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Trustees told chair’s deposition in Inovalon securities case went well; board hears updates on firefighter-presumption and COLA bills
Summary
Board counsel reported that the plan, as lead plaintiff, advanced the Inovalon securities case and that Chair Hartley sat for a lengthy deposition described as favorable; counsel also summarized proposed state bills to amend firefighter cancer-presumption rules and alternative COLA proposals for the Florida Retirement System.
Board counsel updated trustees on two items with potential legal and policy implications: the Inovalon securities litigation, where the plan serves as a co-lead plaintiff, and a set of state bills concerning firefighter cancer presumption and possible COLA changes affecting special-risk employees.
On litigation: The board’s attorney said Chair Hartley (the plan’s representative) was deposed in the Delaware action and that securities counsel judged the deposition favorable. The attorney stated that the chair "did great" and that "the deposition went really well," and that the board remains a lead plaintiff in the case. Chair Hartley later provided factual context about the claim, saying on the record he considered the company’s prior sale conduct to be, in his words, "corporate fraud." Those remarks were recorded as the board’s factual summary of the deposition experience and the lead-plaintiff role.
On legislation: Counsel reviewed several bills that could affect firefighters and retirement plans: - A proposed amendment to the firefighter cancer-presumption law initially sought to extend the applicable period from five to ten years and to remove a requirement for continued employer-sponsored health coverage; much of that language was reportedly stricken in subsequent drafting and the bill's prospects were uncertain. - Two bills affecting the Florida Retirement System (FRS) were summarized: one would reinstate a 3% COLA for employees hired on or after July 1, 2012, with a $150,000 cap; an alternative proposal would provide a 1.5% prospective COLA limited to special-risk members (police, firefighters, corrections), effective five years after normal retirement. Counsel described both as stalled or uncertain but worth monitoring as the session neared adjournment.
What trustees took from it: The attorney advised trustees that the litigation remains active with the plan in a lead role and that staff will monitor the legislative proposals, reporting changes that could affect plan liabilities or benefits. Trustees asked for continued updates and recognized potential cost and implementation questions related to any statutory changes.
