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Home My WebLink AboutCity of Tamarac Resolution R-2021-073Temp. Reso. #13633 July 9, 2021 Page 1 of 3 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2021 - u i 2� A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, CONFIRMING APPOINTMENT OF PETE PRIOR AS 5T" TRUSTEE OF THE FIREFIGHTERS PENSION BOARD TO SERVE A FOUR-YEAR TERM ENDING MAY 19, 2025; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Chapter 16, Division 1, Section 16-331 of the Tamarac Code of Ordinances provides for members of the Firefighters Pension Board ; and WHEREAS, the Firefighter Pension Board consists of five trustees, the fifth trustee to be appointed by the remaining four trustees; and WHEREAS, Pete Prior was appointed by the remaining four trustees of the Firefighters Pension Board to serve as the fifth member to the board ; and WHEREAS, the City Commission of the City of Tamarac, Florida, deems it to be in the best interest of the citizens and residents of the City of Tamarac to confirm the appointment of Pete Prior as the Fifth Member to the Firefighters Pension Board appointed by the remaining four trustees and to serve a four -year - term ending May 19, 2025. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA THAT. - SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Temp. Reso. #13633 July 9, 2021 Page 2 of 3 Resolution. All exhibits attached hereto are incorporated herein and made a specific part of this Resolution. SECTION 2: Pursuant to Section 16-331 of the Tamarac Code of Ordinances, the appointment of the following individual as the Fifth Member Trustee of the Firefighters Pension Board to complete a four -year -term expiring May 19, 2025, or until such time as new appointments are made, hereby confirms PETE PRIOR SECTION 3: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 4: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. "The remainder of this page is left blank intentionally" Temp. Reso. #13633 July 9, 2021 Page 3 of 3 SECTION 5: This Resolution shall become effective immediately upon adoption. PASSED, ADOPTED AND APPROVED this 1 /. -ft' iay of ' L 2021. d"�Jbo"I'� ichelle J. Gomez MAYOR ATTEST: nnifer J hnso�, 9MC CITY CLERK `— RECORD OF COMMISSION VOTE: MAYOR GOMEZ `✓ �S DIST 1: COMM. BOLTON DIST 2: COMM. GELIN jets DIST 3: V/M VILLALOBOS �JE� DIST 4: COMM. PLACKO I HEREBY CERTIFY that I have approved this RESOLUTION as to form. ohn R. Herin, J . ITY ATTORNEY CITY OF TAMARAC FIREFIGHTERS' PENSION TRUST FUND BOARD OF TRUSTEES REGULAR MEETING May 19, 2021 The regular meeting of the Board of Trustees of the City of Tamarac Firefighters' Pension Trust Fund was held on May 19, 2021 at 9:05 am in Conference Room 105 at City Hall. Item I. Call to Order Trustee Korte called the meeting to order at 9:06 am and the business of the Trust was transacted in the following order. Item II. Roll Call Roll call was completed. Those in attendance were as follows: Trustees: Steven Korte Omar Jirau Brian Neff Peter Prior Others Present: Pedro Herrera, Sugarman & Susskind (Online via Teams) Scott Owens, Graystone Consulting (Online via Teams) Chuck Carr, Southern Actuarial Services (Online via Teams) Anil Harris, RSM Senior Manager (Financial Auditor) Patricia White, City of Tamarac Joshua Appelt, City of Tamarac Lerenzo Calhoun, City of Tamarac Nora Carles, City of Tamarac Luis Bartlett-Narvaez, City of Tamarac Absent: James Hayes, Jr. Item III. Public Comments Mr. Lerenzo Calhoun, Human Resources Director, introduced to the board Mrs. Patricia White as the new Assistant Financial Services Director. Item IV. Minutes The Board of Trustees reviewed the minutes of the February 17, 2021 regular meeting of the Board of Trustees. Trustee Neff asked Mr. Appelt whether it was necessary to sign -off on the minutes via Adobe Sign, and Mr. Applet clarified that the Adobe Sign Request was not intended to supplement the current process but to simply allow the trustees to review the minutes prior to in -person approval at the meeting. City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, February 17, 2021 Paget Trustee Korte made the MOTION, SECONDED by Trustee Jirau to approve the February 17, 2021 regular meeting minutes as presented. MOTION PASSED UNANIMOUSLY. Item V. Plan Presentations a) City of Tamarac Financial Services, Comprehensive Annual Financial Report (CAFR) The Board welcomed Mrs. Patricia White to the meeting who provided a quick general overview about the meaning of the Comprehensive Financial Report for those members who were not familiar with said report. Also, Mrs. White introduced Anil Harris, RSM Senior Manager, which is the firm the City uses to audit their financial statements. Mrs. White pointed out the following key points: • Statement of Fiduciary Net Position as of September 30, 2020 CFCY OF TAMARAC, FLORMA sTATEWAU OF FIDUCLSRY NET 706MON rMUCURYFUND 9q—bv 30, nn0 Pauiun T.. f� As .y ned, ASSETS Cahmdusk yu.aknts S 11953.120 S 2,114,490 Rocrirbka: Aecomts vxri»bb - SIT,ITS C- ci-bk 30.212 T-I—i-bL, 6M36 817.178 In,c,miaiir. Y he -1. - C®raw,—k 109.139.004 Oo�xnmrnl,acuuticr 13,692.512 Cmpa%s bw,f, 20,505,700 1imM Wblyp�u ho Ip66,372 Mmwl findr 95,4mw 239"j53 - T.A e,.xn 3SIX1,300 S 3.93I,623 L "Lrrn`a A.1 Me bk 249,376 $ 29931,628 iy�5lky 249,3T6 S 219516628 ftetl�^�Ided pe pois�od Mker,vps.es SSSl.s7/924 In this portion of the financial report, Mrs. White explained that the combined financial statements for all pension plans ended in $251.577.924 which is almost a $24,000.000 increase from the September 30, 2019 acquisition of $227,000.000. • Mrs. White pointed out the summary of Fair Value of pension investments by investment type and credit quality as follows: Firefighters' Pension Trust Fund The Firefighters' Pension Trust Fund's (die Plan) investments in debt type securities mature as follows: Invesuuent blaturitieS (in Years) Investment type Pair value Les. Wan 1 I to 5 6 to 10 More than 10 US Trenstuies S 706,997 S - S - $ 706,997 $ - US Agencies 11,452,302 - 11,452,302 - - Agency MBS 398,622 - 398,622 - - Corporates 11.210.579 2.027.572 1,017.037 5,975.855 2,190.115 < Total S 23,763.500 S 2.027572 $ 12.867.961 $ 6,682,852 S 2,190.115 City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, February 17, 2021 Page3 Mrs. White introduced Mr. Anil Harris to the meeting who explained that their audit report is an unmodified opinion report completed under government auditing standards. Mr. Harris confirmed that their audit did not identify anything significantly unusual that required the board's attention. However, he suggested to pay close attention to the discount rates as the market is seeing the rates trending down. Mr. Harris also talked about the importance of having the proper discount rate as the higher the rate, the lower the liability from the City to the plan. Mr. Neff asked if there was a recommended discount rate, for which Mr. Harris responded that typically municipal plans are currently in the six (6) to seven (7) percent range. He also stated that anything over 8% is unreasonable. Trustee Prior made the MOTION, SECONDED by Trustee Arau to approve the financial statements report as presented. MOTION PASSED UNANIMOUSLY. b) Southern Actuarial Services, Annual Actuarial Valuation Report The board welcomed Mr. Chuck Carr to the meeting who presented the results of the October 1, 2020 actuarial valuation and provided a summary of the funded status of the plan. It was also established that the minimum required contribution rate is 14.86% of covered payroll. The table bellows shows the development of the minimum required contribution forthe 2020-21 plan year: Minimum Required Contribution Table I -A - :soz1 rr.�x I rwa troa�ee ('. Yr4 uit-.. .Oo'n 2?,fa4aE k Fqr jhg $gdorzi_wn Ysx cuM Aae fJ;vn+a.Cxl {.1172,iWi lkAo 6d WbA, km *wkt Pay -A 547 m Eg—AN__ 5239560 F.Wsi"N EmPNyae CmltlW^�n ($ 03B,a291 /a,*re k,^�r.r S0 ,T.20-N 19. Yim r: kr✓'�Y .-P•rpr.^BabLLontrs�oxstvlanYaa• sf.aK1P7 E`.,IdParhrd 2n 11 Ptah Y— -410.M482 i -.- Mlnbnum Regohed ConfribWon R.I. 33.76% _m m<.aa�a.e:.,swrd.a•.nK.:,�...�.,,,�,.�rh:,.,.a,�nmw�.,..,,�*,+� ,..K. Gain and Loss Analysis So orche in H. Ceehlbnf1.. M Pn i— mhmoum rm*Od mrldbdF W. 20.37% In� (1*O asa) dA to tnr Ml" prdns and Irises zl In m (deaaa%)dua to tlenftgrArA.i expedew-1.27'S 4n 5e(def W) dire to pan SM6WM" a00rx hmmm jdeaaua) doe 10 acw.W auumpion c .". •1.38?s hmmau (deueose) dt. m Wuaial m1h d chazq. -1.05% CurreM n;friman mquked mntrivdion ride 14.8614 Mr. Carr shared with the board that since the completion of the previous valuation, one assumption and one method have been changed as follows: 1. The mortality basis changed from the RP-2000 Blue Collar Mortality Table to PUB-2010 with generational improvements in mortality investment gains and losses. 2. The actuarial value of assets was changed from the market value adjusted to reflect a three-year phase -in of the net investment gain and losses to the market value adjusted to reflect a three- year phase -in of the unexpected investment gains and losses. City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, February 17, 2021 Page4.. I Trustee Prior made the MOTION, SECONDED by Trustee Arau to approve the actuarial valuation as presented. MOTION PASSED UNANIMOUSLY. Also, Mr. Herrera recommended to make a motion to approve the rate of return as 7%. Trustee Jirau made the MOTION, SECONDED by Trustee Neff to approve the Rate of Return to be 7%. MOTION PASSED UNANIMOUSLY. c) Graystone Consulting, Quarterly Performance Summary as of March 31, 2021 The board welcomed Mr. Scott Owens to the meeting who started the presentation by stating that most of the investments the plan has made over the years are positively performing. Also, Mr. Owens shared with the board that the plan is funded by 115%, which are phenomenal news to the plan performance. Mr. Owens welcomed Mr. Andy Mcilvaine, who provided the board with a quick overview about the market and the economy. Mr. Mcilvaine explained that with the new COVID Vaccine being rolled out, employment levels declining rapidly, and retail recovering, the market is expected to fully recover. Mr. Owens joined the conversation and discussed the quarter's market refund in detail, the net performance for each manager relative to the corresponding benchmark, the asset breakdown percentages, fund inception date, and the total fund for each manager. Item VI. Administrative Manager's Report a) Consent Agenda —Authorization to Pay Invoices: Mr. Appelt presented the "Authorization to Pay invoices" and supporting documentation to ratify recurring expense invoices totaling $211,738.51 summarized in the table below: , n Plan IMPost Date Vendor Name R invoice Amount R Period invoice Tracking -Z FIRE V21/2021 � PPPTAMemberhip $ 620.OD 1/1/2021 PAID/RATIFY 'FIRE 3/10/2021. SASAA-6a. 5 12,00 1/1/2021 PAID/RATIFY FIRE 3/16/2021 Federated Hermes Fund $ 11,814.77 Q3-20 PAID/RATIFY FIRE 3/16/2021 Sugarman/Susskind 5 2,100,00 11/1/2020 PAID/RATIFY .FIRE 3/16/2021 Sugarman/Susskiod $ 2,100.00 12/1/2020 PAID/RATIFY FIRE 3/16/2021. Sugarman/Susskiad $ 2, 1Dt1,00 1/1/2021 PAID/RATIFY FIRE 3/16/2021 Polen Fund $ 40,42173 Q4-20 PAID/RATIFY FIRE 3/16/2021 Cambiar Fund 5 38,733.94 Q4-20 PAID/RATIFY FIRE 3/16/2021 Renaissance Fund $ 16,647,26 0.4-20 PAID/RATIFY FIRE 3/16/2021 G,r;a Tanlilto, Fund 8 16,128,19 Q4420 PAID/RATIFY FIRE 3/16/2021 Kennedy Fund $ 1$627.00 Q4-20 PAID/RAIFY _ FIRE 4/12/2071 Fi`th Di rd Oa- $ 11,748.35 04. 20 PAID/RATIFY FIRE 4/21/2021 11MI Insurance 5 4,866.00 2021-2022 PAID/RATIFY FIRE 4/30/2021 Wth IT, rd Sank S 11,801.8001-21 PAID/RATIFY -FIRE 3/1.6/2021 Graystone Consulting $ 11,250.00 0.3-20 PAID/RATIFY FIRE 3/16/2021 Graysto ie Consulting $ 11,250.00 Q4-20 PAID/RATIFY FIRE 5/18/2021 Clearhridge Fund $ 14,402.47 Q4-20 PAID/RATIFY City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, February 17, 2021 Page5 Trustee Neff made the MOTION to approve said invoices, SECONDED by Trustee Prior. MOTION PASSED UNANIMOUSLY. The board was also presented with those invoices that are still pending for signature. The table below summarize said pending invoices: Penslori UPostDate • Invoice Tracking .T FIRE 5/1/2021 Cambiar Fund $ 41,92Z91 Q1-21 PENDING/CONSENT FIRE 5/1/2021 Federated Hermes Fund $ 4,851.94 Q2-20 PENDING/CONSENT FIRE 5/1/2021 Federated Hermes Fund $ 21,698.41 Q4-20 PENDING/CONSENT FIRE 5/1/2021 Federated Hermes Fund $ 18,1159.23 Q1: 21 PENDING/CONSENT -FIRE 5/1/2021 Federated Hermes Fund $ 18,125.65 Q4 20 PENDING/CONSENT FIRE 5/1/2021 Graystone Consulting $ 11,250.00 Q121 PENDING(CONSENT FIRE 5/1/2021 Polen Fund $ 37,390.93 Q1-21 PENDING/CONSENT :FIRE 5/1/2021 Renaissance Fund $ 17,011,27 Q1-21 PENDING/CONSENT FI RE 5/1/2021 Sugarman/Susskind $ 2,100.00 2/1/2021 PENDING/CONSENT -FIRE 'S/1./2021 Suga,mau/Susskind $ 2,100.00 3/1/2021 PENDING/CONSENT .FIRE 5/1/2021 Sugarman/Susskind $ 2,100.00 4/1/2021 PENDING/CONSENT FIRE 5/1/2021 Sugarman/SusskInd $ 2,100.0051112021 PENDING/CONSENT FIRE 5/17/2021 __SAS Actuarial $ 1Q000.00 FY20 PENDING/CONSENT Trustee Neff made the MOTION, SECONDED by Trustee Prior to approve the Pending/Consent invoices as presented. MOTION PASSED UNANIMOUSLY. b) Wire Transfers/Banking Reports The Trustees were provided the Wire Transfers of the employees' pension contributions, totaling $318,187.872 FIRE 2/18/2021 27122 . 1.. 2/19/2021 -.. 5 45,664.87 20210218 $ 45,684.97 $ $ - FIRE 3/4/2021 273M 3/5/2021 $ 45,(Me2 20210304 $ 45,F .02 FIRE 3/1812M 27461 3/19/2021 $ 45,701.40 202143318 $ 45,7131.40 $ - $ - FIRE 4/1/2021 27561 4/2/2021 $ 43,9(0.06 2021ND1 $ 43,900.06 $ $ FIRE 4/15/2021 27680 4/16/2021 $ 47,170.B2 20210415 5 47,170.82 $ - $ '.FIRE 4/29/2021 27765 4/30/2021 $ 50.68 20210428 $ 50.68 $ - 5 - 1 1/29/2021 27765 4/30/2021 $ 46,447.82 20230429 $ 46,44T92 $ - $ - FIRE 5/13/2021 27877 5/14/2021 $ 43,572.15 202IM13 $ 43,572.15 $ - $ c) Miscellaneous updates Mr. Calhoun shared with the board about Mr. Appelt resignation effective June 18, 2021, and Mrs. Nora Caries will be interim pension administrator. Item VII. Old Business a) Update from legal regarding Elizabeth Griffith Mr. Herrera will be reaching out to Mrs. Griffith's attorney to get more information as to how they would like to proceed. Mr. Herrera also shared with the board that if Mrs. Griffith's attorney requests a formal hearing, an engagement letter will be sent to the pension administrator for execution. More information will be provided for the board to review at the next meeting. Item Vill. New Business a) Reappointment status of Trustee Peter Prior The City Clerk advised Mr. Appelt about the need to make a motion to reappoint status of Trustee Peter Prior City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, February 17, 2021 Page6 Trustee Jirau made the MOTION, SECONDED by Trustee Neff to reappoint status for Trustee Peter Prior. MOTION PASSED UNANIMOUSLY. b) Calculation methodology of subsidy benefits described in Section 16-515 Mr. Appelt shared with the board that the Retirement Subsidy language might not be in line with the ordinance regarding retirement subsidy. After a long discussion, Mr. Calhoun (Human Resources Director) proposed that further research needed to be done prior to making a formal decision. Mr. Calhoun will be contacting his predecessor, Maria Swanson, to discuss previous negotiations minutes (if any). At the moment, the board has decided to table this matter for the next meeting. Item IX. Legal Counsel's Report Mr. Herrera informed the board that there were no new bills or amendments that could possibly affect the pension plan. However, Mr. Herrera shared that there is a proposal as part of the budget to the Department of Economic to provide a $1,000 bonus check for essential first responders (police officers, EMTs, firefighters and paramedics). At this time, it is still unknown as how and when these monies will be distributed, but Mr. Herrera stated he will provide an update when available. Mr. Herrera advised the board on the importance of filing the 401 Financial Statement Form by July 1, 2021. In addition, Mr. Herrera shared with the board that there are some upcoming educational opportunities with the FPPTA. Trustee Comments Trustee prior expressed interest in hiring an independent auditor who can focus more on the pension funds instead of the City's funds as a whole. In response to Trustee Prior's suggestion, Mr. Herrera recommended to send an RFP out to get some prospective auditors, and that he could share some of his templates with the board. Also, Mr. Calhoun added that they would need to work with procurement to put the RFP out. Item X. Next Meeting: The next regular meeting of the Board of Trustees is scheduled for August 18, 2021 at 9:00 am. Item XI. Adjournment There being no further business to come before the Board of Trustees the meeting adjourned at 10:17 am. City of Tamarac Firefighters' Pension Trust Fund Regular Board Meeting, February 17, 2021 Pagel Trustee Korte made MOTION, SECONDED by Trustee Jirau to adjourn the meeting. MOTION PASSED UNANIMOUSLY. Respectfully submitted, 411 TR 13350 09/27/19 Page 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2019--La) A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, CONFIRMING THE APPOINTMENT OF THE FIFTH MEMBER APPOINTED BY THE FIREFIGHTERS PENSION BOARD TRUST FUND ON AUGUST 21, 2019, TO COMPLETE A TERM ENDING MARCH 13, 2021 OR UNTIL NEW APPOINTMENTS ARE MADE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 16, Division 1. Section 16-331 of the Tamarac Code provides for members of the Firefighters Pension Board; and WHEREAS, the Firefighter Pension Board consists of five trustees, the fifth trustee IN to be appointed by the remaining four trustees; and WHEREAS, Pete Prior was appointed by the remaining four trustees of the Firefighters Pension Board to serve as the fifth member to the board; and WHEREAS, the City Commission of the City of Tamarac, Florida, deems it to be in the best interest of the citizens and residents of the City of Tamarac to confirm the appointment of the Fifth Member to the Firefighters Pension Board appointed by the remaining four trustees to complete serving the current four-year term ending March 13, 2021. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: The foregoing WHEREAS clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Resolution. TR 13350 09/27/19 Page 2 SECTION 2: That pursuant to Section 16-331 of the Tamarac Code, the appointment of following individual as the Fifth Member Trustee of the Firefighters Pension Board to complete the remainder of a four-year term expiring March 13, 2021 or until such time as reappointments are made hereby confirms PETE PRIOR SECTION 3: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 4: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. r SECTION 5: This Resolution shall become effective immediately upon adoption. 61 PASSED, ADOPTED AND APPROVED this 23rd day of October 2019. ATTEST: LILLIAN PABON, CMC INTERIM CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to form. e5" ' & -, �"v SAMUEL S. GOREN CITY ATTORNEY r" K4-1CHELLE'1-i3bMEZ MAYOR Record of COMMISSION VOTE: MAYOR GOMEZ DIST 1: COMM BOLTON DIST 2: COMM GELIN DIST 3: COMM FISHMAN DIST 4: VM PLACKO