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Home My WebLink About04-30-2025 MinutesCITY OF OCOEE MUNICI BOARD OF TRUSTEES QUARTERLY MEETING MINUTES C4 Hall, Commission Chambers I N. Bluford Avenue, Ocoee, FL 34761 TRUSTEES PRESENT: Gequita "Gee" Cowan, Chair Steven Sanders, Vice Chair Patricia "Pat" Gleason, Secreta Gary Gleason Shannon Hopper OTHERS PRESENT: Pedro Herrera, Sugarrnan, Susskind, Braswell & Herrera Chrissy Stoker, Foster & Foster Tiffany Fair, Foster & Foster Kandyce Moss, Foster & Foster Brad Hess, Mariner Institutional Members of the Plan 1. Call to Order— Gequita Cowan called the meeting to order at 10:00AM and a quorum was determined. 4. ADoroval of Minutes a. February 5, 2025, quarterly meetin 1 1�-111MMIUqI-A UTE-101i , # - - i F M r ff -T MIT I.. M! I W#I91 R T1. "T M-1 - I T$V WMIFIF 6. Reports (Aftorn2y/Consultant) a. Mariner Institutional, Brad Hess, Investment Consultant i. Quarterly Report as of March 31, 2025 1 . Brad Hess gave an overview of the market environment over the quarter. Domestic Stocks were negative, but International Equities ' Fixed Income, and Real Estate were all positive which spoke to the importance of having a diversified portfolio. Brad discussed the initial impact of tariffs and recommended they stayed the course given the continuing volatility in the market. 0 2. Brad Hess reviewed the asset allocations relative to the policy targets and did not recommend any rebalancing. They had been overweight Real Estate but were now a bit under policy, and as returns were improving, he recommended they rescind their redemption from the ARA Core Property Fund. 0 •' It was the consensus • the Board that Brad Hess amend the IPS and bring a draft to the next meeting for their consideration, b. Sugarman & Susskind, Pedro Herrera, Board Attorney i. Pedro Herrera reminded the trustees to file their financial disclosure forms online • July 1, 2025. ii. Pedro Herrera advised the legislative session ended this week, but it may be extended for budget reasons. With respect to Florida pension law, he did not expect any changes. 7. Old Business a. Plan Restatement L Pedro Herrera reminded the Board the purpose of a Restatement was to clarify language, remove obsolete language, and clean up the Plan Document. There was no actuarial impact of its adoption, as there were no material changes to the Plan. ii. There was some discussion of the Restatement, as typos were found and some clarifying language was requested, specifically in Section 3 regarding the commencement of membership for Elected Officials. Gequita Cowan and Shannon Hopper agreed members who opted out of the pension plan should not need to notify the Board of the opt -out, iii. Shannon Hopper inquired about the election form to opt out of the pension plan as described on Page 8. Chrissy Stoker confirmed members had the option to •# out if they reached their maximum Average Final Compensation percentage. Shannon pointed out some additional typos that needed to be corrected prior to the final document being published. iv� It was the consensus of the Board that the Restatement be revised as discussed and brought back to the August meeting. 8. Consent Aaenda a. Payment ratification i. Warrants #120, #121, #122, and #123 b. New invoices for payment approval i. None c. Fund activity report for January 30, 2025 — April 23, 2025 -TITITI-T M-1 second by Shannon Hopper; motion carried 5-0. 9. Staff Reports. Discussion, and Action a. Foster & Foster, Chrissy Stoker/Tiffany Fair, Plan Administrator i. Third Party Administrator fee proposal letter with time tracker I . Tiffany Fair asked the Board to reconsider the fee options presented at the last meeting and highlighted the time charges that were • over the last three months. 2. Pedro Herrera stated the contract would continue until otherwise terminated, but the fee would remain as proposed for one year. 3. The Board discussed the options at length and elected to revisit this item at the August meeting after Foster & Foster tracked time charges for another quarter. 3 Educational opportunities 1. Tiffany Fair noted Steven Sanders N Conference. Gee Cowan, Pat Gleason, Gary Gleason, and iere registered to attend the FPPTA Annua: I I. Chairperson's Repo a. Gequita Cowan reminded the Board her conference registration fee was waived because she was part of the FPPTA Education Committee. Gee thanked the Board for allowing her to attend the Trustee Leadership Council course, as she learned a lot from the program. b. Gequita Cowan thanked the Board for being open to discussions, as these meetings should be a safe space, and nothing was personal. Respectfully submitted by: Tiffany F4i- , Plan i�Administrator OEM= '`' --?,\ I I D "i C- 01 0