Board counsel and staff brief trustees on ethics portal, mortality tables, assumed return and trustee recruitment
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Summary
Counsel reminded trustees to file the Commission on Ethics Form 1 via the new portal, said the plan will adopt updated FRS mortality tables in the next valuation, and staff proposed a 7.5% assumed rate of return to match the valuation; trustees discussed recruiting a fifth trustee and scheduling a workshop but did not take final votes.
Board counsel and staff used the administrative portion of the meeting to remind trustees about required filings, actuarial updates and board composition.
Counsel reviewed a memo about the state Commission on Ethics’ online portal for Form 1 disclosures and told trustees who had filed previously that the portal will prepopulate last year’s information. Counsel warned, “Don't wait till the last minute” and offered staff assistance: “our administrator will hunt you down and follow-up with you to make sure that it doesn't fall between the cracks.” Trustees confirmed the board’s existing members had completed the filing and discussed whether multi‑submissions were necessary; counsel said one annual submission suffices for most trustees.
On actuarial matters, trustees were told Foster & Foster will adopt updated Florida Retirement System (FRS) mortality tables for the next valuation; counsel said the change is required by recent statutory amendments and must be incorporated within two years. The board was also asked to confirm the assumed rate of return that will be used with the approved valuation. Staff proposed a 7.5% assumed rate of return and asked for a motion; the actuary and investment monitor present indicated they view 7.5% as reasonable for the long term.
Trustees discussed trustee recruitment: the fifth trustee’s term expires in June and the board will solicit candidates; counsel summarized the fifth‑trustee process, noting a candidate needs votes of three trustees to be appointed. The board also discussed scheduling a workshop for August 26 and whether retirees and police representatives should be invited; trustees approved inviting retirees to the firefighters’ workshop following that department meeting.
Several motions on administrative items (including approving the financial warrant for the meeting packet) were made and seconded and recorded in the transcript; those motions were handled by voice vote.