HomeMy WebLinkAboutBack-Up DocumentsMINUTES OF THE REGULAR MEETING OF
THE CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST
April 21, 2022
Members Present
O. Cotera
- Appointed by the City Commission
N. Enriquez
- Elected by the Fire Fighters
M. Fernandez
- Appointed by the City Commission
T. Gabriel
- Appointed by the City Commission
T. Roell
- Appointed by the City Commission
R. Suarez
- Elected by the Fire Fighters
A. Valdivia
- Elected by the Police Officers
Also Present
R. Klausner - Legal Advisor
D. Winegardner - Actuary
Members Absent
S. MacDonald - Elected by the Police Officers
Vacant - Appointed by the City Manager
Chairman 0. Cotera called the meeting to order at 8:27 a.m. with a quorum being
present.
A motion was made by T. Gabriel and seconded by R. Suarez to deviate from the
agenda order for the Attorney's Report. The motion was approved unanimously.
ATTORNEY'S REPORT
The attorney reviewed with the Board a memorandum from Pomerantz LLP, one
of the Trust's securities litigation firms, requesting Board approval to move forward
with filing a securities class action litigation in Okta, Inc. securities. A motion was
made by T. Gabriel and seconded by M. Fernandez to approve the request. The
motion was approved unanimously.
A motion was made by R_ Suarez and seconded by A. Valdivia to go back to
regular order of the agenda. The motion was approved unanimously.
APPROVAL OF MINUTES
The minutes of the Regular Meeting of March 17, 2022, were reviewed. The
minutes were approved by a motion from T. Gabriel, a second from R. Suarez and
a unanimous vote.
MINUTES OF THE REGULAR MEETING OF THE CITY OF MIAMI FIRE FIGHTERS'
AND POLICE OFFICERS' RETIREMENT TRUST
April 21, 2022 Page 2 of 3
RATIFICATION OF PAYMENT
Payments for the period were reviewed. A motion was made by A. Valdivia and
seconded by R. Suarez to ratify payments presented. The motion was approved
unanimously.
ADMINISTRATIVE BUDGET FY 2022-2023
The Personnel Committee reported that it had met and reviewed at length the
proposed administrative budget for fiscal year 2022-2023. The Committee
recommended that the proposed budget be approved. A motion was made by
M. Fernandez and seconded by A. Valdivia to approve the budget as presented.
The motion was approved unanimously.
RETIREMENTS FOR THE PERIOD
A motion by T. Gabriel and a second by A. Valdivia and a unanimous vote ratified
the retirements present.
PAYMENTS FOR THE PERIOD
The Administrator reported that all payments had been made in accordance. A
motion was made by T. Gabriel and seconded by N. Enriquez to ratify the
payments. The motion was approved unanimously.
ACTUARIAL PROJECTIONS
D. Winegardner, represented Nyhart. A request was made by the City for FIPO to
provide contribution projections for a 10-year period. The actuary was asked to
prepare projections. D. Winegardner presented the report noting that projections
reflected numerous assumptions and the focus of the report should be on the
general trend of the results rather than the absolute dollar amounts. A question -
and -answer period followed the presentation. The Administrator reported that the
report had been provided to the City.
ADMINISTRATOR'S REPORT
- Working with Trustees S. MacDonald, S. Suarez and the IT firm on finalizing
the cyber security processes.
- The three-year agreement with Marcum, the auditing firm, ended with
the 2020-2021 fiscal year. The Administrator asked for approval of
forgoing the RFP process and renew the agreement with Marcum for
another three-year period. Marcum provided a proposal of cost for the
renewal at a cost increase of 3% versus the typical increase of 9.8%.
MINUTES OF THE REGULAR MEETING OF THE CITY OF MIAMI FIRE FIGHTERS'
AND POLICE OFFICERS' RETIREMENT TRUST
April 21, 2022 Page 3 of 3
ADMINISTRATOR'S REPORT (continued)
Discussion ensued. A motion was made by T. Gabriel and seconded by
M. Fernandez to approve the Administrator's request and renew the
audit service agreement with Marcum for a three-year period.
CONFERENCES DURING THE PERIOD
A motion by T. Gabriel a second by R. Suarez and a unanimous vote approved
the attendance of any and all Trustees to any and all conferences occurring this
period.
Being no further business, the meeting was adjourned at 8:55 a.m. by a motion by
R. Suarez a second by A. Valdivia and a unanimous vote.
nel Cotera, Chairman
Attest:
Dania Orta, Administrator