HomeMy WebLinkAbout08-06-2025 MinutesCITY OF OCOEE MUNICIPAL POLICE OFFICERS AND FIREFIGHTERS'
RETIREMENT TRUST FUND BOARD OF TRUSTEES
QUARTERLY MEETING MINUTES
Cit 'y Hall, Commission Chambers, I N. Bluford Avenue, Ocoee, FL Un!
TRUSTEE$ PRESENT.- Bryan Pace
Trey Littlefield
joe Moy
William Maxwell
Bill Wagner
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera
David Robinson, Sugarman, Susskind, Braswell & Herrera
Brad Hess, Mariner Institutional
Tiffanv Fair, Foster & Foster
Nancy Elsenstein, Foster & Foster
Nick Coburn, Bloomfield Capital
Michael Lucci, Bloomfield Capital
Members of the Public
1. gall to Otdq — Tiffany Fair called the meeting to order at twm and a quorum was
determined as reflected above.
I Agg I of Minutes
a. April 30, 2025, quarterly meeting
4. New gusiness
a. Bloomfield Capital, Michael Lucci and Nick Coburn, Investment Managers
i. Overview of Real Estate Debt Fund
1. Michael Luccl introduced himself and gave an overview of the
company, commenting their business focus was first responders
and general employees.
2. Nick Coburn introduced himself and went over the history of the
company and specific services they offered.
3. Michael Lucci and Nick Coburn gave an overview of Bloomfield
Capital Income Fund V LLC, detailing investment strategy,
performance metrics, and leadership team.
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b. Upcoming trustee terms
i, Tiffany Fair informed the Board that Bryan Pace, Trey Littlefield and joe
Moy's terms end September 30, 2025, All trustees were interested in
serving another term,
li. Tiffany Fair informed the board that she would work with the city on the "I
appointment for Bryan Pace and Trey Littlefield.
c. Proposed 2026 meeting dates
1. Tiffany Fair presented February 4, May 6, August 5, and November 4, a -
the 2026 meeting dates. Tiffany explained this followed the historic
cadence of the first Wednesday of the second month of the quarte
however, February 4 conflicted with the FPPTA Winter Trustee School. �1
d. Proposed 2025-2026 budget
L Tiffany Fair explained the administrative requirements for the budget and
reviewed each expenditure type with the total budget being $293,000.
il. The motion to approve budget was postponed until end of meeting as the
investment consultant was presenting a fee change.
6. Regods (AttornejLqoD§uItanj)
a. Mariner Institutional, Brad Hess, Investment Consultant
L The Board discussed hiring Bloomfield Capitals.
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it. Quarterly Report as of june 30, 2025
1 . Brad Hess gave an overview of the market environment as of Jun!
30, 20255.
2. Brad Hess reviewed asset allocation and commented that all w
within policy but slightly overweight in domestic equity. Bra
recommended reducing Alger Capital Appreciation Y (ACAYX)
.5, which was approximately $1,250,000 and put that in Ba I Ir
Aggregate Bond Fund (BAGIX).
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Note.- The Board took a recess at 3:00PM and returried at 3. 1 IPM
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iii. Fee proposal for Mariner
1 . Brad Hess presented a proposed increase in the retainer explaining
the reason for the request was to align with the current market.
2. The Board discussed the request and agreed on the retainer with a
gradual increase.
3. Tiffany Fair commented the proposed budget would be adjusted to
reflect this change.
b. Sugarman & Susskind, Pedro Herrera, Board Attorney
i. Pedro Herrera introduced David Robinson who also worked for Sugarman
& Susskind.
H. Saltmarsh assignment of Audit Engagement Agreement
I. Pedro Herrera explained that Saltmarsh was acquired by another
firm, and the agreement was just to acknowledge the now name.
The fees and services would remain the same.
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iii. Updated Operating Rules & Procedures
I . Pedro Herrera presented a revision to per them amounts in "Exhibit
A".
2. The Board suggested reons to the language in the document to
make clear the procedures applied to the Board as the language
currently could be interpreted as city policy.
I The Board has decided to table the approval of the document until
the next meeting when they could review the operating rules and
procedures entirely. Tiffany Fair would send the Board a copy Of
the document.
iv. Financial Disclosure forms
1. Pedro Herrera reminded the Board to file their Forms I as soon as
possible.
8. Staff Reggirts..Discussion. and Action
a. Foster & Foster, Tiffany Fair, Plan Administrators
L Plan Administrator Transition update
1. Tiffany Fair updated the Board that the transition was going well
and was almost complete. Tiffany was working with Trey Littlefield
to retrieve the files from fire department. Tiffany also informed the
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Board that a reminder email was sent to members who had not
registered on the Foster & Foster pension portal.
ii. State Annual Report update
I. Tiffany Fair informed the Board the state approved the report on
May 27 ' 2025, and she would have the amount of each distribution
by the next meeting.
iii. Educational opportunities
1. Tiffany Fair reviewed the upcoming Florida Public Pension
Trustees Association (FPPTA) educational opportUnitiles with the
Board, and all trustees stated they would like to attend the
conference.
2. Pedro Herrera gave an overview of the Division of Retirement
conference, joe Moy asked if this conference qualified for credits
and Pedro confirmed that it did.
9. Trultees' Regorts, Discussion, and •.
a. Trey Littlefield asked about the health bill that just passed and the mention of
firefighters changing their hours. Pedro Herrera commented he would look at the
bill and get back to the Board.
b. William Maxwell asked about per diem.
c. Bryan Paced asked Pedro Herrera for an Update on the email he sent to Pedro
regarding the 91% cap.
1O.Adiournmen —The meeting adjourned at4:14PM.
11. t!e?Lt LA"tilm — November 5, 2025, at 1 -OOPM, Quarterly Meeting
Respectfully submitted •
PFan —Administrator
Bryan Pace, Chair
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