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HomeMy WebLinkAbout2025-01-13 Police & Fire Pension Board MinutesCity of Dania Beach Police and Fire Fighters Retirement System 100 W. Dania Beach Blvd. Dania Beach, Florida 33004 Phone: (954) 393-9061 E-mail: pfpens@gmail.com Page 1 of 4 MINUTES JANUARY 13, 2025 HYBRID WEBEX MEETING IN THE DANIA BEACH WOMEN’S CLUBHOUSE 7 pm I. CALL TO ORDER The meeting was called to order by Chairman Larry Rogers at 7:20 PM MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Al Jones-excused Todd Neal Rich Sieb-excused Richard Tarrant Dean Harley Patricia Fuccile David Nuby, Jr. Rae Lair ALSO PRESENT: Pedro Herrera - Sugarman, Susskind, Braswell & Herrera, PA Dina Lerner – Gabriel, Roeder, Smith & Co Debra Zidar- Spouse of retired firefighter Matt Zidar(deceased) Andrew Zidar-son of Matt Zidar Amy Fitzgerald-daughter of Matt Zidar Mike Brown (Fire Retiree) & wife Sony Brown Mike Bernardo (Fire Retiree) & wife Tammy Bernardo Bob Kimmich (Fire Retiree) & wife Eileen Kimmich Cathy David – Administrator II. APPROVAL OF MINUTES MOTION: by Rae Lair to accept minutes from the August 19, 2024 as submitted. SECOND: Dean Harley PASSED UNANIMOUSLY January 13, 2025 Page 2 of 4 III. PUBLIC COMMENT The floor was open and there was no public comment IV. CONSENT AGENDA No items listed on the Consent Agenda V. OLD BUSINESS 5.1 Dahab Associates Rebalancing To ratify Dahab Rebalancing on November 13, 2024 by moving $600,000 from Vanguard 1000 Gr; $600,000 from Barksdale; $300,000 from Fidelity to the cash account for benefit payments and bills. MOTION: by Rae Lair to ratify rebalancing that was discussed and agreed upon at the November 18, 2024 informational meeting as there was no quorum SECOND: David Nuby, Jr. PASSED UNANIMOUSLY 5.2 KSDT Auditor Engagement Letter To ratify the signing Auditors Engagement Letter by the Chairman MOTION: by Patricia Fuccile to ratify the Chairman signing the Auditors Engagement Letter as discussed and agreed upon at the November 18, 2024 informational meeting as there was no quorum SECOND: Dean Harley PASSED UNANIMOUSLY 5.3 Annual Report Dina Lerner from Gabriel, Roeder, Smith & Co Has submitted a proposal to prepare the plan’s Annual Report. The price of $5,150 is close to KSDT’s, the plan’s auditor who prepared the report last year. MOTION: by Dean Harley for Gabriel, Roeder, Smith & Co to prepare this year’s Annual Report SECOND: Rae Lair PASSED UNANIMOUSLY VI. NEW BUSINESS 6.1 Retiree Benefits Ordinance 2022-027 Discussion took place regarding recent Ordinance 2022-027 that gave all retirees and current beneficiaries an additional benefit for their lives of $416.67 starting on October 1, 2022. The benefit does not pass to spouses/beneficiaries. Fire retiree Matt Zidar passed away and according to the ordinance Matt’s wife/beneficiary lost the $416.67 benefit starting January 1, 2025 the month after Matt Zidar-her husband passed away. Matt had chosen a 100% Joint & Survivor Annuity. Debra Zidar, Andrew Zidar and Amy Fitzgerald, as well as Mike Brown and Sony Brown all spoke to the board about allowing the spouses to receive the benefit January 13, 2025 Page 3 of 4 after the death of a retiree. They asked for a change in the ordinance to include the spouse/beneficiary to continue to have the $416.67 benefit. The original Impact Statement and Cost Projection did not include spouses/beneficiaries. A new Cost Projection and Impact Statement has to be prepared for the addition of spouses/beneficiaries to the ordinance and to include a retro benefit for Debra Zidar to January 1, 2025. MOTION by Patricia Fuccile for Dina Lerner of Gabriel, Roeder Smith & Co to prepare a new Cost Projection and Impact Statement that would add spouses/beneficiaries to the ordinance and to include a retro benefit to January 1, 2025 for Debra Zidar and to bring it back to the board of trustees at their next meeting on February 24, 2025. SECOND: Todd Neal PASSED UNANIMIOUSLY 6.2 Pop UP Benefit Mike Bernardo discussed with the board of trustees the pop-up provision of the plan. On February 24, 2003 a Resolution was signed by the then Chairperson, Eugene Jewell to provide retired firefighter participants as of October 1, 2002, including those participating in the DROP, a pop-up benefit so that in the event that a designated joint annuitant pre- deceases a participant, the benefit thereafter is payable to the surviving participant shall be the normal retirement benefit set forth in section 18- 42(a)(i), with all pension or DROP payments made prior to the change in benefit counting towards the ten year certain benefit set forth therein. Between October 1, 2002 and 2009 there was not a pop up included in the retirement option forms when selecting retirement. The actuary started preparing Retirement Option Forms with the pop-up in 2009 that included a cost. Mike Brown and Mike Bernardo both said that the retirees thought they were covered with a pop-up provision through this resolution from the period Oct 1, 2002 through 2009. Fire retiree Joe Bertuccio lost his wife, Sue recently and thought that his benefit would automatically pop-up since he had chosen the 100% Joint & Survivor Option and entered the DROP on November 1, 2000. Since he was in the DROP on October 1, 2002, he thought that he would automatically be given the pop-up. Discussion took place among the trustees, Mike Brown, Mike Bernardo and Dina Lerner regarding the Pop Up. This item was tabled for the administrator and Dina Lerner to look for more information. January 13, 2025 Page 4 of 4 VII. CORRESPONDENCE VIII. RETIREMENTS / TERMINATIONS IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorneys Report X. ADJOURN MOTION by Rae Lair to adjourn meeting. SECOND: Richard Tarrant Meeting adjourned at 9 PM. ANY PERSON WHO DECIDES TO APPEAL ANY DECISION MADE WITH REGARD TO ANY MATTER CONSIDERED AT THIS MEETING OR HEARING WILL NEED A RECORD OF THE PROCEEDING, AND FOR SUCH PURPOSE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. IN ACCORDANCE WITH THE AMERICANS WITH DISABILITIES ACT, PERSONS NEEDING ASSISTANCE TO PARTICIPATE IN ANY OF THESE PROCEEDINGS SHOULD CONTACT THE ADMINISTRATOR OF THE CITY OF DANIA BEACH POLICE & FIREFIGHTERS' RETIREMENT SYSTEM IN DANIA BEACH, FL PHONE (954) 393-9061AT LEAST 48 HOURS PRIOR TO THE MEETING.