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Home My WebLink About2024-02-26 Webex 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 Page 1 of 4 MINUTES FEBRUARY 26, 2024 HYBRID WEBEX MEETING I. CALL TO ORDER The meeting was called to order at 7:04 PM MOTION by Patricia Fuccile to call the meeting to order. SECOND: Richard Tarrant PASSED UNANIMOUSLY MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Richard Sieb-excused Vice Chairman Todd Neal Webex David Nuby, Jr -excused Richard Tarrant Patricia Fuccile Dean Harley Rae Lair ALSO PRESENT: Madison Levine – Sugarman, Susskind, Braswell & Herrera Cathy David - Administrator Steve Roth - Dahab Associates II. APPROVAL OF MINUTES MOTION: by Rae Lair to accept minutes from January 22, 2024 meeting as submitted. SECOND: Patricia Fuccile PASSED UNANIMOUSLY February 26, 2024 Page 2 of 4 III. PUBLIC COMMENT The floor was open and no there was no public comment IV. CONSENT AGENDA No items listed on the Consent Agenda V. OLD BUSINESS 5.1 Asset Allocation Steve Roth from Dahab Associates reviewed with the trustees the various asset allocations in examples A thru H that were prepared by Dahab Associates. Steve commented that the plan was more into rebalancing so as to reduce the risk and reach our investment rate of return of 5 ¾%. MOTION: by Rae Lair for the trustees to vote for items A thru H. Dean Harley, Richard Tarrant, Rae Lair, Patricia Fuccile and Todd Neal voted to select Item B. Larry Rogers voted for Item D or E. SECOND: Patricia Fuccile to approve changing our asset allocation to Item B that reduces the large cap from 30% to 25% and keeps Mid Cap at 10%; Small Cap at 10%; International Equity at 10% and Emerging Markets at 5%; Real Estate 15%: and increasing Aggregate Fixed Income from 20% to 25% ITEM B PASSED UNANIMOUSLY 5.2 Investment Policy Statement - IPS The Investment Policy Statement had changes incorporated regarding House Bill 3 Section 8 and was voted on and approved at the November 20, 2023 trustee meeting. Steve Roth discussed further changes to the IPS to include the new asset allocation as well as wording changes. MOTION: by Patricia Fuccile to approve the IPS with the additional changes. SECOND: Rae Lair PASSED UNANIMOUSLY 5.3 Investment Guidelines This item was tabled at the November 20, 2023 waiting for the asset allocation to be complete. Steve Roth discussed this with the trustees. MOTION: by Dean Harley to approve the revised Investment Guidelines with the additional changes. SECOND: Rae Lair PASSED UNANIMOUSLY February 26, 2024 Page 3 of 4 Addendum #1 Investment Guidelines The name was changed to Barksdale from Weaver Barksdale. The date is changed to the current date and then in Section III Florida Statue Sections 112.662 was added. Also added in Section III was the following “In accordance with Chapter 2023-28 requirements, when selecting investments only pecuniary factors may be considered and all the interests of the participants and beneficiaries of the System may not be subordinate to other objectives. Section V the following was added “The manager shall assist in the preparation of required reporting and shall annually confirm to the Board their compliance with Chapter 2023-28.” MOTION: by Patricia Fuccile to approve Addendum #1 Investment Guidelines with the additional changes. SECOND: Rae Lair PASSED UNANIMOUSLY Addendum #4 Investment Guidelines The date is changed to the current date and then in Section III Florida Statue Sections 112.662 was added. Also added in Section III was “In accordance with Chapter 2023-28 requirements, when selecting investments only pecuniary factors may be considered and all the interests of the participants and beneficiaries of the System may not be subordinate to other objectives.” In Section V the following was added “The manager shall assist in the preparation of required reporting and shall annually confirm to the Board their compliance with Chapter 2023-28.” MOTION: by Patricia Fuccile to approve Addendum #4 Investment Guidelines with the additional changes. SECOND: Rae Lair PASSED UNANIMOUSLY Addendum #5 Investment Guidelines The date is changed to the current date and then in Section III Florida Statue Sections 112.662 was added. In Section III the following was also added “In accordance with Chapter 2023-28 requirements, when selecting investments only pecuniary factors may be considered and all the interests of the participants and beneficiaries of the System may not be subordinate to other objectives.” In Section V the following was added “The manager shall assist in the preparation of required reporting and shall annually confirm to the Board their compliance with Chapter 2023-28.” MOTION: by Patricia Fuccile to approve Addendum #4 Investment Guidelines with the additional changes. SECOND: Rae Lair PASSED UNANIMOUSLY February 26, 2024 Page 4 of 4 VI. NEW BUSINESS 6.1 Dahab Associates December 31, 2023 Quarterly Earnings Steve Roth Dahab Associates reviewed with the trustees the plan’s December 31, 2023 earnings. The net of fees return was +6.2% for the quarter October 1, 2023 to December 31, 2023. MOTION by Rae Lair to accept the December 31, 2023 Performance as prepared by Dahab Associates. SECOND: Patrcia Fuccile PASSED UNANIMIOUSLY 6.2 Budget Chairman Rogers reviewed with the trustees the 2023-2024 Budget MOTION by Rae Lair to approve the 2023-2024 Budget SECOND: Patrcia Fuccile PASSED UNANIMIOUSLY VII. CORRESPONDENCE VIII. RETIREMENTS / TERMINATIONS 8.1 Mary Thivener passed away two weeks ago. She was the wife of retired police Gil Thivener. IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorney Attorney Madison Levine discussed with the board information about Forms 1 and 6. The trustees must file Form 1 online starting this year on the Florida Commission of Ethics website. 9.2 FPPTA Conference June 2024 The 40th Annual Conference of the FPPTA will be held June 23-26th, 2024 at the Renaissance Orlando at Sea World MOTION by Rae Lair to approve the trustee’s attendance at the FPPTA 40th conference in accordance with the trustee travel guidelines. SECOND by Dean Harley PASSED UNANIMIOUSLY X. ADJOURN MOTION by Patricia Fuccile to adjourn meeting SECOND: by Rae Lair Meeting adjourned at 8:06 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 100 W. Dania Beach Blvd., DANIA BEACH, FL 33004 PHONE (954) 393-9061 AT LEAST 48 HOURS PRIOR TO THE MEETING.