[{"_1":2,"_111":-5,"_112":-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],{"_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",6151595,"mediaKeyId","5501782-370509a161d4b0075cefd0872c5235ef","parentId",5501782,"title","Staff reports shortfall in Chapter 175 offset from City of Jacksonville under interlocal agreement","audioSeconds",99,"startMs",2404000,"endMs",2503000,"viewUrl","/Search/View?dp=1&key=5501782-370509a161d4b0075cefd0872c5235ef&start=2404&end=2503","thumbnailUrl","https://assets.pipeline.soar.com/5501782-370509a161d4b0075cefd0872c5235ef/thumbnail_2404000.jpg","articleUrl","/articles/6151595/Jacksonville-Beach/Duval-County/Florida/Staff-reports-shortfall-in-Chapter-175-offset-from-City-of-Jacksonville-under-interlocal-agreement","mediaUrl","https://secure.pipeline.soar.com/6151595-9f3546a3ad6b5386d95c38f7a7c460a7/orig.mp4?Expires=1776694073&Signature=Mf9Wh~Z6Shi2~sHfBxcZ3NM2m7nHAEGYbXJHEw6c2vsrAnws6DInk1V83OuX3k5R99hpIMLJlPfalE-nbsCfUv-KqB8yFAm27Uoy0VAOAbvUdkUx3mqb5~NwPNVWICLjiZV-M467mrFzb3HvLtrulPyUgBy7gGhzuFQqQq5I6MxroQwCvGgltczab0kgisWioCvuDktX6dOlRcCepHjCsbCxjstfvipMB2SoHv6w~Looqv3U4x2N-gE5SJiiPuwwtyvBzcvj73oL0CjRd4IJCMEIIHksf22Mjv51edG1dTOTaS8LGwIBdI8rL5RyK5zhtR6O9s2-D6YbYcsx2uzahg__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Jacksonville Beach","date","2025-07-30T04:20:01.96Z","article","Pension staff told trustees they received a letter identifying a shortfall in Chapter 175 offset payments that, under a prior interlocal agreement, the City of Jacksonville agreed to provide to offset the Jacksonville Beach plan’s required contribution. Staff said the shortfall will be reflected in actuarial reports and that city staff expect the matter to be corrected.

According to staff, the interlocal agreement called for Jacksonville to take certain Chapter 175 monies to offset the city’s contribution. Staff said Jacksonville made the offset in the first year, did not in the second year, and had not done so in the current year; the plan’s actuary provided a shortfall calculation in a letter the pension office received the day before the meeting. \"We got a letter from Gabrielle Smith yesterday afternoon... here's the amount you're in shortfall,\" pension staff said.

Staff reported the City of Jacksonville Beach itself made its required contribution for the year (staff referenced an amount in the \"700 and something\" thousand range), but the interlocal offset from Jacksonville remained outstanding in actuarial reporting. Staff said they expect Jacksonville to make the offset contribution and that the shortfall would be reflected in the actuarial reports being prepared for the fiscal-year filing.

The transcript records no formal board action on the Chapter 175 shortfall at the meeting; staff said the issue was being handled with the city and incorporated into reports for the actuary.

","mediaType","Video","parentTitle","Pension Board Meeting (2/8/2022)","oneSentenceSummary","Pension staff reported a shortfall in Chapter 175 offset contributions that, under an interlocal agreement, Jacksonville was to provide; staff said the matter will be handled with the city and reflected in actuarial reports.","taxTitle","Jacksonville Beach, Duval County, Florida","taxId",54760,"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},6151600,"Pension staff to seek vendor quotes after city says ERP should cover administration software",86,2144000,2230000,"/Search/View?dp=1&key=5501782-370509a161d4b0075cefd0872c5235ef&start=2144&end=2230","https://assets.pipeline.soar.com/5501782-370509a161d4b0075cefd0872c5235ef/thumbnail_2144000.jpg","/articles/6151600/Jacksonville-Beach/Duval-County/Florida/Pension-staff-to-seek-vendor-quotes-after-city-says-ERP-should-cover-administration-software","https://secure.pipeline.soar.com/6151600-dae48dab4739dc85c8765487a0411930/orig.mp4?Expires=1776694073&Signature=FAClSiVWL1fAaNiCCucEOY1TzGnDNqdMBbeF2skiSJK9hhHX2OE-fMjPEcAnN4XwEX7LmGPfN6h7M3haHmtbqani9vX~kALTC6UAyS3DU~~YsFC2WSVMDiCYEOt8SFXI2QUojQpH1oo7oWlc2C57JOtb5ZUGGCY5vXtlRR9XwH18hhrol0jQ0F2caA4dYG4gaH1xLIlrMYxeAAFiQXBEKhFhO6NQkmCFQpTRtCLrF89NI4ai5zpig5AMb0J1qcnV92xO6eI4IRN8Qwdf~4eLPs~3PooNhTAq9r~EeezmqOYbBp-a6teEr4e0oEx6dbrZ3hg~Q9LnpqcP-PDe~RUjTA__&Key-Pair-Id=KUT5TJCACFTXG","Pension staff told trustees they will pursue updated vendor quotes for pension administration software after the city and its consultant signaled the city should pay for the new system as part of a broader enterprise resource planning (ERP) review.

Staff said the pension office had paused an earlier software purchase while the city evaluated its ERP systems. According to staff, the city’s consultant concluded the ERP project should fund the pension administration software because current city employees — not retirees — will be the primary users. \"The city... believes that they should be the one to pay for the software, not the pension plans,\" a pension staff speaker said during the meeting.

Staff reported difficulty obtaining multiple competitive quotes: several vendors declined to bid for a system the size of Jacksonville Beach, saying their typical clients are much larger municipalities. Staff said they have two viable vendor quotes that meet the needs — including member self-service projections, accumulation tracking and payroll integration — and that they will update quotes and bring a proposal to city council.

No council action was recorded in the pension meeting; staff said they will contact trustees after the city completes its council selections and that a special meeting before March 31 may be scheduled to finalize pension-board appointments and related procurement steps.

","Staff reported the city and its ERP consultant expect the city, not the pension plans, to pay for new pension administration software; staff will gather updated vendor quotes and take the proposal to council.",{"_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},6151605,"Investment consultant reports market gains, manager underperformance; boards approve quarterly report",605,241000,846000,"/Search/View?dp=1&key=5501782-370509a161d4b0075cefd0872c5235ef&start=241&end=846","https://assets.pipeline.soar.com/5501782-370509a161d4b0075cefd0872c5235ef/thumbnail_241000.jpg","/articles/6151605/Jacksonville-Beach/Duval-County/Florida/Investment-consultant-reports-market-gains-manager-underperformance-boards-approve-quarterly-report","https://secure.pipeline.soar.com/6151605-a6e83ea758abca3aba9c51630071f791/orig.mp4?Expires=1776694073&Signature=iwy~xT0KcHcwTClXdj96B06pW81s0j6PpSfGdXSn-vQ6FbySQH76XTe2dYmsEjx0c-U7zNvrww1iYK3Ec8guBAhGSRxeS2DCqxVxZACIAc1pe1X1TJN8jnnIWb2~4KOmMmcdpLXxSB7LLF9bqZpCWWCEUZ170xiW7Jxpde3Njs6v5vBT9SiVc6ktfpa42h4G8iUG6CpmETG-21yaaWeyNex8MudkwDZTw4KCP8nu6Yc4S2BWZp-KRRbw9bLP-5dUL0nKjUNpLTo3TgNLDBvKsgxaxUlUrqzAOVK7Zov~P~F4iuoP3N-qQk-hTF9V~o92LxfGRokME1nPBbA0EQMw5g__&Key-Pair-Id=KUT5TJCACFTXG","An investment presentation to the Jacksonville Beach pension boards summarized 2021 returns, manager-level results and near-term market movements, and the boards subsequently approved the quarterly investment report by roll-call votes.

Brandon Bresno, the presentation’s lead, told the boards the plan finished 2021 with about $123,000,000 in assets under advisement and described the firm as “100% employee owned.” He said recent market movement had reduced plan assets to roughly $117,000,000 as of the morning of the meeting. \"We ran the assets as of this morning... we're effectively right back at that $117,000,000 level,\" he said.

Bresno summarized that 2021 was a strong year for large-cap U.S. equities — the S&P 500 was up about 29% for the year — while mid-, small-cap and international equities lagged. He told the boards fixed income finished the quarter roughly flat but was negative for the 12-month period because of rising interest rates. \"If you look over the last 12 months, S&P was up almost 29%... fixed income was actually negative for the balance of the year because of the rise, or the increase in interest rates,\" Bresno said.

At the manager level, Bresno identified one notable underperformer. The firm listed as Wells (transitioning to Allspring) produced 1.48% for the quarter versus an 11.6% benchmark, creating a material shortfall for the quarter. Bresno attributed the gap mainly to index concentration effects: \"when you have an active manager... they can only own 5%, 6% of your portfolio on any one name... and if they own 3 or 4 compared to an index that owns 11, and that stock goes up 30% in a quarter, they're going to have a huge deficit,\" he said.

Bresno also reported on Sawgrass, a fixed-income manager, noting a staff departure in client service but saying the fixed-income team remained stable and he saw no immediate concerns about investment stewardship: \"From our perspective... he had no responsibilities related to investment management or the portfolio itself. So no concerns as it relates to the strategy or the ongoing nature of the firm,\" he said.

The presentation included discussion of interest-rate expectations and duration risk. Bresno said markets were pricing faster Fed tightening and discussed possible portfolio responses such as shortening duration, adding TIPS (Treasury Inflation-Protected Securities) or adding publicly traded bank loans (floating-rate instruments) subject to plan ordinance constraints. He offered to “queue that up” for a future agenda item if the board wanted to consider alternatives.

After discussion the boards moved and seconded a motion to approve the report. Roll-call votes show the Firefighters’ Board, General Board and Police Officers’ Board each approved the report; recorded affirmative votes included Gabriel Cameron, Ed Dawson, Debbie White, Nick Curry, Dan Janssen, Brandon Bresno and others when the votes were called.

No formal changes to the investment policy were adopted in the meeting; potential strategy changes were presented as options for future consideration.","An investment presenter reviewed 2021 performance, noted plan assets and manager results, and the pension boards voted to approve the quarterly investment report. The presenter flagged a market pullback to roughly $117 million from about $123 million and discussed manager-specific performance and possible duration strategies.",{"_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},6151610,"Jacksonville Beach pension boards approve two police retirements",81,152000,233000,"/Search/View?dp=1&key=5501782-370509a161d4b0075cefd0872c5235ef&start=152&end=233","https://assets.pipeline.soar.com/5501782-370509a161d4b0075cefd0872c5235ef/thumbnail_152000.jpg","/articles/6151610/Jacksonville-Beach/Duval-County/Florida/Jacksonville-Beach-pension-boards-approve-two-police-retirements","https://secure.pipeline.soar.com/6151610-cbf2701af1005fd133e9039d4c834c16/orig.mp4?Expires=1776694073&Signature=ZrY3ZvIRvpkyUX3cZw75h~ose-1e8gDt6I6SsOeVNimErTScdRidpSAUr95hOxMd67ecHqPJhmrPR9u4D8e3UWcg2~A8vVnovByGzrzqzAB7CTnZmoXOhyvrDm~iDiffZ~ybOK8YZdMHwqW~-lEvlaWRhCHOBKzX9ySOvxQ7dj2cVUeI7kz7pY6Q7rIjwUrHiBvJu2qNttrfHeSEbA5WEu2nTINB9QhqobjXCmW8qyJ~zDyOfP4GoGy75WbFHdljuJ5~nNeGP4KCh116qZ2LqVx52RTkUfHqS5-V64KlE31anqUFCGMXpQdzrADMePh6jJaIoyi~wqEiQkMIMAa~Yw__&Key-Pair-Id=KUT5TJCACFTXG","The Jacksonville Beach pension boards voted to approve retirement benefits for two police officers during their meeting, with roll-call votes recorded across the police officers board, the general board and the firefighters board. The boards approved benefits that staff said met the plans’ service requirements.

Board administrators presented motions to approve retirement applications for “Charles Mark Evans,” listed as a police officer with an effective backdrop retirement date of 07/01/2019 and a separation date of 05/13/2022, described in the motion as meeting service requirements with 32 years, 11 months of service. A separate motion approved the retirement of a police officer identified in the transcript as “Bradley” with an effective retirement date of 06/01/2022 and separation date of 05/31/2022; staff said that application “meets 80 service requirements for duty service retirement 10 years” and that the applicant met age/service thresholds.

The motions were made and seconded; board voting was recorded by roll call. For the police retirement motions the transcript records: David Cahill (yes), Marvin Dupree (yes), John Gastilla (yes), Jason Sharp (yes) and other board members responding in the affirmative when called. Later, separate roll-call votes to approve the investment report and related items recorded votes by the General Board, Firefighters’ Board and Police Officers’ Board.

Board minutes show the retirements were recorded as approved; there was no formal challenge or amendment to those motions in the recorded discussion.

Board staff also noted demographic changes affecting the plans: several members recently became nonvested because they retired, some beneficiaries passed away, and staff said about 10 current employees have more than 30 years of service and several more are expected to retire within the next year, which staff said will have implications for cash flow when larger backdrop payments are due.

No appeals, remands or further administrative actions were recorded in the transcript regarding these two retirement approvals.

","The Jacksonville Beach pension boards voted to approve retirement benefits for two police officers after motions were made and votes recorded across the police, general and firefighters boards.","actionData","errors"]

Article not found

Staff reports shortfall in Chapter 175 offset from City of Jacksonville under interlocal agreement

Pension staff to seek vendor quotes after city says ERP should cover administration software

Investment consultant reports market gains, manager underperformance; boards approve quarterly report

Jacksonville Beach pension boards approve two police retirements