4970 CITY HALL BLVD  
NORTH PORT, FL 34286  
City of North Port  
Meeting Minutes  
Municipal Firefighters Pension Trust  
Fund Board of Trustees  
Friday, September 19, 2025  
9:00 AM  
City Hall Room 244  
1. Call to Order  
Staff Liaison Stoker called the meeting to order at 9:00 a.m.  
2. Roll Call  
4 -  
Present  
Board Member Howard Bearse, Board Member David Hawes, Board Member Scott  
Duff, and Board Member Timothy M.Robinson  
1 - Chair Terry McCloud  
Absent  
Also Present  
Staff Liaison Chrissy Stoker, Mariner Institutional, James Reno, Investment Consultant,  
Actuary Doug Lozen, Attorney Paul Donnelly (VIA Zoom), Administrative Service  
Specialist Sara Lane, and Board Specialist Tiffany Lindner.  
A motion was made by Board Member Hawes, seconded by Board Member Duff, to  
approve Scott Duff as acting chairman for September 19, 2025. The motion carried  
unanimously by voice vote.  
3. Pledge of Allegiance  
The Pledge of Allegiance was led by the Board.  
4. Public Comment  
There was no public comment.  
5. Approval of Minutes  
25-2663  
A.  
Approve the June 20, 2025 Municipal Firefighters Pension Trust  
Fund Board of Trustees Meeting Minutes.  
Board Member Duff announced the item and requested a motion.  
A motion was made by Board Member Hawes, seconded by Board Member Bearse,  
to approve the Minutes as presented. The motion carried on the following vote:  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Board Member Duff and Board  
Member Robinson  
1 - Chair McCloud  
Absent:  
6. Consent Agenda  
Ms. Stoker announced the item, spoke to invoices and member activity, and explained  
consent agenda processes to the new Board Member Timothy Robinson.  
A motion was made by Board Member Bearse, seconded by Board Member Hawes,  
to approve the consent agenda as presented. The motion carried on the following  
vote:  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Board Member Duff and Board  
Member Robinson  
1 - Chair McCloud  
Absent:  
25-2826  
Paid invoices for ratification  
A.  
B.  
C.  
This Item was approved on the consent agenda.  
25-2827  
25-2828  
New invoices for payment approval  
This Item was approved on the consent agenda.  
Fund activity report for June 14, 2025, through September 12, 2025  
This Item was approved on the consent agenda.  
7. New Business  
25-2820  
25-2821  
Actuarial services fee proposal  
A.  
B.  
Board Member Duff announced the item.  
Mr. Lozen spoke to proposal of actuarial service fees.  
Discussion took place regarding billing rates and inflation increases.  
Update on Trustee terms  
Board Member Duff announced the item.  
Discussion took place regarding using Foster and Foster business email vs personal  
email for board communications.  
Ms. Stoker spoke to Board vacancies and reappointments.  
Discussion continued regarding application process and requirements and upcoming  
election terms.  
25-2822  
Proposed 2026 meeting dates  
C.  
Ms. Stoker announced the item.  
Discussion took place regarding potential conflict days, altering the schedule, and  
availability for new days.  
A motion was made by Board Member Hawes, seconded by Board Member Bearse,  
approve the meeting dates March 20, 2026, June 20, 2026, September 18, 2026, and  
December 18, 2026.  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Board Member Duff and Board  
Member Robinson  
1 - Chair McCloud  
Absent:  
25-2823  
Proposed 2025-2026 budget  
D.  
Ms. Stoker announced the item and spoke to the budget.  
Discussion took place regarding increased annual costs, item fees, previous budget  
increases, and amending the budget.  
A motion was made by Board Member Hawes, seconded by Board Member Bearse,  
to approve the budget as presented. The motion carried on the following vote:  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Board Member Duff and Board  
Member Robinson  
1 - Chair McCloud  
Absent:  
25-2824  
Summary Plan Description  
E.  
Ms. Stoker announced the item and spoke to an update of the Summary Plan.  
Discussion took place regarding changes, recommendations, and Deferred Retirement  
Option Program (DROP).  
A motion was made by Board Member Bearse, seconded by Board Member Hawes,  
to approve the Summary Plan Description as presented. The motion carried on the  
following vote:  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Board Member Duff and Board  
Member Robinson  
1 - Chair McCloud  
Absent:  
25-2825  
Auditor engagement letter  
F.  
Ms. Stoker introduced the item and provided an overview of the proposed Auditor  
Engagement Letter, referencing standard procedures, fees, and timelines.  
There were no questions or discussion.  
A motion was made by Board Member Bearse, seconded by Board Member Hawes,  
to approve the Auditor Engagement Letter. The motion carried on the following  
vote:  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Board Member Duff and Board  
Member Robinson  
1 - Chair McCloud  
Absent:  
8. Reports (Attorney/Consultants)  
25-2830  
Mariner Institutional, James Reno, Investment Consultant  
A.  
Scott Duff announced the item.  
Mr. Reno spoke to overall performance of investment, macro influences, market  
environments, tariffs, equity percentage discussions, and plan growth and percentages of  
current policy of term conditions.  
Discussion took place regarding alternatives to portfolios, rates being cut, concerns  
regarding equity discussions and potential risks, Black Rock stock sales, and  
recommendations.  
A motion was made by Board Member Hawes, seconded by Board Member Bearse,  
to accept the rebalance of Black Rock funds as presented. The motion carried on  
the following vote:  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Board Member Duff and Board  
Member Robinson  
1 - Chair McCloud  
Absent:  
25-2831  
Donnelly & Gross, Paul Donnelly, Board Attorney (via Zoom)  
B.  
Mr. Donnelly did not provide a report.  
9. Old Business  
There was no old business.  
10. Staff Reports, Discussion, and Action  
25-2829  
Foster & Foster, Chrissy Stoker, Plan Administrator  
A.  
Ms. Stoker announced the item and spoke to pension portal workshop.  
Discussion took place regarding workshop timeline and membership renewals.  
11. Trustees’ reports, discussion, and action  
There are no reports.  
12. Next Meeting  
Next meeting was set to December 11, 2025 for 9 a.m.  
13. Public Comment  
14. Adjournment  
There was no public comment.  
Board Member Duff adjourned the meeting at 10:19 a.m.  
By: _____________________________  
Terry McCloud,Chair