HomeMy WebLinkAbout05-06-2026 MinutesCITY OF OCOEE
MUNICIPAL GENERAL •" !
BOARD OF TRUSTEES QUARTERLY MEETING MINUTES
City Hall, Commission Chambers
*' Avenue, • s--
-• • t IZ t # 11•
TRUSTEES PRESENT.- -t"Cowan,
Sanders,Steven Patricia "Paf •Secretary
Gary Gleason
OTHERS PRESENT: Pedro Herrera, jones Walker
Nancy Eistenstein, Foster : Foster
FosterTiffany Fair, i Foster
Doug # - Foster ; Foster
Brad Hess, MarinerInstitutional
BrandywineMichael Fleisher, #`#.
MembersJoseph Larkin, Brandywine Global
of Public
1. Call to Order— Tiffany Fair called the meeting to order at 10,04AM and a quorum
was determined.
� t ! 'to- k. ; •
4. Aggroval of Minutes
a. January 28, t quarterly meeting
Marchb. • special meeting
5. Now Business
a. Financial disclosure Formt-'
electronicallyL Tiffany Fair reminded the Board to complete their Form I
by
6. Reports L
AftorngyLConsultantj
a. Foster & Foster, Doug Lozen, Board Actuary
Octoberis _ valuation _••
1. Doug Lozen reviewed the contribution-t t
explained the reason for the increase and decrease.
2. Doug Lozen went over assumption and method changes
that occurred since the last report.
3. Doug Lozen reviewed the 10-year history of funding status,
commenting that the plan was very well-fuhded historically
with relatively low funding requirements.
4. Plan experience was unfavorable overall on the basis of the
plan's actuarial assumptions. Sources of actuarial loss
included an investment return of 4.18% (Actuarial Asset
Basis) which fell short of the 7.00% assumption, an average
salary increase of 10.87% which exceeded the 4.39%
assumption, and unfavorable retirement experience. There
were no significant sources of actuarial gain.
b. Brandywine Global, Michael Fleisher & Joseph Larkin, Investme
Managers
i. Dynamic Large Cap Value Equity
11
1. Brad Hess introduced Brandywine and explained the
purpose of their presentation today.
c. Mariner Institutional, Brad Hess, investment Consultant
i. Quarterly report as • March 31, 2026
1. Brad Hess gave an overview of the market environment.
2. Brad Hess explained that although it was a negative quarter,
April was an incredibly strong month and made up
everything that was lost.
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(04/01/2004), total fund net returns were 6.63%,
underperforming the policy index of 7.41 O/o.
8. Brad Hess reviewed the performance of managers.
9. Brad Hess reviewed the MFS Growth fund, their
underperformance, an organizational change, and
recommended the Board terminate MFS Growth and move
the funds into the Vanguard VINGX.
gleason, moflon carried 4-0.
111MV.-
Gleason and second §y Steven Sanders; motion carded 4-0.
7. Old Business
a. Cost of Actuarial Study for ben it c anges
i . The Board revisited the cost study request for benefit changes,
ii. Doug Lozen confirmed the fee for study would not exceed $10,000.
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Plan Restatement Update
i. Gee Cowan informed the Board the plan restatement passed, an
Pedro Herrera was present at the second reading. i
8. Consent Agenda
a. Paid invoices for ratification
I
L Warrants #128, #129, and #130
b. New invoices for payment approval
L None.
c. Fund activity report for January 22, 2026 — April 29, 2026
in, RAMIUM 3u*=., =i
,4. Staff Reports, Discy slon. and Action S
a. Foster & Foster, Tiffany Fair, Plan Administrator
L Educational opportunities
M
1 . Tifiany Fair reviewed upcoming educational opportunities
available to the Board,
I I. ChAirl2erson's R020rt
a. Gee Cowan commented on the "swag" she passed out to the Board
reminding them she was campaigning for a seat on the FPPTA Board.
Gee commented that voting ended at noon on Tuesday. Trustees could
provide their vote to Steven Sanders prior. Steven would cast the vote on
behalf of the Board as only one vote per Board was allowed. Gee
encouraged the trustees to be active and exercise their right to vote,
R pectfully submitted by.
Date Approved by the Pension Board
Approved by:
q ita Cow hair
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