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June 12, 2026 General Employees' Pension & Retirement: June 2026

City of Mount Dora

1. ANNUAL ITEMS1.1. Hold quarterly meetings in March, June, September, and December.on Fridays at 10:30 AM:2026 – June 12th, September 18th, December 11th2027 – March 19th, June 11th, September 17th, December 10th 1.2. In the June meeting, GRS reviews the Actuarial Valuation Report and GASB Statement No. 75 Report for October 1, 2025 GRS to email an electronic copy of the Report to the City at least one week before the June meeting. 1.3. In June, all Trustees must file the Florida Form 1 before July 1. 1.4. In the September meeting, appoint Trustees for expiring terms. 1.5. In the December meeting, appoint Chairperson, Vice-Chairperson, and Secretary for the next year. 2. FINANCIAL ITEMS 2.1. John Thinnes to email an electronic copy of the Mariner Quarterly Report to the City at least one week before the scheduled quarterly meetings. 2.2. John Thinnes to update the Trustees on the suitability of real estate investments and other opportunities other than stocks or bonds. 2.3. Jonn Thinnes to update the Trustees on the status of the ASB transfer to Cohen & Steers.2.4. John Thinnes to review the approved policy changes in the Mariner Quarterly Report. 3. LEGAL ITEMS3.1. David Robinson to email electronic copies of any legal documents to the City at least one week before the scheduled quarterly meetings.4. ADMINISTRATIVE ITEMS4.1. Admin Staff to prepare the draft minutes for each meeting for review and approval by Charles Revell, as soon as practical after the meeting.4.2. Charles Revell to work with Admin Staff to develop an updated AIL (Action Items List) as soon as practical after the meeting. The updated AIL will reflect the date of that meeting plus the revisions discussed at that meeting.4.3. Once finalized, Admin staff to email the updated AIL to all Board members and to John Thinnes, David Robinson, and other advisors as appropriate, as soon as practical after each meeting. 4.4. The updated AIL will also be attached to the draft minutes as Attachment A. These two items will be included in the Agenda Packet for the next meeting. 4.5. Admin staff to solicit qualified employees to determine interest in being appointed to serve the remaining term of Dick Maglio which expires in November, 2028.

The City of Mount Dora General Employees' Pension & Retirement Board is reviewing its actuarial valuation report. This report is prepared annually to assess the system's financial health and determine employer contribution rates. The review process involves GRS (Gabriel, Roeder, Smith & Company) presenting the actuarial valuation report and Mariner Quarterly Report to the Trustees. This process is currently under review, with the next steps involving the review of these reports and potential updates to investment strategies. This ongoing review and assessment of financial strategies could lead to future opportunities for service providers in financial planning, investment management, and actuarial consulting. Engaging with the system early in this review process allows businesses to understand the system's needs and potentially offer services before formal procurement processes begin.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

1: Returns for periods less than one year are not annualized. Returns designated as "before investment management fees" include all income, realized and unrealized capital gains and losses, and all annual fund operating expenses. Returns designated as "after maximum fees" are the "before investment management fees" returns less the maximum 0.25% fee which may be charged by Galliard for management of each client's account. See full performance disclosure on page 4 of the report.2: The weighted average quality is a market value weighted average of the individual security holdings Composite Ratings. (e.g. AAA, AA+, etc.) These letter ratings are converted to a linear numeric scale for purposes of calculating an overall average (i.e. AAA=1, AA+=2, etc). The numeric weighted average is rounded to the nearest explicit notch to obtain the overall average letter rating. Security composite ratings for unrated or withdrawn status are given the lowest value on the numeric scale. See additional terms in the glossary on page 9 of the report.

The City of Mount Dora General Employees' Pension & Retirement board is reviewing investment performance reports for the Galliard Intermediate Core Fund L. This review involves analyzing market conditions, economic trends, and investment strategies. The board is expected to consider factors such as interest rates, inflation, and geopolitical events that may impact fund performance. This is an early stage review, meaning that decisions about future investment management or fund allocations are still under consideration. Potential work could involve financial consulting, investment analysis, and administrative support services related to pension fund management. Businesses specializing in financial services and investment analysis are encouraged to engage with the board to understand their needs as the review progresses.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

2: Source: Bloomberg

This item is a quarterly market perspective and retirement system portfolio review for the City of Mount Dora's General Employees' Pension & Retirement. It discusses economic trends such as labor market cooling, strengthening business activity, and supportive consumer spending. The review also covers mortgage rates, home sales, and home price appreciation. This information is planned for review and is not a project requiring construction. Therefore, there is no direct work for contractors, trades, suppliers, or service providers at this time. Businesses interested in future opportunities should monitor upcoming agenda items for potential development projects.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Address:
800 LaSalle Ave., Suite 1400 Minneapolis, MN 55402
Verify at the official source

A. Active Members 1. Number Included in Last Valuation 24 252. New Members Included in Current Valuation 0 03. Non-Vested Employment Terminations 0 04. Vested Employment Terminations (1) 05. Service Retirements (2) (1)6. DROP Retirements 0 07. Disability Retirements 0 08. Deaths 0 09. Transfers to Defined Contribution Plan 0 010. Number Included in This Valuation 21 24B. Terminated Vested Members1. Number Included in Last Valuation 18 192. Additions from Active Members 1 03. Lump Sum Payments/Refund of Contributions 0 04. Payments Commenced (2) (1)5. Deaths 0 06. Other 0 07. Number Included in This Valuation 17 18 C. DROP Plan Members1. Number Included in Last Valuation 0 02. Additions from Active Members 0 03. Retirements 0 04. Deaths Resulting in No Further Payments 0 05. Other 0 06. Number Included in This Valuation 0 0D. Service Retirees, Disability Retirees and Beneficiaries1. Number Included in Last Valuation 85 902. Additions from Active Members 2 13. Additions from Terminated Vested Members 2 14. Deaths Resulting in No Further Payments (1) 05. Deaths Resulting in New Survivor Benefits 0 (7)6. End of Certain Period - No Further Payments 0 07. Additions from DROP Plan 0 08. Number Included in This Valuation 88 85

The City of Mount Dora General Employees' Pension & Retirement is conducting its annual actuarial valuation for the period ending October 1, 2025. This review involves analyzing membership data, including active, new, terminated vested, and retired members, along with their service years and ages. The valuation assesses the financial health and obligations of the city's defined benefit retirement plan, which was established under city ordinances and state statutes. The process includes reconciling membership data and summarizing plan provisions. This is an ongoing administrative review, not a construction project, and therefore does not involve site work, building, or direct procurement of trades or materials. Local businesses involved in actuarial services, financial consulting, or legal services related to public retirement plans may find this information relevant for understanding the city's financial landscape.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Applicant:
City of Mount Dora General Employees' Pension & Retirement
Verify at the official source

A. Outflows and Inflows of Resources by Source to be Recognized in Current OPEB Expense

June 12, 2026 General Employees' Pension & Retirement listed this item on its agenda for 2026-06-12 in City of Mount Dora. The posted record gives the item title and nothing else, so there is no site, no size and no applicant on file for it yet. Local businesses that want to follow it can open the official agenda link above and watch for the fuller write-up the body posts as the meeting gets closer.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

A. Valuation DateB. ADC to Be Paid DuringFiscal Year Ending 9/30/2027 9/30/2027 9/30/2026C. Assumed Dates of EmployerContributions Quarterly Quarterly QuarterlyD. Annual Payment to AmortizeUnfunded Actuarial Liability $ 548,256 $ 516,361 $ 546,476E. Employer Normal Cost (365,489) (366,266) (415,423)F. ADC if Paid on the ValuationDate: D+E 182,767 150,095 131,053G. ADC Adjusted for Frequency of Payments 189,743 155,824 136,055H. ADC as % of Covered Payroll 12.21 % 10.02 % 7.88 %I. Covered Payroll for Contribution Year 1,574,987 1,574,146 1,744,346J. ADC for Contribution Year 192,306 157,729 137,454K. ADC as % of Covered Payroll inContribution Year: J ÷ I 12.21 % 10.02 % 7.88 %

This item concerns the actuarial valuation and determined contributions for the City of Mount Dora General Employees Retirement System. The valuation date is October 1, 2025, with fiscal years ending September 30, 2026, and September 30, 2027, being reviewed. The annual payment to amortize unfunded actuarial liability is projected to be around $548,256 for the fiscal year ending 9/30/2027. Employer normal costs are also detailed, with adjustments for payment frequency. This is an early stage review of retirement system funding. The work involves actuarial analysis and financial planning for the pension fund. Local businesses in finance, accounting, and consulting could find opportunities related to managing and advising on these financial matters.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

A. Valuation DateB. Actuarial Present Value of AccumulatedPlan Benefits1. Vested Benefitsa. Members Currently Receiving Payments $ 13,774,775 $ 13,581,675 b. Terminated Vested Members 1,041,353 953,154 c. Other Members 372,691 598,769 d. Members with a Frozen Benefit 1,910,695 2,053,473 e. Total 17,099,514 17,187,071 2. Non-Vested Benefits - - 3. Total Actuarial Present Value of AccumulatedPlan Benefits: 1e + 2 17,099,514 17,187,071 4. Accumulated Contributions of Active Members 390,813 479,724 C. Changes in the Actuarial Present Value of Accumulated Plan Benefits1. Total Value at Beginning of Year 17,187,071 17,906,064 2. Increase (Decrease) During the PeriodAttributable to:a. Plan Amendment - - b. Change in Actuarial Assumptions 116,988 - c. Latest Member Data, Benefits Accumulatedand Decrease in the Discount Period 1,030,889 533,159 d. Benefits Paid (Net of DROP Basis) (1,235,434) (1,252,152) e. Net Increase (87,557) (718,993) 3. Total Value at End of Period 17,099,514 17,187,071D. Market Value of Assets 18,234,506 17,791,644E. Actuarial Assumptions - See page entitledActuarial Assumptions and Methods

The City of Mount Dora is conducting an actuarial valuation for its General Employees' Pension & Retirement system. This process involves reviewing the plan's financial status, including the actuarial present value of accumulated plan benefits and the market value of assets. The valuation uses specific actuarial assumptions and methods to determine the net pension liability. This is an ongoing administrative and financial review process for the city's retirement system. The work involves financial analysis and reporting, with no direct construction or physical site work indicated at this stage. Businesses specializing in actuarial services, financial consulting, and potentially data management related to pension systems may find opportunities to engage with the city as these valuations are conducted annually.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

A. Valuation DateB. Actuarial Present Value of ProjectedBenefits $ 17,140,667 $ 17,023,562 $ 17,240,834C. Actuarial Value of Assets 17,486,400 17,486,400 17,334,502D. Unfunded Actuarial Accrued Liability 2,007,006 1,890,249 2,429,278E. Actuarial Present Value of ProjectedMember Contributions 9,257 9,254 14,963F. Actuarial Present Value of ProjectedEmployer Normal Costs: B-C-D-E (2,361,996) (2,362,341) (2,537,909)G. Actuarial Present Value of ProjectedCovered Payroll 9,081,771 9,065,991 9,613,248H. Employer Normal Cost Rate: F/G (26.01) % (26.06) % (26.40) %I. Covered Annual Payroll 1,554,632 1,554,632 1,726,888J. Employer Normal Cost: H x I (404,360) (405,137) (455,898)K. Assumed Amount of AdministrativeExpenses 38,871 38,871 40,475L. Total Employer Normal Cost: J+K (365,489) (366,266) (415,423)M. Employer Normal Cost as % of Covered Payroll (23.51) % (23.56) % (24.06) %

This item concerns the annual actuarial valuation for the City of Mount Dora General Employees Retirement System. The valuation includes data on projected benefits, assets, and liabilities as of October 1, 2025. This is a financial review and does not describe a construction project. Therefore, there is no direct work for contractors, trades, suppliers, or service providers at this time. Opportunities may arise in the future if this valuation leads to changes in city projects or funding that require external services.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

B. Action items List New Business A. Appoint Chairperson, Vice-Chairperson, and Secretary for 2026 Motion by Steven Wilbanks to approve appointments for Chairperson, Charles Revell, Vice-Chairperson, Vince Sandersfeld, and Secretary, Ley Vedder for 2026 for the General Pension Board; Vince Sandersfeld seconded the motion. The motion passed with a unanimous vote. B. Quarterly Reports, Updates; John Thinnes 1. Quarterly Report 2. Monitoring of ASB Real Estate Investments by Canoe Connect Services

June 12, 2026 General Employees' Pension & Retirement listed this item on its agenda for 2026-06-12 in City of Mount Dora. The posted record gives the item title and nothing else, so there is no site, no size and no applicant on file for it yet. Local businesses that want to follow it can open the official agenda link above and watch for the fuller write-up the body posts as the meeting gets closer.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

B. Deferred Outflows and Deferred Inflows of Resources by Source to be Recognized in Future OPEB ExpensesC. Deferred Outflows and Deferred Inflows of Resources by Year to be Recognized in Future OPEB Expenses

June 12, 2026 General Employees' Pension & Retirement listed this item on its agenda for 2026-06-12 in City of Mount Dora. The posted record gives the item title and nothing else, so there is no site, no size and no applicant on file for it yet. Local businesses that want to follow it can open the official agenda link above and watch for the fuller write-up the body posts as the meeting gets closer.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

B. UAAL Amoritzation Period and PaymentsOriginal UAAL Current UAALDate Established AmountAmount After Changes Before ChangesPayment

The City of Mount Dora General Employees Retirement System is undergoing its annual actuarial valuation, which is currently under review. This process involves assessing the system's financial health, including its unfunded actuarial accrued liability and investment performance. The valuation uses various actuarial assumptions related to mortality, employment turnover, investment income, expenses, and salary increases. This review sets the stage for future financial planning and potential adjustments to contributions or benefits. While this is a financial and actuarial review, it informs the long-term stability and operational needs of the retirement system. Businesses involved in financial consulting, actuarial services, and potentially investment management may find opportunities to engage with the city as these valuations and reviews progress.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Applicant:
City of Mount Dora General Employees Retirement System
Verify at the official source

C. Legal Reports & Updates; David Robinson, Sugarman, Susskind, Braswell & Herrera, P.A. Action Items A.Invoices that have been paid: ASB July $2,716.68 ASB October $2,728.15FPPTA-CharlesRevell$1,094.61 FPPTA -Dick Maglio $1,094.61 FPPTA - Steve Wilbanks $1,094.61 FPPTA -MembershipRenewal $750.00 Galliard $2,527.02 GRS $909.00 Mariner $6,000.00 Salem Trust $2,500.00 Sugarman & Susskind $2,150.88 Total: $23,565.56 Motion by Vince Sandersfeld to approve invoices that have been paid; Seconded by Steven Wilbanks. The motion was passed with a unanimous vote. B. Review and update the Action Item List The Board updated the Action Item List. The revised AIL is included as Attachment A to these Minutes. C. Chairperson for the March 20, 2026 Meeting Charles Revell will participate by phone at the March 20, 2026 meeting. Vince Sandersfeld will serve as the Chairperson. D. Updated Trustee Term Schedule The updated Trustee Term Schedule is included as Attachment B to these Minutes.

The City of Mount Dora General Pension Board is reviewing its investment strategy. The board has authorized Mariner to begin moving ASB investment funds into a new fund, the Cohen & Steers Tactical Real Estate Fund. This action is currently under review. The project involves the transfer of investment funds, which may require financial planning and investment management services. Local financial advisors, investment firms, and related service providers could find opportunities by engaging with the board early in this process. Understanding the board's needs before final decisions are made can lead to better-aligned services and potential future business.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

D. Estimated Deferred Outflow of Resources due to Benefits Paid After the Measurement Date

The City of Mount Dora is reviewing its Other Post-Employment Benefits (OPEB) for fiscal year ending September 30, 2025. This review involves actuarial assumptions and methods related to retiree healthcare and life insurance benefits. The process includes analyzing discount rates, mortality tables, disability and termination rates, salary increases, and retirement rates. It also covers health coverage acceptance and lapse rates, as well as healthcare cost trend rates. This actuarial valuation is a planned step to understand the city's future financial obligations for its employees' benefits. The work involves detailed financial analysis and reporting, which may lead to future adjustments in benefit funding or administration. Businesses specializing in actuarial services, financial consulting, and benefits administration could find opportunities to support the city in this ongoing review and planning process. Engaging early allows for understanding the city's needs before final plans and budgets are set.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Address:
One East Broward Blvd. Suite 5054/8/2026 Ft. Lauderdale, Florida 33301-1804
Verify at the official source

F. Credited ServiceService is measured as the total number of years and completed months with the City as an employee. No service is credited for any periods of employment for which the member received a refund of their contributions.G. Compensation/EarningsGross wages, including tax deferred items of income, for services rendered to the City, less payments for unused leave for service earned on or after March 6, 2012 and overtime in excess of 300 hours per year. The lesser of the amount of unused leave prior to March 6, 2012 and the amount as of retirement may be included in pensionable compensation upon retirement.H. Average Monthly Earnings (AME)The average of Compensation over the highest 5 years during the last 10 years of Credited Service immediately preceding retirement or termination of employment; includes the lump sum payment of accrued sick and vacation time.I. Normal RetirementEligibility: A member may retire on the first day of the month coincident with or next following age 60 and 7 years of Credited Service; or age 60 regardless of Credited Service for those hired on or before May 20, 1997. Benefit: a. While not a Contributing Member,1. If under the Prior Contract, 1.4% of Average Monthly Earnings times Credited Service after November 1, 1977, or2. If not under the Prior Contract, 1.4% of Average Monthly Earnings timesCredited Service after October 1, 1979. b. If a Contributing Member when first eligible, or if later but only while a Contributing Member, 3.0% of Average Monthly Earnings times Years ofCredited Service after October 1, 1980.c. Final benefit is limited to 100% of average Monthly Earnings.Normal Form of Benefit: Life Annuity; other options are also available.COLA: None

This item concerns the City of Mount Dora's General Employees' Pension & Retirement system, specifically its October 1, 2025 Annual Actuarial Valuation. The valuation details how credited service, compensation, and average monthly earnings are calculated for retirement benefits. It outlines eligibility and benefit formulas for normal retirement, including different rates for contributing and non-contributing members and a cap on the final benefit. There are no COLA (Cost of Living Adjustment) benefits. This is a review of existing pension rules and calculations. No new construction or development is described, meaning there is no direct project work for contractors or suppliers at this time. The opportunity lies in understanding the financial and administrative framework of the city's employee retirement system.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

J. Early RetirementEligibility: A member may elect to retire earlier than the Normal Retirement Eligibility upon attainment of age 50 and 7 years of Credited Service.Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the Early Retirement date precedes the Normal Retirement date. Normal Form of Benefit: Life Annuity; other options are also available.COLA: None K. Delayed Retirement Same as Normal Retirement taking into account compensation earned and service credited until the date of actual retirement.L. Service Connected DisabilityEligibility: Any member who becomes totally and permanently disabled as a result of an act occurring in the performance of service for the City is immediately eligible for a disability benefit. Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability. Benefit is payable as of the date of disability, but reduced in the same manner as Early Retirement benefits. Normal Form of Benefit: Payable until death or recovery from disability; other options are also available.COLA: NoneM. Non-Service Connected DisabilityEligibility: Any member who becomes totally and permanently disabled is immediately eligible for a disability benefit.Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and service credited as of the date of disability. Benefit is payable as of the date of disability, but reduced in the same manner as Early Retirement benefits. Normal Form of Benefit: Payable until death or recovery from disability; other options are also available.COLA: None

This item concerns the City of Mount Dora General Employees Retirement System and its upcoming review of retirement eligibility and benefits. The system is considering changes to early retirement rules, including a new age 50 and 7 years of credited service eligibility, with a 3.0% benefit reduction per year before normal retirement. It also addresses delayed retirement and disability benefits, both service and non-service connected. This review is currently under consideration by the General Employees' Pension & Retirement board. The process will involve actuarial analysis and policy updates. This early stage presents an opportunity for financial advisors, actuaries, and legal professionals specializing in public pension systems to engage with the board. Understanding the proposed benefit adjustments and their financial impact is key for those who can offer expertise in this area.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

June 12 2026 General Pension Board Meeting Packet

[510 North Baker Street, Mount Dora, FL 32757] This document contains meeting agendas and minutes for the City of Mount Dora General Pension Board from December 2025 to June 2026, along with market environment reports. The board discussed and approved various financial items, including invoices and investment fund transfers. Key actions included authorizing the transfer of ASB investment funds into the Cohen & Steers Tactical Real Estate Fund and reviewing actuarial and GASB reports. The market reports detail economic conditions, equity and fixed income performance, and sector-specific returns for Q1 2026 and the trailing year. No specific development projects or contractor opportunities are mentioned. This document is an actuarial valuation report for the City of Mount Dora General Employees' Retirement System as of October 1, 2025. It details the system's funding progress, determines the employer contribution rate for the fiscal year ending September 30, 2027, and provides actuarial information for GASB Statement No. 67. The report indicates a funded ratio of 102.2% as of October 1, 2025, an increase from 100.9% the previous year. The required employer contribution for FYE 9/30/2027 is $192,306, representing 12.21% of covered payroll. Key changes include an increase in the required contribution due to updated mortality tables mandated by Florida Statutes, and a net actuarial loss of $30,824 primarily from less retiree mortality than expected and more service retirements than expected, partially offset by investment returns above the assumed rate. The system was closed to new non-bargaining unit members on September 30, 2010, and to new bargaining unit members on March 6, 2012. The report also outlines various risks associated with measuring the accrued liability and actuarially determined contribution, including investment risk, asset/liability mismatch, and longevity risk. It provides a Low-Default-Risk Obligation Measure (LDROM) of $19,446,994 with a discount rate of 4.90%. Detailed participant data, valuation results, financial accounting information, and a summary of plan provisions are included. This document is an actuarial valuation report for the City of Mount Dora General Employees Retirement System as of October 1, 2025. It details the system's financial status, including assets, liabilities, contributions, and demographic assumptions used for calculations. It also includes information on Other Post-Employment Benefits (OPEB) for the fiscal year ending September 30, 2025. The report does not contain information about specific construction projects, contractors, or trades. This document details the actuarial assumptions and methods used by the City of Mount Dora for its Other Post-Employment Benefits (OPEB) for the fiscal year ending September 30, 2025. It outlines the discount rate (3.81%), salary increase rates (ranging from 5.5% to 12.5% including inflation), retirement age assumptions, mortality rates, and healthcare cost trend rates (starting at 6.50% in 2025 and decreasing to 4.00% in 2043). It also details the OPEB expense for the employer, deferred outflows and inflows of resources, and provides a summary of participant data including active employees and retirees. The document specifies eligibility for retiree benefits, health-related benefits, retiree contributions, premium rate subsidies, and life insurance coverage. It also includes sensitivity analyses for the total OPEB liability based on changes in the discount rate and healthcare cost trend rates. The document does not contain information about specific development projects, addresses, or case numbers. This document is part 5 of 5 and contains a Quarterly Market Perspective from Galliard Capital Management, LLC for the First Quarter of 2026. It discusses labor market trends, business activity, consumer activity, mortgage rates, home sales, and home prices. It also includes a glossary of financial terms and contact information for Galliard Capital Management. There are no specific development projects, addresses, or case numbers mentioned in this section.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_packet
Address:
510 North Baker Street, Mount Dora, FL 32757
Applicant:
City of Mount Dora General Pension Board
Verify at the official source

June 12 2026 General Pension Board Minutes

The Mount Dora General Pension Board met on June 12, 2026. The board approved minutes from previous meetings (December 12, 2025, and March 20, 2026) and unanimously voted to appoint Anthony Harley to fill the remainder of Richard Maglio's term expiring November 2028. They also unanimously approved the Actuarial Valuation Report as of October 1, 2025, and established a reasonable return rate of 6.25% for short, intermediate, and long terms. The board unanimously approved paid invoices totaling $22,977.67, including payments to Salem Trust ($2,500.00), Sugarman & Susskind ($852.75), GRS ($14,518.00), and ASB ($2,457.04 and $2,649.88). The board updated its Action Items List. A reminder was given that Form 1 filing is due online with the State of Florida on July 1, 2026. The meeting adjourned at 11:22 AM.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Minutes
Decision:
Approved minutes, appointed board member, approved actuarial report, established return rate, approved invoices.
Verify at the official source

N. Death in the Line of Duty Eligibility: Members are eligible for survivor benefits after age 50 and the completion of 7 or more years of Credited Service. For those hired on or before May 20, 1997, age 60 regardless of Credited Service.Benefit: The beneficiary will receive an amount computed as the member had retired on the date of death and chosen a 50% Joint and Survivor option if married. If there is no spouse the amount payable to a survivor is a 10 year certain and life annuity. The benefit is payable immediately.Normal Form of Benefit: Survivor’s share of a 50% Joint and Survivor for a spouse; 10 Years Certain for any other beneficiary.COLA: None The beneficiary of a plan member who was not eligible for retirement under the conditions above will receive a refund of the member’s accumulated contributions with interest.O. Other Pre-Retirement Death Eligibility: Members are eligible for survivor benefits after age 50 and the completion of 7 or more years of Credited Service. For those hired on or before May 20, 1997, age 60 regardless of Credited Service.Benefit: The beneficiary will receive an amount computed as the member had retired on the date of death and chosen a 50% Joint and Survivor option if married. If there is no spouse the amount payable to a survivor is a 10 year certain and life annuity. The benefit is payable immediately.Normal Form of Benefit: Survivors share of a 50% Joint and Survivor for a spouse; 10 Years Certain for any other beneficiary.COLA: None The beneficiary of a plan member who was not eligible for retirement under the conditions above will receive a refund of the member’s accumulated contributions with interest.P. Post Retirement DeathBenefit determined by the form of benefit elected upon retirement.

June 12, 2026 General Employees' Pension & Retirement listed this item on its agenda for 2026-06-12 in City of Mount Dora. The posted record gives the item title and nothing else, so there is no site, no size and no applicant on file for it yet. Local businesses that want to follow it can open the official agenda link above and watch for the fuller write-up the body posts as the meeting gets closer.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

Q. Optional FormsIn lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees are the 10 Years Certain and Life option or the 50%, 66 2/3%, 75% and 100% Joint and Survivor options. A Social Security option is available for those retiring prior to the time that Social Security benefits are payable. R. Vested TerminationEligibility: A member has earned a non-forfeitable right to Plan benefits after the completion of 7 years of Credited Service. Benefit: The benefit is the member’s accrued Normal Retirement Benefit as of the date of termination. Benefit begins on the member’s Normal Retirement date. Alternatively, members can elect a reduced Early Retirement benefit any time after age 50. Normal Form of Benefit: Life Annuity; other options are also available.COLA: NoneMembers terminating employment with less than 7 years of Credited Service will receive a refund of their own accumulated contributions with interest. S. RefundsEligibility: All members terminating employment with less than 7 years of Credited Service are eligible. Optionally, vested members (those with 7 or more years of Credited Service) may elect a refund in lieu of the vested benefits otherwise due. Benefit: Refund of the member’s contributions with interest.T. Member ContributionsNone required for Members hired prior to October 1, 1985. 7.14% of Compensation for additional benefits provided to Contributing Members (optional formembers hired prior to October 1, 1985 and mandatory for all future members).U. Employer ContributionsAny additional amount determined by the actuary needed to fund the plan properly according to State laws. The total cost for the year is defined as the total normal cost plus the additional amount sufficient to amortize the unfunded accrued past service liability over a period of not more than 30 years.

June 12, 2026 General Employees' Pension & Retirement listed this item on its agenda for 2026-06-12 in City of Mount Dora. The posted record gives the item title and nothing else, so there is no site, no size and no applicant on file for it yet. Local businesses that want to follow it can open the official agenda link above and watch for the fuller write-up the body posts as the meeting gets closer.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Verify at the official source

V. Cost of Living IncreasesNot Applicable W. 13thCheckNot ApplicableX. Deferred Retirement Option PlanEligibility: Plan members who have met one of the following criteria are eligible for the DROP: (1) age 60 and 7 years of Credited Service, or(2) age 60 regardless of Credited Service for those hired on or before May 20, 1997. Members must make a written election to participate in the DROP.Benefit: The member’s Credited Service and AME are frozen upon entry into the DROP.The monthly retirement benefit as described under Normal Retirement is calculated based upon the frozen Credited Service and AME.Maximum DROP Period: 5 years Interest Credited: The member's DROP account is credited at an interest rate based upon the option chosen by the member. Members must elect from 1 of the 2 following options:1. Gain or loss at the same rate earned by the Plan, or2. Guaranteed rate as determined by the Board.Normal Form of Benefit: Lump Sum COLA: NoneY. Other Ancillary BenefitsThere are no ancillary retirement type benefits not required by statutes but which might be deemed a City of Mount Dora General Employees’ Retirement System liability if continued beyond the availability of funding by the current funding source.Z. Changes from Previous ValuationThere are no changes from the previous valuation.

The City of Mount Dora is undergoing an actuarial valuation of its Other Postemployment Benefits (OPEB) for the fiscal year ending September 30, 2025. This process involves assessing the financial reporting requirements for benefits provided to the city's retiring employees, specifically medical and prescription drug benefits. The valuation, performed by Gabriel, Roeder, Smith & Company, is currently under review as part of the city's financial statement preparation. This actuarial assessment will inform the city's financial reporting and may involve adjustments to recognized liabilities and expenses. While this is an accounting and financial reporting exercise, it could lead to future financial planning considerations for the city. Local businesses involved in financial consulting, accounting, and actuarial services may find opportunities to engage with the city as these financial reporting requirements evolve.

Board:
June 12, 2026 General Employees' Pension & Retirement
Date:
2026-06-12
Type:
Agenda_item
Address:
510 N. Baker Street, Mount Dora, Florida 32757
Verify at the official source

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