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Home My WebLink About2022-03-21 Webex Police & Fire Pension Board Minutes 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 Page 1 of 3 MINUTES MARCH 21, 2022 7 PM WEBEX HYBRID MEETING I. CALL TO ORDER The meeting was called to order at 7:05 PM MOTION by Rae Lair (Sandler) to call the meeting to order. SECOND: David Nuby, Jr. PASSED UNANIMOUSLY MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Carolyn Jones-excused Todd Neal Rich Sieb-excused Patricia Fuccile David Nuby, Jr Richard Tarrant Dean Harley Rae Lair (Sandler) ALSO PRESENT: Attorney Bob Sugarman - Sugarman & Susskind, PA Cathy David - Administrator Dina Lerner – Gabriel, Roeder, Smith & Company Tom McPartland-Police Retiree II. APPROVAL OF MINUTES MOTION: by Dean Harley to accept minutes from February 28, 2022 meeting as submitted. SECOND: Rae Lair (Sandler) PASSED UNANIMOUSLY III. PUBLIC COMMENT The floor was open and no public comment IV. CONSENT AGENDA No items listed on the Consent Agenda V. OLD BUSINESS March 21, 2022 Page 2 of 3 VI. NEW BUSINESS 6.1 GRS-October 1, 2021 Actuarial Valuation Dina Lerner from GRS reviewed with the trustees the October 1, 2021 actuarial valuation preliminary information. Dina provided the trustees a spreadsheet showing 4 different options. They are: Option 1 – No Changes to current assumed rate of return of return 6:25%; Option 2 – Lower assumed rate to 5.50%; Option 2B – Lower rate to 5.50% and Fresh Start using market value of assets rather than smoothed actuarial value; Option 3A – Lower rate to 5.25% and Option 3B – Lower rate to 5.25% and Fresh Start. The state allows a plan to Fresh Start once every 5 years. We would be replacing the plan’s smoothed value of assets to market value of assets and recognizing all the deferred gains that had been smoothed. The downside of this is that the plan will not have any built-in gains over the next 4 years to smooth over any losses that might occur. MOTION by Todd Neal based on the recommendation of Dina Lerner (GRS)for the October 1, 2021 valuation the board chooses Option 3B – Lower interest rate to 5.25% and valuing the assets at a fresh start AVA which means market value on October 1, 2021 SECOND by Dean Harley PASSED UNANIMIOUSLY Discussion continued on the availability of a COLA. The trustees expressed concern that no COLAs have been paid to the retirees and some have had the same benefit for 20 years. Trustee Neal suggested that the benefits of large investment gains of the past few years could be shared, with the city and the retiree’s both benefitting. One possibility is lowering the Interest Rate to 5.75% to achieve a city contribution that is not greater than last year’s contribution and then see how much money would be available for a COLA. Dina Lerner was asked to do a study recalculating an option using the 5.75% interest rate that would give an additional benefit to the retirees. The benefit would be given equally to the police & fire retirees and their beneficiaries possibly in a 13th check for the rest of their lives. Dina will attend the May 16, 2022 trustee meeting with her report. A MOTION TO RECONSIDER THE PREVIOUS MOTION TO LOWER THE ASSUMED RATE TO 5.25% WITH A FRESH START WAS MADE BY DEAN HARLEY, WAS SECONDED BY TODD NEAL & WAS PASSED. Todd Neal withdrew his previous motion approving Option 3B, Dean Harley withdrew his second, so this entire matter will be considered again at the May 16 meeting March 21, 2022 Page 3 of 3 6.2 Steve Roth/Dahab-Asset Allocation & Rebalancing Steve discussed asset allocation with the trustees and will wait until the October 1, 2021 Actuarial Report and any new assumed rate of return has been approved to recommend any changes to asset allocation. He is comfortable with the plan’s current asset allocation except for increasing fixed income. Steve has the performance from January 1, 2022 thru March 16, 2022 and the earnings were -6.7% gross of fees. VII. CORRESPONDENCE VIII. RETIREMENTS / TERMINATIONS IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorney Attorney Sugarman reviewed the SPD. X. ADJOURN MOTION by Rae Lair (Sandler) to adjourn meeting SECOND: by Dean Harley Meeting adjourned at 8:25 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 OFFICE 111 S.W. 1st STREET, DANIA BEACH, FL 33004 PHONE (954) 393-9061AT LEAST 48 HOURS PRIOR TO THE MEETING.