[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99,111],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6313720,"mediaKeyId","2386935-cefee25440e53c396982e8b249750008","parentId",2386935,"title","Board votes to request ordinance draft to allow partial lump-sum option of 5–20% for retiring members","audioSeconds",414,"startMs",4212000,"endMs",4626000,"viewUrl","/Search/View?dp=1&key=2386935-cefee25440e53c396982e8b249750008&start=4212&end=4626","thumbnailUrl","https://assets.pipeline.soar.com/2386935-cefee25440e53c396982e8b249750008/thumbnail_4212000.jpg","articleUrl","/articles/6313720/Palatka/Putnam-County/Florida/Board-votes-to-request-ordinance-draft-to-allow-partial-lump-sum-option-of-520-for-retiring-members","mediaUrl","https://secure.pipeline.soar.com/6313720-86a4b3bcee0e7a3757d5052e33d4ed3d/orig.mp4?Expires=1771187261&Signature=DMLGptL-tivTFzAaty1-SNwEx8--HZkm3jHjLRQ9dqhZhFBRkif9Je1QY62sYWpxNDPr3U9a1TUnTuZ2uR-nUmgJMpbB~Xn3bnSu8274XrJehtZHxE0LuwLwzstdiv6-9WtqS2bCl9JHBAScjZNsGtik4Xy4YsCJhoAbvg~PGO2cOJT7vv0rXzwsBIjdeIX2DNeYOOmPiEZVCMxDkO8iOnmy-7JRQ-uls1OJnX6AFRlPAvBkss5enqzI0Fadfp-xQk7hiwAqiDDhkgyMxoku9KyEvioC-vJKSeP~B0KZpd3vVa5uO9r7D5G7DQSCOFF3B7R~h6sEfNJTnAvUS5chKQ__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Palatka","date","2025-02-25T14:54:02Z","article","The Firefighters' Pension Board voted unanimously to ask city staff to draft an ordinance that would add a partial lump-sum option (PLAP) for retiring members. Under the options discussed, retirees would be allowed to elect a one-time lump-sum payment equal to 5%, 10%, 15% or 20% of the actuarial value of their retirement benefit in exchange for a correspondingly reduced lifetime monthly benefit.

The board's actuarial consultant explained the feature is typically structured so the lump-sum option is actuarially equivalent on average and does not change the plan’s funding status in aggregate; results vary by individual life span. The consultant said the plan is designed so that, on average, the option is neutral to the plan’s funding and to city costs.

Board action: Trustees directed Anna (city staff) to draft a proposed ordinance and to include the four percentage options (5, 10, 15 and 20 percent). The motion to request the ordinance was made and seconded and passed by unanimous voice vote.

Why it matters: If adopted by ordinance, the PLAP would give members more flexibility at retirement, but it also requires city council action and ordinance change before becoming effective.","mediaType","Video","parentTitle","City of Palatka Firefighters' Pension Board Meeting","oneSentenceSummary","Trustees voted unanimously to ask city staff to draft an ordinance that would allow retiring members to take a partial lump-sum payment equal to 5, 10, 15 or 20 percent of their benefit in exchange for a reduced lifetime monthly payment.","taxTitle","Palatka, Putnam County, Florida","taxId",54767,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6313725,"Board administrator reports audit pass, rolls out centralized travel policy and a forthcoming employee portal",501,3731000,4232000,"/Search/View?dp=1&key=2386935-cefee25440e53c396982e8b249750008&start=3731&end=4232","https://assets.pipeline.soar.com/2386935-cefee25440e53c396982e8b249750008/thumbnail_3731000.jpg","/articles/6313725/Palatka/Putnam-County/Florida/Board-administrator-reports-audit-pass-rolls-out-centralized-travel-policy-and-a-forthcoming-employee-portal","https://secure.pipeline.soar.com/6313725-cbae8863326d15cb7456b85e8ca16c14/orig.mp4?Expires=1771187261&Signature=WLS7GEgIFGqk2nZbvlrsEhstmGHf-cX-tL7PIcK8F5uTiJRa-LJ5OCG1uL4gC4Gp8S3aze-XLjtmbDR2cyE6jU2YAWkUPvES3G4~mMrqp8ZYTbvUfOpuAuiUKwXEAYjiGfcB~RqEvD4tIWTl7QfT01GKHoyBrwYIBobSJpVeqPd-XHGBoTzHmPxiFqWEN4xwdqDrXjCB1XXdR1oCVEne8NZ2f~Jn8Zx1S0EVbBdnXYtVNE~exgxOczOvB7AvBKjspqgcfZhaWI8nIRbEgl5tLhLPd~MwwskhxlMmQyvFN3-iT4BnGijnwWSKIdaLEMToRk2YyXO14aZvBH~mgDJr6g__&Key-Pair-Id=KUT5TJCACFTXG","Board administrative staff reported that the plan passed its external audit and introduced a centralized travel policy to streamline trustee conference requests. Staff also said a member-facing portal (under construction) will post meeting packets and documents once development is complete; access to individual payroll data is still controlled by the city.

Administrator Shannon Coe said the plan had passed the external verification process for the 17th consecutive year. Coe explained the travel policy centralizes requests through a dedicated email address so staff can manage conference registration, advances and reimbursements consistently. Trustees were offered assistance for first-time users of the new procedure.

On the employee portal, staff said the platform will host quarterly packets and other public documents but currently does not provide live payroll access; staff will review the contract language and coordinate with human resources if broader access is required.

Board action: Trustees approved the quarterly warrant and ratified administrative actions by voice vote.

Why it matters: An up-to-date audit affirms that internal processes are being followed; the centralized travel procedure aims to reduce administrative errors and ensure trustees receive education opportunities in a consistent way. The portal's rollout affects how members and staff access plan documents.","Board staff reported the trust passed its external audit again, described a new centralized travel policy for trustees, and said an employee-facing portal is under construction; trustees approved the quarterly warrant.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6313730,"Actuary reports plan performance, smoothing and a multiplier increase; retiree payout change set for Oct. 1, 2025",747,2545000,3292000,"/Search/View?dp=1&key=2386935-cefee25440e53c396982e8b249750008&start=2545&end=3292","https://assets.pipeline.soar.com/2386935-cefee25440e53c396982e8b249750008/thumbnail_2545000.jpg","/articles/6313730/Palatka/Putnam-County/Florida/Actuary-reports-plan-performance-smoothing-and-a-multiplier-increase-retiree-payout-change-set-for-Oct-1-2025","https://secure.pipeline.soar.com/6313730-28fae26409a597805b9b55b162a2fd7a/orig.mp4?Expires=1771187261&Signature=dsD4h0DNSuN9umT3bT3btz~KMh1QzZKtrQp3Pf6XlWH2bXo6~U5ut6bLzU0c3Uzgo7uJwzAA154~Ut8TbyyCab2J8AC3QlHUN73wJKWAI5xFfC3RfxG~OVmHkF3Kkho6Ts0oP-lehnV4rNWdkIU6F1O5WL2Z3gqQep~qll8FLRa3D7lqbJDOt~5vpxyoD4jxqMbHBqNnbtBOhVhefLdOwKmhLurrHUEYbP3--5SzQSUaCeef1h2IFRQnRni9bIy8HTUmVjshtxYP7KGUt63GVmhNnogyBoaowmaBxc0DNY~yfgcN6L00gDxYH57kKuzQRLLLnHcuRvewAzgbvY9NGA__&Key-Pair-Id=KUT5TJCACFTXG","The board's actuarial consultant presented the annual valuation, reporting a strong investment year but noting the plan continues to use a multi-year smoothing method that spreads gains over five years. The consultant said the plan’s multiplier — the factor that determines benefit accrual — rose to 3.22 from 3.15 and that the change increased the plan’s cost in the short term.

The consultant explained that while the plan earned about $2,015,000 on investments against an expected $673,000 (based on a 7.4% assumption), the plan spreads recognized gains over five years; only a portion of this year’s gain is recognized immediately for funding purposes. The unfunded actuarial accrued liability moved during the valuation and the plan is making annual amortization payments to reduce it.

On benefit timing, trustees asked when retirees would see the multiplier increase reflected in payments. The consultant said the effective date for the increased benefit payment is Oct. 1, 2025, and that staff would check city payroll records to ensure prior adjustments were applied correctly.

Board action: Trustees voted to accept the actuarial report as presented. The consultant provided several modeling options (including fixing the multiplier permanently at various levels) and explained the trade-offs between locking a higher multiplier now versus allowing it to fluctuate with future valuations.

Why it matters: The multiplier and smoothing choices directly affect future benefit accruals, city contribution rates and plan funding. The board discussed next steps, including whether to propose a fixed multiplier by ordinance in negotiations with the city.","The plan's actuarial report showed a strong investment return for the year but the four-year smoothing and a retroactive multiplier change raised the plan's cost; trustees were told retirees' multiplier increase would take effect Oct. 1, 2025.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6313735,"Board accepts fourth-quarter investment reports; BCA and Capital City explain market outlook",1285,789000,2074000,"/Search/View?dp=1&key=2386935-cefee25440e53c396982e8b249750008&start=789&end=2074","https://assets.pipeline.soar.com/2386935-cefee25440e53c396982e8b249750008/thumbnail_789000.jpg","/articles/6313735/Palatka/Putnam-County/Florida/Board-accepts-fourth-quarter-investment-reports-BCA-and-Capital-City-explain-market-outlook","https://secure.pipeline.soar.com/6313735-cd12ccd3d30df19dfa389ad78e8eaea5/orig.mp4?Expires=1771187261&Signature=kIfhlLaHxfVqZHtZa8zomMYDcaZoBGdEtv1rPin6SEpKwMAlGm9y5wuA1owUvvXcwtYMuk7y4rd1BStN1kfAUFRE1NU2J48zhiooe9OK0yiVPSGB1n~1v2FCA2Ta1-2bKwZWDYfYeegaAd9r9BarVgpAcyAtZpTOmJGieVO3LJT0yVVaoVuAiJl96horxt2o~8Pa9UZYRBjJlaUZi-Vo0q7AIpcdLLhhs8Q6mX9PXlZ0p4LguPLNEOaLrZ6IURObFe-ZLpKp-DwJPPkkyKid~e6D5uQylktaBVxbw6gGOuxCFuY2hmPxT1OMiwECyogA0itIw5ZeH5Y1zheWbwvlQA__&Key-Pair-Id=KUT5TJCACFTXG","The Firefighters' Pension Board voted to accept investment reports from its investment consultant BCA and manager Capital City Trust following a presentation on markets, allocations and manager performance.

BCA's fourth-quarter overview emphasized outsized returns from seven large technology companies — described in the presentation as NVIDIA, Microsoft, Apple, Amazon, Alphabet, Meta and Tesla — and noted those firms accounted for the bulk of market gains and losses in recent years. BCA representative Mitchell Brennan told trustees the Magnificent Seven “have really dominated markets, for the past 3 years,” and that the group’s valuations and recent earnings surprises help explain both the 2024 gains and the early-2025 volatility.

BCA also reported that inflation ticked higher in late 2024 and into January 2025, pushing the consultant to expect a cautious Federal Reserve. BCA recommended patience on rebalancing and said the plan’s overweight cash position provided downside protection during the recent sell-offs.

Capital City Trust reported it is overweight cash (earning roughly 4.2% per the presentation) and intentionally holding that allocation as a defensive posture while awaiting a market correction that would create buying opportunities. Capital City said cash yields were close to short-duration bond yields and that the manager preferred to avoid duration risk for limited extra return.

Board action: Trustees voted to accept BCA’s report and Capital City’s report by voice vote. Trustees also discussed inviting Sawgrass (the fixed income manager) to the next quarterly meeting to review strategy and positioning; the board directed staff to invite the manager.

Why it matters: The reports summarized the pension fund’s slight quarterly loss, strong 2024 one-year returns, and the board’s position relative to its strategic targets. Manager and consultant presentations set the context for potential future rebalancing and manager monitoring.","The Firefighters' Pension Board accepted quarterly reports from BCA and Capital City Trust. BCA highlighted market concentration in seven large tech companies, sticky inflation, and the Fed's cautious rate path; Capital City said it is holding elevated cash to await buying opportunities.",{"_33":112,"_35":36,"_37":38,"_39":113,"_41":114,"_43":115,"_45":116,"_47":117,"_49":118,"_51":119,"_53":120,"_55":56,"_57":58,"_59":121,"_61":62,"_63":64,"_65":122,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6313740,"Firefighters' pension board moves a trustee into vacant fifth seat; asks city to appoint replacement",120,636000,756000,"/Search/View?dp=1&key=2386935-cefee25440e53c396982e8b249750008&start=636&end=756","https://assets.pipeline.soar.com/2386935-cefee25440e53c396982e8b249750008/thumbnail_636000.jpg","/articles/6313740/Palatka/Putnam-County/Florida/Firefighters-pension-board-moves-a-trustee-into-vacant-fifth-seat-asks-city-to-appoint-replacement","https://secure.pipeline.soar.com/6313740-70cccc4d13c7c51d5df70105b0579e26/orig.mp4?Expires=1771187261&Signature=dZawNZGCtpi3D0FXynNYeAWfM9UDnGahtjgjYHW8Nt1PIMtIzLla3FD-G19-o8TFpUHp2P2GgPyoQtOhQnHLxmKPglGqGQh3S5TOWFrVSw87MiK9QyOiPj6Ce9G01REbCoQhpgr8LA8lxyuTmUFLTfLfYF8aVYmEapI6dGQ6A2pDWKKjynYWzjXsWmgQOiEqy-Jqy6LNe00ZnVNc7vt~pcAtl4ACIBPMUPYEky1Ki7Sjsu4loNebQVqdfh9vxUmzHe0uesYyCaEJ00BHlCe2Em2AhRn4C8Bz7BTdEF7pWfP-KuIiXYOZDNtnM983InPAuqcr8D1i7baUJFM1xEZuUg__&Key-Pair-Id=KUT5TJCACFTXG","The Firefighters' Pension Board voted to move an existing trustee into the board's vacant fifth seat and asked city staff to begin the process for the city to appoint a replacement.

Board members voted unanimously after a short discussion to shift a trustee into the empty seat left when a board member vacated the position. Board members also asked the city clerk to prepare the paperwork so the mayor and council can appoint the final trustee before the next board meeting.

Why it matters: The move fills an immediate quorum concern and leaves the board with one seat to be filled by a municipal appointment. The board's makeup affects future votes on benefits, investments and plan governance.

Board action and immediate next steps: A trustee motioned to transfer the trustee to the fifth seat, the motion was seconded and approved by voice vote. Board staff said they would contact the city clerk (identified in the meeting as Karen) and complete the required appointment form so the city can make the formal appointment prior to the next meeting.

No ordinance or long-term policy change was made; the board only approved the internal reassignment and requested that the city complete the external appointment process.","At a regularly scheduled meeting the Firefighters' Pension Board voted to move a current trustee into the board's vacant fifth seat and asked city staff to begin the appointment process for the resulting vacancy.","actionData","errors"]

Article not found

Board votes to request ordinance draft to allow partial lump-sum option of 5–20% for retiring members

Board administrator reports audit pass, rolls out centralized travel policy and a forthcoming employee portal

Actuary reports plan performance, smoothing and a multiplier increase; retiree payout change set for Oct. 1, 2025

Board accepts fourth-quarter investment reports; BCA and Capital City explain market outlook

Firefighters' pension board moves a trustee into vacant fifth seat; asks city to appoint replacement