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Home My WebLink About2023-06-19 Police & Fire Pension Board MinutesPage 1 of 3 City of Dania Beach Police and Fire Fighters Retirement System 111 S.W. 1 Street Dania Beach, Florida 33004 Phone: (954) 393-9061 E-mail: PFPENS@gmail.com MINUTES HYBRID WEBEX MEETING June 19, 2023 I. CALL TO ORDER Vice Chairman Todd Neal called to order at 7:12 p.m. MOTION by Dean Harley SECOND: David Nuby, Jr PASSED UNANIMIOUSLY MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Webex Carolyn Jones-excused Vice Chairman Todd Neal Rae Lair (Sandler)-excused Richard Tarrant David Nuby, Jr. Patricia Fuccile-Webex Richard Sieb Dean Harley ALSO PRESENT: Ken Harrison - Sugarman & Susskind, Braswell & Herrera-Webex . Cathy David – Administrator Steve Roth – Dahab Associates II. APPROVAL OF MINUTES MOTION by Dean Harley to accept the minutes from the May 15, 2023 regular meeting SECOND: Richard Tarrant PASSED UNANIMIOUSLY III. PUBLIC COMMENT The floor was open and no public comment IV. CONSENT AGENDA No items listed on the Consent Agenda Page 2 of 3 V. OLD BUSINESS VI. NEW BUSINESS 6.1 Dahab Associates March 31, 2023 Performance Steve Roth reviewed with the trustees the plan’s January 1, 2022 through March 31, 2023 Performance. The gain was 3.2 net of fees MOTION by Dean Harley to accept the March 31, 2023 Performance Report as prepared by Dahab Associates SECOND: Todd Neal PASSED UNANIMIOUSLY 6.2 Dahab Associates – Rebalancing Steve Roth recommended transferring $500,000 from the plan’s fixed income Wedge Capital; $500,000 from the Vanguard Russell 1000 Growth and $500,000 from the Vanguard S&P 500 Large Cap Index Fund to the cash account for future benefit payments and bill payments MOTION by Dean Harley to make the transfer to the cash account for future benefit payments, bill payments and DROP transfers as recommended by Steve Roth of Dahab Associates. SECOND: Todd Neal PASSED UNANIMIOUSLY 6.3 Dahab Associates Asset Allocation Study Steve Roth reviewed with the trustees his Asset Allocation Study. Asset classes are chosen to work together in two ways: To achieve an overall return, usually equal to the actuarial assumption and to reduce risk; when one asset class does poorly, other asset classes act as moderators. In selecting asset classes, the factors that are considered are: risk, return and correlation; transaction costs; legal complexity; comfortable holding at least 5% in the asset class; the plan’s specific requirements. The goal is to meet the plan’s required rate of return (now 5.75%) with the list amount of risk. Steve also prepared a detailed report with Summary Statistics for Selected Mixes and reviewed those statistics with the trustees. MOTION by Dean Harley to table this item until the June performance is reviewed at the August 21 trustee meeting. SECOND: Richard Tarrant PASSED UNANIMIOUSLY VII. CORRESPONDENCE VIII. RETIREMENTS/TERMINATION 8.1 Change in Beneficiary Fire Retiree Joseph Gennaro has changed his beneficiary and the plan’s actuary recalculated his new retirement benefit with the new beneficiary. IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorneys Report Page 3 of 3 Attorney Ken Harrison reminded the trustees that the Financial Disclosure Form 1 has to be filed by July 1st and also mentioned that House Bill 3 passed and will be discussed at the FPPTA. 9.2 July Trustee Meeting Cancelled The July 17th trustee meeting is cancelled. The next meeting will be on August 21, 2023 in the Women’s Clubhouse. X. ADJOURN MOTION by Dean Harley adjourn meeting at 8:15 pm SECOND: Richard Tarrant PASSED UNANIMIOUSLY 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 OFFICE 111 S.W. 1st STREET, DANIA BEACH, FL 33004 PHONE (954) 393-9061AT LEAST 48 HOURS PRIOR TO THE MEETING.