Agenda

Agenda items

• 1. Doug Lozen advised the city’s required contribution increased slightly
• 1. Have a formal, well documented cybersecurity program.
• 1. Inez Garcia introduced herself and gave a brief history of Salem Trust
• 1. John Thinnes discussed the strong 3 -year return history of the fund
• 1. Manager matched/outperformed the index over the trailing three year period.  
• 1. Manager outperformed the index over the trailing three year period.   
• 1. Pedro Herrera discussed Valley Bank depository card policy.
• 1. Pedro Herrera reviewed the updated travel policy and discussed the
• 1. Pedro Herrera reviewed updates to the firefighter cancer legislation.
• 1. The Total Plan return equaled or exceeded the Net 7.5% actuarial earnings assumption over the trailing three year period. 
• 1. Total domestic equity returns equaled or exceeded the benchmark over the trailing three year period. 
• 1. Total domestic fixed income returns equaled or exceeded the benchmark over the trailing three year period. 
• 1. Troy Jenne reviewed the upcoming educational opportunities
• 10. Encrypt sensitive data, stored and in transit.
• 10. TRUSTEE REPORTS, DISCUSSION, AND ACTION
• 10. TRUSTEE REPORTS, DISCUSSION, AND ACTION
• 11. Implement strong technical controls in accordance with best security practices.
• 2. Conduct prudent annual risk assessments.
• 2. Doug Lozen explained the factors that increased and decreased the
• 2. Inez Garcia reviewed the transition process to become the new plan
• 2. John Thinnes reviewed the asset allocation by class.
• 2. Manager matched/outperformed the index over the trailing five year period. 
• 2. Manager outperformed the index over the trailing five year period.   
• 2. Pedro Herrera reviewed some other changes to the Florida
• 2. The Total Plan return equaled or exceeded the Net 7.5% actuarial earnings assumption over the trailing five year period. 
• 2. Total domestic equity returns equaled or exceeded the benchmark over the trailing five year period. 
• 2. Total domestic fixed income returns equaled or exceeded the benchmark over the trailing five year period. 
• 3. Doug Lozen advised the plans funded ratio increased to 83.33%.
• 3. Have a reliable annual third-party audit of security controls.
• 3. Inez Garcia discussed the potential implementation of a retiree portal
  • IT Services & Cybersecurity
  • Professional Web Services
  • Business Consulting
• 3. Manager ranked within the top 40th percentile over the trailing three year period.   
• 3. Manager ranked within the top 40th percentile over the trailing three year period. 
• 3. Pedro Herrera discussed the trend of allowing the chairperson to make
• 3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period. 
• 3. The market value of the fund as of Dec ember 3 1, 2025, was
• 3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 3. Total domestic fixed income returns ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 4. Clearly define and assign information security roles and responsibilities.
• 4. Doug Lozen recommended the Board authorize him to prepare an
  • Accounting & Tax
  • Business Consulting
• 4. John Thinnes discussed the asset allocation s versus the targets and
• 4. Karl Ashley asked I nez Garcia about the potential of a read only
• 4. Manager ranked within the top 40th percentile over the trailing five year period.   
• 4. Manager ranked within the top 40th percentile over the trailing five year period. 
• 4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period. 
• 4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 4. Total domestic fixed income returns ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 5. All fixed income investments had a rating of investment grade or higher. 
• 5. Have strong access control procedures.
• 5. John Thinnes commented on the strong performance versus their
• 5. Less than four consecutive quarters of under performance relative to the benchmark.  
• 5. Less than four consecutive quarters of under performance relative to the benchmark. 
• 5. NEW BUSINESS
• 5. NEW BUSINESS
• 5. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 5. Total international equity returns equaled or exceeded the benchmark over the trailing three year period. 
• 6. Ensure that any assets or data stored in a cloud or managed by a third-party service provider are subject to appropriate
• 6. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 6. The total fund net return for the quarter was 2.60%, outperforming the
• 6. Three year down market capture ratio less than the index.  
• 6. Three year down market capture ratio less than the index.   
• 6. Total international equity returns equaled or exceeded the benchmark over the trailing five year period. 
• 7. Conduct periodic cybersecurity awareness training.
• 7. Five year down market capture ratio less than the index.  
• 7. Five year down market capture ratio less than the index.   
• 7. John Thinnes reviewed the performance of each manager and did not
• 7. REPORTS (ATTORNEY/CONSULTANTS)
• 7. REPORTS (ATTORNEY/CONSULTANTS)
  • Legal Services
  • Accounting & Tax
  • Business Consulting
  • Investment & Securities
• 7. Total foreign securities were less than 25% of the total plan assets at market. 
• 7. Total international equity returns ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 8. CONSENT AGENDA
• 8. CONSENT AGENDA
• 8. Implement and manage a secure system development life cycle (SDLC) program.
• 8. Manager reports compliance with PFIA.  
• 8. Manager reports compliance with PFIA.   
• 8. Total international equity returns ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 9. Have an effective business resiliency program addressing business continuity, disaster recovery, and incident response.
• 9. STAFF REPORTS, DISCUSSION, AND ACTION
• 9. STAFF REPORTS, DISCUSSION, AND ACTION
  • IT Services & Cybersecurity
  • IT Consulting & Managed Services
  • Office & Business Support Services
• 9. The total equity allocation was less than 75% of the total plan assets at market. 
• E. brad.heinrichs@foster-foster.com
  • IT Services & Cybersecurity
  • Business Consulting
  • Engineering & Architecture
• T. Rowe Price LCG (TPLGX)
• T. Rowe Price LCG (TPLGX)
• T. Rowe Price LCG (TPLGX) -11.17 (82) -9.27 (58) 16.31 (50) 22.67 (13) 9.16 (50) 13.00 (64) N/A 13.75 (52) 10/01/2017
  • Legal Services
  • Business Consulting
  • Investment & Securities
• T. Rowe Price LCG (TPLGX) -9.27 (58) 23.41 (34) 46.19 (9) 28.83 (19) -34.66 (82) 22.39 (84) 36.18 (39)
  • Accounting & Tax
  • Business Consulting
• T. Rowe Price LCG (TPLGX) 0.56 10,829,361 60,644 0.56 % of Assets
  • Business Consulting
  • Legal Services
  • Financial Planning & Advisory
  • Investment & Securities
  • Accounting & Tax
• T. Rowe Price LCG (TPLGX) 10,829,361 23.3¢£
  • Legal Services
• T. Rowe Price LCG (TPLGX) 11,935,347 - - - - - 2,046,289 -3,152,275 10,829,361
  • Accounting & Tax
  • Business Consulting
  • Investment & Securities
• T. Rowe Price LCG (TPLGX) 12,190,531 - - - - - - -1,361,170 10,829,361
  • Accounting & Tax
  • Business Consulting
  • Investment & Securities
  • Commercial & Business Insurance
• T. Rowe Price LCG (TPLGX) 12,190,531 25.4¢£
• T. Rowe Price LCG (TPLGX) | Russell 1000 Growth Index
• T. Rowe Price LCG (TPLGX) | Russell 1000 Growth Index
  • Business Consulting
  • Real Estate Development
  • Commercial Brokerage
  • Residential Brokerage
  • Investment & Securities
• VI. Reports (Attorney/Consultants)
• X. Trustee Reports, Discussion and Action
• a. Cost study
• a. Foster & Foster, Troy Jenne, Plan Administrator
• a. Jim Norman announced his resignation from the Board effective October 1, 2026.
• a. November 13, 2025, quarterly meeting
• a. Paid invoices for ratification
• a. Salem Trust, Inez Garcia, Plan Custodian
• a. Update on Trustee terms
• b. Actual expenses as of September 30, 2025
• b. Foster & Foster, Doug Lozen, Plan Actuary
• b. New invoices for approval
• c. Fund activity report for the period November 7, 2025 – February 5, 2026
• c. Mariner Institutional, John Thinnes, Investment Consultant
• c. Valley Bank purchase card
• d. Sugarman, Susskind, Braswell & Herrera, Pedro Herrera, Plan Attorney
• i. Credit card policy
• i. Custodial services transition
• i. Doug Lozen reviewed the cost study that was prepared for three (3) affected
• i. Educational opportunities
• i. Ferrell Jenne reviewed the option for Trustees to use the purchase card for
• i. October 1, 2025, actuarial valuation report
• i. Quarterly report as of December 31, 2025
• i. The Board and Troy Jenne discussed the Board’s options for legal services
  • Legal Services
• i. Troy Jenne advised that Karl Ashley’s reappointment was scheduled for
• i. Troy Jenne reviewed the actual administrative expenses.
• i. Warrants #40 and #41
• ii. Ferrell Jenne answered questions from the Board as to the logistics and how
• ii. Karl Ashley commented he did a comparison to other plans of the total
• ii. The Board asked Pedro Herrera for his legal opinion on this topic based on
• ii. Updated travel policy
• iii. Jim Norman gave a history of this type of issue that had been before the
• iii. Legislative/Legal updates