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Home My WebLink About2024-04-15 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 APRIL 15, 2024 I. CALL TO ORDER Chairman Rogers called to order at 7:15 p.m. MOTION by Patricia Fuccile SECOND: Rae Lair PASSED UNANIMIOUSLY MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Rich Sieb-excused Vice Chairman Todd Neal Patricia Fuccile David Nuby, Jr. Rae Lair Dean Harley Richard Tarrant – by Webex ALSO PRESENT: Madison Levine - Sugarman & Susskind, Braswell & Herrera . Cathy David – Administrator Dina Lerner – Gabriel, Roeder, Smith & Co II. APPROVAL OF MINUTES MOTION by Dean Harley to accept the minutes from the February 26, 2024 regular meeting SECOND: Rae Lair PASSED UNANIMIOUSLY Page 2 of 3 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 Ninth Member Trustee Dean Harley informed the Board that he was moving to Jupiter now. Discussion took place regarding Dean becoming the 9th elected member of the Board. MOTION by Todd Neal to nominate Dean Harley to be the 9th elected member of the Board SECOND: Rae Lair Chairman Larry Rogers, Patricia Fuccile, David Nuby, Jr., Rae Lair, Todd Neal (by Webex and phone), Richard Tarrant (by Webex and phone) voted in favor of Dean Harley becoming the 9th member of the Board VI. NEW BUSINESS 6.1 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 ratio this year is 92.1% compared to 96.2% last year. The funded ratio is equal to the 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, 2023 were $0 and $67,890, respectively, for a total of $67,890. The required contribution was $0. The excess contribution amount of $67,890 was added to the prepaid contribution reserve, increasing the reserve balance to $135,780 as of October 1, 2023. 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, 2023 were $611,910 and $124,055, respectively, for a total of $735,965, which is equal to the required contribution reflecting actual payment timing. The health insurance subsidy for firefighters this year is $237,978 compared to last year’s balance of $49,767. MOTION by Rae Lair to accept the October 1, 2024 Actuarial Report as prepared by Dina Lerner of Gabriel, Roeder, Smith & Co SECOND: Patricia Fuccile PASSED UNANIMIOUSLY 6.3 Annual Rate of Return The annual investment rate of return for the 2024 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 2024 annual rate of return SECOND by Dean Harley PASSED UNANIMIOUSLY Page 3 of 3 VII. CORRESPONDENCE VIII. RETIREMENTS/TERMINATION IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorneys Report Attorney Madison Levine reminded the trustees that the Financial Disclosure Form 1 for 2024 must be filed by July 1st, 2024 9.2 FPPTA Recertification The FPPTA notified the administrator that CPPT status had been cancelled for 3 trustees-Todd Neal, Richard Tarrant and David Nuby, Jr. for non-payment of recertification. A balance of $124.00 is due for each trustee totaling $372.00 for previous years. Then $31.00 is due for each trustee for 2024. MOTION by Dean Harley to pay all the past due recertification fees for the CPPT program that is in the FPPTA SECOND by Rae Lair PASSED UNANIMIOUSLY X. ADJOURN MOTION by Dean Harley to adjourn meeting at 8:20 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 OFFICE 111 S.W. 1st STREET, DANIA BEACH, FL 33004 PHONE (954) 393-9061AT LEAST 48 HOURS PRIOR TO THE MEETING.