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Cocoa Beach pension board fills police seat, approves minutes, expenses, budget and insurance
Summary
Trustees appointed a new police-side member, approved minutes and expense reports, adopted a revised fiscal budget to cover disability payouts, and authorized insurance renewals, with staff to confirm premium differences before final ratification.
The Cocoa Beach Police and Fire Pension Board met Dec. 16 and completed several routine governance actions, including seating a newly appointed police trustee and approving minutes, expense reports, the revised fiscal budget and insurance renewals.
Trustees voted to confirm minutes from the Sept. 4 meeting and approved the presented expense reports after staff explained a retroactive administrative fee that would be paid back to Oct. 1. A motion to adopt the board's revised police budget — increased to cover two disability payouts — carried without recorded opposition.
Board members discussed insurance renewals after the administrator presented three proposals (two from the incumbent broker). The administrator said premiums fell this year as fund assets increased: one fund’s premium was $3,509.75 (a $724.25 reduction from the prior year) and the police premium was $4,074.34 (down $718.19). Trustees authorized binding the insurance policy now, contingent on staff clarifying the premium differences and subject to later ratification by the respective chairs; staff noted insurers had granted a soft extension given the board’s late-month meeting schedule.
Pedro Herrera, the funds’ attorney, reminded trustees of routine fiscal-year disclosures and the budget-adoption/bookend process required for public reporting. Administrator Debbie advised that the summary plan description and the administration contract remain to be signed and will be executed at the meeting’s close.
Votes at a glance - Approval of Sept. 4 minutes (police): motion by Bill; second by Joe; outcome: approved. - Approval of fire-side minutes: outcome: approved. - Acceptance of expense reports: outcome: approved; reports to be submitted to the state. - Adoption of revised police budget (to cover disability payouts): motion by Bill; second by Joe; outcome: adopted. - Authorization to bind insurance renewals (contingent on clarification and subject to chair ratification): outcome: approved. - Adjournment: outcome: approved.
The board scheduled its next meeting for Feb. 3 at the same location; the police and fire sessions adjourned with trustees exchanging holiday wishes.
