Agenda
Quarterly Pension Meeting · 2026-05-26 · agenda
This document is the agenda for the City of Jacksonville Beach Pension Board regular meeting on May 26, 2026. The agenda includes appointments to the Police Officers' and Firefighters' Pension Boards, approval of previous minutes, consideration of consultant reports (legal counsel transition, legislative updates, independent auditors, actuarial valuations, investment performance), approval of proposed annual budgets, and consideration of various retirement applications. Specific retirement applications include Kenneth Wathen (Systems Operations Supervisor), Tammi Leonard (Operations Administrator), Rhonda Street (Database Administrator), Rachel Hall (Police Dispatcher), and Matthew McLerren (Lieutenant). The agenda also includes setting expected rates of return for pension funds and approving payments for actuarial services. No new construction or development projects are listed.
Agenda items
- 1. Allocated to service rendered prior
- 1. Approve Minutes of the Joint Quarterly Meeting held on November 18, 2025.
- 1. Approve Summary Plan Description for Firefighters' Retirement System as provided
- 1. Approve Summary Plan Description for General Employees' Retirement System as
- Legal Services
- Accounting & Tax
- Business Consulting
- Financial Planning & Advisory
- 1. Approve Summary Plan Description for Police Officers' Retirement System as provided
- Legal Services
- 1. Base Amount Previous Plan Year $ 345,163
- 1. Consultant’s Reports/Presentations
- 1. Continuity of Service and Institutional Knowledge
- Legal Services
- Accounting & Tax
- Business Consulting
- Professional Services (Other)
- 1. For normal costs 6,269,497
- 1. Interest and dividends 3,018,710 1,761,123
- 1. Investment Risk – actual investment returns may differ from the expected returns;
- 1. Investment Risk – actual investment returns may differ from the expected returns;
- 1. Net assets from System financial
- 1. The employer normal cost is sufficient to cover the cost of benefits accruing each year;
- 1. The employer normal cost is sufficient to cover the cost of benefits accruing each year;
- 1. The measurement is inappropriate for assessing the sufficiency of R etirement System assets to
- 1. The measurement is inappropriate for assessing the sufficiency of Retirement System assets to
- 2. Allocated to service likely to be
- 2. Amount Received for Previous Plan Year 372,132
- 2. Approve GRS Consulting, (Brad Armstrong) payment of Invoice No. 498208 to GRS
- 2. Asset/Liability Mismatch – changes in asset values may not match changes in liabilities, thereby
- 2. Asset/Liability Mismatch – changes in asset values may not match changes in liabilities, thereby
- 2. Existing Relationship with Current Firm
- Legal Services
- 2. For unfunded actuarial accrued liability 22,495,053
- 2. Funding value adjustment (5,827,183)
- 2. Pension Administrator’s Reports/Presentations
- 2. Realized gain on investments 5,409,978 1,874,163
- 2. Select Fifth Member of the City of Jacksonville Beach Firefighters’ Retirement
- Legal Services
- 2. Select Fifth Member of the City of Jacksonville Beach Police Officers’ Retirement
- 2. The Unfunded Actuarial Accrued Liabilities (UAAL) will continue to be amortized according to the
- 2. The Unfunded Actuarial Accrued Liabilities (UAAL) will continue to be fully amortized; and
- 2. The measurement is dependent upon the Actua rial Cost Method which, in combination with the
- 2. The measurement is dependent upon the Actuarial Cost Method which, in combination with the
- 3. Approve GRS Consulting, (Brad Armstrong), payment of Invoice No. 497572 to
- 3. Approve GRS Consulting, (Brad Armstrong), payment of Invoice No. 497577 to
- 3. Benefit Improvements 0
- 3. Contribution Risk – actual contributions may differ from expected future contributions. For
- 3. Contribution Risk – actual contributions may differ from expected future contributions. For
- Accounting & Tax
- Legal Services
- Business Consulting
- Financial Planning & Advisory
- 3. Funding value of assets 71,745,810
- 3. Operational and Transition Considerations
- 3. The funded status of the Retirement System will continue to increase gradually towards a 100%
- Accounting & Tax
- Legal Services
- Business Consulting
- 3. The funded status of the Retirement System will continue to increase gradually towards a 100%
- 3. The measurement would produce a different result if the Market Value of Assets (MVA) were used
- Legal Services
- Accounting & Tax
- Business Consulting
- 3. The measurement would produce a different result if the Market Value of Assets (MVA) were used
- Accounting & Tax
- Business Consulting
- Legal Services
- Financial Planning & Advisory
- Office & Business Support Services
- 3. Totals 28,764,550
- 3. Totals 59,778,267
- 3. Unrealized gain on investments (1,611,682) 10,280,892
- 4. Approve Application for Retirement – Tammi Leonard - Operations Administrator
- 4. Excess Funds for Previous Plan Year 26,969
- 4. Fiduciary Responsibility
- Legal Services
- 4. Investment expense (77,459) (93,703)
- 4. Salary and Payroll Risk – actual salaries and total payroll may differ from expected, resulting in
- 4. Salary and Payroll Risk – actual salaries and total payroll may differ from expected, resulting in
- 5. Accumulated Excess at Beginning of Previous Year 0
- 5. Longevity Risk – members may live longer or shorter than expected and receive pensions for a
- 5. Longevity Risk – members may live longer or shorter than expected and receive pensions for a
- 6. Other Demographic Risks – members may terminate, retire or become disabled at times or with
- Accounting & Tax
- Business Consulting
- Engineering & Architecture
- Investment & Securities
- Lending & Credit
- Appraisal & Inspection
- Real Estate Development
- Title & Settlement Services
- Building & Industrial Supply
- General Contractor
- Site Prep, Grading & Hardscape
- Concrete & Masonry
- Electrical
- HVAC & Climate Control
- Painting & Flooring
- 6. Other Demographic Risks – members may terminate, retire or become disabled at times or with
- Accounting & Tax
- Business Consulting
- Engineering & Architecture
- Legal Services
- Financial Planning & Advisory
- Investment & Securities
- Appraisal & Inspection
- 6. Prior Excess Used in Previous Plan Year 0
- 7. Accumulated Excess as of Valuation Date
- A. Actuarial present value of future
- A. Actuarial present value of future
- A. Consideration by General Employees’, Police Officers’ and Firefighters’ Board of
- A. Consideration by General Employees’, Police Officers’ and Firefighters’ Board of
- Legal Services
- Accounting & Tax
- Business Consulting
- Investment & Securities
- A. Consideration by General Employees’, Police Officers’ and Firefighters’ Board of
- A. Consideration by General Employees’, Police Officers’ and Firefighters’ Board of
- A. Consideration by General Employees’, Police Officers’ and Firefighters’ Board of
- Legal Services
- Accounting & Tax
- Business Consulting
- A. Consideration by General Employees’, Police Officers’, and Firefighters’ Board of
- A. Funding value of System assets:
- A. General Employees’ Pension Board of Trustees – Greg Kleffner - Selected by
- A. Police Officers' Pension Board of Trustees – Matthew Grocki — Appointed by City Council to a 2
- A. Police Officers' Pension Board of Trustees – Matthew Grocki — Appointed by City Council to a 2
- A. To retired members and beneficiaries $52,036,415
- B. Actuarial present value of expected
- B. Actuarial present value of future
- B. Actuarial present value of future
- B. Consideration by General Employees’ Board of Trustees
- Legal Services
- Accounting & Tax
- Business Consulting
- Financial Planning & Advisory
- B. Consideration by General Employees’ Board of Trustees
- B. Consideration by General Employees’ Board of Trustees
- Accounting & Tax
- Business Consulting
- Legal Services
- B. Police Officers' Pension Board of Trustees – John Patrich, Jr. — Appointed by City Council to a 2
- B. Police Officers' Pension Board of Trustees – John Patrich, Jr. — Appointed by City Council to a 2
- B. To vested terminated members 1,467,860
- C. Actuarial accrued liability 40,918,756 36,548,051
- C. Actuarial accrued liability 94,240,863 86,239,574
- C. Actuarial present value of expected
- C. Consideration by Police Officers’ Board of Trustees
- C. Consideration by Police Officers’ Board of Trustees
- Financial Planning & Advisory
- Accounting & Tax
- Business Consulting
- C. Consideration by Police Officers’ Board of Trustees
- C. Police Officers' Pension Board of Trustees – John Gosztyla — Selected by the Police Officers'
- C. Police Officers' Pension Board of Trustees – John Gosztyla — Selected by the Police Officers'
- C. To present active members:
- D. Consideration by Firefighters' Board of Trustees
- D. Consideration by Firefighters' Board of Trustees
- D. Consideration by Firefighters’ Board of Trustees
- D. Firefighters' Pension Board of Trustees – Gaylord Candler, Ph.D. — Appointed by City Council to a
- D. Firefighters' Pension Board of Trustees – Gaylord Candler, Ph.D. — Appointed by City Council to a
- D. Funding value of assets 71,745,810 68,959,043
- D. Marcus Braswell, Jr. Coral Gables, Florida 33134
- Legal Services
- D. Total actuarial present value of expected
- D. Total present and expected future resources $113,282,542
- D: 305.679.5706
- Legal Services
- Accounting & Tax
- Business Consulting
- Financial Planning & Advisory
- D: 305.679.5706
- Legal Services
- Accounting & Tax
- Business Consulting
- Financial Planning & Advisory
- D: 305.679.5706
- Legal Services
- Accounting & Tax
- Business Consulting
- Financial Planning & Advisory
- Investment & Securities
- Office & Business Support Services
- D: 305.679.5738
- Legal Services
- Government Authority
- D: 305.679.5738
- Legal Services
- Government Authority
- D: 305.679.5738
- Legal Services
- E. All Reserves 0
- E. Firefighters' Pension Board of Trustees – Lance Huish — Appointed by City Council to a 2-year
- E. Firefighters' Pension Board of Trustees – Lance Huish — Appointed by City Council to a 2-year
- E. Unfunded actuarial accrued liability $22,495,053 $17,280,531
- Accounting & Tax
- Business Consulting
- Financial Planning & Advisory
- F. Firefighters' Pension Board of Trustees – Steven Sciotto — Selected by the Firefighters' Pension
- F. Firefighters' Pension Board of Trustees – Steven Sciotto — Selected by the Firefighters' Pension
- F. Total actuarial present value of expected
- Accounting & Tax
- Business Consulting
- Engineering & Architecture
- Financial Planning & Advisory
- Investment & Securities
- O: (305)529-2801
- Legal Services
- O: (305)529-2801
- Legal Services
- O: (305)529-2801
- Accounting & Tax
- Business Consulting
- Engineering & Architecture
- Financial Planning & Advisory
- Investment & Securities
- a. Approve Mariner (Brendon Vavrica), Investment Consultant December 31, 2025;
- a. Informational December 31, 2025; Quarterly Pension Plan Administrator’s Report
- a. Member contributions $ 1,622,150 $ 1,517,266
- a. Refunds of member contributions 279,420 153,618
- b. Benefits paid 5,185,639 5,748,234
- b. City contributions 2,839,477 2,335,245
- b. Possible Action Mariner (Brendon Vavrica) - Manager changes or allocation of
- c. Administrative expenses 183,739 174,280
- c. Total contributions to System $ 4,461,627 $ 3,852,511
- cc: City Manager, City Attorney, City Clerk
- d. Investment income
- d. Total expenditures 5,648,798 6,076,132
- Accounting & Tax
- Business Consulting
- Engineering & Architecture
- Financial Planning & Advisory
- Investment & Securities
- e. Total investment income 6,739,547 13,822,475
- f. Total revenues $ 11,201,174 $17,674,986
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