Police Pension Board Meeting (2025-11-17)

CITY OF PORT ORANGE POLICE OFFICERS' PENSION BOARD NOVEMBER 17,2025

The Port Orange Police Officers' Pension Board of Trustees held its quarterly meeting on Monday, November 17, 2025 in the Police Department Training Room, 4545 Clyde Morris Boulevard, Port Orange, Florida.

MEMBERS PRESENT: Chairman Warren Carman (fifth member) Brian Schnibben (police member) Lance Green (resident member) Brian Cobb (resident member) Richard Clark (police member)

CONSULTANTS: Madison Levine, Attorney - Sugarman, Susskind, et al $ ^{ _} $_ _Tyler Grumbles, Investment Consultant-Mariner Institutional_ _Paula Freiman, Actuary-Gabriel Roeder Smith Actuaries $ ^{_} $ Pete Strong, Actuary-Gabriel Roeder Smith Actuaries $ ^{\*} $ Karan Rounsavall, Plan Administrator

CITY STAFF: Sue Wang, Finance Director Linda Truitt, Assistant Finance Director

APPROVAL OF MINUTES

Member Green moved to approve minutes of quarterly meeting August 18,2025 as submitted. Member Schnibben seconded the motion; it carried unanimously.

OFFICER AND TRUSTEE REPORTS - None

CONSENT AGENDA

A. Approve plan expenditures as follows:

1. Sugarman, Susskind, et al - monthly retainer for August 2025 - $2,600. Recommendation: Ratify payment.

2. Sugarman, Susskind, et al - monthly retainer for September 2025 - $2,600. Recommendation: Ratify payment.

3. Florida Public Pension Trustees Association (FPPTA) - 2026 membership renewal for pension board - $750. Recommendation: Ratify payment.

4. Sugarman, Susskind, et al-monthly retainer for October 2025-$2,600. Recommendation: Ratify payment.

5. Florida Public Pension Trustees Association (FPPTA) - registration fee for chairman and plan administrator to attend 2025 Fall Trustee School - $1,700. Recommendation: Ratify payment.

* * *

07. Florida Public Pension Trustees Association (FPPTA) - Certified Public Pension Trustee (CPPT) program enrollment and 2025 Fall Trustee School registration for pension board trustee - $2,050. Recommendation: Ratify payment.

08. Sawgrass Marriott - hotel accommodations for chairman to attend 2025 FPPTA Fall Trustee School-$732. Recommendation: Ratify payment.

09. Sawgrass Marriott - hotel accommodations for pension board trustee to attend 2025 FPPTA Fall Trustee School - $976. Recommendation: Ratify payment.

10. Sawgrass Marriott - hotel accommodations for plan administrator to attend 2025 FPPTA Fall Trustee School-$732. Recommendation: Ratify payment.

11. Chairman Warren Carman - reimburse travel expenses for attendance at FPPTA Fall Trustee School - $88. Recommendation: Ratify payment.

12. Trustee Brian Schnibben - reimburse travel expenses for attendance at FPPTA Fall Trustee School - $132. Recommendation: Ratify payment.

13. Freiman Little Actuaries - contracted actuarial services for period April 27, 2024 through September 30, 2024 - $22,800. Recommendation: Ratify payment.

14. Freiman Little Actuaries - supplemental actuarial services for period April 27, 2024 through September 30, 2024-$6,600. Recommendation: Ratify payment.

15. Freiman Little Actuaries - contracted actuarial services for period October 1, 2024 through June 22, 2025-$31,500. Recommendation: Ratify payment.

16. Freiman Little Actuaries - supplemental actuarial services for period October 1,2024 through June 22,2025-$3,300.Recommendation: Ratify payment.

17. Gabriel Roeder Smith & Company - actuarial services through quarter ended September 30,2025-$2,700.Recommendation: Ratify payment.

18. Mariner Institutional - investment consulting and performance monitoring services for quarter ended September 30,2025-$11,275.34.

19. First State Trust Company - custodial services for quarter ended September 30,2025-$4,625. Recommendation: Ratify payment.

Given the Chairman's explanation, Member Green moved to ratify plan expenses for Freiman Little Actuaries (items 13 through 16) as recommended. Member Clark seconded the motion which carried on an all-yes vote.

* * *

CONSULTANT REPORTS

Tyler Grumbles - Mariner Institutional (Investment Consultant)

A. Investment Performance Report for quarter ended September 30,2025

Mr. Grumbles presented the investment performance report and economic commentary for the quarter ending September 30,2025.The Federal Reserve decreased rates by 0.25 percent during its September meeting. There was concern about a declining labor market and somewhat elevated inflation data.Markets reacted positively to the rate decrease. The portfolio enjoyed investment gains of nearly $4 million during the quarter most of which came from domestic equities which validated the fund's position in its passively managed index fund for this asset class. International stocks also advanced during quarter as did fixed income markets.

Total market value as of September 30,2025 was $77,670,283 up from $73,258,638 since the previous quarter ended June 30,2025. Fund value as of the previous day's close was $78,097,336.

On a percentage basis, the composite portfolio was up 5.32 percent for the quarter (net) which ranked in the $ 25^{\\mathrm{th}} $ percentile of public plans and somewhat underperformed the fund's benchmark. Fiscal year to date, the fund was up 12.13 percent, ranking in the 13th percentile. (Note: These returns were preliminary in the absence of a final accounting from infrastructure, real estate and private equity holdings.) Returns on a five-year average were 10.52 percent, which ranked in the sixth percentile and exceeded the fund's assumed investment rate of return.

Mr. Grumbles mentioned that the fund was slightly overweight in domestic equities although within acceptable ranges. Future capital calls would be funded through this asset class (domestic equities). All other asset classes were in compliance with the Investment Policy Statement. There was no recommendation to rebalance at this time.

The Board accepted the investment performance report as presented.

At its last meeting, the board attorney advised of new legislation which prohibited direct investment in Equities that Boycott Israel. Such investments were absolute restrictions in a public plan. (Reference Florida Statutes 215.4725). The board was in receipt of an updated IPS which addressed the new investment restriction. The board attorney reviewed and approved the IPS.