General Employee's Pension Board Meeting - Special (2025-04-29)

CITY OF PORT ORANGE GENERAL EMPLOYEES' DEFINED BENEFIT RETIREMENT PLAN SPECIAL MEETING MINUTES 1000 City Center Circle, 2nd Floor Conference Room Port Orange, FL 32129

Tuesday, April 29, 2025, 2:00 PM

TRUSTEES PRESENT: Peter Ferreira Amanda Bonin Tim Burman Paul Salerno Mark Simpson Scott Stiltner

TRUSTEES ABSENT: N/A

OTHERS PRESENT: Ferrell Jenne, Foster & Foster (via zoom) Kandyce Moss, Foster & Foster Brent Chudachek, Lorium Law (via zoom) David Leonard, BPAS Members of the Public

I. Call to Order/Roll Call/Determination of a Quorum

a. Peter Ferreira called the meeting to conducted the roll call and a quorum w

order at 2:14 PM. Kandyce Moss as determined.

1. Public Comments - None.

iv. David advised the reports have been reinstated to accepted status.

III. Old Business

a. BPAS, David Leonard, Board Actuary

v. David advised the 2024 valuation needed to be finalized.The issue is what the assumed rate of return should be.David recommended 6.5% but stated he would be comfortable with 6.25% as well.

i. David Leonard reminded the Board of the issue with the valuation reports for 2022 and 2023.

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vii. David commented that the State is interest rate and closed plans should

not in the habit of dictating the be more conservative.

viii. David advised since the BPAS completed on his current syst system.

transition, the next valuation will be m, which is a more robust pension

ix. Discussion ensued by the Board it has decreased over the years acting in good faith, and to increased.

on the assumed rate of return, how historical earnings of the plan,and keep tax-payer dollars from being

x. Brent Chudachek stated the report can be rejects the assumed rate of return, then th

submitted and if the state will respond.

The Board voted to keep the assumed rate of return at 6.5% based on the actuary's recommendation and investment consultant's capital market assumptions, upon motion by Mark Simpson and second by Scott Stiltner; motion carried 6-0.

IV. New Business

a. Trustee Update

i. Kandyce Moss advised the records received from the prior administrator showed the three member elected positions have expired.The trustees confirmed they were still interested in serving on the Board.

ii. Kandyce Moss recommend process and Ferrell Jenne election process.

ed Foster & Foster handle the election detailed the electronic nomination and

iii. By consensus, the Board agreed to have Foster & Foster administer the electronic nomination process for the expired seats.

V. Trustees' Reports, Discussion and Action - None

Kandyce Moss, Plan Administrator

VI. Adjournment - The meeting adjourned at 2:53 PM.

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Date Approved by the Pension Board:

VII. Next Meeting - Pension Conference, Monday June 2, 2025 at 12:30 PM Quarterly Meeting, Monday, June 2, 2025, at 1:00 PM.

Approved by:

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Peter Ferreira, Chairperson