEMENT (Informational Only)
· Kyle Crum (06/24/2025)
12. ATTORNEY GARBER’S REPORT
Attorney Garber reviewed the memoranda included in the agenda packet, addressing the following items:
· 2026 Proposed Meeting Dates: The Board reached a consensus to approve the proposed meeting schedule for 2026.
Police Officers’ Pension Board of Trustees’
August 25, 2025
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· Entities that Boycott Israel Memorandum: Attorney Garber noted that, effective July 1, 2025, an addendum will be required for all contracts to comply with new statutory provisions. Corresponding updates will also be made to the Investment Policy Statement (IPS).
· Stanley v. City of Sanford Memorandum: Attorney Garber provided a brief overview of this memorandum, which was included in the packet for the Board’s information and review.
13. PLAN ADMINISTRATOR’S REPORT
Ms. Bailey will check to make sure she sent Mr. Williams the new member packet.
Chair Freeman adjourned the meeting at 12:02 pm.
Minutes approved: NOVEMBER 17, 2025
CASSI L. BAILEY
CASSI L. BAILEY
DEPUTY City Clerk/PENSION PLAN ADMINISTRATOR