Police Pension Board Meeting (2026-02-23)

CITY OF PORT ORANGE POLICE OFFICERS' PENSION BOARD FEBRUARY 23,2026

The Port Orange Police Officers' Pension Board of Trustees held its quarterly meeting on Monday, February 23, 2026 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)

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

CONSULTANTS: Pedro Herrera, Attorney - Sugarman, Susskind, et al Tyler Grumbles, Investment Consultant-Mariner Institutional Pete Strong, Actuary-Gabriel Roeder Smith Actuaries Zach Chalifour, Auditor-James Moore & Co. Hillary Cyr, Auditor-James Moore & Co.\* Karan Rounsavall, Plan Administrator

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

Chairman Carman called the meeting to order at 2:10 p.m. A quorum was in attendance. \*Auditor Hillary Cyr attended the meeting via video conferencing (Microsoft Teams).

Member Green moved to approve minutes of quarterly meeting November 17,2025 as submitted. Member Clark seconded the motion; it carried unanimously.

OFFICER AND TRUSTEE REPORTS - None

A. Approve.plan expenditures as follows:

CONSENT AGENDA

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

2. Plan Administrator Karan Rounsavall - monthly fee for November 2025, December 2025, and January 2026 - $9,900. Recommendation: Ratify payments.

3. Sugarman, Susskind, et al - monthly retainer for January 2026 - $2,600. Recommendation: Ratify payment.

4. Gabriel Roeder Smith & Company - actuarial services through quarter ended December 31,2025-$15,540.Recommendation: Ratify payment.

5. Mariner Institutional - investment consulting and performance monitoring services for quarter ended December 31,2025-$11,500.84. Recommendation: Ratify payment.

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Port Orange Police Officers' Pension Board

7. First State Trust Company - custodial services for quarter ended December 31,2025-$4,625. Recommendation: Ratify payment.

Member Clark moved to ratify plan expenses as recommended. Member Cobb seconded the motion which carried unanimously.

B. Acknowledge refund of member contributions for non-vested members:

1. Shealynn Bisbee Paull (non-vested member) in the amount of $21,024.45;

2. Daniel Lockhart (non-vested member) in the amount of $1,423.64; and

3. Jordan Snipes (non-vested member) in the amount of $4,274.07.

Member Green moved to acknowledge the above refunds as stated. Member Schnibben 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 December 31,2025

Mr. Grumbles presented the investment performance report and economic commentary for the quarter ending December 31,2025.The pension fund was off to a good start for the new fiscal year with the S&P 500 up by 2.7 percent and international equities gaining five percent.Fixed income markets also generated positive quarterly returns.In December,the Federal Reserve decreased rates by another 0.25 percent, its third rate cut of the year.Value-oriented stocks outperformed growth.Emerging market equities also advanced.

Total market value as of December 31,2025 was $79,269,770 up from $77,860,261 since the previous quarter ended September 30,2025. Fund value as of the previous day's close was $80,216,703.

On a percentage basis, the composite portfolio was up 2.07 percent for the quarter (net) which ranked in the $44^{\\mathrm{th}}$ percentile of public plans underperforming the fund's benchmark. For the trailing 12 months, the fund was up 14.72 percent, ranking in the 30th percentile. (Note: These returns were preliminary in the absence of a final accounting from infrastructure, real estate and private equity holdings.) Returns on a three-year average were 14.44 percent and the five-year average return was 8.70 both periods of which exceeded the fund's assumed investment rate of return (6.75 percent).

While the fund's real estate holdings performed relatively well for the quarter, Mr. Grumbles expressed frustration with the long, drawn-out time that it was taking to exit the fund's position in the UBS Trumbull Property Fund and the ASB Allegiance Fund. He recommended that the Board consider a new opportunity to accelerate the redemption from both UBS and ASB, to-wit: Cohen & Steers Tactical Real Estate Fund (TREF). One component of TREF was operated by a company called IDR which tracked the NCREIF ODCE index while Cohen & Steers invested in publicly traded REITs (real estate investment trusts). TREF would be able to absorb the pension fund's

There were two capital calls during the quarter which were funded from Vanguard Total Stock Market Index Fund (domestic equities). All asset classes complied with the Investment Policy Statement. There was no recommendation to rebalance at this time.

The Board accepted the investment performance report as presented.

\\*\\*\\* shares in UBS and ASB and increase the pace at which the fund exited these real estate holdings.

Member Cobb moved to accept the investment consultant's recommendation and approve using UBS and ASB shares to invest in the Cohen & Steers Tactical Real Estate Fund. Member Clark seconded the motion which carried unanimously.

Mr. Grumbles would proceed in accordance with the board's decision and prepare the necessary agreements with Cohen & Steers/TREF for the attorney's review and chairman's signature.

Pete Strong - Gabriel Roeder Smith & Company (GRS) (Actuary)

A. Presentation of annual valuation for fiscal year ending September 30,2025

Board members were in receipt of the October 1, 2025 Actuarial Valuation Report for the Port Orange Police Officers' Pension Plan. This report established the minimum funding requirements for the Pension Plan for the fiscal year ending September 30, 2027. Actuary Pete Strong advised that the valuation contained the same exhibits as the prior year, however, he expected the valuation format to change in ensuing years to be consistent with the GRS standard format.