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Home My WebLink About12-02-2025 MinutesTRUSTEES PRESENT. Bryan Pace Trey Littlefield Joe Moy William Maxwell Bill Wagner OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera (via Zoom) Brad Hess, Mariner Institutional Tiffany Fair, Foster & Foster Ferrell Jenne, Foster & Foster (via Zoom) Kandyce Moss, Foster & Foster Members of the Public 1. Call to Order— Tiffany Fair called the meeting to order at 11:06AM and a quorum was determined. 2. Roll Call —As reflected above. 3. Public Comments — one. 4. ARRE2yj12tfflnf a. August 6, 2025, quarterly meeting b. September 22, 2025, special meeting Now guelago a. Update on trustee terms L Tiffany Fair informed the Board that Trey Liftlefield, Bryan Pace, and Joe Moy were re -appointed for another term. b. Actual expenses as of September 30, 2025 L Tiffany Fair informed the Board that actual expenses would be reported at next meeting asassets were still being finalized. 0 a. Foster & Foster, Doug Lozen, Board Actuary L Experience study I . Doug Lozen explained the purpose of the experience study. 2. Doug Lozen and the Board discussed the investment retur assumption. Doug commented in the long term 7% was reasonabl and had been at this for the history of the plan and this was th r average rate for plans in the state. Brad Hess commented 7% wa'- a perfectly fine and Brad agreed With Doug Lozen I s approach gradual decrease and nothing with a dramatic impact to the City 'I contributions. 3. Doug Lozen reviewed the salary increase assumption. 11,I VI 11 jpj�'j I I 13MM 0 1 . Brad Hess presented information about 50 South Capital, HighVista and Taurus, and reviewed their characteristics, differentiators, and fee structure for each. ME= 2. Bill Wagner asked about "waterfall" and Brad Hess explained its pertaining to incentive fee and how it was allocated. 3. Bryan Pace asked about this being reflective in the IPS and Brad Hess confirmed the allotted amount to invest was reflective in the fps. 4. Brad Hess commented they could not go wrong with any of the managers. Brad did not recommend hiring all three as that would be overkill but hieing two would be okay. 5. Joe Moy asked for Brad Heses recommendation and Brad commented he recommended a $2.5M to $3M commitment between two funds or one. iii. Investment Policy Statement I . Brad Hess reviewed the revisions made to the IPS explaining language about companies who boycott Israel was added to be compliant with the statute. I 1 1 mamiq quili 1 c. Sugarman & Susskind, Pedro Herrera, Board Attorney L Addendum to Mariner Agreement 1. Pedro Herrera reviewed the addendum to the Mariner Agreement explaining it was reflective of the fee change that was approved at the previous meeting. Recoup of benefit payments 1. Pedro Herrera updated the Board on the member who passed away in December 2024 and recouping the benefit payments from 3 January through August. Pedro's office sent a demand letter via certified mail with return receipt requested In November. Pedro will report back at the next meeting and discuss next steps, options, and how to proceed. 0 MY11[ kttT-N:=,- IL LOW, FT.TrT-TMX; F-I t i-7 second by Joe Moy.; motion catried 5-0. Update Operating Rules & Procedures/Travel Policy 1. Pedro Herrera updated the board that "Exhibit X of the operating rules and procedures is being removed and a separate Statement ♦ Travel Policy has been drafted. 2. The board discussed the operating rules and procedures and requested the attorney to Update entire document. 3. Statement of Travel Policy a. Pedro Herrera and the Board discussed the travel policy. Joe Moy asked for clarification on #6 and thought the Board approved $100 per them to include travel since it was a specific monetary amount for per them recommended removing #5. v. Valley Bank purchase card #• 1. Pedro Herrera reviewed the draft of the policy. 2. Kandyce Moss gave an overview of the usage of the card. EI 3. Ferrell Jenne explained the purpose of the card, and it was not required to be used but it was nice to have to cover large expenditures, so the trustees did not have to pay out of pocket. 4. Pedro Herrera and the board discussed the not to exceed amount and agreed to increase it to $5,000.00. vi. Pedro Herrera reviewed the ethics law and how to handle gifts trustees receive which may not be allowed based on monetary amount or could be accepted but have to be reported. vii. Pedro Herrera informed the board that his office made charitable donations on behalf of the plan as a gift. 7. Old Business a. Update on Plan Restatement L Bryan Pace informed the Board the plan restatement was removed from the agenda for first reading. Tiffany Fair provided an update based on what she received from the city but would follow up and get confirmation of status and provide Pedro Herrera with city contact as well. 8. Consent Aganda a. Paid invoices for ratification i. Warrants #13,14, 15 and 16 b. New invoices for payment approval i. None c. Fund Activity Report for the period July 31, 2025 — November 25, 2025 A The Board ratified execution of the money market form, upon motion by Trey Littlefield and second by Bryan Pace; motion carried 5-0. ii. Valley Bank purchase card update 1. Tiffany Fair provided information about the Valley Bank card account and the cards that were issued. 2. Kandyce Moss reviewed the process for replenishing the account and explained there had to be a set amount of funds available in the account for the cards to be replenished after every use. The Board approved $25,000 to be in the Valley Bank account, upon motion by Bill Wagner and second by Trey Littlefield; motion carried 5-0. The Board approved the Chair to work with the plan administrator on the remaining steps to get the account set up and cards issued, upon motion by Trey Littlefield and second by Bill Wagner; motion carried 5-0. iii. FPPTA Board membership 1. Tiffany Fair informed the Board that the FPPTA Board membership was due for renewal at the cost of $750, which was the same as last year. The Board approved renewing their FPPTA membership for $750, upon motion by Trey Littlefield and second by William Maxwell; motion carried 5-0. iv. Educational opportunities 1. Tiffany Fair informed the Board that all trustees were registered for the upcoming FPPTA Winter Trustee School to be held in February 2026. 10.Trustees' Reports, Discussion, and Action a. William Maxwell asked for an update on the custodian transition and gave feedback on the expense reimbursement expressing concern with how long it takes to receive the reimbursement check. Tiffany Fair provided ACH forms to set up direct deposit with the new custodian for all trustees who are interested. b. Joe Moy asked about the letters retirees received regarding a data breach within Fiduciary Trust International (FTI). Ferrell Jenne provided information and informed the board that FTI was offering those affected a 12-month monitoring service. Joe asked if the Board would be liable for the breach and Pedro Herrera confirmed they would not be. William Maxwell asked what procedures were in place and Bryan Pace commented there should not be an issue because the custodian was changed to Salem Trust. Joe asked for clarification on who the data was sent to in error and Ferrell confirmed it was sent to the plan administrator who deleted it immediately. 11. Next Meeting — January 28, 2026, at 1:OOPM, Quarterly Meeting 12.Adiournment — The meeting adjourned at 2:29PM. s mitte ub d by: oleo 1114MINIM mm= 77z=l Z-=- Bryan Pace, Chair 0