The URL can be used to link to this page

Home My WebLink About11-05-2025 MinutesCITY OF OCOEE MUNICIPAL GENERAL EMPLOYEES' RETIREMENT TRUST FUNT BOARD ! " ! OF TRUSTEES QUARTERLY MEETING MINUTES City Hall, Commission s e s Avenue, TRUSTEES PRESENT: eCowan, Steven Sanders, Gleason, GleasonGary Shannon • r it • r Robinson,Sugarman,a Braswell & Herre Tiffany Fair, rFoster ri Doug Lozen,rFoster ..• Hess, Mariner institutional Membersof - Public 1. Call to ! de —r the meeting to order at 1 !if'O=AM and a quorum is •'t. Approval of Augusta. • 2025,quarterly meeting 6. New Business a. Upcoming L Tiffany Fair informed the Board that Gary Gleason ran unopposed as member -elected and Steven Sanders- asse -r: by - City, Both trustees would serve another term through September 30, 2029. 6. s a. (AttornoWOonsultgnq a. Foster & Foster, Doug Lozen, Plan Actuary Experience Study 1. Doug Lozen explained the purpose of the experience study an commented done every five (5) yeam. 2. Doua Lozen reviewed the summary of recommended changes provided a brief explanation for each change, and discussed th impact to the City, if the :o. • adopted the change. I The reduction of investment return assumption from 7% to 6.76% was discussed. Doug Lozen commented that he was not making a recommendation for or against the change but suggested the Board worked with Brad Hess to make the decision. Brad Hess commented that 7% was fine but would support a glided path towards 6% with small reductions and recommended changing to 6.95%. ii. Cost of Actuarial Study for benefit changes 1 . Doug Lozen provided an amount not to exceed $10,000 for the study and impact letter. Doug recommended waiting until after the October 1, 2025, actuarial valuation report to avoid having to do the study twice. The actuarial valuation report will be presented at the January meeting. By Board consensus, the approval of the cost study would be tabled until the January meeting. ii. Investment Policy Statement (IPS) 1. Brad Hess went over the reon to the IPS to include language prohibiting entering a contract with companies involved in the boycott of Israel. iii. Aqincourt Parent Company Announcement 1. Brad Hess reviewed a letter from Agincourt, an investment manager of the plan, about organization change and being wholly owned by another company, Brad recommended maintaining their investment with Agincourt, as this change had no impact on the portfolio, as it was a corporate change to gain efficiencies. IGO 21iliff- 4flINLI&A-ki 1 � I TI. Lif-16ML, ILTs c. Sugarman & Susskind, David Robinson, Board Attorney L Updated Summary Plan Description 1. David Robinson reviewed updates to the Summary Plan Description. FI?M RIM ".11111.1 ii, Mariner Amendment 1. David Robinson reviewed the amendment with the Board and explained the amendment was for the updated retainer fee which the Board approved at the last meeting. 01. Legislative updates 1. David Robinson Said there was likely to be regulation changes to the plan, nothing substantial, but an update would be provided at the next meeting. 7. Old Business a. Plan Restatement Update L Gequita Cowan asked David Robinson to confirm if the revisions made were considered modification changes instead of restatement. David commented that the revisions were not substantial changes, but minor changes made for the existing language to be clearer and more concise. It. Gequita Cowan updated the Board that the plan restatementwas turrently being reviewed by the labor attorney and would not go for first reading until the review was complete 8. C2nsent Ag2nda a. Payment ratification i. Warrants #125 and #126 b. New invoices for payment approval i. None c. Fund activity report for July 31, 2025 — October 29, 2025 0 9. §taff Rego DisciLssion, I -r-tS-. 1nd Action a. Foster & Foster, Tiffany Fair, Plan Administrator i. Saltmarsh Audit update I. Tiffany Fair informed the Board that the 2025 audit requests had begun and Saltmarsh planned to present the audit at the January meeting. ii. Board membership renewal 1. Tiffany Fair informed the Board that the Florida Public Pension Plan Trustee Association (FPPTA) Board membership was due for renewal at the cost of $750.00, which was the same as last year. Hi. Educational opportunities 1 . Tiffany Fair reviewed the Upcoming FPPTA conference to be held at the Rosen Centre in Orlando on February 1-4, 2026. All trustees commented they would like to attend the conference. 2. Gequita Cowan informed the Board that she was invited to St. Augustine in August 2026 to help create the learning curriculum around getting continuing education credits. The trip to attend would be approximately $1,000.00 which includes meals. .®. --A -- -1 0% - -- -!a- 0% -- - --- -- -2 a- - -- -- -A M— . dare_ iv. International Foundation of Employee Benefits 1. Gequita Cowan provided information about the International Foundation of Employee Benefits 71st conference and expressed her interest in joining and taking the certification. The cost to join would be $200.00 and approximately $1,000.00 to take the certification and this also included books. 10. 1rultees' Re i, and Action gorts. DliscussfoL a. Gequita Cowan commented that Steven Sanders was interested in attending the 2026-2027 TLC class and pursuing the certification. a �t. Gequita Cowan thanked the Board for their support in allowing her to pursue educational opportunities. subm itted by. Date Approved by the Pension Board: Approved by: -�,