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HomeMy WebLinkAbout2026.04.13 Police and Fire Meeting Minutes City of Dania Beach Police and Fire Fighters Retirement System 100 W. Dania Beach Blvd Dania Beach, Florida 33004 Phone: (954) 393-9061 954-648-4448 E-mail: pfpens@gmail.com MINUTES REGULAR MEETING Fire Station #17 APRIL 13, 2026 I. CALL TO ORDER Chairman Rogers called to order at 2:30 p.m. MOTION by Patricia Fuccile SECOND: Rae Lair PASSED UNANIMIOUSLY MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Vice Chairman Todd Neal Rich Sieb David Nuby, Jr. Rae Lair Dean Harley Richard Tarrant Patricial Fuccile Al Jones ALSO PRESENT: Cathy David – Administrator Pedro Herrera – Jones Walker LLP Madison Levine – Jones Walker LLP . Israel Bichachi – Gabriel, Roeder, Smith & Co Robert Sugarman - Sugarman, Susskind & Braswell, P.A. David Robinson - Sugarman, Susskind & Braswell, P.A. Richelle Levy – Lorium Law II. APPROVAL OF MINUTES MOTION by Rae Lair to accept the minutes from the March 2, 2026 regular meeting SECOND: Todd Neal PASSED UNANIMIOUSLY Page 2 of 5 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 Attorney Interviews a. Jones Walker LLP Pedro Herrera and Madison Levine presented to the Board. They explained that they previously practiced with Sugarman, Susskind, Braswell & Herrera and had served as the Plan’s general counsel for many years. They are now with Jones Walker, a nationwide firm with an office in Miami. They reviewed the services they would continue to provide and noted that their new firm offers additional resources. They also described the advantages of joining a larger national practice. Finally, they offered to reduce the current monthly fee from $2,800 to $2,100. The Trustees asked questions before the presentation concluded. b. Lorium Law LLP Richelle Levy introduced herself to the Trustees. She stated that she is a partner with Lorium Law and would serve as the Plan’s primary attorney, responsible for all matters relating to the Retirement System, including attendance at Board meetings. Ms. Levy graduated cum laude from the University of Miami School of Law and has practiced law for more than twenty-five years, with the last twenty years focused primarily on representing governmental pension funds and public employee benefit plans. As general counsel to public plans, she emphasized the importance of educating trustees regarding their fiduciary duties and significant plan matters. Her clients’ plans range in size from $8 million to $300 million in assets, with most between $50 million and $100 million, which she noted is comparable to this Plan. Lorium Law currently represents more than 45 plans, with Ms. Levy serving as primary counsel to twelve of them and assisting with others as needed. She also discussed her substantial experience with closed plans, including those transitioning to and operating under the Broward Sheriff’s Office (BSO). She explained that she was involved daily in the transfer process and worked closely with the Board Chairman, who was then an Assistant Chief, the sponsoring City, and the Broward Sheriff’s Office. She also assisted in drafting related agreements and affected City ordinances, participated in inter-agency meetings, and continues to advise on BSO-related regulatory issues, including the possibility of the City resuming control of the department from BSO. As a result of this work, she noted that she has extensive knowledge of, and experience with, the Department of Management Services. Ms. Levy stated that her office is located in downtown Fort Lauderdale and emphasized that her goal is to help her clients succeed. She also offered to match the fee proposed by the other firms at $2,100.00 per month. Ms. Levy advised that two additional attorneys in the firm’s public pension department would also be available to assist, if needed: Ronald J. Cohen is the Chairman of the firm’s Pension Group and has been a member of The Florida Bar since 1977. She noted that he has extensive experience with governmental pension plans, as well as labor and employment law. Page 3 of 5 Brent J. Chudachek is also a partner with the firm and serves as lead counsel for numerous pension plans throughout Florida. Ms. Levy stated that he has practiced with Mr. Cohen for approximately seventeen years. The Trustees asked Ms. Levy several questions before the presentation concluded. c. Sugarman, Susskind & Braswell, P.A Bob Sugarman and David Robinson appeared before the Trustees to discuss the benefits of remaining with Sugarman, Susskind & Braswell. Mr. Robinson introduced himself and stated that he has been with the firm for approximately thirty years. Mr. Sugarman stated that he has served as the Plan’s attorney for forty years and has represented firefighters throughout his legal career. He and Mr. Braswell reviewed the firm’s services and stated that they would continue providing the same services to the Board. They also offered to reduce their fee by 25% to $2,100.00 per month for two years. They emphasized that they have dedicated their careers to serving public pension funds. Mr. Robinson became a partner in August 2025 and will remain based in Florida. Mr. Sugarman also emphasized that he remains active with the firm. The Trustees discussed concerns regarding the firm’s past lack of presence and responsiveness to Plan issues. Mr. Sugarman stated that he had not been aware of the Board’s concerns, and he and Mr. Robinson assured the Trustees that they would be available at all times going forward. The Board then asked additional questions before the presentation concluded. d. Voting and discussion The trustees engaged in lengthy discussion regarding the best fit for general and a roll call vote was taken as follows: Chairman Larry Rogers Police Representative– Richelle Levy Vice Chairman Fire Representative Todd Neal – Richelle Levy Secretary Dean Harley – Richelle Levy Trustee Police Representative Richard Tarrant – Richelle Levy Trustee Al Jones – Richelle Levy Trustee David Nuby, Jr – Richelle Levy Trustee Patricia Fuccile – Richelle Levy Trustee Rae Lair – Pedro Herrera Trustee Fire Representative Rich Sieb- Bob Sugarman MOTION by Rae Lair to accept the vote & Richelle Levy as the Plan’s new attorney. SECOND: Al Jones PASSED UNANIMIOUSLY VI. NEW BUSINESS 6.1 Israel Bichachi/GRS – October 1, 2025 Actuarial Report Israel Bichachi reviewed with the trustees the information in the October 1,2025 Actuarial Valuation Report. The funded ratio this year is 86.2 % compared to 89.2 % last year. The funded ratio was 88.6% before assumption and method changes. The funded ratio is equal to the smoothed actuarial value of assets divided by the actuarial accrued (past service) liability. The actual employer and State contributions for police officers during the year ending September 30,2025 were $0 and $67,890, respectively, for a total of $67,890. The Page 4 of 5 required contribution was $25,627. The excess contribution amount of $42,263 was added to the prepaid contribution reserve, increasing the reserve balance to $245,933 as of October 1, 2025. This reserve is available to offset future City contribution requirements for police officers. The actual employer (City/BSO) and State contributions for firefighters during the year ending September 30,2025 were $1,490,166 and $124,055, respectively, for a total of $1,614,221, which is equal to the required contribution. The contributions due from the city for fiscal year ending September 30,2027 are $1,785,049 based on the October 1,2025 Actuarial Valuation assuming the payment is made in full at the beginning of the fiscal year. If the City contributions are made quarterly instead, the net required city contribution for fiscal year 2026 would increase from $1,785,049 to $1,847,136. In compliance with Florida Statutes Chapter 112.33(1)(f) which mandates the use of the mortality tables used in either of the two most recently published actuarial valuation reports of the Florida Retirement System (FRS), the mortality tables and improvement scales were changed to reflect the updated mortality assumptions used in the July 1, 2024 FRS Actuarial Valuation. This change caused an increase in the required employer contribution of $311,849. The market value of assets exceeds the actuarial value of assets by $4,043,992 as of October 1, 2025. This difference will be gradually recognized over the next few years, causing the required contribution to decrease, in the absence of offsetting losses. There was no cola this year since there was an actuarial loss allocable to firefighters. MOTION by Dean Harley to accept the October 1,2025 Actuarial Report as prepared by Dina Lerner of Gabriel, Roeder, Smith & Co SECOND: Todd Neal PASSED UNANIMIOUSLY 6.2 GRS - Chapter 175 Health Insurance Subsidy Chapter 175 revenue of $368,365 as a percent of payroll this year (119.64%) is greater than the percent in 1997 (2.77%). Based on the formula set forth in the ordinance, the addition to the subsidy this year would be $269,886. However, after reflecting the $124,055 that was used as an offset to the required contribution, only $244,310 ($368,365-$124,055) of excess Chapter 175 revenue is available. This resulted in addition to the subsidy of $244,310. After offsetting for $190,318 distributed to retirees during the year as well as a refund to the City of $81,166, the balance of the subsidy this year is $312,052 compared to last year’s balance of $339,266 6.3 Annual Rate of Return The annual investment rate of return for the 2025 fiscal year is 5.75%. As required by the State, a letter of declaration will be sent to the Division of Retirement stating the Board believes in a reasonable return now, in the immediate future and for the long term is 5.75% MOTION by Dean Harley to send the Division of Retirement a letter stating that 5.75 % is the 2025 annual rate of return SECOND by Todd Neal PASSED UNANIMIOUSLY Page 5 of 5 6.4 Ratify Rebalancing the Portfolio On March 7,2026 Steve Roth of Dahab Associates recommended that the plan rebalance the portfolio by moving $500,000 from the Fidelity Mid Cap account; $500,000 from the Barksdale account, $500,000 from Highland Capital and $500,000 from GW&K account and transfer the $2,000,000 to the cash account MOTION by Dean Harley to ratify transferring $2,000,000 to the cash account as recommended by Steve Roth of Dahab Associates SECOND by Todd Neal PASSED UNANIMIOUSLY VII. CORRESPONDENCE VIII. RETIREMENTS/TERMINATION IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorneys Report There was no attorney report. X. ADJOURN MOTION by Rae Lair to adjourn meeting at 4:45 pm SECOND: Patricia Fuccile 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 PHONE (954) 393-9061 or 954-648-4448 AT LEAST 48 HOURS PRIOR TO THE MEETING.