Sarasota Police Officers Pension Board elects new chair, reviews managers and approves audits, policy updates

The Sarasota Police Officers Pension Board elected Ron Beatty as chair and Tyler Rosnickle as vice chair, approved a retirement DROP election for Officer Derek Connolly and accepted audit and actuarial engagement letters at its Sept. 24 meeting. Trustees also heard quarterly performance reviews from investment managers Allspring Global Investments, Burgess Chambers & Associates and National Investment Services, and discussed a new Florida law on divestment related to boycotts of Israel.

The leadership votes were unanimous among trustees present. The board voted to appoint Ron Beatty as chair after nominations and to name Tyler Rosnickle vice chair. The board reappointed Secretary Treasurer Griggs to that administrative role.

The meeting included a brief presentation from Allspring Global Investments on the City of Sarasota’s U.S. large-cap growth mandate. Allspring representatives said the strategy remains a “pure growth” approach, selectively underweighting the largest mega-cap names in the Russell 1000 Growth and reallocating to mid-cap growth opportunities. Dan Smith of Allspring said the firm has been “very pleased” with recent performance and highlighted contributions from names such as Microsoft, Meta and other growth-oriented mid-cap selections while noting NVIDIA was a notable relative detractor due to the team’s intentional underweighting.

Burgess Chambers & Associates’ Larry Cole reviewed broader market drivers and said the plan’s multi-manager lineup produced a strong quarter, noting the plan returned 8.1% for the quarter and ranked in the top 5% of its peer universe for the period ending June 30. National Investment Services provided an updated fixed-income review, reporting modest outperformance and explaining recent positioning: slight underweight to U.S. Treasury debt, modest duration alignment with the benchmark and targeted corporate and taxable municipal exposures.

On administrative and legal business, the board approved a one-year audit engagement with Malden & Jenkins for the fiscal year ending Sept. 30, 2025; the firm indicated its fee increased by $500 to $14,500. Trustees also approved an engagement letter with Gabriel Roeder Smith (GRS) for an experience study, not to exceed $15,000, with half payable in this fiscal year and half in the next. Counsel presented an updated summary plan description reflecting ordinance 24-5528 (investment authority) and other technical changes; the trustees approved the updated document.

Counsel also briefed the board on Florida House Bill 1519, effective July 1, 2025, which requires divestment from companies that boycott Israel when the plan holds such companies directly. Counsel said that where exposure exists only through a mutual fund or ETF, the board should contact the fund issuer; if the issuer refuses to divest, the contact satisfies fiduciary duties and no immediate divestiture is required. Counsel noted the city’s holdings will be reviewed for any exposure (he cited Unilever as a potential example because of its Ben & Jerry’s brand).

In personnel and benefits actions, the board approved Officer Derek Connolly’s request to enter the DROP program after nearly 20 years of service and to elect the 50% joint annuitant option. The board also discussed scheduling advisory-board updates to the City Commission; staff said the first set of advisory-board presentations to the commission begins Oct. 6 and that trustees’ updates will be brief (about seven minutes).

The meeting closed after administrative reports, including an administrative expense budget analysis showing year-to-date administrative expenses at 76.7% of budget as of June 30.

Votes at a glance - Approval of minutes (Police Officers Pension Board meeting 06/26/2025): Motion approved; roll-call recorded yes votes from Chair Jonathan Todd, Secretary Treasurer Griggs, Trustee Hudgins, Trustee Ross Nagel and Jody (present and voting). No nay votes recorded. - Election of Chair (nomination/appointment of Ron Beatty): Motion approved; roll-call recorded yes votes from Chair Jonathan Todd, Secretary Treasurer Griggs, Trustee Hudgins, Trustee Ross Nagel and Jody. - Election of Vice Chair (Tyler Rosnickle): Motion approved; same roll-call yes votes. - Appointment of Secretary Treasurer (Griggs): Motion approved; same roll-call yes votes. - Approval of DROP retirement request for Officer Derek Connolly (enter DROP; 50% joint annuitant option): Motion approved; roll-call yes votes from Chair Jonathan Todd, Secretary Treasurer Griggs, Trustee Hudgins, Trustee Ross Nagel and Jody. - Approval of audit services engagement (Malden & Jenkins) for fiscal year ending 09/30/2025: Motion approved; roll-call yes votes from Chair Jonathan Todd, Secretary Treasurer Griggs, Trustee Hudgins, Trustee Ross Nagel and Jody. Fee noted in presentation: $14,500 (increase of $500 from prior year). - Approval of updated summary plan description (includes Ordinance 24-5528 language and other technical updates): Motion approved; roll-call yes votes recorded. - Approval of experience-study engagement with Gabriel Roeder Smith (GRS), fee not to exceed $15,000 (payment split 7,500/7,500 across fiscal years): Motion approved; roll-call yes votes recorded.

What matters to watch next - Counsel and staff will review current holdings for exposure to companies that the new state law (HB 1519) identifies for possible divestment; staff said it will suggest IPS updates to address the law. - The actuarial experience study by GRS will be delivered to the board when complete; trustees approved the engagement and will consider any recommended assumption changes when presented. - The board’s first scheduled advisory update to the Sarasota City Commission is set for Oct. 6; chair or vice chair will present.

The article is based on the Sept. 24, 2025, Police Officers Pension Board meeting transcript and the materials and presentations delivered at that session.