Pension Trustees - Regular Meeting

And that's not on today's CRA agenda. Hearing and seeing none, move item 4.1. That This time I'd like to call to order the 02/03/2025 meeting at the City of Clearwater Pension Trustees. Move to item 2.1 on the agenda.

Approve the minutes of 12/16/2024, pension trustees meeting.

Making a motion to approve

the minutes. Second.

All those in favor? Aye. Opposed? Unanimous. Move to item three on the agenda says this to be heard regarding items not on the agenda. Are there any citizens desiring to be heard on this agenda item today? Hearing saying none, we move to item 4.1 on the agenda.

Approve the new hires for acceptance into the pension plan as listed.

Good afternoon, pension trustees. My name is Crystal Rouse. I'm the human resources assistant director. I'm here for any questions you have for the next two items.

Okay. Is there anyone here from the public desire to speak to agenda item 4.1? Hearing the same none, is there any trustees discussion? If there's none, is there a motion?

Motion to approve agenda item 4.1.

Second. All those in favor? Aye. Opposed? Unanimous. Thank you. Agenda item 4.2.

Approve the following request of Ellen Ao, Parks and Recreation Department, Barry Balmer, Police Department, Shelby Brown, Planning and Development Department, Geraldine Blakely, Public Utilities Department, Gina Clayton Gomsh Gomshi, Planning and Development Department Patrick Davis Senior, Fire Department Deborah Humes, Fire Department John Lopez, Fire Department Stephen Martindale, Public Utilities Lee of Turpak, Police Department Todd Turpak, Police department, and Thomas Wiggins, public works department for regular pensions.

Further explanation needed. Does anyone hear from the public desire to speak to agenda item 4.2? Hearing seeing none, is there any trustee's discussion? If there's none, is there a motion?

Move to approve Agenda Item 4.2. Second.

All those in favor? Aye. Opposed? Nayes. Thank you. Agenda Item 4.3.

Approve the termination of Fixed Income Money Manager, Western Asset Management Company, and authorize appropriate officials to execute today.

Good afternoon, trustees. Jay Ravens, Finance Director. This item is requesting approval of the termination of Fixed Income Investment Money Manager, Western Asset Management Company, as unanimously recommended by the Pension Investment Committee at their November 22 committee meeting. We have had a long rewarding relationship with Western Asset, but poor performance over the last few years, along with a significant loss of clients and investment talent related to recent fraud charges against their Chief Investment Officer, have resulted in this recommendation. Be happy to answer any questions.

Does anyone hear from the public desire to speak to agenda item 4.3? Hearing seeing none, is there any trustee's discussion? If there's none, is there a motion?

Move to approve agenda item 4.3. Second.

All those in favor? Aye. Opposed? Unanimous. Agenda item 4.4.

Approve agreement with Longfellow Investment Management Company LLC for investment in the Longfellow Investment Management Company core fixed income products and authorize the appropriate official to execute the same.

Again, Jay Ravens, Finance Director. This related item is requesting approval of the hiring of Longfellow Investment Management Company as a replacement for terminated western asset. The city's investment consultant, CapTrust Advisors, conducted a fixed income manager search, and ultimately, the investment committee chose Longfellow's Core Fixed Income Fund as their unanimous recommendation to the trustees to replace Western Asset. The fund has outperformed its index for the past one, three and five year periods, has risk return characteristics appropriate for our plan, and money manager fees that are approximately 20% less than Western assets. I'd be happy to answer any questions.

Chair Does anyone hear from the public today that desires to speak to Agenda Item 4.4. Seeing none, is there any trustees discussion? If there's none, is there a motion?

Make a motion to approve agenda item 4.4.

Second.

All those in favor? Aye. Opposed? Unanimous. Thank you, Mr. Ravitz. At this time, we'll adjourn the 02/03/2025 meeting of the city of