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11-02-2022 MinutesRM NOWWO1111141 I-VILIMMIN11#16MOM IMIM ON Others present: Brad Hess of AndCo Consulting, Doug Lozen and Christine Stoker of Foster and Foster and Lauri Patterson of Benefits USA, Inc. Others present by telephone: Board Attorney Pedro Herrera of Sugarman Susskind Braswell & Herrera Call to Order: Roll call and determination of quorum: The roll was called and a quorum declared present. Approval of Minutes from Regular Meeting dated August 3, 2022 Chairman Brown asked the board if there were any corrections, deletions, or additions to the minutes. Hearing and seeing none, Trustee Moy moved to approve the minutes as amended and Trustee Pace seconded the motion and the motion passed 4-0. Public Comments: Paul Whitaker from the Ocoee Fire Department is concerned about the money that is lost in the DROP accounts. Chairman Brown said it should be the same as the Police Officers, He wants to know if the election is 0 (zero) or 2%. Mr. Whitaker said although this only affects (2) members he is concerned they may leave before this matter is resolved. Trustee Littlefield mentioned he does not want the happen again. Mr. Lozen said this is a year later and there needs to be an Impact Statement and this maybe a cost to the city. Mr. Lozen will review further. Quarterly Investments Update: Q/E 9/30/2022 AndCo Consulting Mr. Hess provided a brief report on the economy noting this has been the worse quarter since 9/30/2008. The US Federal Reserve continued to increase during the quarter by 0.75% interest rates twice for a total of 1.25%. The Fed signaled it was committed to additional rate hikes if needed. Real estate markets were under pressure as rising interest rates pushed mortgages to their highest level since 2007 up 3% from last year at the same time. US interest rates moved higher with the US 10-Year Bond rising 83 basis points to close at 3.8%. Mr. Hess mentioned that he does not believe we are in a recession. Mr. Hess reported on the financial reconciliation noting that the market value as of 7/l/2022 was at the beginning of the quarter was $66,72,673 vs $63,585,009 on 9/30/2022. Contributions were $1,447,372, distributions were -$1,431,810, management fees were $41,296, other expenses were $-82,045, income was $3654,555 and the appreciation/depreciation was -$3,393,440. Mr. Hess reminded the board that there was a redemption in October from ARA Core Property Fund. Trustee Littlefield asked if the Plan is performing better. Mr. Hess said the Plan is down about $3 million but as of today we have recouped some money. �M i �' a � . # ' - f I I,. a • t f i .:.. . _...: f _ # I. I 1 , _ :. i:..; i • `f . 3 � ` . . i w . `i • r i . i. _ • • • • #111MIN Ill,s V.0. # . . TICTTCLI Me . ::. CgIUS II0LIIIg. core is more s . ,:fe an t:re M# •'. Value -add " said for the Closed -end funds the minimum investment is Y Mr. Hess reviewed the Core Real Estatt ManA Ajialvsi's handout which included (3) Finns. Harrison ger Street million the fund term is 7 to 10 year and it is illiquid which is a commitment. l Estate Capital, TA Realty and Stock Bridge Core & Value Advisors. Discussion ensued on Harrison Street Core Property Fund they have 387 properties; 89.3% occupancy rate and their unique features are they invest solely in specialty property types. The common theme of these property types is demand driven by demographic tr- f....and/or social needs. Mr. Hess stated he likes Harrisone f telephonethey are not subject to ERISA. Chairman Brown asked if there were incentive fees. Mr. Hess stated there is a base management fee and they pay gains. Chairman Brown said he was interested to hear more about Real Estate at the next meeting. The Chairman said by phone will be acceptable. Chairman Brown asked what the minimum was For Stockbridge CVA. It is $1 million. Mr. Hess will make arrangements for Harrison Street Core Property Fund and Stockbridge CVA Smart Markets Fund to be available by r retroactiveNEW BUSINESS: Firefighter DROP interest election Ordinance — Attorney Herrera said there was no action required from the board and it is effective as it is written for 10-0 1 -202 1. Trustee Littlefield wants this to be and not loseDROP money. Summary Plan Description — Chairman Brown said he noted one minor change and the administrator can make the hard ii : for distribution. Motion I approve' i was madeby Trustee Littlefield.Motion i Y 1 Trustee Moy. 0 w I CONSENT AGENDA: For Approval: Warrant #223 Benefits USA, Inc. (Flat Monthly Fee for November 2022) $2,500.00 Brandywine Global (Q3-2022 Mgmt. Fee -Inv #BW6979 dated 10/20/2022) $6,137.53 Foster & Foster (Services Rendered; Invoice #25006 dated 10/262022) $6,145.00 Total $14,782.53 Benefits USA, Inc. (Flat Monthly Fee for September 2022) $2,500.00 Fiduciary Trust (Q2-2022 Custodian Fee -Brandywine; Invoice dated 8/10/2022) $669.75 Fiduciary Trust (Q2-2022 Custodian Fee-DRZ,- Invoice dated 8/102022) $746.95 Fiduciary Trust (Q2-2022 Custodian Fee- A; Invoice dated 8/102022) $2,258.21 Fiduciary Trust (Q2-2022 Custodian Fee -Mar Vista Invoice dated 8/10/2022) $593.91 Fiduciary Trust (Q2-2022 Custodian Fee -R&D Invoice dated 8/10/2022) $3,033.78 Total $9,802.60 Charles Brown (Per them for FPPTA Trustees School 10/2-10/5-2022) $115.00 William Maxwell (Hotel and Per them for FPPTA Trustees School 10/2-10/5/2022) $854.13 Joe Moy (Hotel and Per them for FPPTA Trustees School 10/2-10/5/2022) $854.13 Brian Pace (Per them for FPPTA Trustees School 10/2-10/5-2022) $115.00 FPPTA (Trustees School Registration Brown, Maxwell, Moy & Pace) $3,400.00 Total $5,338.26 AndCo (Q3-2022 Consulting Fee; Invoice #42394 dated 9/30/2022) $7,000.00 Benefits USA, Inc. (Flat Monthly Fee for October 2022) $2,500.00 DRZ (Q3-2022 Mgmt Fee- Invoice #202203045 dated 10/14/2022) $6,306.00 Fiduciary Trust (Q3-2022 Custodian Fee -Brandywine; Invoice dated 10/19/2022) $638.91 Fiduciary Trust (Q3-2022 Custodian Fee-DRZ; Invoice dated 10/19/2022) $700.62 Fiduciary Trust (Q3-2022 Custodian Fee-GHA; Invoice dated 10/19/2022) $2,151.06 Fiduciary Trust (Q3-2022 Custodian Fee -Mar Vista Invoice dated 10/19/2022) $556.83 Fiduciary Trust (Q3-2022 Custodian Fee -R&D Invoice dated 10/19/2022) $2,852.49 Garcia Hamilton & Assoc. (Q2-2022 Mgmt Fee -Invoice #36023 dated 7/6/2022) $11,365.58 Garcia Hamilton & Assoc. (Q3-2022 Mgmt Fee -Invoice #36382 dated 10/4/2022) $10,770.55 Mar Vista (Q3-22 Mgmt Fee; Invoice #11490 dated 10/13/2022) $5,014.91 Total $49,856.95 ly"I"I Mark Bousquet (DROP exit; Monthly benefit payments effective 8/1/2022) $4,667.83 Mark Bousquet (DROP distribution/Rollover) $603,262.75 Mark Bousquet (DROP distribution -Cash Out) $67,500.00 Andrew Hammaker (Refund of Contributions/Rollover) $12,067.60 Willis McPhee (Refund of Contributions -Cash out) $14,026.07 Remaining Share plan payment) $24.34 Vol; �, 0 1 ] Charles Brown (Remaining Share plan payment) $24.14 Regina Rivera (Remaining Share plan payment) $41.72 Alfred Geffrard (Additional Refund of Contributions) $7.92 Antonio Grimaldi (Additional Refund of Contributions -Rollover) $19.81 Chilinski Joissaint (Additional Refund of Contributions) $10.64 Samuel Matlack (Additional Refund of Contributions) $3.93 Jared Ping (Additional Refund of Contributions) $2.08 Samuel Reeves (Additional Refund of Contributions) $7.42 Billy Saint Felix (Additional Refund of Contributions) $25.87 Trustee Pace moved to approve the consent agenda as presented and Trustee Littlefield seconded the motion and the motion passed 4-0. Attorney's Report: Attorney Herrera said the board should discuss obtaining a Cyber Insurance Policy at the next meeting. A r) It, LTM== 0*773t7117 American Red Cross Ian Relief Fund. mmmmz��� . YW No action was needed. Comments from Trustees: Trustee Moy mentioned they need to be trained to use the Pension Portal. Trustee Pace inquired about a 7-year DROP. Attorney Herrera said that item would need be negotiated between the Union and the City. Next Regular Meeting date: February 1, 2023 at 1:00 pm. Discussion ensued that the February meeting was on the last day of the FPPTA Winter school the administrator will change the date to January 26, 2023. Adjournment: The meeting adjourned at 2:45 pm. Motion made by Chairman Brown to adjourn the meeting. Trustee Pace seconded the motion. Respectfully submitted by,