Police Pension Board Special Meeting (2025-07-21)

CITY OF PORT ORANGE

POLICE OFFICERS’ PENSION BOARD

JULY 21, 2025

The Port Orange Police Officers’ Pension Board of Trustees met in special session on

Monday, July 21, 2025 in the Police Department Training Room, 4545 Clyde Morris

Boulevard, Port Orange, Florida.

MEMBERS PRESENT: Chairman Warren Carman (fifth member)

Secretary Richard Clark (police member)

Brian Schnibben (police member)

Lance Green (resident member)

MEMBERS ABSENT: Brian Cobb (resident member) - excused

CONSULTANTS: Pedro Herrera, Attorney (Sugarman Susskind et al)*

Karan Rounsavall, Plan Administrator

***

Chairman Carman called the meeting to order at 3:01 p.m. A quorum was in

attendance. Attorney Herrera attended the meeting via conference call.

The purpose of the meeting was to discuss the transition of the pension plan’s

professional services agreement for actuarial services.

Freiman Little Actuaries (FLA) had served as the plan’s actuary since 2006. At its last

quarterly meeting on May 19, 2025, the pension board voted to renew its agreement

with FLA and to approve a fee increase. The board attorney was directed to prepare a

new agreement accordingly. Sadly, Actuary Chad Little passed away unexpectedly on

May 29, 2025.

Actuary Paula Freiman worked together with Mr. Little for over 20 years. Prior to Mr.

Little’s untimely death, they discussed a business continuation plan focused largely on

the needs of their clients. To that end, Ms. Freiman made the decision to join the

actuarial firm of Gabriel, Roeder Smith & Company (GRS). As an actuary with GRS, she

would remain directly involved with the Port Orange Police Pension Plan and was

committed to delivering the personal attention and level of expertise that the plan had

enjoyed with FLA.

Board members were in receipt of correspondence from GRS (dated June 20, 2025)

confirming that Ms. Freiman joined GRS. Ms. Freiman’s extensive knowledge of the

Port Orange Police Pension Plan and its history assured that the transition would be

seamless with no disruption in service of quality. Importantly, all existing contractual

provisions with FLA would remain unchanged. It was clarified that GRS fully accepted

the terms of the new agreement and fees that were approved at the Board’s last

quarterly meeting.

The Board was further in receipt of a letter of introduction from Foster & Foster

Actuaries expressing its interest in submitting a proposal for actuarial services to the

Port Orange Police Pension Board.