June 12, 2026 Fire Fighter Pension Board Minutes

Agenda items

• 1. ANNUAL ITEMS
  • Legal Services
  • Accounting & Tax
  • Business Consulting
  • Office & Business Support Services
• 1. FASB No. 35 32
• 1. Investment risk – actual investment returns may differ from the expected returns;
• 1. Manager outperformed the index over the trailing three year period.   
• 1. Manager outperformed the index over the trailing three year period.  
• 1. Participant Data 8
• 1. Quarterly Report
• 1. Quarterly Report Q1, 2026
• 1. Reconciliation of Membership Data 39
• 1. Summary of Assets 27
• 1. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the three year period. 
• 1. Total equity returns meet or exceed the benchmark over the trailing three period. 
• 1. Total fixed income returns meet or exceed the benchmark over the trailing three year period. 
• 2. Actuarially Determined Contribution 9
• 2. Age/Service/Salary Distributions 40
  • Accounting & Tax
  • Business Consulting
  • Engineering & Architecture
  • Legal Services
  • Financial Planning & Advisory
• 2. Contribution risk – actual contributions may differ from expected future contributions. For
• 2. FINANCIAL ITEMS
• 2. GASB No. 67 33
• 2. Manager outperformed the index over the trailing five year period.   
• 2. Manager outperformed the index over the trailing five year period.   
• 2. Risks Associated with Measuring the Accrued
• 2. Summary of Fund's Income and Disbursements 28
• 2. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the five year period. 
• 2. Total equity returns meet or exceed the benchmark over the trailing five year period. 
• 2. Total fixed income returns meet or exceed the benchmark over the trailing five year period. 
• 3. Actuarial Value of Assets 29
• 3. Actuarial Value of Benefits and Assets 10
• 3. LEGAL ITEMS
• 3. Low-Default-Risk Obligation Measure 6
• 3. Manager ranked within the top 40th percentile over trailing three year period.   
• 3. Manager ranked within the top 40th percentile over trailing three year period.   
• 3. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in
  • Accounting & Tax
  • Business Consulting
  • Financial Planning & Advisory
  • Legal Services
• 3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period. 
• 3. Total equity returns ranked within the top 40th percentile of its peer group over the trailing three period. 
• 3. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three period. 
• 4. ADMINISTRATIVE ITEMS
  • Accounting & Tax
  • Business Consulting
  • Legal Services
  • Financial Planning & Advisory
  • Investment & Securities
  • Appraisal & Inspection
  • Real Estate Development
  • Property Management
  • Office & Business Support Services
• 4. Calculation of Employer Normal Cost 11
• 4. Chapter Revenue 7
• 4. Longevity risk – members may live longer or shorter than expected and receive pensions for a
• 4. Manager ranked within the top 40th percentile over trailing five year period.   
• 4. Manager ranked within the top 40th percentile over trailing five year period.  
• 4. Reconciliation of DROP Accounts 30
• 4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period. 
• 4. Total equity returns ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 4. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 5. Actuarial Gains and Losses 12
• 5. All fixed income investments rated investment grade or higher. 
• 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. Other demographic risks – members may terminate, retire or become disabled at times or with
  • Accounting & Tax
  • Business Consulting
  • Engineering & Architecture
  • Legal Services
• 5. Reconciliation of Share Plan Accounts 30
• 5. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 5. The total equity allocation was less than 75% of the total plan assets at market. 
• 6. Investment Rate of Return 31
• 6. Recent History of Valuation Results 17
• 6. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period. 
• 6. The total foreign securities allocation was less than 25% of the total plan assets at market. 
• 6. Three-year down-market capture ratio less than the index.   
• 6. Three-year down-market capture ratio less than the index.  
• 7. Five-year down-market capture ratio less than the index.   
• 7. Five-year down-market capture ratio less than the index.   
• 7. Recent History of Required and
• 8. Actuarial Assumptions and Cost Method 20
• 8. Manager reports compliance with PFIA.  
  • Accounting & Tax
  • Business Consulting
  • Investment & Securities
• 8. Manager reports compliance with PFIA. 
• 9. Glossary of Terms 24
• A. Employer Normal Cost as aPercentage of Covered Payroll1. Last Valuation 22.63 %2. Current Valuation, Before Changes 21.77 3. Difference: 1 - 2 0.86 B. Actuarial Present Value of Projected Covered Payroll $ 24,091,367C. Net Actuarial Gain (Loss): A3 x B 207,186D. Gain (Loss) Due to Investments 232,492E. Gain (Loss) Due to Other Sources (25,306)
  • Accounting & Tax
  • Business Consulting
  • Investment & Securities
• A. Galliard Intermediate Core Fund 1Q'26
• A. Galliard Intermediate Core Fund 3Q'25
• A. Invoices that have been paid:
• A. Invoices that have been paid:
• A. Low-default-risk Obligation Measure of benefits earned as of the measurement date: $20,435,672
• A. March 20, 2026 Fire Fighter Pension Board Minutes
• A. Ordinances
  • Legal Services
  • Accounting & Tax
• A. Quarterly Reports, Updates: John Thinnes
• A. Reminder of Submission for Form 1 filing is due on July 1, 2026, online with State of Florida
• A. Review and update the Action Item List
• A. Review of Authorized Signatures for Salem Trust Invoices
• A. September 19, 2025 General Pension Board Minutes
• A. Valuation DateB. ADC to Be Paid DuringFiscal Year Ending C. Assumed Date of Employer Contrib.D. Annual Payment to AmortizeUnfunded Actuarial Liability $ 0 $ 0 $ 0E. Employer Normal Cost 656,428 600,396 550,792F. ADC if Paid on the ValuationDate: D+E 656,428 600,396 550,792G. ADC Adjusted for Frequency of Payments 684,412 625,991 574,272H. ADC as % of Covered Payroll 26.26 % 24.02 % 25.12 %I. Assumed Rate of Increase in CoveredPayroll to Contribution Year 4.00 % 4.00 % 4.00 %J. Covered Payroll for Contribution Year 2,710,386 2,710,386 2,377,322K. ADC for Contribution Year: H x J 711,747 651,035 597,183L. Estimated Credit for State Revenue in Contribution Year 212,150 212,150 212,150 *M. Required Employer Contribution (REC)in Contribution Year 499,597 438,885 385,033N. REC as % of Covered Payroll inContribution Year: M ÷ J 18.43 % 16.19 % 16.20 %*We have updated the amount shown to reflect the state revenue received during the 2024-2025 fiscal year.
  • Accounting & Tax
  • Business Consulting
  • Legal Services
  • Financial Planning & Advisory
• A. Valuation DateB. Actuarial Present Value of AccumulatedPlan Benefits 1. Vested Benefitsa. Members Currently Receiving Payments $ 6,355,379 $ 6,285,165b. Terminated Vested Members 735,115 0c. Other Members 4,494,688 4,280,793d. Total 11,585,182 10,565,9582. Non-Vested Benefits 715,358 616,8743. Total Actuarial Present Value of AccumulatedPlan Benefits: 1d + 2 12,300,540 11,182,8324. Accumulated Contributions of Active Members 1,142,784 1,067,588C. Changes in the Actuarial Present Value of Accumulated Plan Benefits1. Total Value at Beginning of Year 11,182,832 10,449,4852. Increase (Decrease) During the PeriodAttributable to:a. Plan Amendment 0 0b. Change in Actuarial Assumptions 295,483 0c. Latest Member Data, Benefits Accumulatedand Decrease in the Discount Period 1,446,761 1,304,808d. Benefits Paid (Net of DROP Basis) (624,536) (571,461)e. Net Increase 1,117,708 733,3473. Total Value at End of Period 12,300,540 11,182,832D. Market Value of Assets 14,723,668 13,219,377E. Actuarial Assumptions - See page entitledActuarial Assumptions and Methods
  • Accounting & Tax
  • Business Consulting
  • Engineering & Architecture
  • Financial Planning & Advisory
• A. Valuation DateB. Actuarial Present Value of ProjectedBenefits $ 21,356,604 $ 20,823,175 $ 18,858,101 C. Actuarial Value of Assets 13,893,528 13,893,528 12,588,348D. Unfunded Actuarial Accrued Liability 0 0 0E. Actuarial Present Value of Projected Member Contributions 1,687,932 1,683,986 1,479,675F. Actuarial Present Value of ProjectedEmployer Normal Costs: B-C-D-E 5,775,144 5,245,661 4,790,078G. Actuarial Present Value of Projected Covered Payroll 24,147,815 24,091,367 21,168,451H. Employer Normal Cost Rate: F/G 23.92 % 21.77 % 22.63 %I. Covered Annual Payroll 2,606,140 2,606,140 2,285,887 J. Employer Normal Cost: H x I 623,389 567,357 517,296 K. Assumed Amount of Administrative Expenses 33,039 33,039 33,496 L. Total Employer Normal Cost: J+K 656,428 600,396 550,792 M. Employer Normal Cost as % of Covered Payroll 25.19 % 23.04 % 24.10 %
  • Accounting & Tax
  • Business Consulting
  • Legal Services
• A. Voting to appoint a new attorney to serve as legal counsel for the Pension Board.
• B. Action Item List
• B. Action items List
• B. Actuarial Valuation Report as of October 1, 2025, review; Jeffrey Amrose, GRS Consulting
• B. Discount rate used to calculate the LDROM: 4.90% based on Bond Buyer “20-Bond GO Index” as of
• B. Effective Date
• B. Galliard Intermediate Core Fund 4Q'25
• B. Quarterly Reports, Updates; John Thinnes
• B. Review and update the Action Item List
• C. Actuarial Valuation Report as of October 1, 2025, review; Jeffrey Amrose, GRS Consulting to
• C. DROP Plan Members
  • Accounting & Tax
  • Business Consulting
  • Engineering & Architecture
  • Financial Planning & Advisory
  • Investment & Securities
• C. Legal Reports & Updates; David Robinson, Sugarman & Susskind
• C. Legal Reports & Updates; David Robinson, Sugarman, Susskind P.A.
• C. Other significant assumptions that differ from those used for the funding valuation: none
• C. Plan Year
• D. Actuarial cost method used to calculate the LDROM: Individual Entry-Age Actuarial Cost Method
• D. Type of Plan
• E. Eligibility Requirements
• E. Valuation procedures to value any significant plan provisions that are difficult to measure using
• F. Commentary to help the intended user understand the significance of the LDROM with respect to the
  • Accounting & Tax
  • Legal Services
  • Financial Planning & Advisory
• F. Credited Service
• G. Compensation
• H. Average Final Compensation (AFC)
• I. Normal Retirement
  • Legal Services
  • Accounting & Tax
  • Business Consulting
  • Office & Business Support Services
• J. Early Retirement
  • Legal Services
  • Accounting & Tax
  • Financial Planning & Advisory
  • Lending & Credit
  • Appraisal & Inspection
  • Business Consulting
• K. Delayed Retirement
• L. Service Connected Disability
• M. Non-Service Connected Disability
• N. Death in the Line of Duty
• O. Other Pre-Retirement Death
  • Legal Services
  • Accounting & Tax
  • Business Consulting
  • Financial Planning & Advisory
• P. Post Retirement Death
• Q. Optional Forms
• R. Vested Termination
• S. Refunds
• T. Member Contributions
• U. Employer Contributions