roll call is Tommy Blair here Dan adovasio here Joseph Smith here Chris C I'm here and William Stanley will not be present we call on the fire side AJ Anderson pres Ryan on his way pending Le them pres here public comment make those big all right moving on to or do you have to say it too no public comment okay uh minutes November 28th 2023 that's just approving them D yeah I have a motion to approve so move have a second yes second motion by and second by Joe all in favor all in favor I I I motion on the fire side motion to approve second second second all in favor I all right uh next topic is app point chairperson for police Tommy do you have any opinions on this I'm sorry you have an opinion do you appoint chairperson for police um discuss it see who might want to take it over do you want it uh yeah I'm not opposed to it I'll take okay you're all right I agree with Tammy okay all right someone outside of me need to make the motion I'm sorry what was that name Chris okay I second all right okay all in favor hi hi do I vote on myself you don't need to vote one way or the other we we vote for you the railroad Train's going you're it okay so all right make it for all right expense report on the police side who to approve the expense report yes make a somebody needs to make a motion make a motion motion to approve the expense report second all in favor I I all right any questions on the Spence report no questions everyone get a chance to review up second by J what now motion to approve second by AJ okay all in favor I have an echo in here so it's already here sometimes all right is PED on the phone with us yes he is um for the public that's attending this is only my second meeting in this position so P the delay oh then if you're going to be the chairman I'm sorry to stop things then if you're going to be the chairman we need to appoint a secretary because you were the secretary all right any ideas you guys interested be secet Dan secretary secretary too okay I will take that clear all right Brian's joined us congratulations okay Brian's here yes ma'am speed through this he's got to go okay Ken you're up all right good afternoon everyone it is nice to be with you all Joe nice to meet you I'm Carrie richardville I do the investment kind of pie P for for your pension fund so always good to be with you all and hope you're doing well um in your respective books we'll just kind of start off with the market piece and that begins on page three and just looking at that kind of top right chart there um we had very strong numbers to start our new fiscal year I was very happy about that um just looking at that chart and kind of the darkest blue bar there on top you can see the S&P 500 up almost 12% um and then kind of below that a little bit mid and small cap stocks also up kind of on the order of 13 to 14% very good numbers very strong numbers on a one quarter period And I think kind of peeling peeling um peeling the data back a little bit we were in an environment where you know we've obviously had very aggressive rate hikes from the FED they haven't put us into a recession yet which has been great consumers which are about 70% of our economy are still spending until recently they were feeling badly but still spending labor markets have remained very strong um and we ended the year with an inflation rating of about 3% depending upon what index you look at so when you think about the fact that um you know a year ago June we were at kind of nines you know we ended 2023 in a much better place I think markets felt much better about kind of where we were and the potential for the FED to achieve this what we hear so much about soft Landing meaning they get inflation under control but without potentially sending us into a recession and so I think that's what you see coming through in the very strong uh domestic Equity numbers that we got to start um our new fiscal year um within the international segment um the numbers were were very strong there and that's kind of the gray bars also there in the top right you can see the all country xus was up about 10% um develop markets very similarly up about 10 and even emerging market economy is up about eight so really you know very good numbers kind of across the board inequities and then one of the more interesting stories I think for the quarter was actually bonds or fixed income in green so you can see the index the full aggregate index did almost 7% for the quarter which is really pretty remarkable um and really it was a very volatile quarter for rates so to give you an example um earlier in the quarter kind of early in mid October there was still a lot of concerns about inflation we saw the 10e get as high as 5% we ended December with the 10e at about a 388 so that was over a 1% move in in rates essentially in two months um but ultimately rates on the long end of the curve came down and that's what gave us that almost 7% for the quarter within bonds before this quarter the first three quarters of 2023 we were actually slightly negative in bonds but that very large movement put us up a positive about 5 and half um for the full year because of again the just the dramatic moves down as markets felt you know inflation's kind of settling down maybe it won't remain elevated over time and and you saw rates move down accordingly um I think maybe we'll flip to our kind of typical yield curve chart which is at the bottom of page 10 which just gives a bit of a visual to what I spoke about and on that bottom right of page 10 if you follow the yellow line I still hear Pages flip I'll give it a minute um if you follow the yellow line down to the blue line where we finished December so the difference between kind of yellow and blue is is um the time between September and December you can really see that kind of dramatic rate drop on the long end which gave us those very strong numbers for bonds or fixed income um the one segment that did continue to be negative was that separate real estate segment um as we've talked about higher interest rates are negative for Real Estate obviously if you're borrowing money to buy properties that becomes more expensive and you see that kind of the prices move down in reaction to that and and we've continued to see um another negative quarter for separate real estate so that was kind of the the one negative uh spot for the quarter amongst a very good quarter for public markets um any questions on the economics before we move into the pensions yes um approximately how much do we still have pending in real estate to sell um so do you mean Michelle kind of how much did we take down or what's our b or what's our balance in ASB okay okay so you are roughly at at 2 and A5 million um as of print of the books we had put in at the end of very end of 2022 for a $250,000 Redemption from that um you've gotten about 36,000 of that so it's the redemptions there are moving pretty slowly um and that has to do with the fact that a lot of managers are really not kind of buying and selling they're still waiting to see things settle down um but kind of to answer your question you're roughly 2 and A5 million as of print we do have right now 250 that 250,000 Redemption roughly call it 24 of that outstanding still okay and we will talk about that in Greater detail as well through throughout the books I think flipping into the pensions kind of Shifting Gears from the economics and into your individual pensions itself um let's go to page 13 in your books our kind of nice line graph of of growth within your funds and I'll start with um with fire first and then I'll move to police but fire as of print on page 13 you can see the market value of your fund was just about 17.7 uh million um and on the police side um same thing page 13 you all you know very similar level just about just shy of kind of 17.7 million there um both of you also on a 10-year basis you can see kind of along the bottom there hovering right around 6.8 on the 10e for fire um and about 6.9 on the 10e there for police um again kind of on a rolling 10year basis there um fire on page 14 from an asset allocation standpoint um you were just about 50% of your total Fund in domestic Equity you were at 15% on the nose and international Equity you at you were at about 14 a half in domestic fixed income roughly 4 and a half% in global fixed just about 14% in real estate and about 2% in cash um on the police side on page 14 as well um you all were at just about 48% domestic Equity about 14% International Equity about 16 and a half% in domestic fixed about 42% in global fixed also just about 14% in real estate and a couple percent call it 2% is in cash for plan expenses as well um looking at your asset allocation as compared to your targets if we move to 19 in your books um both funds really very very close to your targets uh for all of your asset classes fire on your side you can see you know most of those green triangles land right on the black line which is kind of where we shoot to be um for reference with real estate you are about a percent underweight we're chipping away at that um and then on the police side uh for you all on page 19 as well you know also very close to your targets you're a little bit underweight domestic equity um an international as well slightly overweight domestic fixed income but really very close to your targets and keep in mind anytime we ever need to raise cash for your plan we will look at the current allocation and kind of pull from anywhere that you're overweight um so that's kind of a nice natural rebalancing that we've got at our disposal really both plans look very good from an asset allocation standpoint um getting into performance on page 22 of your F of your books for fire very good absolute quarter about a 6.8 we did Trail the index a bit the index was up a little bit over eight um and a lot of that does have to do with that separate real estate and we'll kind of get into that a little bit further as we discussed the managers um and on the police side about a 6.7 for you all uh again with the Benchmark up just a little bit north of eight kind of getting into the individual segments um for fire overall within Equity kind of both domestic and international we were up about 10.8 the index was up a little bit a little bit more about 11 and A2 um from a domestic Equity standpoint again about 11 and A2 the index was up about 12 um on the growth side you know we've kind of talked a lot about the challenges particularly in the large growth space um so all spring good absolute return about 14 pretty much in line but slightly behind the index which was was up about 14.2 um one of their Global uh payments companies company called Flywire was down a little bit and once again your kind of weights and allocations to the Magnificent 7 played in quite a bit there um on the midcap side Touchstone also pretty much in line up about 13.7 um the index up about 14.6 um some of their particularly their financials were a little bit behind there um you have the extended market index which was up 15 and on the value side um Brandy Wine up a 7.3 um the Russell index was up about 9 9 a half um some of the lower return on Equity stocks actually did a little bit better for the quarter and they were also underweight within financials Banks the banks did well when rates kind of came down and so they were a little bit underweight there and then Vanguard Equity income about 9% for the quarter um the Russell 1000 did about N9 and a half some of the energy names you're kind of Chevron kico Phillips that had had um you know good quarters before this one some of those energy names did pull back there and that was a little bit of a drag there um just kind of talking uh the international Equity segment on the next page um about an 8.4 overall for the international Equity segment the growth side that that side very much in favor europacific up about 10.4 over the index up a little more than uh a little less than 10 excuse me um and a lot of that again kind of consumer you know Shopify um as well as semiconductor names like uh Taiwan semiconductor and some of those kind of back in favor and then balance that with the value side um the value side up about 6 and a half but a little bit shy of the index up a little bit over eight um names like uh Honda um and and a couple of other overseas drug companies copi were a little bit of a drag for them for the quarter um within fixed income overall we were up just about seven pretty much right in line with the index there on the domestic side dodging Cox um your manager which um takes on quite a bit of corporate credit and they also had kind of recently lengthened their duration um that put them ahead of the aggregate so they were up about 7.3 the a was again was up about 6.8 on the global side good absolute returns from Pimco up about 5.8 ever so slightly shy of the global a which was up about six they were a little bit underweight us rates um and then ASB as I kind of mentioned you know down 7.8 the index was down about 5.2 continue to see challenges there not only from higher interest rates but really kind of from Individual properties and and kind of that office segment in general and we'll talk about that a little bit more after we do our kind of quarterly review hey hey good to see you Pedro um on the police side I did kind of Hit the manager level detail uh you know discussing fire so I think I'll just kind of hit your segments you know for Equity um again roughly 10.8 versus the about 11 and a half for the index very similarly to fire about 11 1.2% out of domestic Equity um when the overall index did 12 um your International segment up about 8.3 um your fixed income segment up just about seven as well um you know with dodg and Coxs up about 7.3 the global up just shy of six and of course ASB as I mentioned we'll kind of come back to that um so separate and apart from the fact that we will discuss ASB any other questions um at this point in time on on 12:30 one okay um so going to ASB and there had been kind of some real estate information in your packet I think we all well know it's been pretty well telegraphed the challenges within real estate but certainly ASB has kind of had their own challenges too and what we've seen from them is historically they were a manager that would use uh less leverage than a lot of their peers um and what you've kind of seen from them is later cycle they've taken that leverage level from kind of 18 19% kind of up to 28% seems like it's a little bit late cycle to be kind of Taken on a little bit more leverage um but also one of the areas where they've really struggled um is office I know we've talked about that and the thing is they don't have an overweight to office versus the index both are at about 18 or 19% but what we've seen from them is the age of their office properties are is really starting to kind of bring them down so within their office portfolio about half of their properties about 47% of their properties are greater than 20 years old and in this very early days of kind of deciding winners and losers and the future of office one of the biggest determinant of kind of tenant kind of a tenant attractiveness has been newer buildings kind of walkable amenities maybe green features um you know retail space at the bottom just kind of very wellth thought out uh floor plans Etc um and it really seems like kind of in that regard because of the age of the ASB properties they're kind of getting left behind there um so officially at our firm they are on watch my recommendation to you is I do think in the next couple quarters we will probably move on from them um and so I've brought you candidates today I've kind of showed you how ASB looks according you know a in compared to a couple others that we follow American realy and ta but the reality is if you all terminate today it'll probably be you know for to six quarters or more before we have a full Redemption so we really don't necessarily need to decide where we're going yet we can kind of continue to watch some of those names but the action that I would like to request from you all is to go ahead and submit a full Redemption from ASB at this time I think that the guidance at our firm will change um and with the queue being what it is roughly kind of 15% of assets you know I I think it's going to take time for that queue to kind of play out and I think it makes sense to get into it now okay when you do that do they um do it in partial increments or all at once they do it in partial increments which makes it really challenging um because there's no benefits to being first in line if that makes sense they don't pay them kind of sequentially one two three four they put everybody kind of side by side and and divide the PO well it could be quite expended it could be now if we do see rates come down at the end of this year some or continue to come down I think that will help cuz that does make finan cheaper especially for property types that managers can find debt on um but potentially it could be I mean several quarters and down it's going to be very small amounts I think yeah that I think it would help maybe incrementally you know um but I do think it makes sense to go ahead and put ourselves in the Redemption line for that um it will take a while to play out so we do have time to decide where we might want to go but I think at this point it makes sense probably to move in a different direction and the thing about putting in a full Redemption is you know if we were to watch this and in a few quarters we go gosh they're looking pretty good we changed our mind we can resend the Redemption but let's go ahead and get ourselves in line I feel like um we need a motion for that absolutely yes please got a question so we're talking about redeeming both of these CLS so ASB for each plan so one manager but it's one that you share across the two funds yes I I I recommend the same action for both boards transport requ and what would we do with that if we do redeem it we then we decide what else to do with it we would have nothing in real estate I think it'll be a long time before that happens Dan and and as we're getting money we'll be talking about it redeploying potentially into a new manager but we would have to get a decent amount back before we do that so it may be you know we could maybe use Liquid real estate I think that's something we could talk about but we've got plenty of time to kind of plan for that considering we've gotten you know let's call it it 15% of the Redemption request we put in about 5 quars ago does it make sense to talk about ta and ASB now before we make that call or well and I think those are they're good for you all to know that they're out there I think because I like either American or a TA for you those are kind of the ones I'm going to be watching through time but we wouldn't want to commit to them now because we'd be you know potentially we could be way overweight in real estate sending money into a new fund before we've gotten our money out of the other so I did kind of provide that just to show you what some of their peers are kind of doing and looking like and those are two pretty realistic options for us that I quite like a lot um but we don't necessarily need to kind of Select that now because it will very likely be I mean probably a year or so rather than quarters before we're in a position where we're selecting the next F the uh 250,000 we did has already come through right it has not we have gotten 30 roughly 36,000 of that Redemption that's how slowly the funds are coming back from separate real estate right now because really there's no transacting going on oh yeah so do you reinvest the 36 or we wait till we get the 250 or so honestly Dan what has happened with the 36 is it's gone into cash and we're able to kind of use it for for benefits and things like that and it is making the money market rate of about five so that's a good thing but it hasn't really been meaningful enough for us to have to really holistically look at redoing you know doing something different from an allocation standpoint well I know it's a cash grw significant way in the four likely it's likely it's your annual contribution um and we did put some of that to work too so it may just have been a kind of a timing of the printing of your book but likely it has to do with the New Year's contribution that was what Dan said that was the partial out already we put in I think we allocated a couple meetings ago to pul M of asby is that right got yes we did we sure did we submitted a 250,000 Redemption to them we did it at the December of 2022 meeting which put us in the the queue for March 31st 2023 because there's a notice period for them um so we have put that in we've just only gotten 36,000 of that 250 because things are moving so slowly in real estate right now interesting yeah now does that apply the same if we transition into one of these other things is there still a a buy down through asby to go if it transitions into another fund or we would we would want to see some significant kind of return funds returned from ASB before we commit to another manager so that we're just not grossly overweight yeah yeah understood so we would redecide once we get this money back and once we start to see kind of those meaningful flows we'll get way ahead of it but I think we're looking a year you know plus rather than quarters you know a couple quarters just due to the state of the of the market right now somebody's not in Office Buildings so the recommendation stay in the same weight of real EST State just that different manager yes I would not change your IPS weights I think it will take a while to play through and we will replace it we might have the ability to use you know a publicly traded ref fund or something if we need an intermediate kind of bridge between one manager and the other I still I'm still comfortable with the allocation I just think it's time to move on from ASB yeah um so I'm just looking for for both boards just a a motion for 100% share Redemption of shares from ASB if you agree with the recommendation want we go first all right I'm make a motion for uh 100% Redemption request in ASB second it was that Joseph yes all in favor I I I I motion for 100% Redemption I make a motion for 100% Redemption from asby fund seconded seconded by Brian all in favor Brian second I all favor I perfect thank you very much for that I will effectuate that Debbie I'll work with you to get you the letters that we need to do that um and then the last thing I just wanted to to speak with you all about um is hopefully you got the email but we had some uh exciting firm news at anko within the last week or so um we are actually uh being acquired by a company called Mariner wealth out of Overland Park Kansas um and Mariner is a company that is not in our space they do kind of individual and high net worth financial management so they liked us and our business really for the cultural fit and for the fact that we kind of plug in beside them and complement their business um so because they don't do what we do they like us they're taking all of us it's what we call a stock purchase so they're truly buying the entire entity um we are all going over those of us that are shareholders in anco will be shareholders in Mariner there's kind of no you know big Cash Out event um so we're very excited it seems like an excellent cultural fit uh I think it will really give us kind of the resources and support to continue to grow um our research team will grow from about 15 to about 70 and I think we can leverage kind of some of the that additional Talent um and our AUM will roughly double so if we were just about let's call it 90 I think we were 90 billion is under advisement at the last valuation Mariners about 112 um and there's actually another organization called Fourth Street coming in that's about 8 billion so we'll roughly double kind of our AUM and that should help us from a manager leverage you know when it comes to pricing standpoint as well we've got kind of more assets to to negotiate better pricing um so we are very excited um and happy to answer any questions that you all might have about it but I think the culture is excellent and I think it'll be a great match for us I think the fees will go down stay the same or go up um I do not so you all are under I think a four-year fee agreement that will not change so I don't expect any change there and hopefully we can get you kind of good you know better manager fees and um kind of go from there feel free to change them down I will take that back I make a motion to proceed with the sale are you okay Pedro with aent is all yeah okay so I good afternoon Pedro for those of you who just heard my voice and I have the body as well so despite so I I I agree with everything that was said my only suggestion would be just I think it's we've been recommending to all our clients clients with uh with with an or with Mariners who be um is to formally accept or consent to the assignment um and then whenever the deal for the transaction actually closes about April that's right uh and the dust is kind of settled then we'll just have we'll draft a new agreement with each board with the new entity um and and then I think that'll just have we'll have a cleaner record and then we can we we'll move forward after that but no issues so from the legal everything Remains the Same as as just here do you have a January number for us so right in front of you should be your port in fact it's behind your computer Tommy um so you were slightly ahead of where you were in the book yes that's it yepy to [Laughter] [Music] hide so you were slightly ahead of where you were in in the book Tommy so we're still looking very good through close of business Friday thank you absolutely and thank you Dean for the motion I um if you all are okay to to make that motion to consent that'd be great I was actually joking I was talking about the sale okay buy but about do I make it or ask it motion to accept the um motion motion to consent to the assignment of the contract um as as discussed somebody wants us to say so moved so moved second a second second thank you P to accept the contract so move second all in favor hi thank you very much and that's really all that I had unless there's any other questions for me yeah I just have one sure pardon my I I just never quite understood this all these funds we had are they more um like an ETF or more like a mutual fund you are in mutual funds okay um is there are there people who that do this with ETFs at a much lower rate so let me actually caveat that Dan you have one ETF which is your Brandy Wine fund because they shut down their mutual fund um I don't know kind of how broad the offering is among the other managers with ETFs I'd be happy to kind of check that um I don't don't know off hand um for like your touchstones I haven't seen it for like Vanguard Equity income um or kind of American Funds I don't know if DF I actually don't know off the top of my head how many of those would be available just from personal experience f t to be 5% fees where ETFs tend to be two one one and a half well I think the differential isn't quite that big um I want to say um sometimes there's kind of a five or 10 basis point difference from what I see on the institutional side but I'll be happy to kind of look Fun by fun for you um I I suspect that a lot of the ones we use are not available in that structure but I would be happy to verify that they may have it may be a better deal for us through this than we normally get I don't know then then a retail mutual fund would be it might be much cheaper yeah I don't know we have a different share class also yes this is an Institutional so so you do get you know the better pricing than than on the retail side here I think probably that Gap is much smaller because of the institutional yeah thank you so Carri this uh consent that I've made copies of is this going to be signed today or is it up with something else um if are you okay with that form Pedro if so that'd be great yeah that would be great if you could that'll consider it done if you could okay get that done and then I think AJ did you have a question as well well I'm curious about this real estate manager analysis for sure yeah we have not gone through it um I guess there's really no hurry to do it that's exactly my take yes because we probably won't select a manager for another three or four quarters so we really have the luxury of kind of continuing to see how they do before we really make that decision so you're able to kind of see them and become familiar with them yes but again without you know committing for quite a while we've got the luxury of continuing to watch their performance inflows and outflows and those kind of things before we make a decision it was a little bit early but at least it just kind of shows you what others are doing and kind of what other funds you know are options it gives us the opportunity to peruse this and um I think I'll have a couple of questions by their next meeting okay two other firms sure thank you you want to hold on to these or you'll send us oh no I don't mind reprinting them yeah no they don't have to hold on to them we probably periodically we'll refresh them because obviously the performance data will change and so you know periodically we can look at updated performance on the post sign performance right thank you very much thank you have this [Music] corre to hi good afternoon I know it's good to be seen you almost look familiar I'm more aerodynamic is that it's for my swimming career um so very nice to to meet everybody I think formerly uh Pedro Herrera we're we're the attorneys for uh for for both of the plans um really obviously if you have any questions just feel free to jump in but I just wanted to go over a couple things with you nothing necessarily actionable it's more just informational uh first excuse me uh let me start with um and Debbie did do you know did they did we get you guys a copy of that memo with for the financial disclosure form okay so um as you guys are aware and for our newer trustees maybe not yet but um every year as required by uh the state ethics commission you are technically considered a public official um and so you are required to file a financial disclosure form with the state ethics commission so it's that form one uh that that you may have already done and if not this will be your first uh your first go about but you should have already done at least one uh when you first came on to the board um and so last year they uh they changed the rules a little bit and so while we are going to continue to file the form one where we file has changed so historically if you guys recall that form one was filed with the supervisor of elections in the county where you reside and then in turn it would file the same form with the state ethics commission so as of January one and and going forward State essentially eliminated the middleman so to speak and so now you're going to be filing directly with the state ethics commission via uh a portal or a website and and so we we included the website as part of that that brief memo that we provided but you know obviously we can circulate it again to you guys as as the date approaches as that July 1 first date approaches but just so you guys are aware that's where you're going to be filing um in theory it should be more efficient uh we'll see uh the only difference I think honestly you know you have to create an account so you're going to have to create a username and a password it just takes a few minutes two three minutes and then you'll use that same account going forward for however long you're you're required to file the form but initially you're going to have to set up your own account and then you can submit your form via that portal okay has to be submitted has to be submitted no uh no way around it there is a penalty as as you know as we've discussed there is a penalty if it's not filed generally what they'll do is by September 1 if you haven't filed it they will assess the full Freight and so it's a daily penalty up to 2500 bucks so they'll wait until kind of you reach the maximum which is that September one date and then they'll assess you the full Freight the full penalty um so now with the way things are electronically at least there have been a lot less it's issues with you know filing and not them not having the form and so on and so forth but you know if there is an issue obviously we can address it but really the only way we've been able to get him to wave uh the the penalty is if we can show them that you did submit it on time so but I think uh hopefully with the portal it'll be uh it'll be a little bit easier for everybody I will also say that there has been a change to the form one itself uh the form is going to look really substantively the same but um in the instructions uh there is a change to how you report these things so for you guys that recall you used to have two options you could either report on a dollar basis or as a percentage basis right I think it had to be greater than 10% of your of your annual income and then you would list these things that percentage basis has been removed now so now you have to report everything based Bas on the dollar figure so just so you guys are aware that is a change this year when you guys go to complete that report or or that that disclosure form obviously if you have any questions you know feel free to to reach out I'm happy to help but I didn't want to point that out because that is a difference that that most most trustees that at least that that that I'm aware of would used a percentage basis so it will be a change this year but U if you're still doing the dollar then nothing has changed but I do want to point that out okay and then also you may have heard or you may at some point hear about a new form six a new Financial disclosure form for public officials excuse me that does not apply to you all as pension trustees okay the form six only applies to um publicly elected officials so you know local local legislator city council uh mayor potentially um obviously the state legislators right uh the Judiciary as well as certain cabinet positions but but pension trustees you're going to still file the form one the form six has nothing to do with with you all okay it's just a more involved Financial disclosure it's more specific it's more thorough kind of similar to what the federal the federal filing is uh is requiring okay and then um legislative update nothing has been filed as you guys are aware a session started probably about three weeks ago or so there's been nothing filed that would affect our plan either the the Fire or the police plan uh there was a bill there is a bill that's been filed that will affect or amend the Florida retirement system uh the biggest change being proposed is to reimplement or reincorporate the 3% Cola so if you guys recall uh for anybody hired after July 1st of 2011 uh there was a 3% Cola available uh the legislature removed moved that 3% Cola um almost a decade ago now at this point um and so you know it's been kind of making its way back uh it was on the bill last year uh you know typical legislative fashion I think there was some horse trading right at the deadline and so it was removed but the understanding was that it would be reintroduced or refiled this year uh and and my understanding is it does have ample support so it should pass but obviously we'll we'll keep you guys posted uh the other change for police officers uh rehired back into or with a Florida retirement system employer uh they're changing the rules a little bit they're allowing greater flexibility so if you do come back if you are reemployed by an F FRS employer um you can obviously continue to work but you will be a able to continue receiving your pension um so so there's a and and they're going to increase the supplemental benefit so there's a couple good things in there uh we'll obviously keep you posted uh when session concludes and and lets you know where where the dust settles but uh it does look like it has it has support to to make its way through it okay is that still a onee gap for f FRS they have to be six months six months yeah and that's and that's generally if you're going to if you're going back to the same position that you were working before right so and I mean not that this would happen but potentially if you were a correctional officer now you're going to be police officer that 6 month may not apply U so it just depends if you're a police officer going to be a police officer then then you would you would have that at 6 months and that's really it that's all I had for for my report my email to the cancer policy was um yes I saw that I saw that just now that they had adopted the the cancer presumption ordinance so so that's good uh so um there was a change to the statutes uh I guess about 3 years ago now um where there was an additional presumption included for uh 21 different forms of cancer so if a firefighter uh contracts one of these different forms of cancer um and they're obviously disabled as a result it is presumed that that they incurred that illness the the cancer diagnosis in the line of duty so um we had originally proposed an amendment I I think the city didn't didn't want to pass it because it was a state law and so they didn't think there was a need to pass it um and then we got a letter from the state last year saying why hadn't we passed it so we we reintroduced it and and the the city the city did enact it or did did adopt it uh recently I don't know pretty recent last week yesterday first yeah last week so so that's that's been amended and that's all done taken care of again doesn't doesn't really change anything for us but just uh at least we can we won't get a letter from the state next year about that okay and then um I think the next item on the agenda is also I'll just kind of touch on again it's you have received a line of duty disability application uh from a firefighter Wentz I believe police I'm sorry police I apologize uh is it Wentz w n TZ No Yeah W warts I'm sorry I can't understand my own penmanship warts um so uh just for the record what what we what we generally like to do is we like to have the board just formally accept the application you're not making any decision or determination as to the eligibility of it right you're not granting or denying the disability benefit application or claim you're just simply accepting it right for for procedural reasons uh and then we'll obviously go ahead and we'll start processing it um so it's really just more of a formality but just so we have it as part of the record motion we have sorry yeah I think there was a question have a question do we have the application in hand I have the application is that something that we would look at right now or just approve for um so yeah you can certainly look at I have it I have it electronically um really the it's a standard application and and all it all it has and in you know Deb confirmed Force it's just has U you know date of hire date of birth name and then some some other personal information but um if you want to hold off we can get it to you and you can address it at the next meeting that's that's that's more than fun supp to yeah it's okay it's okay do you want to you want to see it now really quickly or by any chance or well if you have it readily available if not if it's a formality then hold on one second go ahead and vote on it yeah I think it's just it's just really a formality for honestly it's something it's I don't think it's legally necessary I think um you know lawyers love paper uh so we just like having it as part of the record that the board you know formally received it it was sent to Debbie she sent it to us and we're going to start working on it processing it but we figured uh we always like to have our boards just receiveing file essentially is is what we're uh is what we're doing okay but if you give me one second I can I can pull up the email I've got the the medical record right here from the from the doctor I'm going to see if I have his application still yes here's his application basically it asked for his name his address his phone number date of birth date of employment date of injury which is claiming 2013 uh the offset symptoms of hyper blood pressure and chronic pain he's actively employed he's not on workers's C um then he went and saw his doctor and got all his medical some of his medical stuff to show that he's no longer capable of being a police officer and that's what was sent to p and and and just to as a followup to that so we have we have a we have another questionnaire that we're going to send to him that essentially just um it helps us kind of process it so it it it asks him to list all of treating Physicians uhor doctors rehab centers whatever the case may be for the specific disabling injury or illness and then on our end what we'll do now is for those who are who are I think this is the first one we do with you guys this a second we had one year ago oh that's right I thought that was for fire you're right you're right um so essentially what we'll do is we'll start working on Gathering all the medical records from these different treating Physicians I know he has some and and obviously this is by by no means any any type of of of insinuation or or indictment on on this on our member uh but you know obviously you guys are police officers you understand chain of custody so we need to request the records formally or from the actual provider uh to get them back and it's again it's just it's just a matter of due process it's not because we we think anything is wrong or he would do anything with the records or anything like that it's just uh procedurally that's that's the best course so will be requesting all those records once we have all the records then we schedule as required by your statute uh by by chapter 185 as well as your local ordinance the board selects uh an independent medical examiner a physician um who will essentially receive all the medical records so that so that they understand so that they have a full context right of what's been done um and then they'll have obviously their own evaluation of this individual and then that doctor will provide the board with a report U essentially with you know their conclusions so that once the board has that we'll hold a hearing here uh or somewhere um and and then the board will make a decision as to whether to Grant or deny the application okay and then he got all the he got he got it already Okay good perfect Debbie are you going to thank you for that clarification sure Pedro are you going to email this to everybody I can email this out okay all right I will I will say say um you know obviously you guys are free to look at it um it is not public information outside of this meeting so you know just just be aware that it's not something that because it does have you know personal information so it's not something that's open for anybody or or or it's not technically a public record okay okay uh but but you can absolutely receive it I haven't done this before I'm sorry is is this a application for Med to be medically retired or yes sir so this is for so your your plan offers uh retirement death Andor disability benefits right so if a member comes and says I'm disabled I can no longer work then they are medically retired right they're eligible to start collecting a pension um rather than you know having to wait until they reach normal retirement age so they're eligible to start receiving a pension and then whether it's line of duty or non-line of Duty um could potentially affect how much of a pension they receive okay um but generally it's the greater of either your ACR benefit uh or whatever the minimums are in your in your ordinance at and state law appreciate it thank you yes sir all right make a motion to approve the application for disability from accept the application uh for the police officer's good disability application application I'll second all in favor I I okay and then um so as oh sorry uh as part of this process uh we are going to be requesting medical records so periodically we're going to ask Debbie um there there are some fees um I think our firm generally covers most of them um but if not uh if Debbie has to pay for the for the records uh that's that's where that'll come from okay thank you yes sir and that's it that concludes my report you guys have any questions anything got any questions for I do not ni to see in person me you I had questions I'm not sure if now is the right time to ask them about the cola or the drop is that something that we can talk about afterwards or sure one of the things I was talking about with the F FRS looking to implement the cola is that something that how would the process go for us to look at implementing that and what that would cost and things like that like I said I'm new to this whole process so so so uh for any kind of pension benefit pension is a mandatory subject of bargaining so it's something that has to be agreed through the collective bargaining process right so the union would have to agree with uh the city um to add a benefit let's say so if you want to add a cola the union and the city would negotiate what that Cola is going to look like and then you know obviously there would be an ordinance Amendment uh and and that would then be in place okay um to cost it out generally the pension board's actuary is in the best position to to kind of value these things they already have all the data they know all the assumptions uh it's just it's frankly it's cheaper to use the plan actuary and more accurate to be honest um than to use an outside actuary but that doesn't mean that you can't use an outside actuary but just as long as everybody understands that whatever the benefit's going to cost the pension board is going to use our actuary so if the price tag differs it's our actuary that that we're going to pay right and ultimately the city's going to pay for so that's another reason why the the pension board Act is generally used for those things um and then if you so if you have if you have something in mind or if the unit has something in mind uh you could you know obviously how have we done it in the past is the hasn't it hasn't been done it hasn't been done okay so you we could address it in a couple different ways um either you know obviously the we would allow for the plan actuary or the board would allow for the plan actuary to kind of do this work on behalf of the union or on behalf of the city um at each own cost right so if the union wants to have a cost study of what it would look like to add a 3% Cola you would contract with the actuary and say okay it's going to cost you I don't know 1,000 bucks I'm I'm making that up $11,000 the union would pay the actuary and the actu would give you a report and then you can go to the table and say you know this is what it's going to cost to put in a 3% coal okay I appreciate it and that's the same process to extend the drop from 5 to s or 8 years exactly exactly same drop same same process generally speaking um the the extension of the drop Will is and I'm not an actuary so not not that intelligent uh but generally it's that it's it's it's there's a no cost to that um because again you're you're not you're not receiving anything more or less it's just whatever the plan returns net of expenses that's what a member gets on their drop balance and the drop as you guys are aware it's your own pension we're just paying it to you sooner right um not sooner because you already you already reach Norm more time and age we're just paying it to you but it's kind of being held in trust so so generally there's no cost to that uh but but you know it would be the same process nonetheless appreciate that all right nothing else all right motion to adjourn police side second all in favor I I'll make that motion second all in favor