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At-a-glance: Board ratifies minutes, approves valuation, sets disclosure rate and ratifies expenses
Summary
The board approved the 10/29/2024 minutes, ratified the actuarial valuation, authorized a 7.65% actuarial disclosure rate, approved actual plan expenses for FY ending 09/30/2024, renewed FPPTA membership, and ratified the consent agenda and warrants.
The City of New Smyrna Beach Police Officers' Retirement Plan board completed routine business and approved several motions by voice vote.
Actions approved during the meeting included: - Approval of the Oct. 29, 2024 meeting minutes (motion carried by voice vote). - Approval of the 10/01/2024 actuarial valuation (motion carried; actuary to finalize and file with the state). - Adoption of a rate-of-return disclosure of 7.65% for the short- and long-term disclosure required by the state (motion carried after discussion of the actuarial recommendation). - Approval of the plan's actual expenses for the fiscal year ending Sept. 30, 2024 (staff stated expenditures were within the budget; motion carried). - Renewal of the Florida Public Pension Trustees Association (FPPTA) membership for $750 (motion carried). - Ratification of the consent agenda, including warrants to pay bills (motion carried).
Motion language and outcomes were recorded in the meeting transcript as "motion carries" following each vote. Several items were approved with no recorded dissent; specific tallies were not provided in the transcript.
