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Kissimmee pension board approves consultant fee increase, contract addendum, retirements and SPD updates
Summary
The Board of Trustees approved a fee adjustment for the investment consultant, an addendum to the advisory agreement addressing potential conflicts of interest, a slate of quarterly retirements and returns to contributions, and an updated summary plan description; motions passed unanimously where recorded.
The City of Kissimmee General Employees' Pension Board approved a set of administrative and contractual items during its meeting.
Fee adjustment: Trustees unanimously approved a proposed fee adjustment for the fund's investment consultant. The consultant proposed a retainer fee of $54,000 and a legacy fee of $47,000, retaining the same basis-point equivalent used in the prior contract and offering a three-year guaranteed hard-dollar fee. Craig Holland made the motion to approve and Joe Luck seconded; the motion passed unanimously.
Minutes and expenses: The board unanimously approved the minutes from its Feb. 27 meeting and approved quarterly expenses for 2025 in separate votes.
Quarterly retirements: Trustees moved and unanimously approved the slate of quarterly retirements and returns to contributions for the second quarter. The motion listed named members approved for retirement/return of contributions: Lily Santiago; Brian Champion; Suzette Moran Hall; Nancy Jewell; Annette Tillett; Mary Ann Johnson; Scott Poole; Robert (Bobby) Bennett; Cherish Ron Dono; Jerry Smith; Arthur Tomerlin; Tyrone Crook; Randall Littlefield; Brian Bennett (as recorded during roll call of retirements). The motion was made by Craig and seconded by Alexandra Green.
Advisory addendum: The board approved an addendum to the investment performance monitoring advisory service agreement that sets procedures to address a potential conflict arising from a minority investor in the consultant's parent company (Mariner). The addendum requires use of an independent consultant if the minority investor's product would be proposed for the plan. The board approved the addendum by unanimous vote after staff and the consultant described the compliance safeguards.
Summary Plan Description: Trustees approved updates to the General Employees' Summary Plan Description, including administrative clarifications and updates tied to IRS and federal law changes (for example, required minimum distribution age changes under the SECURE 2.0 law and updated annual benefit limits). The board approved the document with suggested edits and directed staff to finalize exhibit changes to reflect trustee transitions.
Votes recorded in the meeting were unanimous where the transcript captured "motion passes unanimously"; the meeting transcript records approval by voice for all listed items and did not enumerate individual dissenting votes.
