Firefighters’ Retirement Plan Agenda
Monday, May 15, 2017
Meeting Information
Contact
Alicia Gaither
Pension Benefits Coordinator
(352) 629-8372
Location
CMO Conference Room
110 SE Watula Avenue (2nd
Floor)
Ocala, Florida
Time
9:00 AM
Board Members
Larry Fagan
Justin Hardy
Randy Griffin
John Dozier
James Williams
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,
and for such purpose, may need to ensure that a verbatim record of
the proceeding is made.
Page 2 of 2
May 15, 2017 Firefighters’ Retirement Plan Agenda
Public Notice
9:00 AM Meeting called to order on May 15, 2017 at CMO Conference Room, 110 SE Watula Avenue
(2nd Floor), Ocala, FL.
1. Call to Order
2. Public Comments
3. Consultant's Presentation
4. Minutes Approval
1. Regular Meeting Firefighters’ Retirement Plan Minutes for February 20, 2017.
5. Approval of Account Payables
6. Other matters to come before the Board
A. Drop Approval - Tim Smith
B. Annual Sunshine Seminar
7. Adjournment
4.1
Firefighters’ Retirement Plan Minutes
Monday, February 20, 2017
Regular Meeting
110 SE Watula Avenue
Ocala, FL 34471
www.ocalafl.org
Alicia Gaither
(352) 629-8372
Public Notice
1.
Call to Order
The Ocala Firefighters’ Retirement Plan held a meeting at the CMO Conference Room,
110 SE Watula Avenue (2nd Floor), on Monday, February 20, 2017 at 9:00 AM.
Attendee Name
John Dozier
Larry Fagan
Randy Griffin
Justin Hardy
James Williams
2.
Title
Status
Present
Excused
Present
Present
Present
Arrived
Public Comments
None
3.
Valuation Report - NYHART
Presenter: David Guy - NYHART
Mr. Guy spoke about the summary results of the plan, stating that payroll did increase.
The increase in payroll does have an effect on the pension plan itself. He spoke about the
mortality and liabilities of the plan; salaries were at $1.5 Million. Mr. Griffin stated that
there have not been any salary increases in the last five years, and in 2016 salary
increases were given, causing the salaries to be a lot higher. Mr. Guy went over the
DROP and how the DROP contribution is considered apart of the City's asset and the
money doesn't move.
Mr. Griffin asked, "When the Union proposes that the DROP participants can leave their
contributions in the plan, will it hinder the plan?
Mr. Guy stated that they do not put that into account with the plan, it is not the city's
money to be used. When they are valuing assets they take the finance market value and
exclude any DROP balance. It is looked at like a 401k, and as if the money had already
Firefighters’ Retirement Plan
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Minutes Acceptance: Minutes of Feb 20, 2017 9:00 AM (Minutes Approval)
9:00 AM Meeting called to order on February 20, 2017 at CMO Conference Room, 110
SE Watula Avenue (2nd Floor), Ocala, FL.
4.1
Regular Meeting
Minutes
February 20, 2017
been paid. Mr. Guy explained from an administrative stand point there would not be any
extra information that they would need.
Mr. Guy reviewed the funded ratio, which should be around 80% funded. If the
assumption rate was changed from 7.75% to 7.50% the liabilities increase, contributions
would go up about $300,000 and the funded ratio would go down.
A. Approve Valuation Report
Mr. Dozier made motion to approve valuation report and change the assumption rate
from 7.75% to 7.50%, second by Mr. Williams; unanimous.
Mr. Williams made motion to send assumption letter to the state, second by Mr. Dozier;
unanimous.
4.
Consultant's Presentation
Dave West - Presenter
Mr. West discussed the name change of The Bogdahn Group, which has changed into
AndCo Consulting. He announced that the company set up an equity sharing program,
which is like a profit sharing program adding six partners. Mr. West went over the plan's
performance, stating that the international equity's were down, the negative curve was
because of international; 9.65% earned. Mr. West discussed the performance of the plan
and stated that active management paid off. Global bonds worked well, year over year,
the fund gave the plan 10.65%, verses the bench mark of 7.3%. Templeton Global bond
fund was up 8.32% within the benchmark down 8.5%, almost at 17% rate of return.
Mr. West recommends taking the profits out of Templeton and moving the money into
TIPS.
Mr. Hardy made motion to close Templeton and move money to TIPS, second by
Williams; unanimous.
Mr. West will draft a letter for the custodian to complete the move.
Firefighters’ Retirement Plan
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Minutes Acceptance: Minutes of Feb 20, 2017 9:00 AM (Minutes Approval)
Mr. Griffin asked if keeping the assumption rate at 7.75% is where the Board wants to
be? Mr. Griffin recommend to move the rate of return to 7.50%.
4.1
Regular Meeting
Minutes
February 20, 2017
A. Approve Quarterly Report
5.
Minutes Approval
1. Approved Regular Meeting Firefighters’ Retirement Plan Minutes for November 14,
2016.
Approval of Account Payables
Mr. Williams made motion to approve AP, second by Mr. Hardy; unanimous
7.
Other matters to come before the Board
A. Securities Litigation Policy
Tabled till May 2017 meeting.
B. Bogdahn Fee Amendments
Motion by Mr. Dozier to increase fees to $3,000 for 3 years, 3% two years, second by
Mr. Hardy; unanimous.
C. 2017 Cola Increase
Mr. Williams made motion to accept cola change recommended by actuary, second by
Mr. Hardy; unanimous.
D. Approve 2016 Expenses
Ms. Gaither presented the expenses and revenues to the board;
Motion by Mr. Williams to approve 2016 Expenses, second by Doizer; unanimous.
Ms. Kelley spoke about state legislative changes.
8.
Adjournment
Minutes
A motion to approve the minutes as printed on this _________ day of __________;
_______ was made by ___________________, seconded by _____________________,
Firefighters’ Retirement Plan
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Minutes Acceptance: Minutes of Feb 20, 2017 9:00 AM (Minutes Approval)
6.
4.1
Regular Meeting
Minutes
February 20, 2017
votes for _________, votes against ______________.
.
.
.
.
______________________________
____________________________________
Secretary
Chairman
Firefighters’ Retirement Plan
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Minutes Acceptance: Minutes of Feb 20, 2017 9:00 AM (Minutes Approval)
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