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Home My WebLink About2023-05-15 Police & Fire Pension Board Minutes City 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 MINUTES HYBRID WEBEX MEETING WOMENS CLUB – 117 NW 1ST AVENUE, DANIA BEACH, FL 33004 MAY 15, 2023 I. CALL TO ORDER Chairman Rogers called to order at 7:10 p.m. MOTION by Rae Lair SECOND: Richard Tarrant PASSED UNANIMIOUSLY MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Carolyn Jones-excused Vice Chairman Todd Neal by WebEx Patricia Fuccile-excused Richard Tarrant Richard Sieb-excused David Nuby, Jr. Rae Lair Dean Harley ALSO PRESENT: Ken Harrison - Sugarman & Susskind, Braswell & Herrera . Cathy David – Administrator Steve Roth by WebEx – Dahab Associates Dina Lerner – Gabriel, Roeder, Smith & Co II. APPROVAL OF MINUTES MOTION by Dean Harley to accept the minutes from the March 20, 2023 regular meeting SECOND: Rae Lair PASSED UNANIMIOUSLY Page 2 of 3 III. PUBLIC COMMENT The floor was open and no public comment IV. CONSENT AGENDA No items listed on the Consent Agenda V. OLD BUSINESS VI. NEW BUSINESS 6.1 Commission Appointments The Dania Beach City Commission, at their regular meeting held on February 28, 2023 appointed the following residents to serve on the Police and Fire Pension Board for the 2023 – 2027 term: RAE LAIR (SANDLER) DEAN HARLEY DAVID NUBY, JR PATRICIA FUCCILE 6.2 ELECTIONS Larry Rogers and Richard Tarrant had been elected by the police retirees to remain on the board of trustees as police representative. Todd Neal and Rich Sieb had been elected by the active firefighters to remain on the board of trustees as fire representatives Todd Neal and Dean Harley nominated Larry Rogers as Chairman Vote: Unanimous Dean Harley and Rae Lair nominated Todd Neal as Vice Chairman Vote: Unanimous Chairman Larry Rogers and Richard Tarrant nominated Dean Harley as Secretary Vote: Unanimous Rae Lair and Richard Tarrant nominated Carolyn Jones as ninth member of the board of trustees Vote: Unanimous 6.2 Dina Lerner/GRS – October 1, 2022 Actuarial Report Dina Lerner reviewed with the trustees the information in the October 1, 2022 Actuarial Report. The Plan’s funded status has improved significantly over the past several years. The funded ration was 57.5% in 2013 but has since increased to its current level of 96.2%. This funded status improvement can be attributed to several steps the Board has taken in recent years, such as: lowering the investment return assumption, updating the mortality table, and shortening the period for paying off the unfunded accrued liability. MOTION by Dean Harley to accept the October 1, 2022 Actuarial Report as prepared by Dina Lerner of Gabriel, Roeder, Smith & Co SECOND: Todd Neal PASSED UNANIMIOUSLY 6.2 Dahab Associates – Rebalancing On April 3, 2023 Steve Roth from Dahab Associates recommended transferring $3,500,000 to the plan’s fixed income Wedge Capital from the following: $1,000,000 Page 3 of 3 from GWK; $800,000 from Barksdale; $1,200,000 from the Vanguard Russell 1000 Growth; $500,000 from Fidelity Mid Cap fund. The transfers were completed on April 26, 2023 by approval from Chairman Rogers. MOTION by Dean Harley to ratify the $3,500,000 transfer to the plan’s fixed income Wedge Capital account with transfers from the following: $1,000,000 from GKW; $800,000 from Barksdale; $1,200,000 from the Vanguard Russell 1000 Growth fund and $500,000 from Fidelity Mid Cap fund. SECOND: Rae Lair PASSED UNANIMIOUSLY 6.3 Annual Rate of Return The annual investment rate of return for the 2020 fiscal year is 5.75%. Every year a letter is sent to the Division of Retirement notifying them of the Plan’s investment rate of return. This is required by the State. MOTION by Rae Lair to send the Division of Retirement a letter stating that 5.75 % is the 2023 annual rate of return SECOND by Dean Harley PASSED UNANIMIOUSLY VII. CORRESPONDENCE VIII. RETIREMENTS/TERMINATION IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorneys Report Attorney Harrison reminded the trustees that the Financial Disclosure Form 1 for 2022 must be filed by July 1st, 2023. X. ADJOURN MOTION by Rae Lair to adjourn meeting at 7.56 pm SECOND: Dean Harley 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.