MINUTES OF THE CITY OF SARASOTA POLICE OFFICERS' PENSION PLAN BOARD OF TRUSTEES MEMBERSHIP MEETING MARCH 25, 2022 Present: Chair Demetri Konstantopoulos, Vice Chair Johnathan Todd, Secretary/Treasurer Shayla Griggs, and Trustee Ronnie K. Baty. Others: Attorney Scott Christiansen, Pension Plans Administrator Debra Martin, and Pension Specialist Peter Gottlieb. Absent: Trustee Joseph Jody" Hudgins 1. CALL MEETING TO ORDER: Presenter(s): Chair Konstantopoulos. Chair Konstantopoulos called the membership meeting of the Police Officers' Pension Plan (Plan) Board of Trustees to order at 8:15 a.m. 2. PLEDGE OF ALLEGIANCE: Presenter(s): Secretany/lreasurer Griggs. Secretary/Treasurer Griggs led the Board and those in attendance in the Pledge of Allegiance. 3. PLEDGE OF CIVILITY: Presenter(s): Chair Konstantopoulos. Chair Konstantopoulos stated for the record, "We may disagree, but we will be respectful of one another. We will direct all comments to issues. We will not engage in personal attacks." 4. ROLL CALL: Presenter: Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin called roll. Trustee Hudgins was not present; Pension Plans Administrator Martin advised Trustee Hudgins would request an excused absence at the next meeting. 5. PUBLIC INPUT: None. 6. APPROVAL OF MINUTES: 6.1. Approval Re: Minutes of the Police Officers' Pension Plan Board of Trustees Regular Meeting of February 25, 2022. Presenter(s): Chair Konstantopoulos. Vice Chair Todd made a motion to accept the minutes of the February 25, 2022 meeting; Trustee Baty seconded the motion. The motion carried unanimously (4-0). Book 1 Page 271 03-25-2022 8:15 a.m. Book 1 Page 272 03-25-2022 8:15 a.m. 7. BOARD OF TRUSTEE REPORTS: 7.1. Presentation and Discussion Re: Highlights of Pension Activity for 2021. Presenter(s): Secretary/reasurer Griggs. Secretary/Treasurer: Griggs explained this highlighted the activities and accomplishments of the Board over the last year. The Board thanked staff for their continued efforts and hard work. The Board accepted the Highlights of Pension Activity for 2021 on consensus. 7.2. Presentation and Discussion Re: Treasurer's Report for the Period Ending September 30, 2021. Presenter(s): Secretary/lreasurer Griggs. Secretary/Treasurer: Griggs presented the Treasurer's Report for the Period Ending September 30, 2021. She reviewed the net income, total value of investments, funded condition, net rate of return, and number of persons in the Plan membership. The Board accepted the Treasurer's Report for the Period Ending September 30, 2021 on consensus. 7.3. Presentation and Discussion Re: Annual Board Report for 2021. Presenter(s): Secretary/reasurer Griggs. Secretary/Treasurer Griggs presented the Annual Board Report for 2021; she stated that the City Commission accepted this report on consent, and it is presented to this Board for its information. 7.4. Presentation and Discussion Re: Proposed Annual Budget for Fiscal Year 2022 - 2023. Presenter(s): SecretaryfTreasurer Griggs. Secretary/Treasurer: Griggs presented the Proposed Annual Budget for Fiscal Yar 2022 - 2023; she stated the Board must make a motion to accept or reject the report. Secretary/Treasurer: Griggs noted that Personnel Services increased due to the City's implementation of the Florida Retirement System for newly hired, non-sworn employees. Trustee Baty made a motion to accept the Proposed Annual Budget for Fiscal Year 2022 - 2023; Vice Chair Todd seconded the motion. The motion carried unanimously (4-0). 8. RETIREMENT REQUEST(S): None. 9. INVESTMENT PERFORMANCE REVIEW: None. 10. NEW BUSINESS: None. 10. UNFINISHED BUSINESS: None. 11. NEW BUSINESS: None. 12. ATTORNEY MATTERS: Attorney Christiansen stated that the Florida Legislature season ended with no legislation that would affect the Plan. A proposed bill which would have made COVID-19 a presumptive condition for in-line of duty disability did not pass; it may be taken up again next season. Attorney Christiansen is processing a request for disability benefits from Bobby Sue Patrick and stated that Ms. Patrick received an independent medical evaluation (IME) on Thursday, March 24, 2022. Upon his receipt of the IME report, he will forward it to Pension Administration to schedule a special meeting for the Board to review the record, which could be on the same date as the next regular meeting. Attorney Christiansen advised he has received no further contact from Officer Resch; Pension Administration advised it has also not received any additional communication regarding the matter. Attorney Christiansen stated that he updated the DROP application as it previously contained language which advised DROP participants that they are unable to be elected to serve as trustees on the Board, which contradicted the Board's recent decision to allow DROP participants to serve as trustees. Attorney Christiansen stated that he updated the DROP application to be consistent with Plan provisions and provided the updated application to Pension Administration. Attorney Christiansen asked if Pension Administration had submitted formal notification to the State of Florida that the Board had recently declared an expected rate of investment return. Pension Plans Administrator Martin advised she had. Lastly, Attorney Christiansen stated that the Plan has invested assets with a firm named Newton which had previously been named BNY Mellon, and before that, the Boston Company. The Plan's current contract references the Boston Company name, and that contract does not account for recent Florida requirements which have been added since the contract had been executed, such as E-Verify. By consensus, the Board authorized Attorney Christiansen to work with Newton to update its contract with the Plan and include the current state requirements. Chair Konstantopoulos stated that he had heard the Florida Retirement System extended the length of time a participant could remain in the DROP from 5 years to 8 years and asked if Attorney Christiansen had heard that as well. Attorney Christiansen stated that he had not, but he would confirm and advise. 13. OTHER MATTERS: 13.1. Presentation and Discussion Re: Administrative Budget Expense Report as of December 31, 2021. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin presented the Administrative Budget Expense analysis and stated it Book 1 Page 273 02-25-2022 8:15 a.m. Book 1 Page 274 03-25-2022 8:15 a.m. was related to the budget approved by the Board for Fiscal Year 2022. She noted that the items which are 100% or 0% expended are related to the timing of when those items are due. 13.2. Presentation and Discussion Re: Check Register from October 1, 2021 to December 31, 2021. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin stated this is presented because payments are made by ACH. She noted that the reimbursements to the General Employees Pension Plan were related to supplies purchased by that Plan but share costs with the other City-sponsored pension plans. Also, one of the payments made to an individual is a refund of contributions; the other is payment of Chapter 185 fund distribution. 13.3. Presentation and Discussion Re: Asset Allocation as of March 15, 2022. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin advised this is presented to the Board for its information and shows the market value of the Plan's investment. Pension Administration performs this analysis to determine from which accounts to draw funds to issue monthly benefit payments. She noted that Pension Administration will consult with the Investment Consultant as needed, and that sufficient funds were in the Receipts & Disbursements account to pay the March 2022 retiree payroll and that a liquidation of assets was not necessary. Lastly, Pension Plans Administrator Martin noted that the FPPTA will hold its summer conference from June 26, 2022 through June 29, 2022 in Orlando; the FPPTA's website stated that this conference will satisfy the annual requirement for certified trustees to receive 10 continuing education units (CEUS), however, a trustee who is not certified will not be able to work towards their certification at the summer conference. Trustees in need of certification will be able to do that at the October Trustee School, which will also be in Orlando. In response to Secretary/Treasurer: Griggs' question, Pension Plans Administrator Martin noted all certified trustees must receive 10 continuing education credits every year, including the year in which the trustee reçeived certification. Attorney Christiansen asked if the conference would satisfy the 10-CEU requirement, as the FPPTA had typically given half as much credit for the conference than it did to the school. Pension Plans Administrator Martin asked the trustees to advise if they plan to attend the summer conference to satisfy the annual 10- CEU requirement, and she would verify with the FPPTA in case their website is inaccurate. 14. ADJORN. Chair Konstantopoulos adjourned the meeting at 8:32 a.m. h C Chair Demetri Konstantopoulos SécretaryfTreasurer: ShaylaGriggs