HomeMy WebLinkAbout01-28-2026 MinutesCITY OF OCOEE
MUNICIPAL GENERAL EMPLOYEESRETIREMENT TRUST FUND
BOARD OF TRUSTEES QUARTERLY MEETING MINUTES
City Hall, Commission Chambers
I N. Bluford Avenue, Ocoee, FL 34761
TRUSTEES PRESENT. Gequita "Gee" Cowan, Chair
Steven Sanders, Vice Chair
Gary Gleason
TRUSTEES ABSENT: Patricia "Pat" Gleason, Secretary
Shannon Hopper
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera
David Robinson, Sugarman, Susskind, Braswell & Herrera
Tiffany Fair, Foster & Foster
Lynn Skinner, Salem Trust
Brad Hess, Mariner Institutional
Patrick Smith, Saltmarsh, Cleaveland & Gund
Jenetta Wilson, HR Director
Members of the Public
1. Call to Order —Tiffany Fair called the meeting to order at 10:01AM and a quorum was
determined.
4. Approval of Minutes
a. November 5, 2025, quarterly meeting
6. Reports (Aftorney/Consultant)
a. Salem Trust, Lynn Skinner, Custodian
i. Custodian update
1. Lynn Skinner gave the Board an update on their policy that was
established to help combat fraud.
2. Lynn Skinner talked about the first-time wire process.
3. Gee Cowan asked how death checks were going. Lynn Skinner
commented it was good, still once a month and reported to plan
administrator immediately.
4. Lynn Skinner thanked the Board for their business.
• Patrick Smith reviewed the audit conclusion letter as a formality that
was required and commented that everything went well with no
issues to "#•
and second by Gary Gleason, motion carried 3-0.
6. Lynn Skinner commented that cash may need to be raised.
7. Brad Hess reviewed cash flow of the plan.
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d. Sugarman & Susskind, Pedro Herrera/David Robinson, Board Attorneys
i. Legislative updates
1. Pedro Herrera said it was still early but would keep the Board
updated on anything that came about that impacted the plan.
2. Gee Cowan asked if there was an IRS update and Pedro Herrera
said that he was not aware of any. David Robinson and Pedro
commented if internal revenue codes were needed, they could be
changed after the plan restatement.
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& It was noted that the first reading was targeted for March 3, 2026.
All changes were needed by February 23, 2026. Pedro Herrera
commented he already sent the revisions.
7. Old Business
a. Cost of Actuarial Study for benefit changes
i. The Board had agreed to postpone the cost study until the October 1,
2025, valuation was available.
b. Plan Restatement Update
i. Pedro Herrera gave feedback provided by the labor attorney but said there
was nothing major.
ii. Jenetta Wilson commented the labor attorney's comments were final, so
we did not need to go back to the labor attorney with Pedro's feedback.
iii. Gee Cowan asked Pedro Herrera's office to update the staff report with
any changes and Doug Lozen would need to provide an impact statement.
8. Consent Agenda
a. Tiffany Fair gave an update on the Foster & Foster process and the credit to the
TPA July invoice.
b. Payment ratification
i. Warrant #127
c. New invoices for payment approval
i. None
d. Fund activity report for October 30, 2025 — January 21, 2026
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Tiffany Fair, Plan Administrator
i. Educational opportunities
1. Tiffany Fair reviewed the upcoming educational opportunities with
the Board.
2. Gary Gleason, Steven Sanders and Gee Cowan wanted to attend
both conferences.
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ii. Tiffany Fair informed the Board that the IRS had released its update
Standard Mileage Rate for 2026. The new rate was 72.5 cents per mile ZI
miles driven on or after January 1, 2026. This was up 2.5 cents from th
rate effective at the end of last year.
11. ChaiMerson's Report
a. Gee Cowan gave an update on the newsletter and announced she was running
for Board of Directors for FPPTA.
Re�p c ully submitted by:
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F i■an Administrator
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