4970 CITY HALL BLVD  
NORTH PORT, FL 34286  
City of North Port  
Meeting Minutes - Final  
Municipal Firefighters Pension Trust  
Fund Board of Trustees  
Wednesday, June 15, 2022  
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  
5 -  
Present  
Chair McCloud, Board Member Duff, Board Member Kaskey, Board Member Bearse  
and Board Member Hawes  
Also Present  
Attorney Jim Brantley (Donnelly  
&
Gross), Kerry Richardville (AndCo), Doug Lozen  
(Foster  
Hale  
& Foster), Dave Carroll (Plan Administrator), and Recording Secretary Susan  
3. Pledge of Allegiance  
4. Public Comment  
The Pledge of Allegiance was led by the Board.  
There was no public Comment.  
5. Approval of Minutes  
22-2891  
A.  
Approval of Minutes for the March 16, 2022 Firefighters' Pension Board of  
Trustees Meeting.  
A
motion was made by Board Member Kaskey, seconded by Board Member  
Bearse, to approve the Minutes as presented. The motion carried unanimously on  
a voice vote.  
6. Approval of Budgeted Expenditures  
22-3010  
2021-2022 Budgeted Expenditures  
A.  
Chair McCloud introduced the item.  
Mr. Carroll provided a brief report regarding the budget and noted all items are in line with  
projected future expenditures.  
A
motion was made by Board Member Bearse, seconded by Board Member  
Kaskey, to approve the quarterly Budgeted Expenditures.  
unanimously on a voice vote.  
The motion carried  
7. Investment Consultant Report: Kerry Richardville  
22-3009  
Quarterly Report Ending 03-31-2022  
A.  
Chair McCloud introduced the item.  
Ms. Richardville reported stocks were down for the quarter due in part to geo-political  
issues and inflation, indices of S&P showed a downward trend of -4.6% with Mid and  
Small Caps down between -5.3% and -7.5% respectively. The international market was  
also down for the same reasons. Emerging markets were down -7% and developed  
markets were down -6%. Fixed Income holdings reacted to the Feds raising interest rates  
sending Bonds down -5% to -8% and TIPS were down -3%. The 10-year yield curve  
continued their pattern of raising rates on short-term holdings. Real estate holdings  
showed an unsustainable 50% appreciation rate. Page 12 detailed the market values of  
each of the Portfolio's Managers, and the total market value of the fund for the quarter  
was $64,238,678. The asset allocations are on target and no rebalancing is needed.  
Overall returns for the quarter showed a loss of -4.81% compared to the benchmark  
returns at -4.27%.  
Ms. Richardville spoke to the bond market and the expected stabilization of bond prices.  
8. Foster & Foster: Doug Lozen  
22-3103  
Foster and Foster Actuarial Experience Study  
A.  
Chair McCloud introduced the item.  
Mr. Lozen provided  
a review including stable funding requirements, components of  
realistic investment assumptions, patterns of employee retirements, assumptions based  
on a 10-year average, salary, turnover, retirement assumptions, the pension fund benefits  
moving from contributions to investment returns, assumptions based on  
a
10-year  
average, the pension fund using a 6.75% investment rate, anticipated City contribution  
increases, funding withdrawal rates, disability rates, lowering current assumption rate  
incrementally, and impact of a 6.75% assumption rate to the City.  
Attorney Brantley spoke to City being aware of short-term cost increases.  
Discussion ensued regarding City's funding portion of the Firefighters' Retirement Plan  
and changing assumption rates.  
Mr. Lozen addressed the City being required to fund according to the valuation report and  
spoke to reducing the assumption rate.  
A motion was made by Board Member Duff, seconded by Board Member Hawes, to  
approve the Actuarial Experience Study, including the investment change Scenario  
No. 7 decreasing the Assumption Rate to 6.75%. The motion carried unanimously  
on a voice vote.  
5 -  
Yes:  
Chair McCloud, Board Member Duff, Board Member Kaskey, Board Member Bearse  
and Board Member Hawes  
9. Attorney Report: Jim Brantley  
Chair McCloud introduce the item.  
Mr. Brantley stated he had nothing to report.  
Mr. Carroll spoke to the Share Plan letter being ready to send.  
Mr. Brantley addressed representing both the Firefighters' Pension Board and the  
International Association of Fire Fighters (IAFF) Union, and this Board's role after Union  
ratifies changes.  
PUBLIC COMMENT  
Chris Krajic: protocol of changing ordinances and Share Plan distributions.  
Discussion continued regarding changes in State Share Plan funds and future  
distributions.  
Mr. Lozen addressed premium tax fund distributions, potential future adjustments of  
State monies, and notice sent to Plan Administrator if a change is expected in State  
monies.  
Mr. Carroll spoke to growth in State monies.  
A motion was made by Board Member Kaskey, seconded by Board Member Hawes,  
to direct the Board Attorney to send a letter to the Union and the City requesting  
feasibility of adding the Pension Members back into the Annual Share Plan  
Distribution who were originally left out. The motion carried unanimously on  
voice note.  
a
10. Salem Trust: Not Attending  
11. Public Comment  
There was no public comment.  
12. Adjournment  
Chair McCloud adjourned the meeting at 10:36 a.m.  
By: ___________________________________________  
Terry McCloud, Chair  
Minutes approved on the ___ day of ______________, 2022.