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HomeMy WebLinkAbout04-16-2024 AgendaCITY OF SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD OF TRUSTEES QUARTERLY MEETING COUNCIL CHAMBERS 1225 MAIN STREET SEBASTIAN, FL 32958 AGENDA Tuesday, April 16, 2024 — 5:OOPM Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to ensure that a verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should contact the Administrative Services Department at least48 hours prior to the meeting at (772) 388-8205. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM II. PUBLIC COMMENTS III. APPROVAL OF MINUTES 1. January 16, 2024 quarterly meeting IV. NEW BUSINESS 1. Renewal of FPPTA board membership 2. Designation of Records Management Liaison Officer (RMLO) 3. Upcoming Trustee term expirations a. Tim Wood, member elected, expires May 2024 b. Andrea Ring, city appointed, expires May 2024 V. OLD BUSINESS VI. REPORTS(ATTORNEY/CONSULTANTS) 1. Salem Trust, Karen Russo, Board Custodian a. Update on Salem Trust 2. Fiera Capital, Eleni Southworth, Investment Manager (Via Zoom) a. Quarterly report as of March 31, 2024 3. Graystone Consulting, TJ Loew, Investment Consultant a. Quarterly report as of March 31, 2024 4. KKJL, Bonni Jensen, Board Attorney a. Legislative update b. Discussion of Social Security status VII. CONSENT AGENDA 1. Payment ratification a. Warrant #10 2. New invoices for payment approval a. None 3. Fund activity report for January 15, 2024-April 9, 2024 Vlll. STAFF REPORTS, DISCUSSION, AND ACTION 1. Foster & Foster, Siera Feketa/Troy Jenne, Plan Administrator a. Update on plan administration transition b. Discussion of PF-6s (Disability Affidavits) and PF-11s (Annual Confirmation of Receipt of Benefits) c. Update on State Annual Report d. Educational opportunities i. FPPTA 40th Annual Conference, June 23-26, 2024, Orlando, FL IX. TRUSTEES' REPORTS, DISCUSSION, AND ACTION X. ADJOURNMENT NEXT MEETING DATE: July 16, 2024 at 5:OOPM, Quarterly Meeting CITY OF SEBASTIAN POLICE PENSION BOARD MINUTES OF REGULAR MEETING JANUARY 16, 2024 I. Call to Order and Roll Call Roll Call Present: Board Members: Mr. Puscher Ms. Ring Chairman Wood Detective McDonough Not Present Mr. Reeves — Excused Also Present: Sean Sendra, Klausner, Kaufman, Jensen & Levinson, Attorney for the Board of Trustees Cynthia Watson, Human Resources Director Ken Killgore, Plan Administrator Nicholas Ladyman, AV Technician Janet Graham, Technical Writer Corporal Mathew Radock, IUPA Union Representative T.J. Loew, Graystone Consulting John Gunther, Polen Capital if. Vote to Excuse Absent Members Chairman Wood made a motion to excuse Board member Mr. Reeves, which was seconded by Detective McDonough. Motion was approved by a unanimous vote of 4-0. Motion carries. III. ADDroval of Minutes A. December 14, 2023 Regular Quarterly Meeting All Board members having indicated they had reviewed the Minutes as presented, Chairman Wood called for a motion to approve the Minutes as presented. An objection to the Minutes as written was lodged by Ms. Ring, stating that discussion that was held during that meeting was not in the Minutes. Chairman Wood stated that there is a recording of the meeting and explained that the Minutes are a paraphrasing of what went on in the meeting. A motion approving the Minutes of December 14, 2023 as POLICE PENSION BOARD MINUTES OF REGULAR MEETING JANUARY 16, 2024 PAGE 2 presented was made by Chairman Wood, seconded by Mr. Puscher, and approved via voice vote of 3 ayes and 1 nay. Motion carries. IV. Old Business 1. Approval of Payments Made: a. Polen Capital -- July to September $3,070.20 b. Genter Capital Management — July to September $ 693.00 c. Klausner, Kaufman, Jensen & Levinson — August to September $2,802.50 d. City of Sebastian — for Janet Graham December Meeting $ 145.00 Chairman Wood called for a motion. A motion approving the payments as listed on the agenda was made by Mr. Puscher, seconded by Chairman Wood, and approved unanimously via voice vote. 2. Approval of Proposed Actuarial Studies a $3,000 Quote from Foster & Foster b. Letter Stating City Staff's Opposition c Initial Memo from Deputy Mathew Radock Mr. Kiligore discussed the proposal from Foster & Foster, which apparently was the result of conversations with the union representative. He stated that he also provided a letter from himself on behalf of City staff indicating that they did not realize, and it was not stated at the previous meeting, that the study would be so comprehensive. All that was indicated at the meeting was that it would be a 25-year-out calculation. However, what is included in the proposal is also to look at a change in the benefit accrual rate being increased as one part of the study, and reduction in the employee contribution from 8% to 3%. Thus, staff does not believe this is appropriate and is not appropriate that it be paid from pension trust funds, as it is just additional information and ammunition, so to speak, to negotiate against the City's position. Benefits are a matter of negotiation with the police union. Mr. Killgore stated the City is registering its issue with approving this comprehensive study. Mr. Puscher asked If the number of Items listed is identical to what we agreed to begin with. Mr. Killgore said that the discussion at the previous Pension Board meeting was to consider 25 years and out before benefits. They were to consult with the actuary, come up with a cost estimate for that study, and what the actuary is saying is that apparently POLICE PENSION BOARD MINUTES OF REGULAR MEETING JANUARY 16, 2024 PAGE 3 the conversation led to some other calculations and options. Mr. Puscher asked if the City is opposed to all of it or just the extra items. Mr. Killgore explained that he thinks the position from City staff is that the City would be opposed to spending any trust fund monies towards any of the calculations. Chairman Wood stated that it was his recollection that the Board agreed to allow them to speak, and that is why we called them for this meeting, to make sure we were okay with everything that they were going to be potentially attempting to get done by the actuary. Mr. Puscher opined that it was just to define that 100% at 25 and out. Ms. Ring stated that she still disagrees, and that is why she is disagreeing with the Minutes. She recalls that the Board agreed to have them come back with a report that it was not going to cost us money, but it was not going to be definite. He was supposed to come back with a range of values and a range of different options. Detective McDonough stated that his recollection is that, when they did speak —the union and the actuary —the idea was that they could do the 100% at 25. So the actuary got with the union and said that the 100% at 25 years is probably not going to work. It is something that probably the City would not be able to do, as it was too high. So what they did was back down from that 100% to 85%. In doing so, the actuary put in how we could do that, which is how these other things came into play, referencing the multiplier and different things. So, to get to where we wanted to get, those things are somethings that had to be looked at. It could not just do this at 85% or 100%. The 100% was basically the union and the actuary agreeing that it probably is not something that is able to be done. So they dropped it to the 85% at 25 years, and the actuary explained how we can get there, and those are the things that can be done. So those are things to show the City that this is what we could do. Mr. Puscher stated that it is his understanding that the City does not want to agree before those items are presented, but they want to do it together. Mr. Killgore stated that is correct, that the City thinks it should be a negotiated thing to look at and evaluate as part of the process of negotiations. Detective McDonough asked if Corporal Radock, the union representative, could speak on this matter, since he is here at the meeting, and he could explain a bit more about how the process went with him and the actuary. Mr. Killgore said that would be the Chairman's decision. Chairman Wood said he is not opposed to that. POLICE PENSION BOARD MINUTES OF REGULAR MEETING JANUARY 16, 2024 PAGE 4 Corporal Radock said he spoke to Mr. Lozen regarding what was spoken at the last meeting. Mr. Lozen stated to Corporal Radock that it is not going to be in the City's best interest to do 100% at 25 years. The union wants to work with the City. They came up with a couple different methods that Mr. Lozen thinks will work for the City and for the union and the officers as well. That is what is on the email that was sent out. It is not 85%; it is actually 90% at 25 years. That is keeping the 8% with a 3.4 multiplier. He reviewed the other matters that were discussed between Mr. Lozen and Corporal Radock. They did discus dropping because they are high at 8% compared to the other agencies in the area, who are at 3%-6%. They then actually dropped it down to what the State is, and that would be at 75% at 25 years. That would move them up to 100% at 30 years. So they decided not to bring something to the City that is not even going to be negotiated. He stated they wanted to get the numbers to show the City that it would work and that it is good for the police officers and for the City as well. That is why Mr. Lozen decided to go ahead and say yes to the $3,000.00 for everything that we have. Mr. Puscher stated that there is also a plan sponsor who is not happy with that program. So we have to take into consideration what is best for the plan, not the union or the City. He would want to see them go to the table and come to some consensus of what they would both like to figure out the cost on and bring that forward. Chairman Wood said that, if they go to the table and they do another three-year contract at three more years, they are going to have to wait for anything to happen unless the City is willing to do anything once the ink is on the paper. That is his only concern with us waiting -- it may potentially push us out significantly longer. He is not sure if they can start negotiating now for the contract that is starting in a year from now. Mr. Killgore said the current contract runs through the next fiscal year. Chairman Wood asked if they can start negotiating tomorrow if they wanted to so they don't have to wait. Mr. Killgore said they could approach the City Manager regarding this matter. Mr. Sendra introduced himself. He works with Ms. Jensen, and he is filling in this evening because she had a scheduling conflict. He reviewed his experience with the firm and described how these issues are handled. He said that the Board's duty is to administer the terms of the plan as they are laid out. In this case, you have collective bargaining that leads to the ordinance changes in the terms of the plan. There is a point for the Board to be involved, to potentially allow the actuary to speak to the union, which clearly that has happened already, and also for the Board to potentially pay for a study. However, the time to do that is once there has been some conversation with the City in order to narrow down three or four benefit change options, and it is possibly likely that the City would agree to them as well, and then potentially pay for it. POLICE PENSION BOARD MINUTES OF REGULAR MEETING JANUARY 16, 2024 PAGE 5 There was additional general discussion on this matter among the Board members, Corporal Radock, Mr. Killgore, Mr. Sendra, and Mr. Gunther after which Chairman Wood suggested that the union try to meet with the City before the next meeting so that this item can be put on the agenda for that meeting. Mr. Killgore suggested that there is agreement not to take any action on this item at this time. A motion tabling this item until the next scheduled meeting was made by Chairman Wood and seconded by Mr. Puscher. The vote was 4-0. Motion carries. b. Approval of Agreement with Foster & Foster for Plan Administrative Services Mr. Killgore recalled that this was spoken about at the last meeting. Foster & Foster has presented an agreement to provide administrative services, basically take the job away that he has been doing for the Board. This has been reviewed by the Board's attorneys' office, and it has been proposed that it be effective as of tomorrow. He has had some discussion with Foster & Foster as far as the transition and what would be necessary in setting up different approvals for signatures. It will also be looking at better internal control, because presently Mr. Killgore is the only one who can authorize Salem Trust to disperse monies. At least the Chair should be on that signature page, or it should require two signatures. Those details will be worked so that it is properly put in place. From everything that Mr. Killgore has heard from the individual who is going to be doing this service, and he thinks she will do a fine job. Mr. Killgore described how this would be implemented. Chairman Wood called for a motion. A motion approving of the agreement with Foster & Foster for Plan Administrative Services was made by Mr. Puscher, seconded by Chairman Wood, and approved unanimously via voice vote. V. New Business a. Clarification of a Second Andrea Ring Letter Addressed to City Officials Chairman Wood asked Ms. Ring if she had anything else to say regarding the letter. Ms. Ring said she would like the Board members to be more civil at all times. Chairman Wood stated that he is aware that she is asking the Board members to be civil, but she is also making false accusations for the second time, and she should understand that these meetings are recorded, and he suggested that she listen to the recordings before she writes letters. Ms. Ring said she knows exactly what the recording says, and totally disagrees with it. POLICE PENSION BOARD PAGE 6 MINUTES OF REGULAR MEETING JANUARY 16, 2024 b. Presentation by Senior Relationship Manager, Polen Capital Mr. Gunther introduced himself and described his position with Polen Capital. Having passed out hard copies of the Focus Growth Portfolio Review to each Board member, Mr. Gunther described and explained in depth the Portfolio Review and called for questions from the Board as he went through the report. c. Report from Investment Monitor and Results of the Manager Search Mr. Loew reviewed the Quarterly Performance Summary in depth as set forth in the report, a hard copy of which was given to each Board member. He then called for questions/comments from the Board members Mr. Puscher asked if there were peer rankings. Mr. Loew pointed out the peer rankings in the report. There being no more questions from the Board, Mr. Loew moved on to discuss the Investment Manager Search Analysis, a hard copy of which was given to each Board member. He then called for questions/comments from the Board members. Chairman Wood suggested holding off for another quarter and seeing where Polen is at, and maybe proceed from there. Ms. Ring agreed with Chairman Wood. Mr. Puscher agreed with Chairman Wood. He stated that you don't get rid of managers because of underperformance; you get rid of managers because you don't have faith in them anymore. He has not lost faith in Polen, and he appreciated Mr. Gunther being here and going over the data. Detective McDonough had no questions. Mr. Loew said he will bring an update at the next meeting. VI. Leqal Updates a. Update on State Legislation b. Electronic Financial Disclosure Management System for Financial Interest Filing POLICE PENSION BOARD PAGE 7 MINUTES OF REGULAR MEETING JANUARY 16, 2024 c. IRS Mileage Rate for 2024 d. Other Legal Matters Mr. Sendra reported that the IRS mileage rate increased for 2024 to $0.67 per mile. The Board is also required to file Form 1s by July 15t. The State has moved towards the law that it passed a couple of years ago, and it will be all online this year instead of by paper for the local office. So, you will have to go to the website and register, and then you will get credentials to get your Form 1, and you can file it in that manner. Foster & Foster was already discussed, and Mr. Killgore has the contract, so he will need the Chair and the Secretary to execute it after the meeting this evening. Regarding the accrual benefit for Michael Brandes, there is a calculation issue. It is his understanding there were some emails between Ms. Jensen and Mr. Killgore, and Mr. Killgore may be able to provide a better update. He believes they were In the process of paying for the calculations at this point so that they could properly put the orders together. Mr. Killgore said he did direct them back to make the payment to Foster & Foster directly. Mr. Puscher asked if there is an employee paying for a calculation. Mr. Killgore said yes, this was a matter between this person and his spouse and their attorneys to come up with a calculation of his benefit level. So the City thought it appropriate that he bear that cost. Mr. Sendra added that he understands that there was an issue about police recruits being added to the pension plan from an actuarial standpoint. Ms. Jensen looked into that, and the advice from their office to the City was that the safest way to do that is that the recruits that are full time for the City who are going through the certification process, since they are being paid by the City, it is better to enroll them as members of the police plan and then, if they were not to become certified for some reason, they would be entitled to a return of their contributions made up to that point. However, in order to comply with the state statutes and the definitions there, the advice is that they should be put into the police plan while they are in that process with the City where they are being paid while going through the certification class. Mr. Kiligore said the City has put all the current recruits into the Police Pension Plan, and for all police recruits the City will do the same. Chairman Wood asked if that counts towards their years of service, or is that as they are sworn. Mr. Killgore said his understanding is that that is their official date of service. POLICE PENSION BOARD MINUTES OF REGULAR MEETING JANUARY 16, 2024 PAGE 8 Mr. Sendra said that is how the City would proceed with it, and when they become certified and stay with the City or whenever they leave, it should be calculated based on that date. The biggest issue would be if they don't certify for any reason. Then they just get their contributions up to that point returned to them. Mr. Puscher said it was his understanding they had to be a certified police officer to have that time count towards their retirement. He stated that this plan follows FRS basically. Mr. Sendra said that Ms. Jensen looked at the Florida statute definition versus the plan's definition, and the plan's definition is that any actively employed, full-time person employed by the City, including their probationary employment period, who is certified as a condition of employment. So, the extension of the definition is basically you are required to become certified. Based on how the state statute reads as well, the safest way to address the issue is to consider them part of the plan while they are being paid full-time by the City to become certified. Mr. Puscher commented that, if going through the academy and they get injured, how does the medical pension come into play for a noncertified officer because they are enrolled in the plan. Mr. Sendra said that Ms. Jensen's position is that, if they don't make it to certification, they are only entitled to a refund. He stated he does not know that they could become a disabled member if they become certified. He suggested that that would be a gratuitous extension of the terms of the plan at that point. Mr. Puscher suggested that maybe some language should be added for clarification. Mr. Sandra said he would talk to Ms. Jensen about this question. Chairman Wood agreed. Mr. Sendra stated that he has provided his business card to Corporal Radock so he can provide Mr. Sendra with the Collective Bargaining Agreement so he could make sure he is not giving him bad advice about trying to talk to the City. VII. Plan Administrator Reports a. Budget vs. Actuals Report/Calendar of Board Activities/Other Administrative Matters Mr. Killgore stated the City has provided the Board a calendar of activities for 2024 and the report on expenditures compared to the budget. He wants to make sure to get signatures from the Chairman on the Foster & Foster Administrative Services Agreement. That does go into effect on January 15, 2024, and also a signature authorization with Salem Trust. He wants to get the Chairman's name on the bank account as opposed to having just Mr. Killgore's name. Foster & Foster has provided a letter which he would like the Chairman to sign off on. It will be addressed to all the Board members to let them POLICE PENSION BOARD MINUTES OF REGULAR MEETING JANUARY 16, 2024 PAGE 9 know about the change and invite them if they have any questions to contact Foster & Foster. Mr. Killgore also asked that the Chairman sign a letter to notify all the vendors, all the money managers, the attorneys' office, etc., that they are now in charge of the payments. Mr. Killgore stated it has been a pleasure working with the Board, and he will be updating the new Finance Director once he/she is located. Chairman Wood thanked Mr. Killgore for all his help with the Police Pension Plan matters as well as Mr. Killgore's help with getting Chairman Wood familiar with matters having to do with his position as Chairman of the Board. Chairman Wood asked if Foster & Foster is going to provide the portal where the individuals can log into their accounts. Mr. Puscher stated he recalls that the Board did agree to have them establish a portal. Mr. Killgore said the Board had previously had authority to work with them on starting the portal. Chairman Wood called for any public input. There was none. VIII. Next Scheduled Quarterly Meetinos a. April 16, 2024, July 16, 2024, and October 15, 2024 IX. Adioum There being no further business, Chairman Wood adjourned the meeting at 6:42 p.m. 0 A Date: SUU 1,MARY OF PAYMENTS City of Sebastian Police Officers' Retirement System January 15, 2024 -April 16, 2024 INVO'CES WARRANT SENT FOR FOR PERIOD DESCRIPTION TOTAL DUE # PAYMENT Boston Partners, invoice #20231231-690-A, 10 4/3/2024 October 1 - December 31, 2023 Ijly4i471RP{ n1�1a Y.�nlerai he %oft Sebastian, for $5,782.99 10 4/3/2024 January 16, 2024 11 reimbursement Pension 6Q�rd n1rting p1jrjutq Graystona Cr1nnssufBngQ, Invoice 10129924018, $205.00 10 4/3/2024 October 1 -December 31, 2023 ,eps antt, 4thPq tees, $4,000.00 10 4/3/2024 October 1 - December 31, 2023 ceder custodial services L(LITO DEDUCTI 86,597.18 Foster & Foster, Invoice #30362, plan 10 4/3/2024 January 15 - February 29, 2024 administration $3,406.49 Foster & Foster, invoice #30527, actuarial 10 4/3/2024 Since Last Invoice services $23,517,00 Clearbridge Investments, invoice #SEEBASJ9_IIGADR123123, Investment 10 4/3/2024 October 1 -December 31. 2023 rostee8 $3,233.37 Foster, invoice #30678, plan 10 4/3/2024 March 2024 Total Invoices CHECK REQUESTS I a . e. o: $0.00 "Highlighted items are pending approval and have not yet been paid" en Kiligore City of Sebastian 1225 Main Street Sebastian, FL 32958 Invoke Date: Invoke Number: 12/31 /2023 20231231-690-A ,1''N BostonPartners FOR RATIFICATION: Warrant #10, Invoices Billing Porftlo(e): 00844 - City of Sebastian Police Officers' Retirement System Billing Period: 10/01/2023 to 12/31/2023 SUMMARY FOR INVESTMENT SERVICES Current Period Amount Due: $ 6r782.88 Current QUARTEREND Fee Invoice Period Due 30-60 Days 60-90 Days Over 90 Days Total City of Sebastian Police Officers Retirement 20231231-690-A 5,782.99 5.782.99 System Total Amount Due 5,782.99 5.782.99 Please contact James Vitelli directly at 212-908-0149 with any billing inquiries. As always, you may also direct any questions to your Relationship Manager. We would appreciate, receMng your psyrnent along with the retntitenca dip wltldn 30 clop of reosipt of this Invoice. WIRE I TRANSFER FUNDS TO: JP Morgan Chase; ABA #021000021; ACCT #066-654510 REFERENCE: Boston Partners Ref Awt #: 00844 WUL RFLRTANCES TO: Accounts Receivable Boston Partners One Grand Central Place, 60 East 42nd Street, Suite 1550 New York, NY 10165 Email Mtelli@boston-partners.com Thank You eriod Rule - Custom (USD) City of Sebastian Police Officers' Retirement System - 00844 Monthly Values 09/302023 Market Value 10/312023 Market Value 111302023 Market Value 12131/2023 Market Value Aqusted Input Annual Fee Schedule OMFEE - USD) 0.00 and above Quarla ft Fee Calcuhtlon (IMFEE - USD) 2,570,218.91 ' 90.00 BPS Fee NUN. Total IMFEE (00844) Fee Told: Invoice Summary Fee Totals: 2,502,109.73 2,391,678.60 2,659,648.64 2,759,329.50 90 360 = Schedule Total: Fee Total For IMFEE: Total Amount Due: 2,502,109.73 2,391,678.60 2,559,648.64 2.759.329.50 $ 2,570,218.91 90.00 BPS 5,782.99 $ 5,782.99 5,762.99 $ 5.76Z9Y 5,782.99 $ 5178Z88 Payable to: The City of Sebastian In the amount of: $205.00 JANET M. GRAHAM 97 OVERLOOK DRIVE SEBASTIAN, FL 32976 INVOICE FOR POLICE PENSION BOARD 1-16-2024 9 pages $180.00 Appearance Fee 25.00 TOTAL $205.00 anuary 18, 2024 •745-070 OCGIICO203325950• 1225 Main St Sebastian FL 32958 PLEASE REVIEW 1 INVESTMENT ADVISORY FEE PAYMENT REQUIRED Graystone Consulting - A buslness of Morgan Stanley INVOICE NUMBER: 10129924018 w .morganstanley.com We value you as a client and thank you for the opportunity to serve your investment needs. Please see below for the investment advisory fee(s) due. FEE TYPE PLAN BILLABLE VALUE FEE AMOUNT Consulting City of Sebastian Police Officers $20,406,890.43 $4,000.00 Total Fees This Period $4,000.00 Past Due Balance $0.00 Net Amount Due $4,000.00 CONSULTING FEE SCHEDULE Annual consulting fee is fixed at $16,000.00 1 of Innatrnents and semices offered tbruugb Morgan Stanley Smitb Banrry L.LC. Member SIPC. Graystone Consulting is a business of Morgan Staulry. raystone Consuking- A business of Morgan Stanley INVOICE NUMBER: 10129924018 REMITTANCE INSTRUCTIONS Please return payment using this page and include it with your check in the enclosed business reply envelope. Please note that cash payments cannot be accepted. Wire and check information are below. If you have any questions, please contact your Financial Advisor. Total Fees (10101/2023 - 12/31/2023) Past Due Balance Net Amount Due $4,000.00 $0.00 $4,000.00 Please note that cash payments cannot be accepted. ACH, wire, and check payment instructions are below. For tracking purposes, electronic payments are preferred. If a check is used for payment, the Remit page of the invoice must be accompanied with the check. Any payments that do not include the payment instructions provided, or Remittance page, may result in delayed processing or return of the payment. Please expect longer processing times for payments by check. By ACH (Preferred) By Wire Bank name: UMB Bank, N.A. (United Missouri Bank Name: Citibank, New York Bank) ABA:021000089 Transit Routing number: 044000804 For Benefit Of Morgan Stanley & Co. Checking Account number: 4790000101299 Incorporated For Benefit of Morgan Stanley & Co. Beneficiary Account: 40611172 Incorporated For Further Credit to: 980000163 Ref: Invoice 0101299 By Check Morgan Stanley Global Banking Operations ATTN: Advisory Fee Billing 1300 Thames Street Wharf, 4th Floor Baltimore, MD 21231-9907 Ref: Invoice 10129924018 3 of Avestmorts and services offered tbrougb Morgan Staulry Smitb Bamey UC. Mnnber SIPC. Graystone Consulting is a business of Morgan Stanley. T SALEM TRUST A DIVISION OF ARGENT INSTITUTIONAL TRUST CO. City of Sebastian Kenneth Kilgore 1225 Main Street Sebastian, FL 32958 kkil loore(aD.citvofsebastian.orc Fee Advice for Period Total Market Value for Fund: Detail of Calculation: Market Value Total Market Value Account Number 0740001482 Highland Large Cap 0740001508 Boston Partners 0740001516 Fiera Capital 0740001524 Highland Int'I Value 0740001540 R&D 0740002985 Highland Fixed Income 0740007166 iShares 0740007174 Lazard 0740007216 Polen 0740007836 Clearbridge 0740007885 Genter October 1, 2023 $ 22,355,645.87 Basis Point Rate 0.000525 Activty Buy / Sell Buy / Sell Buy / Sell Buy / Sell Buy / Sell Buy / Sell Buy / Sell Buy / Sell Buy / Sell Buy / Sell Buy / Sell Buy / Sell Total to Annual Fee $11,736.71 Amount 83 552 29 7 0 4 0 0 22 96 21 814 Total Amount Due These fees will automatically be charged to your account. If you have any questions, please contact Karen Russo at (954) 815-6928. January 17, 2024 M70870 Sebastian Police December 31, 2023 $4.50 Quarterly Fee $ 2,934.18 Charge $373.50 $2,484.00 $130.50 $31.50 $0.00 $18.00 $0.00 $0.00 $99.00 $432.00 $94.50 3,663.00 6,597.18 1715 N. WESTSHORE BLVD.. SUITE 750 TAMPA, FL 33607 TEL (877) 382-5268 FAX (813) 301-1295 u Wsalrmtru..r.mm nvoice 3/11/2024 30362 j FOSTER & FOSTER ACTUARIES AND CONSULTANTS Plan Administration Division Phone: (239) 3334872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com FederalEIN: 59-1921114 City of Sebastian Police Officers' Retirement System c/o Foster & Foster, Inc. 2503 Del Prado Blvd. S, Suite 502 Cape Coral, FL Plan Administration services for the month of January 2024. 1,206.49 pro -rated (January 15 - 31, 2024) Plan Administration services for the month of February 2024. Thank you for your business! Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 Balance Due 2,200.00 $3,406.49 uFOSTER & FOSTER ACTUARIES AND CONSULTANTS City of Sebastian Police Officers' Retirement System c/o Foster & Foster, Inc. 2503 Del Prado Blvd. S, Suite 502 Cape Coral, FL 33904 City of Sebastian Police Officers' Retirment System Benefit Calculations: FINNEGAN, Todd (Deferred Vested: EARLY) Preparation of GASB 67 Statement with measurement date of 09/30/2023 Preparation of GASB 68 Statement with measurement date of 09/30/2023 Preparation of the October 1, 2023 Actuarial Valuation and Report (non-standard) Electronic filing of 10/01/2023 valuation report to the Division of Retirement Preparation for and attendance at December 14, 2023 Board meeting (Board's share of expenses) Preparation of the 2023 Annual Report for the Division of Retirement Invoice Date Invoice # 3/27/2024 30527 Phone: (239) 433-5500 Fax: (239) 481-0634 Email: AR@foster-foster.com Website: www.foster-foster.com Federal EIN: 59-1921114 Prepare and provide set of personal statements as of 09/30/2023 for 36 members Preparation of the 2023 Chapter 112.664 compliance disclosure Thank you for your business! Net 30 4/26/2024 309.00 1,649.00 2,575.00 10,645.00 309.00 100.00 3,399.00 927.00 3,605.00 Balance Due Page 1 OSTER & FOSTER ACTUARIES AND CONSULTANTS City of Sebastian Police Officers' Retirement System c/o Foster & Foster, Inc. 2503 Del Prado Blvd. S, Suite 502 Cape Coral, FL 33904 City of Sebastian Police Officers' Retirment System Invoice Date Invoice # 3/27/2024 30527 Phone: (239) 433-5500 Fax: (239)481-0634 Email: AR@foster-foster.com Website: www.foster-foster.com Federal EIN: 59-1921114 Please note that in accordance with our contract, effective October 1, 2023, our fees have increased by 3.0%, based on the Consumer Price Index for All Urban Consumers (CPI-U) percent change for the preceding 12-month period ending June 30, 2023. Specifically, our buyback and benefit calculation fees have increased to $309, should the Members request one of these calculations from the Administrator. Thank you for your business! Most preferred method of payment is an ACH deposit. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste104. Fort Myers, FL 33912 Net 30 Balance Due 4/26/2024 $23,517.00 Page 2 learBridge A Franklin Templeton Company Date 1292024 City of Sebastian Police Officers RetirementSystem Billing Period 1225 Main Street 2023-Q4 Sebastian, FL 32958 Attn: Ken Killgore, Administrative services Director/C Invoice Number SEBAS_IGADR123123 Custodian ID XXXX007836 CUSTOMER COPY - PLEASE RETAIN FOR YOUR RECORDS. Board of Trustees of the City of Sebastian Police Officers' Retirement System Fee Schedule Deta6 - Board of Trustees of the City of Sebastian Police Officers' RetiremenAnnual Rate Valuation - USD System Mailing address: Legg Mason FBO: CLEARBRIDGE INVESTMENTS LLC 13985 Collections Center Drive Chicago, IL 60693-0139 Ref: 2023-Q4-SEBAS_IGADR 0 to 999999999999 0.750% Total Fees Due 2023-Q4: In 1,710,406.44 3,233.37 Wire Instructions: Paying Agent: CLEARBRIDGE INVESTMENTS LLC Bank: Bank of America ABA#: 026009593 Acct#: 004467062771 Ref: 2023-Q4-SEBAS_IGADR ClearBridge calculates account asset values using independent valuation services. Securities traded on national securities exchanges are valued at their primary exchange closing prices. Accrued income is included in the calculation of account asset values. 3, A47 learBridge A Franklin Templeton Company Date 1/29/2024 City of Sebastian Police Officers RetirementSystem Billing Period 1225 Main Street 2023-Q4 Sebastian, FL 32958 Attn: Ken Killgore, Administrative services Director/C Invoice Number SEBAS_IGADR123123 Custodian ID XXXX007836 PLEASE REMIT THIS STATEMENT WITH YOUR PAYMENT. Board of Trustees of the City of Sebastian Police Officers' Retirement System Fee Schedule Detail - Board of Trustees of the City of Sebastian Police Officers' Retirement\nnual Rate Valuation - USD Fee System 0 to 999999999999 0.750% 1,710,406.44 3,233.37 Total Fees Due 2023-Q4: 3,233.37 Mailing address: Legg Mason FBO: CLEARBRIDGE INVESTMENTS LLC 13985 Collections Center Drive Chicago, IL 60693-0139 Ref: 2023-Q4-SEBAS_IGADR Wire Instructions: Paying Agent: CLEARBRIDGE INVESTMENTS LLC Bank: Bank of America ABA#: 026009593 Acct#: 004467062771 Ref: 2023-Q4-SEBAS_IGADR ClearBridge calculates account asset values using independent valuation services. Securities traded on national securities exchanges are valued at thew primary exchange closing prices. Accrued income is included in the calculation of account asset values. OSTER & FOSTER ACTUARIES AND CONSULTANTS Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com FederalEIN: 59-1921114 City of Sebastian Police Officers' Retirement System c/o Foster & Foster, Inc. 2503 Del Prado Blvd. S, Suite 502 Cape Coral, FL 33904 Plan Administration services for the month of March 2024. Thank you for your business! Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 Invoice Date Invoice # 4/2/2024 30678 Net 30 1 5/2/2024 Balance Due $2,200.00 FUND ACTIVITY REPORT CITY OF SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM Activity for Period January 15, 2024 through April 9, 2024 Retirees Term Date Monthly Benefit Option Selection PLOP% None this period DROP Entries None this period DROP Exits None this period (Refunded Contributions None this period (Purchase of Service Credit None this period IDeceased Members None this period (Beneficiary Payments None this period Entry Date Monthly Benefit Exit Date Monthly Benefit Term Date Years Purchased Dale of Death Effective Date Option Selection Account Balance Refund Amount Status (Vesed/Non-Vested) Amount Due Benefit Amount Benefit Amount Rollover Contributions Option Selection PLOP% Payroll Deductions i Sent to Custodian I Sent to Custodian Sent to Custodian Sent to City I Sent to Custodian I Sent to Custodian