HomeMy WebLinkAboutBack-Up DocumentsMINUTES OF THE REGULAR MEETING OF
THE CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST
Members Present
O. Cotera
M. Fernandez
T. Gabriel
S. MacDonald
R. Suarez
A. Valdivia
April 15, 2021
Appointed by the City Commission
Appointed by the City Commission
Appointed by the City Commission
Elected by the Police Officers
Elected by the Fire Fighters
Elected by the Police Officers
Also Present
R. Klausner - Legal Advisor
H. Meriak - Actuary
D. Winegardner - Actuary
T. Knapp - Actuary
Members Absent
N. Enriquez - Elected by the Fire Fighters
T. Roell - Appointed by the City Commission
Vacant - Appointed by the City Manager
Chairman O. Cotera called the meeting to order at 8:30 a.m. with a quorum being
present,
APPROVAL OF MINUTES
The minutes of the Regular Meeting of March 18, 2021, were reviewed. The
minutes were approved by a motion from T. Gabriel, a second from S. MacDonald
and a unanimous vote.
ADMINISTRATIVE BUDGET FY 2021-2022
The Personnel Committee reported that they had met on April 13, 2021, and
reviewed, by line item, the proposed Administrative Budget for fiscal year 2021-
2022, with a reduction of 2%. The Committee recommended that the Board
approve the proposed budget in the amount of $2,137,199.00. Discussion ensued.
A motion was made by T. Gabriel and seconded by S. MacDonald to approve
the proposed budget. The motion passed unanimously.
MINUTES OF THE REGULAR MEETING OF THE CITY OF MIAMI FIRE FIGHTERS'
AND POLICE OFFICERS' RETIREMENT TRUST
April 15, 2021 Page 2 of 2
RATIFICATION OF RETIREMENTS FOR THE PERIOD
The Board reviewed the list of retirements for the period. T. Gabriel moved and
was seconded by A. Valdivia to approve the retirements. The motion was
approved by a unanimous vote.
RATIFICATION OF PAYMENT
Payments for the period were reviewed. A motion was made by M. Fernandez
and seconded by R. Suarez to ratify payments presented. The motion was
approved unanimously.
ACTUARIAL VALUATION FY 2021-2022
H. Meriak, D. Winegardner and T. Knapp represented Nyhart. They review with the
Board the second Draft of the Actuarial Valuation Report. Report Summary is as
follows:
• No change to the plan provisions since the last valuation.
• The administrative expense has decreased from $2,181,634 to $2,137,199.
• The interest rate was changed from 7.34% to 7.0% in accordance with the
experience study completed January, 2021. The contribution impact of this
change will be phased in over three years via direct rate smoothing. This
change resulted in an increase in the Accrued Liability and in the
recommended contribution.
• The asset valuation method was changed from the 20% write-up method
to the 20% phase -in method, in which the market value of assets on the
valuation date are adjusted for a 5-year phase -in of gains and losses on the
fair market value of assets. This change was implemented retrospectively
so that the phase -in of gains and losses starts with the gain or loss from the
fiscal year ending September 30, 2017. This change resulted in a decrease
in the Actuarial Value of Assets and an increase in the recommended
contribution.
• The retirement rates for participants vested as of 9/27/2010 and who are still
eligible for the Forward DROP were changed in accordance with the
experience study completed January 2021. The withdrawal and disability
rates were changed for all active participants in accordance with the
experience study completed January 2021. The demographic assumption
changes resulted in a decrease in the Accrued Liability and in the
recommended contribution.
Discussion ensued. A motion was made by T. Gabriel and seconded by R. Suarez
to approved the reported as presented. The motion was approved unanimously.
MINUTES OF THE REGULAR MEETING OF THE CITY OF MIAMI FIRE FIGHTERS'
AND POLICE OFFICERS' RETIREMENT TRUST
April 15, 2021 Page 3 of 3
Being no further business, the meeting was adjourned at 10:05 a.m. by a motion
by T. Gabriel a second by M. Fernandez and a unanimous vote.
Attest:
Dania Orta, Administrator
mei Cotera, Chairman