Agenda
Board of Trustees of the General Employees’ Pension Plan · 2026-05-14 · agenda
This document is an agenda for the Regular Meeting of the City of Fernandina Beach Board of Trustees General Employees' Pension Plan on May 14, 2026. The agenda includes items such as approval of minutes, new business regarding trustee terms and officer elections, reports from consultants (actuary, investment consultant, plan attorney), consent agenda items for invoice ratification and payment approval, and staff reports on cybersecurity, SPD updates, and educational opportunities. There are no specific development projects or construction opportunities listed on this agenda.
Agenda items
- 1. Doug Lozen reviewed the summary of the report with the
- 1. Inez Garcia introduced herself and gave a background of her
- General Contractor
- Site Prep, Grading & Hardscape
- Concrete & Masonry
- Electrical
- HVAC & Climate Control
- Plumbing
- Carpentry & Cabinetry
- Drywall & Insulation
- Painting & Flooring
- Roofing
- Building & Industrial Supply
- Real Estate Development
- Engineering & Architecture
- Landscaping & Lawn Service
- 1. John Thinnes presented the Schedule of Investable Assets for
- 1. John Thinnes reviewed the investment consultant fee
- 1. Manager outperformed the index over the trailing three year period.
- 1. Manager outperformed the index over the trailing three year period.
- 1. Manager outperformed the index over the trailing three year period.
- 1. Pedro Herrera discussed the newly approved Valley Bank
- 1. Pedro Herrera reviewed the updated travel policy with the
- 1. The Total Plan return equaled or exceeded the Net 7.25% 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 and five year periods.
- 1. Troy Jenne reviewed the upcoming educational opportunities
- 1. Troy Jenne stated Bob Virtue’s Commission appointed term
- 1. Troy Jenne stated Steven Gibb’s term as 5th Trustee was set
- 10. TRUSTEE REPORTS, DISCUSSION, AND ACTION
- 10. TRUSTEE REPORTS, DISCUSSION, AND ACTION
- 2. Bob Virtue confirmed he would like to serve another term.
- 2. Doug Lozen advised that there was an actuarial loss for the
- 2. Inez Garcia explained the functions of their daily duties for the
- 2. John Thinnes discussed moving back to a flat fee of 15 basis
- 2. John Thinnes reviewed the asset allocation and commented
- 2. Manager outperformed the index over the trailing five year period.
- 2. Manager outperformed the index over the trailing five year period.
- 2. Manager outperformed the index over the trailing five year period.
- 2. Pedro Herrera advised the policy would be renamed from
- 2. Steven Gibb confirmed he would like to serve another term.
- 2. The Total Plan return equaled or exceeded the Net 7.25% 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 ranked within the top 40th percentile of its peer group over the trailing three year period.
- 3. Doug Lozen explained the reasons for the changes, both
- 3. Inez Garcia and Ferrell Jenne explained the option to have a
- 3. John Thinnes advised this adjustment would revert back to
- 3. John Thinnes reviewed the managers’ performances with the
- 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. Manager ranked within the top 40th percentile over trailing three year period.
- 3. Pedro Herrera advised that on section 2, the word exclusively
- 3. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three year period.
- 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 five year period.
- 3. Troy Jenne commented he would send to the city for
- 4. All fixed income investments had a rating of investment grade or higher.
- 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. Manager ranked within the top 40th percentile over trailing five year period.
- 4. Susan Carless advised the wording in section 7 would need
- 4. The Total Plan return equaled or exceeded the total plan benchmark over the trailing five year period.
- 4. The market value of assets of the fund as of December 31,
- 4. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period.
- 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. 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. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing five year period.
- 6. Three year down market capture ratio less than the index.
- 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. Five 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. REPORTS (ATTORNEY/CONSULTANTS)
- Accounting & Tax
- Business Consulting
- Legal Services
- 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. Manager reports compliance with PFIA.
- 8. Manager reports compliance with PFIA.
- Accounting & Tax
- Business Consulting
- Legal Services
- Investment & Securities
- 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. STAFF REPORTS, DISCUSSION, AND ACTION
- 9. STAFF REPORTS, DISCUSSION, AND ACTION
- 9. The total equity allocation was less than 75% of the total plan assets at market.
- 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) N/A N/A 12.31 (60) 06/01/2020
- Business Consulting
- Real Estate Development
- Building & Industrial Supply
- General Contractor
- Site Prep, Grading & Hardscape
- Concrete & Masonry
- Electrical
- Plumbing
- HVAC & Climate Control
- Roofing
- Painting & Flooring
- Drywall & Insulation
- Windows, Doors & Glass
- Carpentry & Cabinetry
- Restoration & Waterproofing
- T. Rowe Price LCG (TPLGX) -9.27 (58) 23.41 (34) 46.19 (9) 28.83 (19) -34.66 (82) 22.39 (84) N/A N/A
- Investment & Securities
- T. Rowe Price LCG (TPLGX) 2,005,006 4.97 2,257,020 5.51 2,209,774 5.56 2,045,085 5.43 1,723,850 4.97
- Financial Planning & Advisory
- Investment & Securities
- Business Consulting
- Accounting & Tax
- T. Rowe Price LCG (TPLGX) 2,005,006 5.0¢£
- Business Consulting
- Accounting & Tax
- Investment & Securities
- Real Estate Development
- Commercial Brokerage
- Residential Brokerage
- T. Rowe Price LCG (TPLGX) 2,209,774 - - - - - 379,160 -583,929 2,005,006
- Business Consulting
- Accounting & Tax
- T. Rowe Price LCG (TPLGX) 2,257,020 - - - - - - -252,014 2,005,006
- Accounting & Tax
- Business Consulting
- Legal Services
- Investment & Securities
- T. Rowe Price LCG (TPLGX) 2,257,020 5.5¢£
- T. Rowe Price LCG (TPLGX) | Russell 1000 Growth Index
- Business Consulting
- T. Rowe Price LCG (TPLGX) | Russell 1000 Growth Index
- VII. Reports (Attorney/Consultants)
- X. Trustee Reports, Discussion and Action
- a. August 14, 2025, quarterly meeting
- a. Cost study
- a. Foster & Foster, Troy Jenne, Plan Administrator
- a. Payment ratification
- a. Salem Trust, Inez Garcia, Plan Custodian
- a. Susan Carless complimented Inez Garcia for the smooth custodian
- a. Update on Trustee terms
- b. Foster & Foster, Doug Lozen, Plan Actuary
- b. Fund activity report
- b. November 13, 2025, quarterly meeting
- b. Valley Bank purchase card
- c. Mariner Institutional, John Thinnes, Investment Consultant
- d. Sugarman, Susskind, Braswell & Herrera, Board Attorney, Pedro Herrera,
- i. Bob Virtue, Commission appointed
- i. Credit card policy
- i. Doug Lozen presented his cost study for the Board, comparing the
- i. Ferrell Jenne reviewed the previously discussed Valley Bank
- i. From period November 7, 2025 through February 5, 2026
- i. October 1, 2025 actuarial valuation report
- i. Quarterly report as of December 31, 2025
- i. Troy Jenne reviewed the options available to the Board.
- i. Upcoming education opportunities
- i. Update on custodial services transition
- i. Warrant #41
- ii. Doug Lozen discussed the options available to address the issue
- ii. Fee comparison discussion
- ii. Ferrell Jenne advised the proposed $2 ,500 deposited balance per
- ii. Steven Gibb, 5th Trustee
- ii. The Board asked Troy Jenne for any known specifics about the
- ii. Updated travel policy
- iii. The Board asked questions about the use and processes of the
- iii. The Board discussed it and asked questions of D oug Lozen and
- iii. The Board discussed the topic further.
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