4970 CITY HALL BLVD  
NORTH PORT, FL 34286  
City of North Port  
Meeting Minutes  
Municipal Firefighters Pension Trust  
Fund Board of Trustees  
Friday, June 20, 2025  
9:00 AM  
City Hall Room 244  
1. Call to Order  
Chair McCloud called the meeting to order at 9:00 a.m.  
2. Roll Call  
4 -  
Present  
Board Member Howard Bearse, Board Member David Hawes, Chair Terry McCloud,  
and Board Member Scott Duff  
Also Present  
Staff Liaison Chrissy Stoker, Board Specialist Sara Lane, Mariner Institutional Jorge  
Friguls, Investment Consultant James Reno, and Board Attorney Paul Donnelly.  
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  
25-2408  
Approve the March 21, 2025, Quarterly Meeting Minutes.  
A.  
A motion was made by Board Member Bearse, seconded by Board Member Duff, to  
approve the Minutes as presented. The motion carried on the following vote:  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Chair McCloud and Board Member  
Duff  
6. Consent Agenda  
Chair McCloud announced the item.  
Ms. Stoker spoke to invoices and member activity.  
A motion was made by Board Member Duff, seconded by Board Member Bearse, to  
approve the consent agenda as presented. The motion carried on the following  
vote:  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Chair McCloud and Board Member  
Duff  
25-2426  
25-2427  
25-2428  
Paid invoices for ratification  
A.  
B.  
C.  
This Item was approved on the consent agenda.  
New invoices for payment.  
This Item was approved on the consent agenda.  
Fund activity report for March 15, 2025, through June 13, 2025  
This Item was approved on the consent agenda.  
7. New Business  
25-2412  
FRS Mortality Tables Memo  
A.  
Chair McCloud announced the item.  
Ms. Stoker introduced the item.  
Discussion took place regarding Florida Retirement System (FRS) mortality table memo.  
8. Reports (Attorney/Consultants):  
25-2429  
Mariner Institutional, Jorge Friguls/James Reno, Investment Consultant  
A.  
Chair McCloud announced the item.  
Mr. Friguls spoke to Investment Consultant James Reno, stock market, quarterly  
performance, domestic equity, international equity, active management, asset allocation,  
and BlackRock.  
Mr. Reno spoke to introduction, market environment, bull market, bear market, and  
performance plan.  
Discussion took place regarding volatility.  
A
motion was made by Chair McCloud, seconded by Board Member Duff, to  
liquidate BlackRock holdings if cash funding is required. The motion carried with  
the following vote:  
4 -  
Yes:  
Board Member Bearse, Board Member Hawes, Chair McCloud and Board Member  
Duff  
25-2430  
25-2431  
Donnelly & Gross, Paul Donnelly, Board Attorney (via Zoom)  
B.  
C.  
Chair McCloud announced the item.  
Mr. Donnelly had no report.  
No discussion took place.  
Foster & Foster, Chrissy Stoker, Plan Administrator  
Chair McCloud announced the item.  
Ms. Stoker spoke to Florida Board of Ethics, state annual agenda, annual conference,  
and different conferences.  
Discussion took place regarding County sending alert in mail, and board member  
vacancies.  
9. Old Business  
Chair McCloud announced the item.  
Discussion took place regarding finance department email regarding budget.  
10. Trustees' Reports, Discussion, and Action  
Chair McCloud announced the item.  
No discussion took place.  
11. Next Meeting  
25-2432  
Friday, September 19, 2025 – 9:00AM  
A.  
Chair McCloud announced the item.  
No discussion took place.  
12 Public Comment  
13 Adjournment  
There was no public comment.  
Chair McCloud adjourned the meeting at 9:42 a.m.  
By: _____________________________  
Terry McCloud, Chair