June 12 2026 General Pension Board Minutes
June 12, 2026 General Employees' Pension & Retirement · 2026-06-12 · 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.
Agenda items
- 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.
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- 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.
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- 2: Source: Bloomberg
- 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
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- A. Outflows and Inflows of Resources by Source to be Recognized in Current OPEB Expense
- 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 %
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- 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
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- 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) %
- 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
- 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
- B. UAAL Amoritzation Period and PaymentsOriginal UAAL Current UAALDate Established AmountAmount After Changes Before ChangesPayment
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- 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.
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- D. Estimated Deferred Outflow of Resources due to Benefits Paid After the Measurement Date
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- 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
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- 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
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- 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.
- 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.
- 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.
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