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, August 15, 2022 9:00 AM Teams Meeting Link: https://bit.ly/3zcckE9 Present: Glen Fiorello Glen Fiorello Justin Hardy Joshua Phillips Robert Davis Robert Davis Excused: John Dozier 1. Call To Order 2. Roll Call Robert Davis, Joshua Phillips, Justin Hardy, and Glen Fiorello were in attendance. Mr. John Dozier was absent. Others in attendance Alicia Gaither and Alan Peters. Attending through teams: Adam Levinson, Lawrence Watts and Anthony Webber. 3. Public Comment No Public Comment 4. Attorney Report 4a. Back DROP DRAFT Attachments: DRAFT Updated BAC-DROP Policy Letter for Consideration (051222) RESULT: ADOPTED MOVER: Justin Hardy SECONDER: Joshua Phillips AYE: Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis EXCUSED: Trustee Dozier Motion was made by Mr. Hardy and seconded by Mr. Phillips to approve a policy that would treat BAC-DROP interest as if the participant had gone in the DROP for both Component A and Component B members. Page 1 of 5 Firefighters' Retirement Fund Board of Trustees Minutes - Final August 15, 2022 4b. RESULT: ADOPTED MOVER: Joshua Phillips SECONDER: Justin Hardy AYE: Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis EXCUSED: Trustee Dozier A motion was made by Mr. Phillips and seconded by Mr. Hardy to adopt a policy that would refund a members employee's contributions made during the BAC-DROP period, without interest. 4c. Minimum Required Distribution & Crypto Currencies Guidance Attachments: Client Memo - IRS RMD Guidance + Crypto Investments (00210193xBC171) No Discussion RESULT: NOT INTRODUCED 4d. DRAFT Summary Plan Description Attachments: Draft 2022 SPD (00217000xBC171) RESULT: APPROVED MOVER: Justin Hardy SECONDER: Joshua Phillips AYE: Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis EXCUSED: Trustee Dozier A motion was made by Mr. Hardy, seconded by Mr. Phillips to approve the revised Summary Plan Description, pending actuary review. 4e. Cola Ordinance Language Attachments: Cola Ordinance Language No discussion 5. Disability Questions and Clarification Mr. Levinson reviewed what the Board's function is and how the process works as it relates to a disability claim. Explaining that a member is required to submit a disability application to the Pension Board. Stating that the City's terminating someone based on a disability helps the member provide proof that they can no longer perform the duties as required. 6. Actuary Report Page 2 of 5 Firefighters' Retirement Fund Board of Trustees Minutes - Final August 15, 2022 Update on Actuarial Equivalence, Mortality Table Rates, & State Report Mr. Watts provided an update on the Nypas software system that produces benefits calculations. He explained why the system was updated and stated that the changes would go into effect October 1, 2022. Noting that members may observe a slight difference in their calculations. Mr. Watts also reported the Division of Retirement approved the State report for 2020-2021. 7. Consultant Investment Performance Report June 30, 2022 Attachments: 2022-06-30 Ocala Fire (Quarterly Report) RESULT: APPROVED MOVER: Justin Hardy SECONDER: Joshua Phillips AYE: Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis EXCUSED: Trustee Dozier A motion was made by Mr. Hardy and seconded by Mr. Phillips to move 2 million from Vanguard Index Fund to Integrity, to allocate state money, net of operating expenses to growth and value equity and to use Treasury Index Fund for cash as needed. 8. Approval of Minutes Fire Board Meeting Minutes May 16, 2022 Attachments: Fire Minutes10-Aug-2022-09-03-52 RESULT: APPROVED MOVER: Justin Hardy SECONDER: Joshua Phillips AYE: Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis EXCUSED: Trustee Dozier A motion was made by Mr. Hardy, seconded by Mr. Phillips, to approve the minutes form May 16th, 2022. 9. Approval of Expenses May - June 2022 Fire Expenses May - June Attachments: FIRE Expenses May - June 2022 RESULT: APPROVED MOVER: Joshua Phillips SECONDER: Justin Hardy Page 3 of 5 Firefighters' Retirement Fund Board of Trustees Minutes - Final August 15, 2022 AYE: Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis EXCUSED: Trustee Dozier A motion was made by Mr. Phillips, seconded by Mr. Hardy to approve the expenses from May through June 2022. 10. Nomination Trustee Update Mr. Davis Trustee Appointment is up in October 2022 Nominations Fire Trustee Attachments: Nomination of the City of Ocala Fire Pension Board Trustees(1-7) (1) RESULT: APPROVED MOVER: Joshua Phillips SECONDER: Justin Hardy AYE: Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis EXCUSED: Trustee Dozier Motion was made by Mr. Phillips and seconded by Mr. Hardy accepting the result of the nomination and with no opposition the reelection of Mr. Robert Davis. Motion was made by Mr. Phillips and seconded by Mr. Hardy electing Mr. Robert Davis as Chairman. 11. Administrative Agreement . Administrative Agreement Attachments: Administrator Agreement with City DRAFT 7.2022 RESULT: APPROVED MOVER: Joshua Phillips SECONDER: Justin Hardy AYE: Trustee Fiorello, Trustee Hardy, Trustee Phillips, Chairperson Davis and Trustee Davis EXCUSED: Trustee Dozier A motion was made by Mr. Phillips, seconded by Mr. Hardy approving the Administrative Agreement as presented. 12. Training - FPPTA Orlando Oct 2-5 Page 4 of 5 Firefighters' Retirement Fund Board of Trustees Minutes - Final August 15, 2022 13. Adjournment Adjourned at 10:50 am. RESULT: APPROVED MOVER: Joshua Phillips SECONDER: Justin Hardy A motion to approve the minutes as printed on this _________ day of __________; _______ was made by ___________________, seconded by _____________________, votes for _________, votes against ______________. ___________________________ ____________________________ Chairman Secretary Page 5 of 5