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HomeMy WebLinkAbout2026.03.02 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 Page 1 of 4 MINUTES MARCH 2, 2026 HYBRID WEBEX MEETING IN THE TRAINING ROOM OF BROWARD FIRE STATION #17, 2308 SW 42ND ST, FORT LAUDERDALE, FL 7 pm I. CALL TO ORDER The meeting was called to order by Rae Lair at 7:15 PM Second: Al Jones MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Patricia Fuccile - excused Vice Chairman Todd Neal Rich Sieb - excused Rae Lair Al Jones ` David Nuby, Jr Rich Tarrant - Webex Dean Harley - Webex ALSO PRESENT: Bob Sugarman – Sugarman, Susskind, Braswell, PA David Robinson – Sugarman, Susskind, Braswell PA Pedro Herrera- Jones Walker LLP Eric Leventhal, CPA - Kabat, Schertzer, De La Torre, Taraboulos Steve Roth – Dahab Associates Cathy David – Administrator II. APPROVAL OF MINUTES MOTION: by Al Jones to accept minutes from the November 17,2025 meeting as submitted. SECOND: Rae Lair PASSED UNANIMOUSLY III. PUBLIC COMMENT IV. CONSENT AGENDA No items listed on the Consent Agenda March 2, 2026 Page 2 of 4 V. OLD BUSINESS VI. NEW BUSINESS 6.1 Dahab Associates – December 31, 2025 Performance Steve Roth Dahab Associates reviewed with the trustees the plan’s December 31,2025 earnings. The net of fees return was +1.6% for the quarter October 1,2025 to December 31, 2025. There is no allocation adjustment at this time. Steve will have investment manager GWK attend the next meeting to review their investment strategy and performance. MOTION by Todd Neal to accept the December 31,2025 Performance as prepared by Dahab Associates. SECOND: Rae Lair PASSED UNANIMIOUSLY 6.2 Dahab Associates – Rebalancing the Portfolio Steve Roth recommended moving $500,000 from Barksdale; $500,000 from Fidelity (FSMDX); $500,000 from GW&K; $500,000 from Highland Capital to the Cash account to pay benefits and bills. MOTION by Todd Neal to move $500,000 from Barksdale; $500,000 from Fidelity (FSMDX); $500,000 from GW&K; $500,000 from Highland Capital and transfer $2,000,000 to the Cash account to pay benefits and bills. SECOND: Al Jones PASSED UNANIMIOUSLY 6.3 Eric Leventhal-Audited Financial Statement-September 30,2025 and Management Representation Letter Eric Leventhal of the accounting firm Kabat, Schertzer, De La Torre, Taraboulos & Co, LLC reviewed with the Board his firms’ report on the Audited Financial Statements for the Plan for fiscal year ending September 30, 2024. Eric Leventhal gave a clean or unmodified opinion on the plan’s financial statements. The GASB 67 report was not ready when tonight’s Financial Statements were printed. He will incorporate the GASB 67 report when he receives additional information from the plan’s actuary, Gabriel, Roeder, Smith & Company, although he does not suspect the results will vary in a material way. He will then give updated final copies. MOTION by Todd Neal to approve the September 30,2025 Audited Financial Statements that were prepared by Eric Leventhal of the accounting firm Kabat, Schertzer, De La Torre, Taraboulos & Co, LLC subject to the addition of the GASB 67 report. SECOND: Rae Lair PASSED UNANIMIOUSLY March 2, 2026 Page 3 of 4 6.4 Budget The estimated budget for the fiscal year October 1,2025 to September 30,2026 is $210,174 MOTION by Rae Lair to approve the budge for the fiscal year October 1,2025 to September 30, 2026 SECOND: David Nuby, Jr PASSED UNANIMIOUSLY VII. CORRESPONDENCE VIII. ETIREMENTS / TERMINATIONS 8.1 Kyle Lehman is retiring and entering the DROP on March 1, 2026. This leaves one firefighter Todd Lleras active in the plan. IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorney Resignation Pedro Herrera resigned from Sugarman, Susskind, Braswell &Herrera on February 27, 2026 and joined the firm of Jones Walker LLP. The administrator received a letter from Attorney Herrera the board of his resignation and giving the board an option to engage him as the plan’s attorney; stay with Sugarman, Susskind & Braswell or engage notifying a new attorney. Attorney Bob Sugarman reviewed with the board his firm’s experience and credentials as well as being the board Attorney for 40 years and writing the original ordinance. Chairman Rogers asked Attorneys Herrera, Sugarman and Robinson to leave the room so the trustees could have a discussion. The trustees discussed staying with Sugarman, Susskind & Braswell, going with Attorney Herrera at his new firm or looking at other pension attorneys. A committee was formed with Dean Harley and Steve Roth from Dahab Associates along with the administrator to conduct a search of pension attorneys to interview 3 to 5 attorneys in March or early April. 9.2 FPPTA 42nd Annual Conference June 28-July 1,2026 The 42nd Annual Conference of the FPPTA will be held June 28 to July 1,2026 at the Renaissance Orlando Sea World, Orlando, Florida MOTION by Rae Lair to approve the trustee’s attendance at the FPPTA 42nd conference in accordance with the trustee travel guidelines. SECOND by Al Jones PASSED UNANIMIOUSLY 9.3 Meeting Time Change The 7 pm meeting time was discussed. Chairman Rogers discussed changing the meeting time to 2:30 pm. All the trustees agreed to change the previous 7 pm meeting time to 2:30 pm March 2, 2026 Page 4 of 4 X. ADJOURN MOTION by Rae Lair to adjourn meeting. SECOND: Al Jones Meeting adjourned at 8:18 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 AT EITHER EMAIL: pfpens@gmail.com or PHONE (954) 393-9061AT LEAST 48 HOURS PRIOR TO THE MEETING.