Firefighters' Retirement Fund Board of Trustees

110 SE Watula Avenue Ocala Ocala, FL 34471 Firefighters' Retirement Fund Board www.ocalafl.gov of Trustees Minutes - Final Monday, May 16, 2022 9:00 AM 1a. Call To Order/Roll Call TEAMS Link: https://bit.ly/3LvyLJr Or call in (audio only) +1 352-448-0342,,747777707# United States, Gainesville Phone Conference ID: 747 777 707# Meeting was called to order by Chairman Davis at 9:07 Others in attendance: In Person - Devan Kikendall, Ciara Torres, Alan Peters, Dave West, Richard Grubbs, Charles Barberie and Alicia Gaither Online - Adam Levinson, Lawrence Watts, Kerry Sipe, and Anthony Webber Present: John Dozier Glen Fiorello Glen Fiorello Justin Hardy Joshua Phillips Robert Davis Robert Davis 1b. Public Comment No public comments 2a. Cancer Presumption Discussion Devan Kikendall & Adam Levinson provide information regarding Cancer Presumption - Florida Statute 112.1816. After some discussion the Board requested Mr. Levinson provide a letter that will be distributed to retirees, informing them of the new cancer provisions. Ms. Gaither will also provide retiree insurance rate information on the Retirees Corner website. 3. Update - Cost of Living Date Adjustment - Sec 43-35 Ord Tabled until the next meeting Page 1 of 3 Firefighters' Retirement Fund Board of Trustees Minutes - Final May 16, 2022 4a. Consultant Quarterly Report Mr. West presented the March 30, 2022 quarterly investment report. The plans total assets at quarter end were 91,017,946. This is a decrease from the previous quarter. The portfolio had a -4.58 return, that underperformed the policy index of -3.98. Mr. West explained the current market environment, the effects of the Russia and Ukraine war, and US Federal Reserve Bank. He summarized how the manager and the different asset classes performed for the quarter. Stating overall the market struggled. 4b. Custodian Banking - Wells Fargo to Principal There was an issue with the Manager and Custodian during the Wells Fargo - Principal merger. The issue has been resolved so there is no need for action at this time. 5. Back DROP Update Mr. Levinson requested Mr. Davis send him a copy of the BACK DROP DRAFT document presented by Mr. Watts. Mr. Levinson recommended the document also be sent to the City and Union for their review. 6. Drop Approval McCormick, Talley, Werthmuller & Hart A motion was made by Mr. Hardy to approve the retirement and DROP entrance for Mr. McCormick, Mr. Talley, Mr. Werthmuller and Mr. HArt. Seconded by Mr. Fiiorello. The motion carried by the following vote: RESULT: APPROVED MOVER: Justin Hardy SECONDER: Glen Fiorello AYE: Trustee Dozier, Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis 7. Minutes A motion was made by Trustee Dozier, seconded by Trustee Phillips, that this was Approved.. The motion carried by the following vote: RESULT: APPROVED MOVER: John Dozier SECONDER: Joshua Phillips AYE: Trustee Dozier, Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis Page 2 of 3 Firefighters' Retirement Fund Board of Trustees Minutes - Final May 16, 2022 8. Accounts Payables There being no further discussion the motion carried by roll call vote. RESULT: APPROVED MOVER: Justin Hardy SECONDER: Joshua Phillips AYE: Trustee Dozier, Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis 9. Administrative Agreement Review for Renewal The administrative agreement was passed out to the trustee for review. 10. Adjournment Meeting adjourned at 11:37 pm A motion to approve the minutes as printed on this _________ day of __________; _______ was made by ___________________, seconded by _____________________, votes for _________, votes against ______________. ________________________________ ________________________________ Chairperson Secretary Page 3 of 3