HomeMy WebLinkAbout05-01-2024 MinutesTHE CITY OF OCOEE POLICE OFFICERSVFIREFIGHTERS'
RETIREMENT FUND BOARD MEETING — May 1, 2024
The Chairman called the meeting of the City of Ocoee Police Officers'/Firefigbters' Retirement Trust Fund
to order at 1:01 p.m. in the Commission Chambers of City Hall.
Call to Order:
Roll call and determination of quorum: The roll was called and a quorum declared present,
Trustees Present: Bryan Pace, Joe Moy, Trey Littlefield and William Maxwell
Others present:
Brad Hess of Mariner, Board Attorney Pedro Herrera of Sugarman, Susskind, Braswell & Herrera, and
Livia Giuliani of Benefits USA, Inc. via Zoom,
Approval 6f MltntWs "to Aegtdar Meeting itated felreimly 7, 104
The Clutfti*46 asked the board if there were any correction eletions, or additions 16 the minw1s.
Hearin -anj Trustee Li t efield moved to a 7 4
Public Comments:
The Chairman opened Public Comments.
Ms. Saima Plasencia was in attendance to present her case noting that she has retired under the early
retirement option with a 3% per -year reduction totaling 8.5%. She believes that she should not be subject
to such reduction based on specific language in the ordinance which states in relevant part:
Page I of 4
Y S. Recommendcd deqifig appeAl based on 4fbtemchtion&d.
Ms. Plasencia further commented on the agenda materials reflecting a Share Plan payment in the amount
of $24.47, noting that her name and the dollar amount were included and such was not the case seemingly
for others in the same position. The Administrator reported that her name was there for approval of
payment.
Trustee Littlefield moved to deny the request to remove the 3% reduction for Early Retirement and
Trustee Moy seconded the motion and it passed by a 3-1 vote with Trustee Maxwell opposing.
Unfinished Business:
Summary Plan Description
The attorney reported that his office updated the Summary Plan Description and it had been sent to the
Administrator to forward to the Board.
New Business:
DROP Extension Ordinance
The Administrator reported that the Ordinance has been adopted by the Commission and a copy is in the
packet.
Quarterly Invtstintots Vpdate. " "IIM4
i he introduced MO�aio
Mr. Rusbosin gave the B64M it
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Mr. Hess reported on the economy noting that the Fed held rates steady during the first quarter causing
the domestic equities to rally on the prospect that the Fedi could cut rates later in 2024. The US labor
market continues to recover as non -farm payrolls increased to 303,000 jobs and a 3.8% unemployment
rate. U S equity returns were higher during the quarter. Domestic equities carried their momentum during
the first quarter with the S&P returning 10.6% vs. the 8.6% and 5.2% for mid and small cap respectively.
International stocks also had strong returns during the I" quarter and the US dollar lagged local currency
in most regions during the quarter. International developed and emerging markets posted solid returns
'with the MSCI-EAFE index returning 5.8% vs. the MSCI-Emerging Markets index of 2.4%.
CONSENT AGENDA:
Fiduciary Trust (Q 1 -2024 Custodian Fee -R&D Invoice dated 4/23/202
Foster & Foster (Services Rendered; Invoice #29794 dated 1,124/2024)
Foster & Foster (Services Rendered; Invoice 930905 dated 4/22/2024)
For Ratification: Warrants #251 & 252
Sugarman, Susskir d ETAL(Legal Fees; Invoi e # 155245 dated 2 S/2024 S4,58U
Professional Indemnity Iris. (2024 Fiduciary Liability Insurance renewal $4,977.2
Total $9,558.04
Benefits USA, Inc. (Flat Monthly Fee for March 2 24) $2,500.00
SIMED Health, LL.0 (IME for Michael I lene at 1,425.00
Sugarman, Susskind ETAL (Legal Fees; Inwnee # 186093 dated 3/11/202 $:
Total $4, 58.73
Attorney's Report:
Attorney Herrera reminded the Board that the financial disclosure forins are due July I'' and they are to be
filed electronically with the Commission on Ethics through its portal. He also mated that there are
instructions can how to file can their websitea
Administrator's Report:
Ms. Giuliani reported that the FPPTA is holding their Annual Conference rence ;dune 23-2 , 2024 at the
Renaissance Hotel at Sea World. It was noted that all Trustees would be attending. She also reported on
the 40" Anniversary dinner being held on Tuesday ,Tune 25"', There is no fee for the spouse/guest to
attend, however, bath the Trustee and the west must be registered for the dinner,:
Miscellaneous llaneous Correspondence:
o action was needed:
Comments from Trustees:
The Trustees had nothing to report.
Next Regular Meeting date. Wednesday, August 7, 2024, at 1.00 Barra:.
Adjournment: The meeting adjourned at 4.00
Respectfully submitted b
Secretary
Contact the City Clerk's Office to listen to an electronic copy of the co