HomeMy WebLinkAboutBack-Up DocumentsMINUTES OF THE REGULAR MEETING OF
THE CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT
TRUST
Members Present
O. Cotera
S. Delgado
M. Fernandez
T. Gabriel
D. Kahn
T. RoeII
T. Reynolds
A. Valdivia
April 17, 2025
Appointed by the City Commission
Elected by the Fire Fighters
Appointed by the City Commission
Appointed by the City Commission
Appointed by the City Manager (virtual)
Appointed by the City Commission
Elected by the Police Officers
Elected by the Police Officers
Also Present
D. Winegardner - Actuary
L. Watts - Actuary
A. Lally - Investment Consultant
S. Bowen - Investment Consultant
G. Latter Investment Consultant
Members Absent
N. Enriquez - Elected by the Fire Fighters
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 January 30, 2025 were reviewed. The
minutes were approved by a motion from T. Roell, a second from A. Valdivia and
a unanimous vote.
The Board reviewed the minutes of the Investment meeting of February 13,
2025. A motion was made by T. Roell and seconded by S. Delgado to approve
the minutes. The motion passed unanimously.
ACTUARIAL VALUATION
D. Winegarden and L. Watts were present representing Nyhart, the Board's
actuarial firm. The actuaries reviewed the draft of the valuation report for FY
2025-2026. The draft presented provided cost scenario if the Board was to
change present investment assumption rate to 6.5%. Lengthy discussion
MINUTES OF THE REGULAR MEETING OF THE CITY OF MIAMI
FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST
April 17, 2025 Page 2 of 2
ACTUARIAL VALUATION (continued)
followed the presentation. The draft was adopted, pending inclusion of final
administrative budget number, by a motion by T. Gabriel a second by S.
Delgado and a unanimous vote. Discussion resumed. A motion was made by
T. Gabriel and seconded by S. Delgado to send the Citythe notification required
by Code advising that the Board will be reviewing interest assumption rates at
the meeting of June 26, 2025. Discussion continued. The motion was approved
unanimously.
ADMINISTRATIVE BUDGET
The Personnel reported that they had met April 8th and reviewed in detail the
proposed Administrative Budget for fiscal year 2025-2026. 'The Committee
recommended that the Board adopt the proposed budget. Discussion ensued.
A motion was made by T. Gabriel and seconded by T. Roell to adopt the budget
as proposed. The motion was approved unanimously.
RETIREMENTS FOR THE PERIOD
The Board reviewed the listing of all the retirements for the period. A motion
was made by S. Delgado and seconded by M. Fernandez to ratify all retirements
presented. The motion was approved unanimously.
CONFERENCES DURING THE PERIOD
A motion was made by T. Roell and seconded by A. Valdivia to approve the
attendance of all Trustees to any and all conferences for the period. The motion
was approved unanimously.
Being no further business, the meeting was adjourned at 9:25 a.m. by a motion
by M. Fernandez a second by S. Delgado and a unanimous vote.
Attest:
Dania Orta, Administrator
Ornel Cotera, Chairman