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2026-11-03 - Fire Pension Board of Trustees

Summary

Built from the posted agenda and the machine-generated captions of the roughly 71-minute recording; figures are as captioned and may be misheard. Minutes were not posted. All motions passed unanimously by voice with no tallies stated; only three trustees were present.

  • A resignation of an elected trustee effective October 28, 2026 was read and acknowledged, leaving the board two members short; an election to fill the seat is targeted for December and the board will need a new secretary. The prior minutes were approved.
  • Bond manager report: the fixed income portfolio was worth $26.3 million at September 30, with a quarterly net return of negative 1.97 percent against a benchmark of negative 1.88 percent. The manager noted yields at roughly 20-year highs, expected the Fed to raise rates twice more over about 14 months, and stayed overweight credit but defensive.
  • Pension Plans Experience Study and Custody Agreement: the actuary kept the 15-year amortization method and noted the 7.75 percent return assumption is at the high end of reasonable, suggesting a step-down toward 7.5 percent over five years; a 25 basis point cut would add about $4.5 million to the unfunded liability and about $750,000 to the city contribution. Salary growth experience (about 8.4 percent actual against 5.68 percent expected) argued for a higher assumption, though city staff cautioned that recent bargaining raises were unusual. Adopting the other changes with 7.75 percent unchanged would add about $167,000 to the contribution and move the funded ratio from 90.7 to 90.4 percent. The board voted to table the changes to the February 2027 meeting, awaiting the Amendment 3 election outcome.
  • Investment consultant report: the total fund returned negative 1.7 percent for the quarter against a negative 1.2 percent benchmark (84th percentile), but 9.5 percent for the fiscal year, above the assumption. The consultant recommended no manager changes, noted recent moves to index and lower-cost funds, and said more passive investing may follow if active managers do not improve.
  • Custody: the board approved the updated Regions custodial agreement (fee up from 3.5 to 4 basis points, with a 60-day cancellation right) and authorized the plan administrator to search informally for another custodian; the other two pension boards approved the same motions.
  • New business: invoices were approved, with one asset manager's fee calculation to be reviewed, along with trustee attendance at 2027 training events.

Agenda

I. Call to order. II. Determination of a quorum. III. Approval of minutes: August 12, 2026
IV. Officer and member reports
V. Money managers' report: Integrity Fixed Income, quarterly performance to September 30, 2026
VI. Actuarial report: Joseph Griffin, Foster & Foster, experience study
VII. Money monitor's report: Larry Cole, Burgess Chambers, quarterly performance
VIII. Attorney's report: Regions custody agreement
IX. Administrator's report. X. Unfinished business
XI. New business

  • a. Management fee invoices for the period ending September 30, 2026: Advent Capital Management ($14,016.48); DePrince Race and Zollo ($13,549.20); Garcia Hamilton & Associates ($6,162.27); Integrity Fixed Income ($16,728.40); Sawgrass Asset Management ($15,382.74); SSI Investment Management ($13,095.00); Wedge Capital Management ($11,904.81)
  • b. Burgess Chambers & Associates invoice, $12,500.00
  • c. Leuchtman Law invoice, $6,072.50
  • d. Evergreen invoice, $304.34
  • e. FPPTA invoice, $750.00
  • f. Winter Trustee School, January 31 to February 3, 2027 (Rosen Centre)
  • g. 43rd Annual Conference, June 27 to 30, 2027 (Signia by Hilton Bonnet Creek)
  • h. Fall Trustee School, September 26 to 29, 2027 (Sawgrass Marriott Resort)
    XII. Requests from the public / employees present. XIII. Information items. XIV. Adjournment

Sources

Video

Watch the recording (City meeting portal; not on YouTube).

Transcript

No transcript available.