I'm going to go the meeting of the city of Edgwater, Blackheart, and the board for the meeting to order. We're going to bring the meeting of the City of Edgewater 500, from 244 to getting to order. I just want this to be one. And just... Okay I'm reading all the comments. If you need to be a favorite check and see a picture of the intense human, I'll take a look at all of the comments. I'd also send a email. That's my Twitter call number. I'm at the same email address. We can go ahead and move on to a few more minutes. So, we to ask you a question. I'm going to ask you a question. I'm going to ask you a question. I'm going to ask you a question. I'm going to ask you a question. I'm going to ask you a question. I'm going to ask you a question. I'm going to ask you a question. I'm going to ask you a question. I'm going to ask you a question, seconded. Are you going to board from the theater? Hi. Okay, so, Pedro, we got you. Okay. So, we want to be business. Business from the other church. So basically, Ron is in one of our boards and we have an open for the city to counsel on it. I've been discussing with the council that I'm anybody right now. So if you're anybody that would pick that more, have them get in touch with the city so we can try to fill that just in case you guys have a call right now. It's gone out for the city. Yeah, I think that's the way that the city can sit with the most likely necessary. It's a contract that will walk into the process and put it through council. All right, perfect. I just like projecting up. I can hear it. Okay. Okay. Okay. So moving on to the next one is trustee term exploration. So David, as the fifth trustee is coming up for an exploration of 320 of 25. David, this is where I can see where, David's willing to be serving again. At the next meeting, we will go ahead and give the boys opportunity to, once he's assigned to the reappointment. Okay. So, you know both of your interested in certain mechanics. All right, I'll ask him for the trustee. One of them. Okay. Moving on to reports. Foster, foster, Doug Losen. Doug, can you hear me? Rod, I might come up to you, okay? Yeah, let me see if I can get you a little bit. Is that Mike on over there? Yeah, make it's mic is on. Okay, Dr. Gantz, thank you. Good to go. Okay, just let me know if I don't come through. Hey guys, sorry I'm not there. I'll be there in June to present evaluation. But I thought it would work me jumping on the phone today to answer any questions about this cost study that we just delivered. Okay. I'm assuming you have it in front of you. Yes. Okay. High level, we were asked to look at a couple of options of improving the multiplier to either 3.25% or 3.5% and either from this point forward or back to data higher and also looking at possibly reducing member contributions. So if you look at the last page, it shows all the numbers and I'll give you an idea of how it's read. For instance, if you look at scenario A, we would increase the multiplier, the benefit of the cruel rate from 3 to 3 and a quarter, but only from 2024 and forward. And if the city agreed to that, then the contribution rate, you can see what goes from 22 and a half percent to 23.6. That would be about $25,000 per year or so, it would take. So you can see the other scenarios are very similar. I'm not going to go over all the details on those. I will give you item D, which is the most expensive, and that would be to take the multiplier to three and a half all the way back to data higher for all of the active firefighters. And that would cost about $150,000 per year. So here two, just kind of go over those scenarios and answer any questions if there are. Just by looking at what I'm looking at is there any way to figure out just based off of this information, that dollar amount that you just stated for both option A and B? A and which one? Delta. A and the one's in the state now eight A B C and D you don't combine those are all standalone right, but you just said Two dollar values what the city would need to contribute annually Is there a way of figuring that out or that's something that you just have to tell us? Oh, I see. Yeah. Hey, Roll right now is about 2.5 million. So you would take the difference in the contribution right between current and whichever scenario you wanted and multiply it by 2.5 million. Perfect. Thank you. So we could hypothetically calculate that our cells have been wanted to by looking at the budget and payroll times those percentages and the difference between the two would be the increase correct above 22.5. That is correct. Correct. Now, the little disclosure here is that these items are based on the 23 valuation and I'll be presenting the 24 report in June. But I will tell you the 24 report is basically the same as 23. There's very little change. Thanks, Doug. Yeah, for sure. Thank you. Okay, if there are questions, just shoot them away between now and June. Otherwise, I'll see you guys in a couple of months. All right, sir. Thanks sir thanks Ted. Take care. Thank you. Moving on to your phone hands we have David Kelly. I'm working on it. So I just need to imagine something to add to the room. And to never let the wall to change. Obviously, there are a lot of new instructions and lessons. And all of these are self-interference. So I brought for us a room. I have a room. I have a room for this. I have a room. But I have a little bit of a discussion. I'm going to have a little bit of a discussion. I'm going to have a little bit of a discussion. I'm going to have a little bit of a discussion. I'm going to have a little bit of a discussion. I'm going to have a little bit of a discussion. I'm going to have a little bit of a discussion. I'm going to have a little bit of a discussion. I'm going to have a little bit of a discussion. If you were in the election, I'd have seen you in the new session. You know, you're in the new year, so that's really something that I think you're in the highest class in the sort of election. And I'm just going to be a little bit more careful. I'm going to be a little bit more careful. I'm going to be a little bit more careful. I'm going to be a little bit more careful. I'm going to be a little bit more careful. I'm going to be a little bit more careful. I'm going to be a little bit more careful. I'm going to be a little bit more careful. I'm going to be a little bit more careful. I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going to say that I'm going a big deal. You're just a small deal. I'm not a big deal. I'm not a big deal. You're just a small deal. I'm not a big deal. I'm not a big deal. I'm not a big deal. I'm not a big deal. I'm not a big deal. I'm not a big deal. I'm not a big deal. I'm not a big deal. I'm not a big deal. So, to the next room. That's what I'm going to say. I'm going to show you the scenes. I'm going to take a look at the room. I'm going to show you the scene. I'm going to show you the scene. I'm going to show you the scene. I'm going to show you the scene. I'm going to show you the scene. I'm going to show you the scene. I'm going to show you the scene. I think you can make a problem by now with this information. And this is a my analysis and information. And I'm seeing that there are many false laws that are in the middle of the night when I'm sure that these events are not in the middle of the night. There are some in the structure of the house. And I have to hear us. So I'm going to be sure that we need to see I'm I'm going to be listening to the voice of the Lord. I'm going to be listening to the voice of the Lord. I'm going to be listening to the voice of the Lord. I'm going to be listening to the voice of the Lord. I'm going to be listening to the voice of the Lord. I'm going to be listening to the voice of the Lord. I'm going to be listening to the voice of the Lord. I'm going to be listening to the voice of the time. So we do have a lot of fun. We do have a lot of fun. We do have a lot of fun. We do have a lot of fun. We do have a lot of fun. We do have a lot of fun. We do have a lot of fun. We do have a lot of fun. We do have a lot of fun. We do have a lot of fun. We do have a lot of fun. I'm not a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I'm a professional, I the and then we will go to the other side and then we will go to the, and you will rest in your day, and you will rest in your So, the So I'm going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be able to come up with a new investment plan. And as a mid-month-long, you were saying, why hasn't it been as an industry business so why hasn't it been that well? You know, all kind of has been a piece of it. And it's a lot of money, but it's a short-term. And you know, you can get it, and the chairs, and then you're struggling and so on, I just allow this for the moment to come to this incident the whole way. and I'm not sure if it's a good idea to say that I'm not sure if it's a good idea to say that I'm not sure if it's a good idea to say that I'm not sure if it's a good idea to say that I'm not sure if it's a good idea to say that I'm not sure if it's a good idea to say that I'm not sure if it's a good idea to say that I'm not sure if it's a good idea to say that I'm not sure if it's a good idea to say that I'm not sure if it's a good idea So the rest is going to be on the list of the questions. So if you have any questions, please let us know. you're lying in the mosque and you're in the house of the Holy Spirit. You're in the house of the Holy Spirit. You're in the house of the Holy Spirit. and I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm going to go to the bathroom. I'm just going to put it in the back. There's a wall over there. Alright. Oh. There's a wall over there. I'm going to do a little bit of the first three and one of the first three. And then I'm going to do the first three. And then I'm going to do the first three. And then I'm going to do the first three. And then I'm going to do the first three. And then I'm going to do the first three. And then I'm going to do the first three. And then I'm going to do the first three. And then I'm going to do the the agencies. I'm not watching some of the agencies. I'm not watching some of the agencies. I'm not watching some of the agencies. I'm not watching some of the agencies. I'm not watching some of the agencies. I'm not watching some of the agencies. I'm not watching some of the agencies. I'm not watching some of the agencies. I'm not watching some of the agencies. I'm not watching some of the agencies. I'm going to be on the same page as you see. I'm going to see how it's going to be. I'm going to be on the same page as you see. I'm going to be on the same page as you see. I'm going to be on the same page as you see. I'm going to be on the same page as you see. I'm going to be on the same page as you see. I'm going to be on the same page as you see. here is a lot of fun, a lot of fun to do with a lot of fun. So, I'm going to go to the next slide. And then you can go to the next slide. And then you can go to the next slide. And then you can go to the next slide. I'm sorry. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I just want to keep you guys out of the blue, just let you just see me fall, I have no idea what you're doing. I'm just looking for you, I'm just going to be a little bit more serious. I'm not going to be a little bit more serious. I'm not going to be a little bit serious. I'm not going to be a little bit serious. I'm not going to be a little bit serious. I'm not going to be a little bit serious. I'm not going to be a little bit serious. I'm not going to be a little bit serious. I'm not going to be a little bit serious. I don't want to go to the other side of the chair. You let you know when you're going to the other side of the chair. So we'll just put in the essay, and then we'll do the instructions now. And I'll just walk in. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm sorry, I'm sorry. I'm Yeah, that's how I get into the world. I was in a conversation with a person who had a little bit of that stuff on my mind. So yeah, I'm only gonna lie down, be out in the middle of the night. So just how I would do it. I was saying this was fine, and we got to know each other. We knew that a lot of people were saying this was what I thought it was. So that's what I really was saying. I'm sorry, I'm sorry. to So, so many words, it's like a sentence. It's actually a sentence that you have to have in your soul. It's all about the think of these issues. Actually, we need to move that every day so that we can have a lot of good serious problems. And so, my experience is that I actually use this for the slide-out. And all the lines are being made that they are no longer there for a lot of serious problems. And so, this is what I do in the slide-out. So, we'll see you all later. and Thank you. Hey, thank you. Next up is John Thennis with Marinor. to I'm so for this corner. So I'm going to have to go on the floor. I'm going to have to go on the floor. I'm going to have to go on the floor. I'm going to have to go on the floor. I'm going to have to go on the floor. I'm going to have to go on the floor. I'm going to have to go on the floor. I'm going to have to go on the floor. I'm going to have to go on the floor. I'm here. I don't know. I see a light in my room for a lot of new presentations. And this is up in the key set in the van here. It's going to readjust the portfolio and money. There are clients that we come out of it. Like SlimShot and not... So I know right now, talk to the other plans. I'm here next time. I'm going to read all of them. All in turn, this works., everyone, the question which is ahead you're in trouble last two years. And we've got to get through these high quarters maybe a year. I think there are a lot of processes and you know, it's a slim shot that will come back in our yard. You know, we've got to get through all these sometimes here. You guys know, this picture here on page three, it's kind of the exact opposite. We're under next time. So the words down, you weren't just nasty to the race. I just mentioned that. And then the bond, or the line on half of the word, or down there. You're more or less, this is what we're showing you now. As I mentioned on We have here in this allocation and the top of time right now. We see me next time. We're going to look up. We'll get through it. And as I mentioned, super-side that it's a man we applied to great companies that are prices. We don't know that. You can see page 14. I can mention just how we sent out the game. So, first just... We can see page 14. I can mention just how we set up. So first, this is the main. You know, selling compliance. And we are using how to catch up with a reality of what else. Page 15 is a nice, very short group of the, yeah, portfolio. Again, all time highs, a little bit off there. As you see right now, this is what I'm not sure about this. And then the returns here are 18 and 19. So again, this book is, we're just going to get to their full recorder. We were off with one and a half percent. We're going to finish work with down, and we're going to work with down, and we were in a little one again. This probably is awesome, the next time you see me in my little subrate. But we have a lot more awesome than I'm in my subrate. So this is what I think they're all one. Yeah, except for the last one, the essential one, but-01, but I know the 1357 and 10, and this is what all of the 111 had to set up to what was happening right now. So, I've come to the 113 room for a year, and now we'll look back as we want more of these on the chair. As I mentioned, I've not shown you the food bar, so I'm more into the red. So, more into the red. You can see that we're going through the equity of the oil mass and the oil flowing on the top. See there? All the two percent of the oil mass and the oil performing on the policy there. All the 2% or so they say 5% of the oil policy. And the bonds of the 18, again, you're going down a little bit. And then just to recap, on the page 19, I just sort of knew this will be here. I probably not going to get the second column again very, but for us that is a lot of what I did. And I didn't see it on the show yet, so I'm going to be at this last 70 years. So I think my general theme is this one is great, and there's some kind of not so great, but I just think that you should try to absorb it. We're not going to change our stripes. And it's an opportunity to do what you know that are not nice. It's a little less of a slush shot because I'm not even going to ask all that is happening right now. There's lots of noise. We're all time-mice. We get a 10% feedback. and the soft the days were a long term. And this opportunity, this downturn, and our work's done. And we got like this, and we're doing some live-ready. And as we saw, we had a lot of room. We come back and say, I think we were a long term. And we see that as far as the one that's happening now. And it's worth it to be out of the question. to be back. I'm going to be back. I'm going to be back. I'm going to be back. I'm going to be back. I'm going to be back. I'm going to be back. I'm going to be back. I'm going to be back. I'm going to be back. I'm going to be back. I'm going to be back. I'm going to be back. You guys, you'll be okay? Yes. Okay. So I think first of the agenda, then I have some information topics to kind of go over with you. But first of the agenda is to keep the keeps on giving guys, it's the restatement. I know we've discussed it a couple times at prior meetings and that we've wanted to have a chance to look at it and review it. So I just wanted to check in and see if there were any other comments or revisions or anything. Questions that the board may have or anybody maybe at the city might have happy to address those or happy to discuss anything you guys would like. We reviewed it very light reading and I went through it and just you know I don't I don't have any questions on and. Everything that we wanted to get put in there. My opinions has been put in there. Okay. Good. Okay. Perfect. So we'll we can keep working with the city and and just kind of make it you know, make it make it's way through the legislative process. And then once that gets connected, you know, we'll have our new plan document, so to speak. And then we'll kind of go from there. Any other questions, folks? No, just a comment. I know this is a draft, so it's probably going to get gone through. Probably the only one in here. Page 13 at the very top first paragraph over towards the right. The word should say normal just missing the O in it. Excuse me. That's not him. I'm just making sure you're gonna read it. It's a bit of a very long. I am I'm sorry, I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. We need another motion to do that. Pedro, do we need another motion to prove for the updated changes. No, I think, I think, and I apologize, it's a little bit hard to hear you guys, but I think I heard there's that typo where the O, we missed an O in a normal retirement on 13, and then I could here if there was another change. No, that was it. Okay, no, I think I don't think you need another motion. I think, you know, we'll obviously correct that typo, but I think at this point there's no further action required on the board then. We'll work with the city and city attorney's office and then obviously our actuary can prepare the requisite impact statement. But other than that, I think we're okay. I'm fortunate. Perfect. Sounds great. Is that impact statement, is that going to determine the budgetary cost or the future funding level or both? So, in theory, it shouldn't be an impact because again, we're not changing anything. We're just rewriting, coordinating, revising a little bit. But we're not changing any benefits. Nothing is there's no material or substantive changes. So the impact should be zero or immaterial. And essentially, I think it's going to really mirror what your valuation report is going to say, you know, a June that Doug's going to present. I'm sorry, I don't know if I answered your question. Yeah, I think I was just wondering like, the one that he talked about earlier, you're able to, some people that wrote it on this at the end would be able to see a logical cost determination with their voting board. Just wanted to make sure that was in there. If there was one, it would sound like there is. So part of the... Yeah, so part of state law requires, at any time there is an amendment to the pension plan. The city legislature, the local legislative body, needs to know what the cost is and so that's what that act early impact is. So yes, it will be, but I mean, just in this case, it should be a no impact against it. We're not changing anything, we're just revising, re-riding, reorganizing, but we're not changing any benefits. We're not lowering or increasing any benefits, there wouldn't be a cost in this one, and this one amendment. Okay. Okay. So the other item I just wanted to tell you. Okay. So the other item I'd thought to touch on was system changes legislatively. So locally, obviously, if you guys are probably aware, legislative session here in Florida has begun. the only bill that I've seen affecting local plans and not really your plan, but the Florida retirement system is seeking to put in place or reinstitute 3% COLOB for certain members hired on or after July 1 of 2011. But there has not been anything filed that would affect our plan or other local or chapter plans here in Florida. But just wanted to kind of keep you updated on that. So as session progresses, obviously we'll keep you posted. Once it concludes, we'll have a final report. But as of now, there doesn't seem to be anything that would make any change or have any impact on our plums. Okay. And then just at the federal level, I just wanted to touch on just not again because it doesn't affect us specifically, but just for informational purposes, the Social Security Fairness Act was enacted January 5th of this year. So a little over two months ago. And essentially it repealed two provisions that had been in place for many years. The Social Security Reduction Act and the Windfall Elimination Provision. And essentially what these two laws did, they reduced the amount of social security benefits that were paid to either a member and or their spouse who was also receiving a public pension from a plan that did not contribute to social security. So the social security administration, I think estimates is about 3 million individuals who are affected by by this and here in Florida it's about 183 or 185,000. But again, our plan does contribute to Social Security. It doesn't affect us specifically, but just so you're aware, obviously, that it is a pretty significant piece of legislation. Just because, again, it's removed removed something that's been replaced for so long uh... and again i think it should give uh... some some relief to a lot of folks who who have been you know receiving last for all these years okay and that's uh... that's really it that's all i had uh I had for my report Appreciate a page or thank you We'll go and move on to old business There's nothing on the agenda for that Which is Compass all of those listed the warrants 106107 and as well as the fund active report. December 3rd through March 3rd. Is there any questions on any of that? Would you discuss that? I'm not looking for approval. What are the warrants? Those two invoices that you guys are paying those are already the ones we've already paid These are for ratification. There's nothing new that has to be Everything it's in there has already been paid All right, I'll make a motion to approve the consent agenda as presented I'm gonna get that motion. Hold the paper. I'm looking at that motion. All right. All right. Opposed? Motion passes. Moving on. Next thing is going to be staff reports discussion. It's going to be my section. The next upcoming education opportunity is going to be FPBTA, the 41st Annual Conference, June 22nd through the 25th. I'll put this out there a little bit early because so you can look at plans if you're interested in going to that and there's some other suggestions that you can come up. So all that needs to happen for that is if you're interested, you can reach out to me or reach out to the analyst for your plan. The analyst is the one that's going to sign you up for the conference. Once you're signed up, then she is also going to forge you the information for the hotel and the rate that it's going to be. At that point, you'll book your own hotel. And I think you've got the impersonator. Keep all your seats for things. We'll try to haul some. Okay? You can let me know that now. Let me know at any time. I'll get it to the analyst and we'll get your rest of your... All right. Anytime that you're in a decision, you're good to go. There's nothing else on the training. Go ahead and move on to the next topic. Trust me. Reports discussion action. I do not have anything. Nothing else. Motion to adjourn. Second. Hi, I'm your adjourned. Appreciate a Pedro. Thank you. Thank you, Pedro right, everybody, take care. Have a good rest of the afternoon. Appreciate it. Thanks, Pedro. All right. Bye-bye. Pedro Verrero. Has left. We'll quick. We'll see what. We'll take you to the other class. Thank you. All right. Everybody, take care. Have a good rest of the afternoon. Appreciate it. Thanks, Pedro. Hey, Joe the rail. That's left. Could you have a pass? Hey, Joe Verrero. That's left. Real quick. Look. They could be over-crossed. I missed out. I'm forming a highly steady effort. You want to take them. That's theory.