FL - Ocala: Firefighters? Retirement Plan Agenda

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Firefighters? Retirement Plan Agenda

Firefighters Retirement Plan Agenda Monday, February 17, 2020

Tagged Passions:retirement, fire departments and districts, and seniors

Meeting Information

Contact

Alicia Gaither

Pension Benefits Coordinator

Tagged Passions:retirement

(352) 629-8372

Location

City Hall 3rd Floor Conference

Room

110 SE Watula Ave (3rd Floor)

Ocala, Florida

Time

9:00 AM

Board Members

Robert Davis Chairperson

John Dozier - Vice Chairperson

Justin Hardy - Secretary

Henry L. Fagan - Trustee

Joshua Phillips - Trustee

WELCOME

We are very glad you have joined us for today s meeting. If reasonable accommodations are needed for you to participate in

this meeting, please call Alicia Gaither at (352) 629-8372, 48

hours in advance so arrangements can be made.

APPEALS

Any person who decides to appeal any decision of the Ocala

Firefighters Retirement Plan with respect to any matter considered at this meeting will need a record of the proceeding,

Tagged Passions:retirement, fire departments and districts, and seniors

and for such purpose, may need to ensure that a verbatim record of

the proceeding is made.

Page 2 of 2 February 17, 2020 Firefighters Retirement Plan Agenda

Tagged Passions:retirement, fire departments and districts, and seniors

Public Notice

9:00 AM Meeting called to order on February 17, 2020 at City Hall 3rd Floor Conference Room, 110 SE

Watula Ave (3rd Floor), Ocala, FL.

1. Call to Order

2. Public Comments

3. NYHART - Valuation Report

4. Consultant's Presentation

Tagged Passions:services

5. Minutes Approval

1. Regular Meeting City Council Minutes for Monday, November 18, 2019

6. Approval of Account Payables

7. Other matters to come before the Board

A. Attorney Information

Tagged Passions:legal

B. Budget Expenses

Tagged Passions:budget

8. Adjournment

Firefighters Retirement Plan Minutes 110 SE Watula Avenue Ocala, FL 34471

Tagged Passions:retirement, fire departments and districts, and seniors

Monday, November 18, 2019 www.ocalafl.org

Regular Meeting Alicia Gaither (352) 629-8372

Firefighters Retirement Plan Page 1 Printed: 2/12/2020

Tagged Passions:retirement, fire departments and districts, and seniors

Public Notice

9:00 AM Meeting called to order on November 18, 2019 at City Hall 3rd Floor

Conference Room, 110 SE Watula Ave (3rd Floor), Ocala, FL.

This meeting was posted on November 12th, 2019 at 9:27AM.

1. Call to Order

The Ocala Firefighters Retirement Plan held a meeting at the City Hall 3rd Floor Conference Room, 110 SE Watula Ave (3rd Floor), on Monday, November

18, 2019 at
Tagged Passions:retirement, fire departments and districts, and seniors

9:00 AM.

Attendee Name Title Status Arrived

John Laurence Dozier Trustee Absent

Joshua Phillips Present

Robert Davis Chairperson Present

Justin Hardy Secretary Present

Henry Larry Fagan Jr. Trustee Absent

2. Public Comments

None.

3. NYHART - Experiance Study

1. Accept the Experience Study as Presented.

Mr. Watt provided an overview on the Experience Study that was compiled by

NYHART. He explained why experience studies are completed for pension plans and the

Tagged Passions:retirement

history of the assumption rates. Mr. Watts recommended to lower the assumption rate to

Tagged Passions:rates and history

7 on a three to four year plan. NYHART also recommended to reset the plans current

actuarial value to the current actuarial value.

Approved motion by Mr. Davis to accept the recommendations from NYHART's

Experience Study and to use the three year direct smoothing rate, starting with the

October 1, 2019 valuation. Second by Mr. Hardy, unanimous.

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Regular Meeting Minutes November 18, 2019

Firefighters Retirement Plan Page 2 Printed: 2/12/2020

Tagged Passions:retirement, fire departments and districts, and seniors

RESULT: APPROVED [UNANIMOUS]

MOVER: Robert Davis, Chairperson

SECONDER: Justin Hardy, Secretary

AYES: Phillips, Davis, Hardy

ABSENT: Dozier, Fagan Jr.

4. Consultant's Presentation

Tagged Passions:services

1. Co 3rd Qrt Report

Mr. West opened with the main impacts on the plan, stating the Equity came in under

expectations and the small cap index, Russell 3000 was down -8.9 . Mr West continued

with the plans performance stating the total fund net as of September 2019 totaled 0.69

Tagged Passions:performance

vs. 0.93 . Total Equity 0.36 vs 0.45 , Domestic Equity 0.95 vs 1.16 , International

Equity totaled -1.59 vs -1.70 . Fixed Income 1.31 vs 2.27 , Global Fixed Income

1.22 vs 0.88 and Real Estate 1.45 vs 1.38 , for the quarter ending September 30th,

2019.

Mr. West explained that DRZ is a domestic equity active value manager and their

Tagged Passions:manager

performance is a little more volatile then others. DRZ would replace the WellsFargo

Tagged Passions:performance

Large Cap Value Fund. A manager search will need to be completed before picking a

Tagged Passions:manager

replacement for WellsFargo Large Cap Value Fund.

5. Minutes Approval

1. Approved Regular Meeting Firefighters Retirement Plan Minutes for August 19, 2019.

Tagged Passions:retirement, fire departments and districts, and seniors

RESULT: APPROVED [UNANIMOUS]

MOVER: Justin Hardy, Secretary

SECONDER: Robert Davis, Chairperson

AYES: Phillips, Davis, Hardy

ABSENT: Dozier, Fagan Jr.

6. Account Payables Approval

Approved Motion by Mr. Davis, to approve the accounts payable, second by Mr.

Philips.

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Regular Meeting Minutes November 18, 2019

Firefighters Retirement Plan Page 3 Printed: 2/12/2020

Tagged Passions:retirement, fire departments and districts, and seniors

RESULT: APPROVED [UNANIMOUS]

MOVER: Robert Davis, Chairperson

SECONDER: Joshua Phillips

AYES: Phillips, Davis, Hardy

ABSENT: Dozier, Fagan Jr.

7. DROP Approval

1. Approved Approve Drop Entrance for Wayland Schulz II, Edward Floyd, Charles

Barberie, and Lawrence Doerffel

RESULT: APPROVED [UNANIMOUS]

MOVER: Justin Hardy, Secretary

SECONDER: Joshua Phillips

AYES: Phillips, Davis, Hardy

ABSENT: Dozier, Fagan Jr.

8. Other matters to come before the Board

Mr. Davis stated that the Chapter 175 money is being used for education and any

Tagged Passions:education

additional money would be but back into the plan. The Board had a short discussion on

the definition of Salary in the City of Ocala Firefighters' Retirement System ordinance,

Tagged Passions:ordinance, retirement, fire departments and districts, and seniors

along with the employee's pensionable wages.

Mr. Philips accepted the nomination as a Firefighters' Retirement Plan Trustee.

Tagged Passions:retirement, fire departments and districts, and seniors

9. Adjournment

Minutes

A motion to approve the minutes as printed on this _________ day of __________;

_______ was made by ___________________, seconded by _____________________,

votes for _________, votes against ______________.

.

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Regular Meeting Minutes November 18, 2019

Firefighters Retirement Plan Page 4 Printed: 2/12/2020

Tagged Passions:retirement, fire departments and districts, and seniors

.

______________________________ ____________________________________

Secretary Chairman

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Public Agenda Public Notice 1. Call to Order 1. Roll Call

2. Public Comments 3. NYHART - Valuation Report 4. Consultant's Presentation 5. Minutes Approval 1. Minutes of Nov 18, 2019 9:00 AM Printout: Minutes

of Nov 18, 2019 9:00 AM
Tagged Passions:services

6. Approval of Account Payables 7. Other matters to come before the Board A. Attorney Information B. Budget Expenses

Tagged Passions:legal and budget

8. Adjournment

Appendix 5.1 Minutes of Nov 18, 2019 9:00 AM


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