The pension plan’s current real estate investments were a central topic, with lengthy discussions highlighting concerns over their continued underperformance. A member expressed frustration over the repetitive nature of these discussions. A motion was made and seconded for a full withdrawal from the Intercontinental and Principal funds, which had been a source of dissatisfaction due to their slow response times in processing redemption requests and ongoing liquidity issues.

This decision to withdraw was driven by the desire to redirect funds into more liquid and potentially profitable avenues, with one member humorously remarking on the timing of the year by saying “miracles do happen” around Christmas. The board acknowledged the delays in accessing the funds but felt the move was necessary to optimize the pension plan’s investment strategy.

In the backdrop of the real estate discussions, the board considered a new investment avenue in infrastructure. Questions were raised about the liquidity of such investments, as members were keen to avoid future issues similar to those encountered with their current real estate holdings. The importance of ensuring liquidity was a recurring theme, with the board expressing a strong preference for investments that allow for timely fund accessibility.

Apart from investment strategy decisions, the board addressed cybersecurity concerns, approving a proposal for Fox Point Solutions to conduct a cybersecurity assessment. This initiative was motivated by increasing cybersecurity risks, exemplified by a ransomware attack on the city of Cocoa in January 2026. The actuary recommended this one-time assessment to evaluate the current state of vendor compliance with cybersecurity standards, costing $10,000. The board agreed to arrange a presentation from Fox Point Solutions at the next meeting to gain a more comprehensive understanding of the services being offered before finalizing the expenditure.

The board also engaged in discussions regarding the pension plan’s allocation method for funds derived from Chapters 175 and 185, which pertain to public safety agencies. A presentation highlighted concerns about the existing allocation system, which favored employees with longer service periods, potentially disadvantaging newer employees. The speaker argued for a more equitable distribution of funds to help attract new personnel, citing recent significant recruitment challenges faced by the department.

Further debate ensued over potential changes to pension-related ordinances. The board recognized that any amendments to the pension structure would require careful negotiation, possibly involving waivers of collective bargaining rights. Issues such as disparities in death benefits and the pension multiplier were identified as areas needing attention, with the board considering making a recommendation to the town and union for further examination.

In financial management matters, the board decided to adjust its equity exposure by reducing it by 3% across three equity managers, reallocating those funds to floating rate investments. This move aimed to mitigate risks associated with market fluctuations.