CITY OF PORT ORANGE

POLICE OFFICERS’ PENSION BOARD

QUARTERLY MEETING AGENDA

 

City Hall Conference Room #2

Second Floor

1000 City Center Parkway

Port Orange FL 32129

Friday, May 23, 2014

2 p.m.

 

 

 

 

 

 


Disability Information:  If you are a person with a disability who needs any accommodation in order to participate in this proceeding, you are entitled, at no cost to you, to the provision of certain assistance. Please contact the City Clerk for the City of Port Orange, 1000 City Center Circle, Port Orange, FL 32129, telephone number 386-506-5563, within two working days of your receipt of this notice or five days prior to the meeting date. If you are hearing or voice impaired, contact the relay operator at 1-800-955-8771.

Appeal Notice:  Any person who decides to appeal any decision made by the Port Orange Police Officers’ Pension Board will need a record of the proceedings, and for such purpose he or she may need to ensure at his or her own expense for the taking and preparation of a verbatim record of all testimony and evidence of the proceedings upon which the appeal is to be based.

 

 

 


  1. CALL TO ORDER

 

  1. DETERMINATION OF A QUORUM

 

  1. APPROVAL OF MINUTES

A.        Approve the minutes of quarterly meeting February 21, 2014.

 

  1. OFFICER AND TRUSTEE REPORTS

 

  1. CONSENT AGENDA

A.        Approve plan expenditures (February 22, 2014 through May 15, 2014) as follows:

      1.   Sugarman & Susskind – monthly retainer for January 2014 - $1,600.00;

      2.   Sugarman & Susskind – monthly retainer for February & March 2014 -       $3,200;

      3.   Plan Administrator Karan Rounsavall – initial fee (March 15 through April 30, 2014) - $2,700;

      4.   Plan Administrator Judy Surmaczewicz – three payments of $1,346.15       each (paid February 25, 2014, March 14, 2014, and March 25, 2014).

B.  Ratify administrative services agreement between the Pension Plan and Karan Rounsavall.

C.  Acknowledge refund of member contributions to Terry Scarsella (non-vested member) in the amount of $7,235.76.

 

6.   CONSULTANT REPORTS

A.           Charles Mulfinger – Graystone/Morgan Stanley Wealth Management (Investment Manager)

·         Performance Report for quarter ended March 31, 2014

B.         James Burdick – Cherry Bekaert (Independent Auditors)

·         Presentation of audit of basic financial statements of the Pension Plan as of September 30, 2012

C.         Chad Little  – Freiman Little Actuaries, LLC (Plan Actuary)

·         Presentation of revised fee schedule between Freiman Little Actuaries and the Port Orange Police Officers’ Pension Plan

·         Consideration of engagement letter for actuarial services incorporating revised fee schedule as presented above

·         Update on 2013 Annual Report to State

D.         Ken Harrison – Sugarman & Susskind (Attorney)

·         Legislative Update

E.         Karan Rounsavall – Plan Administrator

·         Annual financial disclosure filing

·         Educational opportunity:

·         Florida Public Pension Trustees’ Association (FPPTA) annual conference at Hilton Orlando Bonnet Creek, June 29 – July 2, 2014

·         Authorize trustee/plan administrator to cast ballot for FPPTA board of directors election at annual conference

 

  1. OLD BUSINESS

A.           Discussion and possible action regarding overpayment of pension benefits to William Schulz in the amount of $2,979.77. (Deferred from February 21, 2014 meeting)

B.           Status report on proposed ordinance amending the Pension Plan to provide for compliance with the Internal Revenue Code (per the Plan’s September 27, 2012 favorable determination letter).

 

8.   NEW BUSINESS

A.        Provide names and signatures of individuals authorized to execute and direct First State Trust (custodian) and further certify the required number of signatures sufficient to so direct (two recommended).

B.        Provide names and signatures of individuals authorized to execute and direct Graystone Consulting/Morgan Stanley and further certify the required number of signatures sufficient to so direct (two recommended).

C.        Renewal of fiduciary liability insurance policy with Alterra America Insurance Company through Ullico Casualty Group.

D.        Letter of Instruction to First State Trust authorizing recurring monthly payments of $1,800 for Plan Administrator Karan Rounsavall.

E.        Letter of Instruction to First State Trust authorizing recurring quarterly payment to Freiman Little Actuaries for attendance at quarterly meetings and basic consulting services.

F.         Invoice from Freiman Little Actuaries, LLC for contracted actuarial services from September 13, 2013 through May 15, 2014 in the amount of $10,600 (including $3,000 credit for overpayment of September 2013 invoice and $1,500 charge for presentation to City Council on September 24, 2013.

G.        Invoice from Freiman Little Actuaries, LLC for supplemental actuarial services (September 13, 2013 thru May 15, 2014) in the amount of $375.

 

  1. PUBLIC COMMENT

 

  1. ADJOURNMENT