Firefighters Pension Board

CITY OF TAMARAC FIREFIGHTERS’ PENSION TRUST FUND BOARD OF TRUSTEES MEETING AGENDA November 19, 2025 – 9:00 a.m.

I. CALL TO ORDER II. ROLL CALL Omar Jirau, Chairperson Luis Atencio, Trustee Ann Harris-Wynter, Trustee Brian Neff, Trustee Peter Prior, Trustee III. PUBLIC COMMENTS IV. MINUTES August 20, 2025 V. PLAN PRESENTATIONS a) Graystone Consulting: Quarterly Performance Report – QE 9/30/2025 b) Discussion on Reinhart Contract VI. ADMINISTRATIVE MANAGER’S REPORT a) Consent Agenda – Authorization to Pay Invoices b) Consent Agenda – Authorization to Pay Benefits c) Wire Transfers/Banking Report d) Miscellaneous Updates VII. OLD BUSINESS a). None VIII. NEW BUSINESS a) 2026 Fire Pension Fund Proposed Budget b) Actuarial Fee Increase Letter c) 2026 Board Meeting Dates d) FPPTA Trustee School on the Rosen Centre, Orlando, Florida, February 1-4, 2026 IX. LEGAL COUNSEL’S REPORT X. NEXT MEETING February 18, 2026, at 9:00 a.m. XI. ADJOURNMENT

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City of Tamarac Firefighters’ Pension Trust Fund Regular Board Meeting, August 20, 2025 BOARD OF TRUSTEES REGULAR MEETING August 20, 2025

The regular meeting of the Board of Trustees of the City of Tamarac Firefighters’ Pension Trust Fund was held on August 20, 2025, at 9:05 A.M. in Conference Room 105 at City Hall.

Item I. Call to Order Chairperson Jirau called the meeting to order at 9:05 A.M. and the business of the Trust was transacted in the following order.

Item II. Roll Call The roll call was completed. Those in attendance were as follows: Trustees: Omar Jirau, Chairperson Luis Atencio, Trustee Brian Neff, Trustee Peter Prior, Trustee Ann Harris-Wynter, Trustee

Others Present: Pedro Herrera, from Sugarman, Susskind, Braswell, & Herrera Scott Owens, Graystone Consulting Danielle Durgan, City of Tamarac Human Resources Director Arlene Walsh, City of Tamarac, Benefits Manager Stephanie Smith, City of Tamarac, Pension Administration Specialist Teresa Martin, City of Tamarac, Benefits Analyst

Item III. Public Comments None

Item IV. Minutes The Board of Trustees reviewed the minutes of May 21, 2025, a regular meeting. Trustee Jirau made the MOTION, SECONDED by Trustee Harris, to approve May 21, 2025, meeting minutes as presented. MOTION PASSED UNANIMOUSLY.

V. Plan Presentations a). Graystone Consulting: Quarterly Performance Report-QE 6/30/2025 The Board welcomed Mr. Scott Owens from Graystone Consulting to the meeting. Market Performance and Manager Evaluations Mr. Owens opened the meeting with discussion on the performance of large cap value managers, highlighting positive alpha and mixed risk. Vanguard large cap growth is introduced, emphasizing the benchmark’s dependence on technology and the need for passive management. Mr. Owens also covered Mid-cap value manager Kennedy, noting long-term success but recent underperformance. Mr. Owens continued his discussion, covering MDT’s higher return and mixed risk are discussed, with positive alpha and up capture.

International Growth Manager Analysis Scott Owens continued his evaluation with international growth manager Renaissance, covering their risk-adjusted performance which shows a slight alpha in performance. Mr. Owens continued his discussion with the Board to consider the impact of currency volatility on international returns and the potential benefits of switching to a passive international growth option. Because of the concern expressed by the Board, Mr. Owens suggested a search for a new international growth manager due to inconsistent performance of the current manager. Trustee Jirau made the MOTION, SECONDED by Trustee Harris, to move from Renaissance to passive investment. MOTION PASSED UNANIMOUSLY.

Fixed Income Strategy Adjustments Scott Owens continued his discussion with the Board to de-risk the portfolio during an inverted yield curve. Short-term and intermediate fixed income returns are compared, with a preference for lower risk are discussed. The potential for future changes in fixed income strategy based on interest rate movements was considered. Mr. Owens presented three allocation options and outlined a plan to move money from short-term to intermediate or core fixed income if rates stabilize. The Board chose to adopt option 3, which adds 5% small cap value and 5% small cap growth, funded by real estate and large cap holdings. Trustee Neff made the MOTION, SECONDED by Trustee Jirau, to revise Asset Allocation. MOTION PASSED UNANIMOUSLY.

Real Estate and Small Cap Value Manager Selection Scott Owens continued discussion with the Board on the potential for small cap investments to diversify the portfolio. He also covered real estate performance noting a 4% yield and the transition from Mainstay to Lazard. Mr. Owens compared benefits of small value and growth managers, Reinhart, Silvercrest, and Kane Anderson. Reinhart’s consistent performance and downside protection were highlighted. The potential impact of small cap investments on portfolio efficiency and risk was discussed. A decision to allocate 5% each to small cap value was proposed. Trustee Jirau made the MOTION, SECONDED by Trustee Neff, to move to small cap value manager Reinhart. MOTION PASSED UNANIMOUSLY.

Growth Manager Search Mr. Owens continued his discussion with the Board with reviewing the performance of passive and active small cap growth managers. Congress, Geneva, and Fuller Thaler are compared based on returns, risk, and fees. The potential benefits of behavioral finance in small cap growth management are discussed. The decision to select Congress as the small cap growth manager was made. Trustee Neff made the MOTION, SECONDED by Trustee Jirau, to move to small cap growth manager Congress. MOTION PASSED UNANIMOUSLY.

Finalizing Asset Allocation Decisions and Policy Updates Scott Owens continued his discussion with the Board presenting revisions to the Investment Policy Statement which included updating the asset allocation with revised ranges, addition of Exhibit A for allocation table, inclusion of state-mandated language regarding divestment from companies boycotting Israel. Mr. Owens continued discussing the impact of small cap and growth manager allocation on overall portfolio performance and the decision to move away from real estate and allocate small cap investments was confirmed. The potential for future asset allocation changes based on market conditions was also noted. Mr. Owens explained the flexibility in changing asset allocations without redoing the entire policy and the total traditional allocation is set at 95%, with infrastructure funds at 5%. Trustee Prior made the MOTION, SECONDED by Trustee Jirau, to approve the consultant’s recommendations for updating the IPS. MOTION PASSED UNANIMOUSLY.

Consultant Recommendations and Manager Selection and Approval The Board continued discussion of possibility splitting the manager allocation between the current manager and Unison. The Board also discussed the potential liability and fiduciary responsibility when hiring managers outside the consultant’s recommendation. Trustee Harris explains the Board’s responsibility in considering all factors before deciding on changing managers. The Board ultimately decided to move 5 million from the large cap value to Unison, with Mr. Owens supporting the decision. Trustee Neff made the MOTION, SECONDED by Trustee Atencio, to move 5 million to Unison. Trustee Harris and Prior MOTION not to approve, MOTION PASSED. Trustee Harris raised questions about comparing Unison to a large cap value manager. Mr. Owens explained that Unison falls solidly into the large cap value space and provides examples of other plans that have selected them. The Board thanked Scott Owens for his presentation.

Retire COLA Benefits Trustee Jirau raised a question about when a retiree’s eligibility for a cost-of-living adjustment (COLA) would occur if the retiree had elected the BACDROP option. The Board discussed the historical context of the COLA clock starting at the BACDROP date versus the retirement date. Ms. Walsh then suggested that the administration should reach out to the actuary for clarification on the cost neutrality of the COLA policy. Pedro Herrera then provided a background on the ordinance changes and the impact on retiree benefits.

Item VI. Administrative Manager’s Report a). Consent Agenda – Authorization to Pay Invoices: Ms. Walsh presented the Board with the “Authorization to Pay Invoices” and supporting documentation to ratify recurring expense invoices for the months of May ($122,588.85), and July ($110,626.22), totaling $233,215.07 and summarized in the table below: [Table omitted for brevity] Trustee Prior made the MOTION, SECONDED by Trustee Wynter to ratify invoices as presented. MOTION PASSED UNANIMOUSLY.

b). Consent Agenda – Authorization to Pay Benefits: Ms. Walsh presented the Board with the “Authorization to Pay Benefits,” and supporting documentation to ratify the following items for May ($51,501.30) and July ($468,179.56) totaling $519,680.86 and summarized in the table below: [Table omitted for brevity] Trustee Jirau made the MOTION. SECONDED by Trustee Atencio to ratify benefits as presented. MOTION PASSED UNANIMOUSLY.

c). Wire Transfers/Banking Report: The Trustees were provided with the Wire Transfers of the employees’ pension contributions for the months of May ($113,593.70), June ($121,372.29), and July ($159,744.12), totaling $394,710.11.

d). Miscellaneous Updates Ms. Walsh advised that there were no miscellaneous updates.

Item VII. Old Business a). None

Item VIII. New Business a). Pension Seminars Ms. Walsh shared that the dates for the Firefighters’ Pension Fund Seminars August 28, 2025, at station 15 in the training room from 9:00 a.m. to 11:00 a.m. and September 25, 2025, in Council Chambers from 9:00 a.m. to 11 a.m. If any firefighters would like to attend, please contact Stephanie Smith, she will register you for the seminar or they can self-register online.

b). Ms. Walsh shared that the dates for the 54th Annual Police Officers’ and Firefighters’ Pension Trustees’ Conference, in Daytona Beach Shores, Florida, September 9-11, 2025, sponsored by the Division of Retirement.

c). FPPTA 41st Annual Conference Ms. Walsh shared that the dates for the FPPTA Conference are October 5th through October 8th, 2025, if any Trustee would like to attend, please contact Stephanie Smith, she will register you for the conference.

IX. Legal Counsel’s Report The Board welcomed Pedro Herrera, Legal Counsel, for the plan provided a legislative update, but nothing that would affect pension plans. Mr. Herrera reminded the Trustees to file their financial disclosures by July 1, 2025. Mr. Herrera also updated the Board on legislative changes that include the anti-boycott Israel bill. The conversation included the impact of the new legislation on the investment policy statement and the need for additional language to account for the new law. The Board thanked Mr. Herrera for attending the quarterly board meeting.

X. Next Meeting The next regular meeting of the Board of Trustees is scheduled for November 19, 2025, at 9:00 A.M.

XI. Adjournment There being no further business to come before the Board of Trustees and the meeting adjourned at 11:41 A.M.

Respectfully submitted,