June 12, 2026 Police Pension Board Minutes

Agenda items

• 1. ANNUAL ITEMS
• 1. Base Amount Previous Plan Year $ 192,6952. Amount Received for Previous Plan Year 228,5483. Benefit Improvements Made in Previous Plan Year 04. Excess Funds for Previous Plan Year 0 *5. Accumulated Excess at Beginning of Previous Year 06. Prior Excess Used in Previous Plan Year 07. Accumulated Excess as of Valuation Date(Available for Benefit Improvements): (4) + (5) - (6) 08. Base Amount This Plan Year 228,548 *Actuarial Confirmation of the Use of State Chapter Money
• 1. Discussion of Valuation Results 1
• 1. FASB No. 35 33
• 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 9
• 1. Q
• 1. Quarterly Report
• 1. Reconciliation of Membership Data 40
• 1. Summary of Assets 29
• 1. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the trailing three year period. 
• 1. Total equity returns meet or exceed the benchmark over the trailing three year period. 
• 1. Total fixed income returns meet or exceed the benchmark over the trailing three year period. 
• 10. Glossary of Terms 26
• 2. Active Participant Scatter 41
• 2. Actuarially Determined Contribution 10
• 2. Contribution risk – actual contributions may differ from expected future contributions. For
• 2. FINANCIAL ITEMS
• 2. GASB No. 67 34
• 2. Manager outperformed the index over the trailing five year period.   
• 2. Manager outperformed the index over the trailing five year period.   
• 2. Pension Fund Income and Disbursements 30
• 2. Risks Associated with Measuring the Accrued Liability
• 2. The Total Plan return equaled or exceeded the Net 7.0% actuarial earnings assumption over the trailing 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 31
• 3. Actuarial Value of Benefits and Assets 11
• 3. Inactive Participant Scatter 42
  • Accounting & Tax
  • Business Consulting
  • Engineering & Architecture
  • Legal Services
  • Financial Planning & Advisory
  • Investment & Securities
• 3. LEGAL ITEMS
• 3. Low-Default-Risk Obligation Measure 7
• 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
• 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 year period. 
• 3. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 4. ADMINISTRATIVE ITEMS
  • Accounting & Tax
  • Business Consulting
  • Investment & Securities
• 4. Calculation of Employer Normal Cost 12
• 4. Chapter Revenue 8
• 4. Investment Rate of Return 32
• 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. 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 13
• 5. All fixed income investments are rated investment grade or better. 
• 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. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three year period. 
• 5. The total foreign equity allocation was less than 25% of the total plan assets at market. 
• 6. Actual and Expected Decrements 17
• 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.   
• 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 Valuation Results 18
• 8. Manager reports compliance with PFIA.  
  • Accounting & Tax
  • Business Consulting
  • Engineering & Architecture
  • Financial Planning & Advisory
  • Investment & Securities
• 8. Manager reports compliance with PFIA. 
• 8. Recent History of Required and
• 9. Actuarial Assumptions and Cost Method 21
• A. Galliard Intermediate Core Fund 1Q'26
• A. Galliard Intermediate Core Fund 3Q'25
• A. Invoices that have been paid:
• A. Low-default-risk Obligation Measure of benefits earned as of the measurement date: $24,616,878
• A. M
• A. Officer Kevin Brubaker’s Disability Retirement Voting
• A. Ordinances
• A. Reminder of Submission for Form 1 filing is due on July 1, 2026, online with State of Florida
• A. Review of Authorized Signatures for Salem Trust Invoices
• A. September 19, 2025 General Pension Board Minutes
• A. V
• A. Valuation Date B. ADC to Be Paid DuringFiscal Year Ending 9/30/2027 9/30/2027 9/30/2026 C. Assumed Date of Employer Contrib. Monthly Monthly MonthlyD. Annual Payment to AmortizeUnfunded Actuarial Liability $ 0 $ 0 $ 0E. Employer Normal Cost 571,287 497,660 609,450F. ADC if Paid on the ValuationDate: D+E 571,287 497,660 609,450G. ADC Adjusted for Frequency of Payments 592,276 515,944 631,841H. ADC as % of Covered Payroll 16.41 % 14.30 % 17.98 %I. Assumed Rate of Increase in CoveredPayroll to Contribution Year 4.00 % 4.00 % 4.00 %J. Covered Payroll for Contribution Year 3,753,534 3,753,534 3,655,281K. ADC for Contribution Year: H x J 615,955 536,755 657,220L. Estimated Credit for State Revenue in Contribution Year 228,548 228,548 228,548M. Required Employer Contribution (REC)in Contribution Year 387,407 308,207 428,672N. REC as % of Covered Payroll inContribution Year: M ÷ J 10.32 % 8.21 % 11.73 %
• A. Valuation Date B. Actuarial Present Value of ProjectedBenefits $ 26,765,781 $ 26,036,130 $ 25,127,498 C. Actuarial Value of Assets 19,159,055 19,159,055 17,501,197D. Unfunded Actuarial Accrued Liability 0 0 0E. Actuarial Present Value of Projected Member Contributions 2,615,426 2,606,406 2,448,955F. Actuarial Present Value of ProjectedEmployer Normal Costs: B-C-D-E 4,991,300 4,270,669 5,177,346G. Actuarial Present Value of Projected Covered Payroll 34,641,412 34,521,934 32,436,488H. Employer Normal Cost Rate: F/G 14.41 % 12.37 % 15.96 %I. Covered Annual Payroll 3,609,167 3,609,167 3,514,693 J. Employer Normal Cost: H x I 520,081 446,454 560,945 K. Assumed Amount of Administrative Expenses 51,206 51,206 48,505 L. Total Employer Normal Cost: J+K 571,287 497,660 609,450 M. Employer Normal Cost as % of Covered Payroll 15.83 % 13.79 % 17.34 %
  • Accounting & Tax
  • Business Consulting
  • Engineering & Architecture
  • Legal Services
  • Investment & Securities
• A. Valuation DateB. Actuarial Present Value of AccumulatedPlan Benefits 1. Vested Benefitsa. Members Currently Receiving Payments $ 10,215,441 $ 8,604,209b. Terminated Vested Members 4,479,698 3,493,204c. Other Members 1,415,523 2,883,782d. Total 16,110,662 14,981,1952. Non-Vested Benefits 633,358 966,0353. Total Actuarial Present Value of AccumulatedPlan Benefits: 1d + 2 16,744,020 15,947,2304. Accumulated Contributions of Active Members 773,502 960,025C. Changes in the Actuarial Present Value of Accumulated Plan Benefits1. Total Value at Beginning of Year 15,947,230 14,755,179 2. Increase (Decrease) During the PeriodAttributable to:a. Plan Amendment 0 0b. Change in Actuarial Assumptions 447,211 0c. Latest Member Data, Benefits Accumulatedand Decrease in the Discount Period 1,213,730 1,995,475 d. Benefits Paid (864,151) (803,424)e. Net Increase 796,790 1,192,051 3. Total Value at End of Period 16,744,020 15,947,230E. Market Value of Assets 20,520,571 18,607,854F. Actuarial Assumptions - See page entitledActuarial Assumptions and Methods
  • Accounting & Tax
  • Business Consulting
  • Engineering & Architecture
  • Investment & Securities
• B. Action Item List
• B. Action items List
• 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. Kevin Brubaker Periodic Distribution Form for Signature
• B. Quarterly Reports, Updates: John Thinnes
• B. Review and update the Action Item List
• B. Review and update the Action Item List
• B. Voting to appoint a new attorney to serve as legal counsel for the Pension Board.
  • Legal Services
• C. A
• C. Actuarial Valuation Report as of October 1, 2025, review; Jeffrey Amrose, GRS Consulting to
  • Accounting & Tax
  • Business Consulting
  • Professional Services (Other)
  • Financial Planning & Advisory
  • Investment & Securities
  • Government Authority
• C. DROP Plan Members
  • Accounting & Tax
  • Business Consulting
  • Engineering & Architecture
• C. Other significant assumptions that differ from those used for the funding valuation: none
• C. Plan Year
• C. Quarterly Reports, Updates; John Thinnes
• D. Actuarial cost method used to calculate the LDROM: Individual Entry-Age Actuarial Cost Method
• D. Legal Reports & Updates; David Robinson, Sugarman & Susskin
• D. Legal Reports & Updates; David Robinson, Sugarman, Susskind P.A.
• 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
  • Business Consulting
• F. Credited Service
  • Accounting & Tax
  • Legal Services
  • Financial Planning & Advisory
• G. Compensation
  • Legal Services
  • Accounting & Tax
  • Business Consulting
• H. Average Final Compensation (AFC)
• I. Normal Retirement
• J. Early Retirement
• K. Delayed Retirement
• L. Service Connected Disability
• M. Non-Service Connected Disability
  • Financial Planning & Advisory
  • Insurance Agency
  • Legal Services
• N. Death in the Line of Duty
• O. Other Pre-Retirement Death
  • Legal Services
  • Accounting & Tax
• P. Post Retirement Death
• Q. Optional Forms
• R. Vested Termination
• S. Refunds
• a. Motion for Linda Boklan’s Resignation. March 20, 2026 will be Chairperson Linda