All good. Thank you. >> Good afternoon. Welcome to the City of Palaca Police Officers Retirement Plan um board of trustees meeting. This is December 2nd, 2025 and we're just a
little shy of 12 noon. Um, could we have a roll call, please? >> Mayor >> Carrera. >> Kareah, >> present. >> Jason Shaw, >> present. >> Matt Nukem, >> present.
>> James Norwood, not available. Thank you. Um, we have quorum. On to the second item, fifth trustee nomination. >> Mr. Norwood's um term has expired and if
he's going to be nominated again or whoever you'd like to consider for the fifth member. We we already did that and it was already approved at the city commission level. >> Okay. I I've not received that information, but thank you. Well, we'll get it from the city clerk, Miss Jones.
Can we get it from Karen? because that was already approved previously even at the commissioner level. >> Thank you. >> Yeah, thank you. >> Has everybody had an opportunity to read the prior meetings minutes? Also, it includes the workshop minutes.
>> Okay. And also the workshop minutes. Thank you. >> Yes. >> Do we have a motion? >> I make a motion that we approve the meeting minutes and workshop minutes. >> Second. A motion by Chief Shaw, second by Assistant Chief Newm. All in favor?
>> I. Any opposition? Thank you. >> Um, on to the Capitol City Trust report. Mr. Madan. >> Good afternoon, Dwayne Madrin, Capital City Trust. Um, you may have this in your packet. And if you'll go to the first page,
which is the policy review, says at the top policy review as of November 19th. So you can see we're a little bit overweight in cash. Um pretty much on target with the other
asset classes. Underweight, small cap, underweight international a little bit. Um if I was right on target, I would be at the 75% policy cap. So, I keep a little bit in cash so I don't go over the 75%.
So, there'll always be a little bit in cash, but cash is earning 3.8% and that's almost the same as a bond. Um, recently I moved 300,000 over to Sawrass. So, bonds are now instead of being 16% they're they should be pretty
close to 20% and on target. Um so if there's no questions on the policy stance um I can move on to performance which is on page four. So this is we're here for the third quarter. So this through September 30th which is the
fiscal year that you're measured on for your actuarial return on the equity side 14.78 outstanding outstanding year for equities. That does not include the bonds from Sawrass. the equity
um that was a total return 14.7 equities were returned 16.1 high yield bonds 7.2 2 and cash 4.7. It it has been a great year. Um the quarter returned 7% because of strong corporate
earnings um and a strong performance by small cap stocks, a good performance by international due to the weaker dollar, strong global growth and attractive valuations. The question marks remain
for us is how weak is the labor market, how persistent is inflation, how expensive are stocks like Nvidia and Google and Apple and Tesla. And finally, um the the trade tensions that are ongoing with China and other com uh
countries that we trade with. So, um, if you'll there are some charts and I'm only going to look at one chart and leave the rest of the talking to Burgess Chambers and Associates. So, the chart that's on page 14, it has it's a bar
chart that has a lot of colors on it. Looks like this. So if there's one chart I could leave with you today, this is a picture of spending on the infrastructure for artificial
intelligence. They call it hyperscaler capital expenditures. So those five companies, Oracle, Microsoft, Google, Meta, and Amazon are spending billions and billions of billions of dollars on semiconductors, data storage, and energy
to run artificial intelligence when it rolls out next year. This spending is driving the stock market or a good part of it. And you own a good part of stocks that have exposure to technology and artificial intelligence. It's the
spending is so great that these companies are having to do bond issues to raise money. They're having to borrow money to build out the infrastructure for artificial intelligence. Um, and you know, driverless cars, robots, um, computers that think for you, write a
book for you. All this is coming next year and it will make money for some hopefully all of these companies. So that that's a good chunk of what's been driving the outstanding equity returns. Um no questions on that. I'll go on to
um page 17. This is the um asset allocation at capital city which does not include the infrastructure or private real estate. You're 62% in equities, 30% in bonds, and um 6% in cash, which is um instead
of being 800, and 90 8.99089, it's now down to about 400. So um it's a moderately it's a moderate growth portfolio, but when you add in the real estate and the infrastructure, it's sort
of aggressive. Um but really, that's all I have to say. I'll let I'll leave the market commentary up to Burgess Chambers and Associates. Any questions? >> Okay. >> Thank you. Do we have a motion to approve the reports as presented? >> Motion to approve the report as is
presented. Yes, ma'am. For Capitol City. >> Second. >> We have a motion by Assistant Chief Nukem, second by Captain Shaw, I mean Chief Shaw, excuse me, I just demoted you. Sorry. Um, all in favor? I >> I
thank you. Any opposition? Okay, moving on. Um Mitchell Brennan, Burgess report, PCA report. >> Yes. Good afternoon. >> Good afternoon. >> So, I have three handouts for you. The first one we'll go over is this market
overview. Um actually, I take that back. The first one we'll go over is your new investment policy statement. So, we did have to add some uh language to your investment policy statement per uh state directive. Um it's in regards to prohibiting investments, direct
investments in entities that boycott Israel. So, you'll see that uh in the red line version page that I sent you. Uh so, again, this is based on new uh legislation. We've had similar um requests in the past. the PFIA, you'll see right above it, the Protecting
Florida's Investment Act is very similar regarding investments in uh specific regions that are in conflict. Um, so we have no issues with this. Again, it's u come down from the state. So I would request that uh upon your rep approval
make a motion to uh to add this to the investment policy statement. >> Any questions on this? >> Do we have a motion? over it now. >> Yeah, I'll make a motion that we accept the report as presented. >> Second have a motion from Chief Shaw,
second from assistant chief newcomers getting tough. Um, all in favor >> I Any opposition? Thank you. >> All right, great. Now we can hop into uh some quick market updates. So, it's been a little while since the quarter end ended. So, I want to give you an update
how markets have fared uh since the end of September. On page two, uh this is a chart through the end of November 21st, so prior to last week. Um and here you'll see we've had a fantastic rally from the April lows, uh liberation day
when the new administration announced those large tariffs that they were expecting to impose. Uh we had a money manager come in and tell us uh they kind of coined it obliteration day because the market subsequently sold off by over 20%. uh we've rallied over 40% from
those lows and you can see as we fit uh the market which was up 13.6% it's actually rallied uh last week so uh Monday, Tuesday and Wednesday we're actually up roughly 18% now in markets. Um
and again it's there's a little bit of um turbulence on the horizon. Uh if we look at labor market, you know, with the government shutdown, it's delayed a lot of the labor data that's come through, but we did just get September uh data, which shows the labor market weakening.
Um and so we'll get into that. Um as well as some concerns we have on the consumer, uh some of the areas in terms of auto loans, mortgages, uh credit cards, and now student loans that are adding a little bit of debt burden on the consumer. Uh but I will say uh you
know on a positive note we did see for Black Friday record sales again uh 6.4 billion Cyber Monday 11.8 billion record sales. Uh but I will caveat that with although those were record sales numbers the order volume so how many uh
purchases actually went through was actually down slightly. It was down about 1%. And so that means that we hit that record because prices were up on average about 7%. So that's the impact that we've seen from tariffs and inflation. Prices are still relatively high to where they were just a year ago.
Uh and then prior obviously to the pandemic. If you go to page three, uh one of the areas we are concerned about is the froth in the market. So valuations continue to rise. Uh we are currently from a price to earnings standpoint trading roughly 23 times
price earning. So, you're paying about $23 for every dollar in earning when you buy uh the average, you know, the S&P 500. This is above the previous two highs in the market in January of 22 and February of 2020. Uh however, it's not to the frothy levels that we saw in the
early 2000s, the.com bubble, which was trading over 25 times earnings. So, we're not at panic level, but certainly something we want to keep an eye on. As valuations get more expensive, it gets harder for some of these large cap uh tech AIdriven names to continue to outperform.
On the next page, you'll see page four. And those top, you know, we talk about the magnificent seven. So that's Nvidia, Alphabet, which is Google's parent company, Apple, Microsoft, Meta, which is Facebook's parent company, Amazon, and Tesla. Those seven have kind of driven the market the past few years. Uh
but if you look, you know, expanded just a little bit broader, the top 10 in the S top 10 companies in the S&P 500 now comprise over 40% of the entire index. Um fortunately, they're providing, you know, over a third of the earnings of
the S&P 500. So while they're taking up a large portion of the index, they are supporting it with the earnings they're providing. Uh but again, something we certainly want to keep an eye on. And when we say that they're leading the market, it's interesting this year, you know, past years we've seen all seven or six of the seven or five of the seven
outperforming the market. Currently, there's just two names outperforming the S&P 500 in that MAG 7. So Google is the best performer. It's up about 67%. Nvidia is up about 34%. The S&P is up about 18%. Everything else is below that. So Microsoft, Apple, Meta, Amazon,
and Tesla are all actually underperforming the S&P 500 this year. uh which is not necessarily a bad thing. We want to see a broader rally in the uh in equity markets. And so there's there's 25 companies right now that are outperforming Google, which is the best
performer in the S&P uh in in the MAG7 uh under the S&P 500. So again, we are seeing a little bit broader rally and I think that speaks to how well your funds have done being invested in index funds. So if you go to the next page, the benefit of being in an index fund, yes,
you have large uh allocations to some of these names like Apple, Nvidia, and Microsoft, but you also have allocations to some of the smaller names that have done extremely well, um like Palunteer who's been up, you know, multiple hundreds of percent over the past few years. And the big thing here on page
five is the benefit of an index is you are you do have allocation to some of those smaller names that most likely in the next five or 10 years will be a bigger portion of the index possibly in the top 10. And so this chart shows the top 10 companies by market
capitalization. So their size um over the past decade. So 2025, 2015, 05, 95, and 85. And the big thing you'll notice here is there's a huge turnover in that top 10 on a decadeby- decade basis. So if we go back to 2005, only one of those
names, Microsoft, is still in the top 10. If we go to just 10 years ago, 2015, only four of those names. So JP Morgan, Birkshshire Hathway, Apple, and Microsoft are still in the top 10. So all of those Broadcom, Tesla, Meta, Alphabet, Amazon, Nvidia were much smaller portions of the index just 10
years ago. Now, Nvidia is the largest company uh in the world by market capitalization. And just for reference, there's actually four companies in the top 10 that from a market cap size are bigger than the entire market was just 10 years ago. So,
Nvidia is at 4.2 uh excuse me, 4.4 trillion. Apple's at 4.2 trillion. Uh Alphabet, Google's parent company, is knocking on 4 trillion uh as of today's market open. And Microsoft's at 3.6 trillion. the entire S&P 500 was at 3.2
trillion just 10 years ago. So again, having that broad index exposure, not only will you benefit if the MAG7 continue to do well, but you'll also benefit having smaller exposures to some of those names that could be the next Nvidia, the next Alphabet, the next Amazon. So uh very happy with that
allocation in the portfolio. Page six, it talked about the labor market. So we have started to see some weakness in the labor market. We did uh just a two weeks ago get finally get the September labor data once the government reopened. Uh and we did see an uptick in
the unemployment rate. So from 4.3 to just over 4.4%. Uh so still not alarm bells but again something we want to keep an eye on. Uh we have gotten private payroll data because that wasn't impacted by the government shutdown. And we saw you know again somewhat weaker
weakening signs of job data. So, a loss of 32,000 jobs in September, followed up by a slight gain, 42,000 jobs in October. And then lastly, we saw continuing claims for unemployment benefits tick up to its uh new cycle high at the end of November, the week
ending November 8th. It jumped up to just under uh excuse me, 2 million. It's come down a little bit. It was at 1 1,974,000. uh as of November 15th, it it fell uh roughly 15,000 to 1 1,960,000.
Uh but again, those are pretty high uh levels that we haven't seen during this current cycle. So certainly keeping an eye on that. Page seven, I mentioned the the consumer uh potentially struggling over the next couple quarters. And here I just want to highlight in the bottom
right hand corner uh you know no surprise auto loans, credit cards and mortgages we've seen those delinquencies tick up over the past few years as interest rates have risen. The big one that we've seen a huge increase with has been student loans. And so we ended the student loan moratorum May 5th. That's
when they resumed collecting uh delinquent uh defaulted federal student loans. And so we went from a 1% delinquency rate all the way up to as of the most recent quarter 13%. And this isn't just impacting uh younger individuals in their 20s, early 30s. Uh
there's many individuals 40s, even 50s that are falling into this delinquent um delinquency uh rate that's impacting, you know, the full spectrum of anyone who's attended college, gone into debt for it, now that they're resuming collections. It's one other area that
they're going to have to focus some of their income on where they're not going to be able to spend and, you know, propel the economy forward. And then lastly, page eight, um just a quick update on tariffs. That's, you know, obviously been a big buzzword this
year. Um quickly want to highlight. So when we talk about tariffs, uh I think the positive sign is there's been less of an impact than expected. Uh and part of that is because the statutory rate, so what's stated by the administration, what rate they're going to impose. Uh there's been a very big disconnect
between that and then the effective rate, what we actually experience. And so you can see here, you know, April that liberation day, the statutory rate was stated to be 30% on average. Uh as of September, that stated rate has come down to 19%. But in that box you see in
the top left, you can actually see the very bottom line of it, the effective tariff rate has been much lower. So it is increasing so it's closing the gap with that uh stated rate but again as of August the most recent reading the effective tariff rate was about 11%. Uh
now the big news that we've seen is you know some lower courts um deemed that the president illegally used the IEPA so the international emergency economic powers act to impose the tariffs. Uh that has been appealed to the Supreme Court. So they're litigating that right
now. Uh but as of yesterday, there's been a few companies that have started to sue the administration uh really to extend their ability to get refunds if the tariffs are deemed illegal. Costco was the latest name yesterday, the biggest name that's uh
now suing the administration in order to extend their period for which they can receive refunds on tariffs if they're deemed illegal. So again, I'm not a legal expert. I don't know how this is going to play out. Um but I think what we can uh what we can take from this is
for 2026 I would expect not an increase in tariffs. I don't think the administration is going to impose new or higher tariffs anywhere. So I think this effective rate that we're currently at right around 10 11% is probably going to be in place until the Supreme Court makes a decision. Uh which is a good thing. Obviously, the markets have uh
shown the administration that they're not in favor of additional tariffs. Anytime new tariffs have been imposed or speculated, the market is sold off. So, I think that can, you know, potentially provide a floor for the markets in as in that aspect. Um, again, we we don't know
if they are deemed illegal, they'll be refunded to corporations. >> Hopefully, those refunds will make their way to the end consumer who ultimately paid th those uh those higher higher prices. But, you know, obviously that's again yet to be determined. And then the last thing, the the other news on
tariffs that is a positive. We did reach a one-year trade deal with China in November. Uh so we at least have a one-year period where if tariffs do remain in place, uh we have a lower tariff rate with China. It was at 145%, it's now down to 45%. And then they've
agreed to release some uh sales of rare earth minerals, magnets, things of that nature that are very important in establishing data centers and developing chips for the AI uh revolution that we we've currently been experiencing over
the past few years. Um so with that, I know that's a lot, but just want to give you a quick update on that. Uh if you don't have any questions, we can jump right into your report and give you the great news for the quarter ending September 30th and your fiscal year
2025. And that'll start on page five. So across the board, all market uh asset classes were were up for the quarter and your plan earned 868,000 or 6.1% net of investment fees ahead of your strategic
model which was at 5.9%. And you ranked in the top second percentile of other public pension funds across the country for the quarter. Your best performers, small cap was the big winner up 12.4%. Convertibles had a great quarter up over 10%. And then the Vanguard Institutional
Index Fund, that's your S&P 500. So large cap core US equities was up over 8%. On the one-year period, so for your fiscal year 2025, you earned 1.6 million or 11.9% net of investment fees. Again, outpacing your strategic model, which is
up 11.8% and ranking in the top 10th percentile of other public pension funds across the country. led by convertibles up 21%, your S&P 500 index fund up nearly 18%. And then your international developed markets index fund up over
17%. The three, five, and 10ear periods also look very strong. Uh a little over 5 million in investment earnings for the three and fiveyear period. Keep in mind that fiveyear period includes 2022 when we had a loss. So that's why those numbers are similar from an earnings
standpoint. And then the annualized return 14.6% 6% and 8.6% for the three and fiveyear periods. For the past decade, you've earned nearly 10 million in investment earnings, 8.6% net of investment fees annualized return, and that's a whole percentage above your
assumed uh rate of return at 7.6%. So, fantastic numbers there. If we jump over to page eight, again, this highlights those numbers I was referring to. But if we go all the way to the far right column, uh so 10 years ago, you were at 9.6 6 million in
investment assets. You've distributed 4.4 million in expenses and benefit payments over the past decade. You've earned again 9.9 million in investment earnings. And so we finished the quarter just over 15 million at 15,146,000.
And again, right below that, your net of investment fee return 8.6% annualized verse your strategic model at 8.5. So very happy with that performance. Um, we can also take a look just briefly at the next page, page nine. Um, again
from an asset allocation standpoint, no issues here. You're slightly underweight domestic equities, slightly underweight fixed income. Uh, in line across the board elsewhere, and a slight overweight to global cash. Uh, we have no no issues with this. No recommendations to make
any changes right now. Uh, again, we there's very high likelihood we could see some volatility through the end of the year. Typically we see a Santa Claus rally where December is a strong month. Uh but again a lot there's a lot going on. Um and so we could certainly see some volatility. So having a little bit
of an overweight to cash where we're earning nearly 4% without risk. Uh we're happy to take that uh that. And then lastly pages 13 and 14. Again just want to highlight your individual funds. No issues here. So no recommendations to make any changes. At
the very top of 13, you can see your performance as well as what's in parenthesis, your rankings against other public uh pension funds across the country. I believe I don't know if we have the total number in here, but I believe by the time we produce your report, it's anywhere between 500 and
700 other pension plans that you're compared to. So ranked in the top second for the quarter, 10th for the one year, and then even for the longer term, ranked in the top 39th percentile for the past decade. So very happy with that performance. Um happy to see at the very
bottom of 13 uh UPUPAC under uh international equity that's your American funds Europacific growth fund. They updated changed their name in August uh to UPUPAC. Um they outperformed for the quarter of 6.4%
versus the benchmark at 4.8. They have a portion of emerging markets in their portfolio and that outperformed for the quarter. If you flip back, this is the last time I'll make you flip back, but on page 13, if you flip back, you can see at the very top, the MSse Eye Index.
It's the third one in. Um, >> I'm sorry, you said on what page? >> Sorry, page three. >> Thank you. >> Okay. >> Yeah, at the very top, the blue bars, the third one in the Msei Eyee, that's the international developed markets. It was up about 5% for the quarter. The next bar over MSCI emerging markets was
up nearly 11%. So again that portion of their portfolio they carry anywhere from 20 to 40% emerging markets. Uh that helped carry them to outperformance for the quarter. Um outside of that again very happy with your performance. We are starting to see a rebound on page 14 in
uh American funds uh excuse me American realy advisors American core realy your private real estate fund was up 1.1% for the quarter and had a positive year after after it struggled for the past few years with real estate underperforming uh so very happy to see
that rebound um and then other than that again uh no issues on any of your individual investments or managers so no recommendations at this time um the fire pension plan did request to have stallgraphs come in and present and give an update next quarter. Uh so they will
be here. I'm happy to invite them to this meeting as well if you'd like a quick update from your fixed income manager on how their portfolio is doing, what their outlook is um for fixed income. Uh I think it'll be timely. Again, the Fed has cut rates twice twice this year. There's an expectation
they'll cut rates again uh this month and potentially two or three more rate cuts next year. so they can give you a little further insight on that next uh next year when we meet in I believe end of February or beginning of March. Uh so if you would like to have them attend and give you a quick update, I'm happy
to invite them. They'll already be here uh for the fire meeting, so uh that's entirely up to you. >> It makes sense. What's the thought on that? >> I agree. >> Okay. Well, I think we that would be great. >> Great. Uh and with that, I've taken up too much of your time already. I will
conclude my report and just open it up for any other questions or discussions that you like to have. >> Any other questions? Discussion. Okay. Do we have a motion? >> Motion to accept the report as presented. >> A second. >> Okay. Motion from assistant chief newcome. Second from Chief Shaw. All in
favor? >> I. Any opposition? Thank you. >> Thank you, Mr. Brennan. On to BNO Kman Jensen Levenson. Hi everybody. Um I um you should have received from Kyle,
I apologize it wasn't with the initial packet, but the draft operating rules that we spoke about last meeting um none of the PLA plans had operating rules in place. So we thought it would be a very good idea to implement these to um help
keep all of our procedures streamlined. Not sure if you've had a chance to review. We can certainly put these back on the agenda for the next meeting if there are any questions. Um if not, it would be great if these were approved so we can start implementing these policies. But of course, I'm happy
to answer any specific questions if there are any. I know it's a lot to look over. >> Does anyone have any questions? >> Kyle, did the fire board adopt or what was there? Um, no. They had some
additions um to the report. >> Okay. Um, would any of those be applicable here? Just so I can keep things consistent. >> And I obviously speak with with >> there's additional language that they
wanted added in that the police plan would probably like to have in their operating rules. Also, if I could recommend uh we have the revised uh one sent and reviewed on the next agenda. >> Okay. >> That the board wishes.
>> That sounds good. I will um make sure I speak with you and Bob just to make sure I have whatever that language is. >> Okay. This is how the board would like to proceed to wait for the additions or modifications. Okay. Thank you. Yes. >> Okay. Great. Um the same goes for the
SPD. I know we spoke last meeting about um that it makes sense to wait until there has been a decision on the fixed multiplier. Um I haven't heard that there's an update on that, but please correct me if I'm wrong.
>> Was there a fixed multiplier decided for the police plan? Like there um has it been adopted by city council? >> We were waiting on that. We were waiting >> waiting on that. Okay. Yeah. So, they're waiting on an ordinance.
>> Okay. And what was that um rate? >> The multiplier was going to be 3.2. >> 3.2. Okay. Not a problem. >> So, if we can get that um drafted and
then sent to the actuary for the impact statement so it could be presented to council, that would be perfect. Thank you. Great. Thank you. >> Absolutely. We'll do that. Um, I think my last item, um, just a
reminder to Kyle that the 112 report is due by December 15th. um that was implemented in 2023 um by the Florida statute which requires that every other year in December. Um
the plans basically submit an affidavit of sorts saying that they are um following the statutory requirements as they should and that is uploaded along with the most recent investment policy statement which will be the one from today as it was just updated. So Kyle,
please let me know if you have any questions about that. >> We've already registered with the state and now that the investment policy statement is available, we will add that and submit the bienial report. Thank you. >> Excellent. Thank you so much. Um that is it for me. Oh, go ahead.
>> I have a question just for clarification. So at our next meeting, we will be at that time reviewing the ordinance or um >> I can certainly send it. I have one drafted for fire. It will probably be
extremely similar. Um, I'm happy to draft it ahead of time and Kyle can send it out. You can't reply all, but if there are any comments, you can certainly reply directly to me so that any changes that need to be made can be done before the meeting. Um, so assuming
everyone's okay with it at the meeting, it can be fully adopted and we don't have to delay the process anymore. >> Yes. >> Okay, that sounds good. Thank you so much. >> I will do that. Um I think that's it for me. >> Okay. Thank you. >> Thank you,
>> Miss Chento. >> In your memo, in your report is a copy of a memo um outlining our sock one type two audit. Very intensive audit. We bring in outside auditors to look at our
policies and procedures to see if they're followed properly. This is the 18th consecutive year that we've passed without any exceptions and we're quite proud of it that um a lot of other groups don't do it do this depth that we
do and it was a good report everything without any exceptions and then it's followed by the certificate. >> That's all I have for the administrative report. >> Okay. Thank you, >> Madame Mayor. Do we need a a motion to
accept administrative report? >> Do we have a motion? You're making You're making the motion. I'm sorry. >> I'll make a motion. I >> have a motion by Chief Shaw. >> Second. >> Second by Assistant Chief Nukem. All in favor? >> I. Any opposition?
Thank you. The benefit approvals are in your packet for review and a motion. Do we have a motion to accept the benefit benefit review? >> I make a motion that we accept the
benefit uh approvals as presented. >> Second. >> Motion by Chief Shaw, second by Assistant Chief Nukem. All in favor? >> I. >> And in opposition. Thank you. It's followed by the financials. The
income statements and the balance sheet are in there for you to receive and file, followed by the warrant dated Tuesday, December 2nd, 2025 to ratify the expenses. So, everybody had an opportunity to look at the financial
and do we have a motion to approve? >> Motion to approve. >> Second. A motion by Assistant Chief Newm, second by Chief Shaw. All in favor? I. Any opposition? Thank you. Is there anything else, Mr.?
>> Yes. The um fire board has approved membership in the FPPTA, which is the Florida Pension um training group. It's $750 for a year. Um there are other conferences to go to but the
FPBTA offers a school as a certificate program and it was recommended to diversify the education not just with the state 185 annual conference but to examine other opportunities for education. And I wondered if this board
was interested in the membership or you'd like some additional information on it first um to to see if you'd like to become part of that. >> Is that the same training that we get offered to go to at the conferences every year? >> That's the actual
>> it it is different. Um they have it's of full it's very intensive. The conference is an overview of what pension administrators do, what the financial people do. The classes are very specific and even having the certificate program
is a three-year program to be certified to be a pension ad pension trustee. >> So if I can I would like to see a little bit more information on more familiar >> certainly >> and then I think we can um >> make a decision. make a decision.
>> I will send it to you in between meetings and then you could vote next time. Would that work? >> Sounds sounds like a good idea. >> Thank you. That's all I had. Thank you. >> I I have a question on the uh in the rules section. It does uh provide some
verbiage on the attendance of the education requirements and stuff like that. Do we have a time frame within that that we will be pursuing? It's usually once one class at least once a year. That's the recommended. And
um the additional language that was put in for the fire plan was one out ofstate and two instate classes. So there is no abuse of the training programs and that people were not using it for um a
supplement of vacation. if you'd like that language also and we'll get the listing of what was recommended for the changes for the fire and that was one they put in also. >> So that was one that would have some changes within. Okay, I'll wait to see that.
>> Thank you. Thank you. >> I also noticed that it lists that we have another trustee vacancy on this board. >> That's correct. How are we going to proceed to try to fill that vacancy? I think it's a given that we just made
quorum basically it would be helpful to fill that. Um is that the responsibility of the city commission? Who is responsible? >> There's um an opening for the city commission to appoint someone. Um, the discussion I heard was they were waiting
for a probationary period for the new finance director to see once she passed that to bring it to the commission to vote on having her on this board. >> Okay. I didn't remember that, but go ahead. >> She's on the general. >> She's on the general board. >> Yeah, I think speaking of the police.
>> I'm speaking of specifically the police. >> There's an opening and if the city commission can appoint whoever they want. Well, I think if we can advertise it. I don't know if we've been doing that. I I would have to look back on our >> We we discussed it at the pre- agenda.
>> Yeah. Preaggenda. Okay. >> I'm advertising that. >> Yeah. >> Um but it's for I think the current applicant, correct me if I'm wrong, Miss Jones is for not the applicant, the current position is for an actual uh city resident. Okay. That's what that's
what the criteria is. Okay. Thank you. >> Do we have to, Madame Mayor, do we need to um make a motion to accept the summary plan? It looks like it's just been changed the core from September
2021 to 2025, but there are a couple of scratches or >> I think I would recommend waiting. Um, I am assuming that the fixed multiplier won't be an issue with city council.
Once that goes through, then I would update it all. If you would like to adopt it today, um, and then we can change it once that hopefully um, passes without issue. I'm also okay with that. >> Yeah, I had assumed, and I probably
shouldn't assume, that we were going to wait till we had all the information before we adopt it. That's what I would be comfortable with. I don't know about the rest. >> I agree. That's why I was I was just checking. >> Okay. Thank you. So, we're going to wait on that >> and I'll make that update so you can see that at the next meeting.
>> Okay. Thank you. Um, anything else? I'm going to open the floor to public comment. Seeing there is nobody here and no public comment, I will close the floor to public comment. Do we have a motion to adjourn? >> Motion to adjurnn.
>> Thank you. Thank you. Happy holidays everyone.