Pension Board - Regular Meeting

okay i will wait before you start just uh i just got a text from justin just so you know running late he'll be on in five minutes so he's just well as long as i have a quorum okay i'm happy okay what about andrew have we heard back from him did you call yeah he said he was going to be a few minutes late but he will be joining okay so well let's get going okay and take care of some of the Bookkeeping stuff here. Let me call to order, okay, the South Miami Pension Plan meeting for Friday, September 12th, okay, 2025. It's 10.07 a.m. And let's do a roll call, Sierra, and you can add people as they come in.

Okay. Joe Fernandez?

Present.

Randy Brown?

Here.

Alfredo Riverall? We have a quorum confirmed.

Let's see. We have the approval of the minutes. Does anybody have any questions or comments on the minutes of June 13th, 2025?

Make a motion we approve the minutes. Second.

We have a motion and a second. All in favor say aye. Aye. All against? Okay, that's unanimous. Joe, I'm going to beat up on you today.

On who? You. On me? Okay.

On the day in case, on the last meeting, before we get into the consultant's report, before we get into the last meeting, okay, let's see. We... Joe and Kay put forth a... that we... that we... sell a million dollars worth of S&P 500, okay, which we did, okay, and we netted 62.97 and 36. And let's see, as of last night, okay, that same index was at 65.88 and 75, which means we had a 290, or it was 291 points we missed on. You do the numbers, okay, and I, let's see, it's about $46,000, okay, that we missed on, Okay, we can't do that, Joe. Okay, when I tell you, okay, we're investing for 400 years, we're investing for 400 years, not for a swing, okay, that's going to happen, okay, in the middle of 2025, or 27, or 32, or, you know, 2102.

Okay, but we're supposed to put that in, in stocks anyway. And I believe it was a federated dividend income.

portfolio no no that's not what we we don't trade we don't position stocks like that okay i'm telling you right now it was going somewhere this is this is going to be my 20th year next year okay i've watched everybody try to if you have a board that meets once a week twice a week five times a week You can move things around like that. We meet four times a year, and we're not very nimble. So the bottom line, we need to have as static a portfolio as possible.

Right, but what was I supposed to go into? My recollection, if I push for that trade, I know I was going somewhere. And I think we're, from my recollection, from what I recall, we're supposed to go right back into equities.

It's just going- No, it was not, okay?

Oh, okay. Well, look at the minutes. But I'll take the blame, but I don't think- I'm telling you, but this is a lesson for you. We never sell anything unless it's going into somewhere. The only time we sell anything is because it's going to be reallocated. So where was it reallocated to? That's my question to you now.

The cash, which is what was discussed.

No.

Not the cash.

It doesn't add up in my mind that we went to cash. We did that for either going back into the real estate that we're getting a call on now, or it was going to go into the slowing down into more of a value play, putting into the...

But we had plenty of cash in the money market to cover the calls that we have. And what we would do or what we should do in the future is... We trade out of whatever we have, okay? And the instruction, okay, that David and I, for one second, this instruction that David and I in the future, okay, was to sell or to trim down the S&P 500, okay, for any real estate calls that we have. But being, okay, as they're unpredictable, okay, we shouldn't be selling, okay, until we need that money, okay?

Yeah, Brad, but I can assure you, I did not make the call of selling a million bucks and put it in cash. It was a million bucks and going to something else. If we need cash... David, help me out here. David.

Let me jump in. Let me jump in. As you might all recall, we did decide to move a little bit of money from the S&P 500 and put it in cash because... It felt like the markets were really frothy. And we said that having a little bit of cash on the sideline was reasonable relative to what other pension plans have done. But Brad is completely right. Obviously, if we had left it in the stock market, it would have appreciated along with the rest of the portfolio. Because as we sit today, right now, the portfolio, instead of being $66.6 million as of the end of the second quarter, is closer to $69 million. And that's primarily all because of stocks have gone up. So, yeah. Brad is correct in his recollection. I don't think it's unreasonable that we had a little bit more cash. We're never going to get the movements correct.

My recollection is that's when all the tariffs were going down, the market was going all over the place. I thought it was a smart move. But we don't trade the market. If I knew when the markets were going up and down, do you think I would be sitting in this chair? Do you think? that I honestly would be occupying a measly public servant of the city, I would be sitting with David Lee at the market venues.

What the hell is wrong with you guys? Do you think he would only have season tickets to FIU? Yeah, that's the key. That was David perfect.

We're going to make the wrong decisions.

We're going to make the right ones. I mean, I agree. We played the wrong game. We all agree with that. I mean, this is a 400-year plan, I guess. But to say that we could have capitalized on that shit. On a Monday night, I can tell you who wins the Sunday games all day and night. I mean, let's be real. Put it in perspective. Joe, I understand.

We had reasons, as David stated. We had reasons to put some cash aside. The market was doing pretty good. We're on the top of the market. Take a little bit off.

Get more cash today because the market's even frothier. We're never going to be right.

Well, as I said, there was a reason for taking some money off the table. And we all agreed on it.

We had a million and a half dollars in the bank at that time, okay? We don't need to sell it, okay? When we sell things, okay, we sell things, okay, to move into something else, okay? And we're never going to be 100% right. But the bottom line is, is we can't make moves like that million dollars, okay? I mean, that was totally out of the woodwork, okay? And

I don't 100% agree with you. The other thing, what happened to that investment, the fellow that presented on the real estate play?

Well, that's a good discussion we're going to have in a few minutes with Ron.

But I thought part of the money was for that as well, because we said we're going to put about half a million bucks in there or something from my recollection. So what happened with that? That's another reason. I believe that we'll go through that.

We'll go through that. Okay. And Ron's report. I don't want to go out. I don't want to go out. Okay. What I want to do is move forward. Good morning, Justin.

Good morning, Andrew.

You know, I guess you're there. I just got a message from Jose, who's in Georgia. Okay. That his Zoom doesn't connect in Georgia. Where in Georgia are you? Okay. Anyway, let's move on then to David's report, I guess. Okay, perfect. Anybody have a problem with that? Okay, let's move on.

Great. Sierra, are you going to share that for us or should I share screen?

If you're able to, if not, I'm happy to do it.

Let's see.

It definitely helps, David, when you share it because that way I can follow along easily just looking at what you're accessing. That helps.

Great. Does everyone see my screen?

Yes.

Yeah. Perfect. Okay, great. As you know, this captures the second quarter and just wants to kind of Reset for us what happened for that prior quarter. The economic statistics, just a couple of data points. The biggest shift for us here, obviously, was GDP. The prior quarter was off fractionally, while the current quarter, as the print date of the book was at 3%. As you all might know, the revision came out and actually was revised up to 3.3%. A lot of that really was the prior quarter depression because there were a lot more imports than exports. And as you know, when that happens, that's actually a detraction to GDP. And a lot of that was because the supply chain was concerned about tariffs and what would happen in April. So there were a lot more imports kind of right at the ship, if you will, for the second quarter. Most of the other numbers are pretty consistent, although unemployment more recent numbers have picked up slightly as you all know. But we're still kind of just around the low four point whatever numbers and CPI also ticked up slightly, but we're still sub three. So CPI that believes that 2.9 unemployment is more like 4.3 but still in the same ballpark. Unemployment is still modest. Inflation is creeping up a little bit. However, The more favored indicator that the Fed used, the PCE, is probably going to come in rather modest because of the inputs that they have. So it looks like right now the market is pricing in 100% that the Fed's going to cut interest rates next week by 25 basis points or 0.25%. and probably trending for another one or two by the end of the year, and then another two or three next year. But who the heck knows? I mean, honestly, had you all asked if I thought that we would be up again in the markets, I would have said, I think it's going to be a tough road. You never know, but I think it's going to be tough. Well, here we sit. And if you look at that right page of the, Right side of the page, you'll notice that the stock market gained 10.9% for the quarter, which is bonkers. I mean, it brings our 12-month return up to 15.2%. I've mentioned this many times in the past. The long-term annualized returns of the stock market, when you look at it over a 20-year frame, annualized is generally about 9% to 10%. We got that in a quarter. Yeah, it's not supposed to happen. It's not supposed to be that easy on a reflective basis, although on a day-to-day basis, obviously, there was some agita. But if you look at that first column there, equities across the board were up both domestically and internationally, and even bonds were part of the party as they were up 1.2%. And bottom left-hand corner of the page, just to highlight for you that it still is a growth story. Basically technology stocks, artificial intelligence, anything growth-oriented, crushed stocks that were core or value. As you can see, all growth, regardless of market capitalization, was up double digits. The flip side, all value, they were up only single digits and low single digits at that. So our portfolio, pretty straightforward. If stocks do well, this portfolio is going to do well. Stocks did well, we did well. For the quarter, we gained 7.6%, a little bit behind the shadow index of 8.1, still ranking in the 14th percentile, bringing our fiscal year to date up to 6%. And then the longer term numbers there are double digits for three years at 10.9%, 10.5 for five years, 8.6 for 10 years, and then 8.1 since June of 08. That's pretty impressive. Those numbers are top third of the universe, relatively speaking, or if not top decile, so very nice. Up the right-hand corner of the page, when you add up all the pieces that are stock-related and then you add up all the non-stock-related, you're roughly at about 70-30. So a little bit over-allocated to our stock allocation, a little under-allocated to our safety assets, primarily more real estate. As you know, we have our domestic equity index, and that's why those two rows, large cap equity, semi cap equity numbers match the index funds. And then international is our active component. It did trail a little bit, but still, I would not be concerned yet. It's done as international allocation well enough. Real estate was off fractionally, but it still does not take away or detract from the longer term returns that we have. And as a reminder, that five-year return of 13.5% still captures these negative, more recent returns. So as an asset class that moderates the overall portfolio and is more similar in volatility with bonds, it's been a good addition. And Agincourt continues to do well as our active manager. You'll see there that they've outperformed for every single period. So kudos to them for that. It's a story that I get to say often, so I feel that we are in a good spot with the allocation that we have. We started the quarter off at $62.2 million, and then we wound up being at $66.6 at the end of the quarter. Oops, sorry, not very good at that. Okay, perfect. This is the chart, and it's a chart that we've seen many a times. As a reminder, the dark line is the corpus of the fund. The dotted hash line is assumption rate, and then the dotted line at the bottom is the cash flow line. Real numbers tell the story. Obviously, we're in cash flow negative status for the fund for the entire period here, and we've made... significant amount of money, roughly four times our beginning value. So we've done nicely. So as I mentioned, our asset allocation, we are a little bit over allocated to our equity component, mostly with large cap stocks, most under allocated to real estate, still within guidelines, although obviously large cap has been continuously performing very well for us. And then I'll stop with this last page here because it decomposes primarily real estate. The other pieces just have names to them. So our large cap component is indexed with Vanguard. Our mid cap or small mid cap is with Fidelity. Two bites at the apple with International MFS and then Federated. And then real estate, TA Realty Fund 12, Fund 13, and the two Agincourt pieces, one that's a little bit more broad in duration, one that's shorter in duration, the combination of which have worked well for us. And as I mentioned to you, our portfolio has appreciated since then as well, and it's done nicely.

Can you go back, if you don't mind to, That one. No, that one. So our percent is 42, our target is 35.

Okay.

So real estate, we're under, we're supposed to, we want to be at 20, we're at 9.1.

Yes. And I believe that the minutes reflect that we're looking at investing $6 million across two managers.

Which I'm assuming we're going to talk about their agreements soon.

I believe so.

Okay. And I'm assuming we already agreed to take it from large.

Correct.

Yeah. I remember that conversation last quarter.

Yeah. Although we do have some cash on the sideline as well. So obviously we'll use that first.

Fredo, remember that doesn't include committed. We're more committed in case we just haven't had the opportunity to, or they haven't called the money yet.

Got it. I got it.

It doesn't reflect that. Okay, go ahead, David.

I think that's it. I mean, we're pretty good. No recommendations on making any changes to the asset allocation, nor any of the managers. Happy to address any questions that you might have. As I mentioned to you, as we sit today, we're close to $69 million, and the asset allocation remains pretty similar to where we were at the end of the quarter. Large cap stocks were 42.9% as of a couple of days ago.

Good job, Dave. I don't know. I think we're solid. Definitely more than exceeding our assumed rate.

Okay. So we're done, David? Yes, sir. Let me ask you to hang around, okay, for this question on the partnerships, which I'm going to ask Ron to cover first. TA and affiliated housing, okay, if you could stick around for those, and then you can go about your day. Where are you now? I forgot.

I'm in Michigan. After this meeting, I have a face-to-face meeting in about an hour and a half.

Okay. And you got football tickets for Saturday?

No, although if I came in early enough, I would have gone to the game, the Detroit Yankee game, I think, right?

There you go. Okay. Thank you, David and Kay. We're happy with you now, and we'll be happy with you in a year. You've been in the business long enough to know what that means. Anyway, so Ron... Yes. Where's Brent? Brent's hiding in the shadows.

Yeah, he had to step away for a minute for a call. I have this. On TA, update on TA Realty, you had approved subject to legal review and investment in TA Realty Fund 14, which we made. And, you know, the papers have been signed. We've been accepted. And that closing has gone through. I don't know if there's been any capital calls yet. Okay. Yeah. But at some point they will call capital. I believe that is our third TA realty investment.

Okay. Okay. 4, 12, 12, 13. Okay. Wait a second. What were you in originally? 11? Yeah, 11, 12, 13, and this is 14. Okay.

Okay. Interesting. The subscription agreement on this one, it just presented some challenges that the previous ones I don't think had. And I'm doing another TA for a different plan, a different TA investment. And the papers are, and the other one, the subscription agreement, the questions are completely different and asked in a different way. and somewhat easier to use. And I asked, I just happened to ask the lawyers on the other one. And, you know, why did they, why are the different papers for, you know, the same, the different investments, but, you know, they work the same way. They said, well, it's just different law firms. We try to make ours easier.

But anyway, let me stop you there for one second. David, what other investment does TA have?

It's their core fund.

Oh, okay.

It's an open-ended core fund.

Oh, okay.

They also do have other, they have an industrial product, but we haven't been looking at that. Typically for clients, it's been either the open-ended core fund or the value-add fund.

Oh, okay. Okay. Ron says something, and the light bulb goes off.

Yeah, it's a core property fund. Okay, unaffiliated housing. Their closing is going to be likely in November. I heard from Nick Rojo yesterday. We have sent off a proposed side letter. We received some comments. It took a while, but we received the comments, and all are fine. We've asked them to make whatever additional comments you know, to incorporate the changes that we've agreed to. And I don't expect that we'll have any issues as we proceed to the closing. We're far along on this subscription agreement, so we've made a lot of progress on that. There was a... one issue and and Andrew we're glad you're here and I'll explain how this came about uh well we're glad you're here for a lot of reasons but I'm especially glad you're here for this reason uh I think Sierra had sent an email and about how Andrew or wanted to review the papers. And then Andrew called me and wanted to know how far along we were and had expressed two concerns on his review of the papers. I think they were certain underlying assumptions and pipeline deals. That's what I got out of it. I didn't, you know, that's what I wrote down. I didn't explore it because that's not my area. You know, that's that financial decision. I'm looking at it for legal issues. Brad asked me if I could tell him what Andrew had said, and I assured him that I could not under the government and the Sunshine Law, and I did not. So we're glad that the closing isn't until after this meeting. But Andrew had expressed to me some concerns. I don't know how deep they are or anything, but we have a chance to hear them now.

Then I'm going to ask Andrew to speak now and tell us what his concerns were Because I have no clue.

Yeah. Hey, good morning, everyone. It's not so much concerns as it was clarifying questions that I was hoping to ask about, you know, after having reviewed the full document. And so I don't know what would be the best way to go about that and procedurally. But would it make sense? to schedule, you know, perhaps I could schedule a meeting with Affiliated to review my questions on the sample deals that were provided and the assumptions that they used in those sample deals.

You see, the proper way to have done that would have been to invite Affiliated here to this meeting where you could do it in front of all of us. Do we want to schedule a special meeting in the next week or two to do that because they're not here now? Because if I would have known that this was what was going on, then I could have said, well, tell Nick or one of his people to be here. But of course, I couldn't get an inkling of where we were. So now we're wasting more time. Okay. I mean, listen, Andrew, I thank you for this. Okay. This is your area of expertise. Okay. This is what you do all day long. Okay. It's really important, okay, that you get these things out and you get your answers questioned. But can we set something up for the next two weeks to have a one-hour meeting, okay, with Nick and get this done? Because I think that's really, you know,

And when you say a meeting, I have no problem.

It's a special one-hour meeting where Andrew can question Nick as to what he sees in these contracts. Rather than Andrew has a meeting, then after Andrew's meeting, he has to go through Ron to set up a meeting. And then I'm trying to streamline the process. I guess the question is, do you want the whole board? The board's already given approval. I agree. Alfredo, that's a perfect response right there. That's why I don't understand why these things couldn't have been dealt with before this meeting. Andrew is obviously, in this case, a very important cog in the wheel. Bottom line is, let's deal with the problem that we have right now. Let's streamline it. Even if you get on the meeting and you're not real estate savvy, at least let's get a quorum together so that we can have this discussion and find out what these... Do you have specifics on these real quick, Andrew?

I'd have to find my notes. It wasn't anything major. Honestly, because i feel like the the board has entrusted me in particular with this deal um and and was really relying on my advice i took particular interest in reviewing through the documents and i just wanted to for my own level of comfort feel like i understood all of the the assumptions and terms that were laid out in the document i read i don't have the notes with me right now but I mean, I think, in my opinion, the idea of a brief special meeting, you know, in the next two weeks, that makes sense to me. I don't want to slow down the November closing, so we don't have much time, but perhaps that is the best way to handle it at this point.

So next week is a bit of a challenge for me as far as my schedule goes. The only day I could really, it looks like I have availability is going to be next Friday.

Yeah, I'm actually out of town next Friday, but all of the week of the 22nd, any day I'll make myself available.

Hold on one second. Let me get my calendar up here. Week of the 22nd. Okay. I'm free that week, okay? I'd rather have it in the afternoon if possible, 3 or 4 o'clock, okay?

I think the 23rd is Rosh Hashanah, and that can create problems for people who may want to attend otherwise.

I'm busy on the 23rd anyway, Ron. So what about Wednesday the 24th? How does that look for

folks. How about the 22nd? I can do that. Four o'clock?

Works for me.

Okay, we have three. How about Alfredo?

He disappeared.

Randy, can you be there at four o'clock on the 22nd? Randy? Okay, forget it.

I was muted. I say, hold on. Let me check.

Okay. Justin.

I'm good.

That's that works for me.

Okay. Okay. Alfredo. Okay. So we're all good. Yeah.

I may have an issue if I can't be here. Brent will be here, but I'll try to be here because I've done that.

Did you need somebody from our office on that call? Because I do have a conflict. I won't be able to be on the call, but I could have somebody else just sit in.

You want to have somebody cover it just in case? Okay. I mean, I don't. I mean, these are legal. This is a legal and a business. Well, I mean, you guys might benefit also from being on the call because of Andrew's knowledge. Sure.

I could have somebody from the office be on the call.

Okay. Okay. Okay, so the 22nd, we're in business there, 4 o'clock. I can go to Pilates. That's my life. One second, let me just put this down real quick. Okay, 22nd.

That's your secret, huh?

Yes, that's my secret to longevity right now. And now you have it, and I hope to see you there, Joe.

Would it make sense, Ron, if I sent affiliated list of questions ahead of time?

Oh, I think that would be fine. Nick is more open to these things I've seen than some of the other people, you know, a smaller company and local and I write Nick an email. I get an email back right away. I think we should invite Nick here, but I think Andrew... No, I want Nick here. He has to be here for that meeting, okay? Well, we don't know he's available, but I will make himself available. But I think Andrew...

I'm reaching out to him right now.

But I think, Andrew, that's very good that you would do that. I think that's fine. Give him a chance to think about it.

Yeah. Okay. Yeah, I'll do that. I'll put that together over the weekend.

Ron, would you have any issue if Andrew actually sends me those questions and I send them to Affiliated and I make that part of the agenda packet?

No, I think that's absolutely fine. I think that's absolutely fine. The trustees can't talk to each other between meetings and sometimes it creates efficiency problems, but that's the world we live in.

Okay, great. Thank you. Ron, so there's nothing else on affiliated then until we get to this meeting?

I think so. I think that's correct. I may hear some more stuff from them on the side letter. If I do, I'll bring it up. I don't think so. I think everything will be pretty much in order. We're not getting everything we asked for and opening it up to our members or retirees, but they do get, I think it's one free month, which I'm aware that they're offering to people anyway. But if you remember, we talked about, should I ask for... any concessions for our members. And I was told to ask. And so I asked, and that's what they're willing to do. And, you know, it should not be the determinative factor. The pecuniary gain is the important factor.

No, affiliated cannot hold an apartment in California In case, okay, we have somebody, this is a business, okay, we're one partner out of a number of partners. And the same way I wouldn't want Hollywood, who's an investor in this, okay, to turn to affiliate and say, hey, we have four people that might want to rent there. Can you hold four apartments? No, this is a business, okay? It'd have to be rented, okay? And, you know, in the most, you know, in the most efficient and business-like manner, okay? OK, so, you know, I mean, you know, it would be stupid for affiliated to take to if somebody called from from our board and said, hey, Nick, OK, you know, Joe Smith was there. You have an apartment, OK, any, you know, you know, can you send him a bottle of wine if he rents the apartment or something? Okay. And that's a business decision for Nick to make. Okay. But I don't think, okay, they're going to turn somebody down. Okay. Or they're, they're not going to get, if there's two people at the same time, I would hope they would give preference to an investor, a city. Okay. Rather, you know, rather than the other person. And that's just in a course of business, you know, but anyway, okay.

Real quick before we move on, just for the special meeting, I have Brad, Andrew, Justin, Randy confirmed. Joe and Alfredo, are you two planning to attend? Got it, Alfredo?

Yeah, I'll be there.

Okay, perfect. Thank you. I just want to confirm we can, our office can send out the form confirmation.

And I'm guessing Jose will be back from, what's the city? One second, I will take one second. Hopefully, he will be back from Huthbert, Georgia, okay, for that meeting. So make sure, okay, he's invited. Okay. So that's affiliated, okay. David, I don't see anything else on here, okay, that we would need you for, but you're always welcome to stay. Okay. Uh, but with that, and Kevin asked Ron to go into the, uh, and well, this is going to be Ron and Alfredo and, uh, uh, on the, uh, drop language.

Yeah.

So, you know, bye. Bye. Thank you all. Come on, Justin way.

You don't have to, you don't have to have a wonderful weekend, everybody.

Thank you. Bye. And, uh, So on the drop language, this is a request we made a number of years ago involving distributions from the drop. We see that the city passed a new ordinance making some changes to the police plan ordinance, but they did not include the changes that... the board had requested on withdrawals from the draft. So that's, that's where it is.

Okay. Okay.

Let's speak to Brad about it. Yes. I think he may have a few comments.

Yeah. Okay. I have gone through this. Okay. Several times. Okay. And it is impossible, impossible. It's not a question of, you know, I mean, it, When I say impossible, unless we hired a person to watch a single account, it is impossible for us to administer that section of the ordinance. There's no way we can predict in any fashion what the rate of return in any given year going forward is going to be if there was once again. That would be Alfredo's doing, okay? And he says he can't do it. But the bottom line is we can't predict that. We can't predict what the cost, if we could just predict what the cost of living would be that affects that, okay? You know, that would be great. But it's impossible, okay? And when I say impossible, anything over one in a million, okay, is impossible to me, okay? but this needs to be done. It needs to be fixed. I mean, I spoke to Jose, and Jose turned around and said, hey, we don't need that. And then I spoke to Ron, and that's where I'm going to bring Ron back into this conversation. He says that the unions could just waive the issue.

Well, Brad asked me, does it have to be negotiated? And here is the law on collective bargaining. It's Florida state law. It's not governed by federal law. It's not governed by the National Labor Relations Act. It's under Florida state law. And what it says is if either party, the certified bargaining unit, or the city wants to discuss a term and condition of employment, wants to negotiate it, it has to be negotiated. And it also says that you can't make a unilateral change in the terms and conditions of employment. The management cannot do that. They have to be negotiated. Pension benefits are a term and condition of employment under a Florida Supreme Court case going back 40 years. So the city cannot make a unilateral change to the issues involving drop. If either side asks for it, that has to be negotiated. negotiations, here's what Brad was talking about. And if they're not negotiated, it's an unfair labor practice and there's a procedure in the statute for adjudicating those before an administrative agency. But collective bargaining rights can be waived. So if the city wanted to or the union wanted to It could talk to the other party and say, we would like to change the contract. Here's a problem we have, or we would like to change the pension to deal with distributions from DROP. And if you agree, we will waive collective bargaining. Now, there's still a discussion, but it's not... collect the bargaining, which is a rather formal process. So what I'm saying is if both parties agree to do it, it can be done without reopening the contract. They can just agree, yeah, go ahead and do it and we're not going to and we'll waive any collective bargaining on it. It happens all the time. The parties waive collective bargaining. Sometimes they mean to, sometimes they don't. And the collective bargaining cases are just full of whether or not action or inaction is a waiver. So what I'm saying is if the city wants to do it, they can approach the union. If the union says, fine, we'll waive collective bargaining, they just get a written waiver and that'll be it. Does that answer your question?

Yes. Alfredo, where the hell are you? We can watch you chew. I know you don't want us to watch you chew. Do you understand what Ron just said? Good. Just spit it out.

I not only understand what he said, I know exactly what he said. We're in negotiations with Randy, which is literally on my right corner right there, so he knows what he said. It's being proposed by the city. It's going to be already in the police union agreements. Those are already in there. There's one union agreement left, which is Randy. Randy, you know that we're going to propose it. There's no reason to have a real negotiation.

It's a mistake. It never should have been written in the first place. Randy, do you understand that? I mean, I predicted exactly what would happen, okay, with this. And, yes, because of the cost of living, okay, and the fact, okay, that they're earning a rate of return on this money, we can't predict what it will be. It's impossible. the cash flow that's supposed to be paid out, okay, is the cash flow of the corpus, okay, plus a rate of return if there is one up to a certain point, okay? And then, okay, it has to have the COLAs in it, you know, that are adjusted annually. So it's impossible to do. It's not like, I mean, bottom line is, and I don't think it's a benefit, okay? I think, okay, the I think that this steps beyond, okay, you know, I mean, you get a benefit, okay, which you're paid, okay, you know, until you die or your spouse, depending upon how. But the bottom line is, once you're done, once you leave, this money needs to be taken out, okay? We don't have the ability. Plus, it costs us money to do this. So I would appreciate it, okay, if the city could just put together a waiver, okay, with you, Randy, okay, and get your guys on board, okay? And I know Jose, okay, doesn't care about it from what he said to me. It's already in their agreement. It's not that he has to care. It's already been. In what agreement, okay, has the agreement been passed by the city? Yes. So it's in existence, but it still appears in the ordinance.

Correct. We have not modified the ordinance. We're waiting to finish up the negotiation with Randy's group so it can all be done.

Because right now somebody else comes along, okay? We have to do it because that's the ordinance. But now that we've seen how it works, we can guarantee there's going to be a mistake there. And the bottom line is, in the case of Manny Mongola, he got every penny he deserved and then some. And then we came back and said, hey, you got a little more than you... then you're allowed to get, and now we have to claw back the money. This is going to happen again, Randy. I'd appreciate it if it was done immediately. If it's already in the police union and agreed to, Randy, if you guys waive it, it can be done immediately.

that's just my opinion on that okay but let's go ahead from there okay let's go to oh randy another topic for you uh on uh on uh henry moses yes so uh we received day before yesterday well let me go back uh uh and just set the stage for this remind everybody uh Henry Moses was a beneficiary of a deceased retiree. He has been apparently unable to direct where the pension checks are to go. Somebody has, we've received a number of different powers of attorney which are documents that allow an agent pack for the principal. Uh, From the agent on his behalf, there's a Florida statute that very strictly must be complied with. And through all of these, we've said that they had not complied. We received one the day before yesterday, a new one. And I believe that it does comply with Florida statutes. Now, it depends, of course, on a power of attorney can give certain people, can give the agent certain powers and not other powers. We understand that here, that the power that wants to be executed is the direct deposit. And I'm not sure how much we have, but it's been a number of months. He hasn't received his pension benefits.

About $50,000?

Two years. I'd have to look up the amount, but I know it was August 2023 is what this goes back to.

I know this has been a very difficult, let me say, for Brett and I and Brad and, you know, people accusing us of violating the Americans with Disabilities Act and things like that. But we have an obligation to follow the statute on this. Now we think that in connection with this particular power of attorney, that it permits the agent to direct the pension benefits to an account. If there's other things that the agent wants to do, and we've said this in other issues to Sierra, ask us what they want to do and we will review the power to see if they have authority to do that. Now, Brad asked me yesterday if the agent has authority to direct it to an accountant. does the agent have authority to direct it to her own account? And the answer to that is no. And that is determined by our plan, which prohibits assignment of benefits. And if somebody could just assign, somebody could just Acting as an agent under a power of attorney get the money into their own account. That would be an improper assignment. What she can do is, is create an account for him. or even have a joint accounts here. We send pension benefits to joint accounts all the time, don't we? Yeah. And so that's not considered an assignment. So in other words, if the agent here wants to direct the money, whatever held there and future benefit payments, and we're happy we finally have a good power of attorney to an account in the name of uh, uh, Henry Moses, uh, she can do it. If there's other questions, other powers that she wants to exercise, Sierra can ask us and we'll, we'll give her an answer. Uh, we don't think, yeah, we don't think that it can go into her account alone. Okay.

Well, let's, let's get more specific then in case. So Rand, Randy, you can understand this. Okay. In other words, we can't put this into an account in just Roberta's name. If they need to open an account as Henry and Roberta or Henry's account, okay, with her as the power of attorney on it, having the power of attorney to sign on it, okay? But that's, I mean, and right now, our major concern is getting the lump sum, okay, to Henry, okay? So... I mean, I'm trying to think of every question that might, in other words, it would be great, okay, now that we know that the power is sufficient, what I don't want to do, okay, is to see, you know, a bank account not set up properly, okay, under our ordinance, okay, and state laws. I want to make sure I have that now so I don't come in a week and then have to wait for another meeting before we discuss this again. Okay, because personally, I don't think it's right to put it into somebody else's name. I mean, she could assign it to her. I don't know if Roberta has kids or anything, but she could assign it to her kids if she wants. We need to make sure, okay, that Henry, this is Henry's money. It goes for his benefit. And the only way to do that is to make sure that she has an account. Okay, it's either her and Henry. Henry, okay, with her is whatever. her position is called, but we, you know, that's the, okay. Joe has a question. Go ahead.

I'm just going to add to that. I think the easiest is going to be a joint account on any given bank. It's going to facilitate everything nice and easy as per Ron, you know, And the other thing, just to let you know, at a bank, once you create a joint account to receive those funds, you can also at the bank create a transfer on death, which means that ultimate, whoever the beneficiaries are, and I'm assuming this is an older couple, You can do a transfer of debt, and that way the beneficiaries will receive that money in case anything happens to the two owners of the joint account.

Okay, but that's not our concern. Our concern is getting her the money today, how she sets up the account. I don't want to give her a legal opinion of any kind because that always comes back to bite us. The only thing I want to make sure is, is that when she sends us the request for payment, okay, which, which, you know, Sierra will now, will accept, will accept this so you can, I mean, and Sierra or Ron, in case you'll be sending her an email immediately saying, we accept this power of attorney, okay, and we want to move on, please call us, okay, for you know, with any questions or, and then send her the documents that she would need to, that we need signed by her. Okay, Sierra, can we get that?

I mean, I know you don't want to go out on a limb on there, but

No, I'm not going out on a limb. I don't want to.

You might want to say it has to go into a joint account. I mean, not where you give me legal advice, but to let her know what to do, because then you're going to put the...

I want, okay, John, I'm going to go with that. Okay, I'm going to say, Ron, okay, then you send, you write the email. Can we do this in the next 24 or 48 hours at the maximum? Okay, get her a letter out. Okay. So we accept, you know, happily, use the word happily. Happily, we accept the money.

Okay.

Honestly, if Ron wants to send the email to our office, just so we have the email in the file stating we're accepting the POA, the money just needs to go to an accountant, his name, then we'll reach out to her and we'll work that out.

Okay, I'll write directly to Ciara and let Ciara communicate. And I will say that the form of the power of, happily, the form of the power of attorney is acceptable. We understand that it wants to be used now for direct deposit, and it is acceptable for that. There may be actions that you choose to take where it may not be acceptable. We'll deal with those on a case-by-case basis. I think it'll actually be acceptable for probably everything.

Right. We don't want to get rid of the money.

But we haven't had a lot of time on this. We got a day before yesterday and we wanted to get an answer today. And that, however, if she wants to direct it into an account, it has to be into an account in which Mr. Moses is on the account. It can be a joint account. It should not create a problem for her because she has a power of attorney. If the bank thinks it's acceptable, You know, loads of people give other people authority to have the bank account. But there's two reasons we don't want it to go to the agent's name. You know, one, directly into the agent's account, because it could raise a red flag. But more importantly, or importantly in this case, we're not allowed to pay it to somebody else under any circumstances. That's what our plan says. And that's a time-honored tradition, no assignment. We don't want people coming to us and say, pay off my Ford F-150 with my pension. Joe, yeah.

All I want to add to that, Ron, is just somehow give them a clear path to, hey, a joint account is probably the best. Okay. Not us being on a limb. That's my suggestion. Because all you're going to do is you're going to throw legal jargon back to this folks that were trying to, you know, get this thing resolved. And then they're going to be having to go find legal counsel and figure out how, what, or whatever. This is pretty straightforward. Get a joint account.

You've got the power of attorney.

That's how we'll get it to you. And then she has the ability to do whatever she wants with the money.

Right. And I will do my best.

Joe, if it makes you feel any better, our office handles these kinds of situations all the time. So we'll be sure we give her clear instruction that it has to be an account with his name on it, even if it's a joint account with her name on it as well.

I personally would not like to say it's a joint account. I personally would like to say it's an account with his name on it.

Yes, exactly. As I said, it has to be clear by, you know, the process has to be clear. But ultimately, if you can make it where they understand that, you know, that's probably the easiest path with us being on the hook for it. All I'm saying is it just creates, it reduces ambiguity and makes it clear.

Joe, I don't know her banking affairs, okay, or her family's banking affairs, okay, and I don't want to be involved in that decision, okay? The bottom line is I want to make sure she knows that the account, because there's probably a dozen or two dozen ways, okay, to have his name on the account, and it's what's best for him. I don't want to make a banking decision for him that is going to come back and say, oh, well, I opened that account, and now there's this problem, okay? And they told me I had to open a joint account, and I don't know what those issues are. I want to make sure, okay, that we cover our asses, and we cover Henry's ass, okay, as best as possible, okay? And I don't care if as long – I mean, I can't – I want to make sure, okay, that Joe's name – Henry's name is on this account, okay? And, you know, I don't want to be specific. I really don't want to be specific because that could come back. Those things come back. You know, you get some young lawyer that's a little younger than Brent and a little more eager than Brent. Okay. And they want to make a name for themselves. So all of a sudden we're in a lawsuit. I don't want that. Okay. You were young once, Brent. I remember.

A long time ago. A long time ago.

Okay, that's my opinion. I don't think we need to vote on anything here, okay? I think, you know, we now have that, okay? In fact, if you could get that email, okay, to Sierra, then in 24 hours, okay, and Sierra, within 24 hours, if their phone call could go up to Roberta, and then followed by an email, and I'm sure Randy is probably on the phone with her right now, okay, and

Why would you think I'm on the phone with her right now, Brett?

Because I know you. And I know if there's exciting information for her, okay, that you would want to pass on.

Brett, after two years, there needs to be some exciting information.

Okay, but that's not, don't get me started on there, okay? We don't want to be here for an extra hour, okay? Because I can lecture you for an hour, okay, at least. What went wrong with this? We don't want to get in that now. What we want to do, we want to get Henry his goddamn money.

Listen, Brad, I have talked to you far too much. My wife is angry. And I don't want to have another hour conversation with you.

You can assure her we're not having an affair, okay?

You already got me in trouble one time. I'm not going for that again. But, yeah, that's good news. I'm happy to hear that Henry's going to be able to get those monies.

And this is public information now. If you want to give her a heads-up call and say, hey, make sure, okay, that somebody gets to her in the next 24 hours.

Yeah, I would rather Sierra do that. Just contact her, and I'm quite sure that they have those accounts, and we can just get this over with. You know, it's just been going on too long.

I mean, Sierra will tell you, okay, the most I've gone, okay, and signing off on one of these is about 12 hours, okay?

This is bad.

Yeah. As soon as I get the proper paperwork, I'm signing off on it, okay? Yeah. Okay.

I think we're all excited to get this one taken care of because it's been floating on my to-do list for two years as well.

And we've calendared a deadline of 11-07 Saturday to get our email to Sierra.

So after we resolve this, Brad, you have no excuse to talk to me now, huh?

You can still call me.

Oh, no, you call me. You guys can just, you guys can speak about football. There we go. Now that's my area, man. University of Fort Miami.

Okay, let's move on to Sheila Scanlon then.

Yeah, so Scanlon, we got a power of attorney on this and it's executed in another state. And what we're allowed to do by far as statutes is to ask for an opinion from an attorney from that state as to whether it's valid or not. You know, we're not experts on that. I think this was Arizona. I don't remember, but we're not experts on Arizona power of attorney law. And we wrote that letter some time ago and we haven't heard anything. I did get an email from Sierra. I think somebody told Sierra that they thought their attorney had contacted us. They had not. We answered that. And that was a while ago. and contacted us so nothing we can do we hope to get that but where we can't review it under the law of another state we were allowed to on the statute ask for a letter from them and we're way an opinion and we're waiting for that okay tiara what was your last or what was your office's last discussions with uh with sheila or sheila debbie okay the sister

I'm pulling that up now. Okay. So Debbie reached out and said she apologized for not contacting sooner. She was under the impression her attorney reached out to Lauriam Law, and I advised her that Lauriam Law had not heard from her lawyer, and if she could call up with him so we can have a valid POA, that would be great.

When? When was this?

This was on August 16th.

August 14th. Okay, so that's a month ago. We need to make sure somebody is calling this lady every two weeks. and asking her to get her act together. The worst thing that could happen at this point is this lady passes and then we're in total flux. The problem with Sheila is that we're advised by her sister that she's not of good mental health. I'm guessing it's something like an Alzheimer's or something like that. I don't know exactly. But the bottom line is that We don't have an address on Sheila. We don't have a proper – I mean, she's moved three times, and we haven't had a proper change of address. Every mail that goes out by Foster & Foster or U.S. Bank gets returned. It was only by accident, okay? I mean, I remember this from a couple of years ago when I was sick, okay? And I thought, okay, people are following up on it. They haven't been following up. Sierra, please, I want every two weeks somebody to contact, okay, Debbie on this, okay, to get her, okay, to get this stuff done. You know, once again, I don't want to be in a Moses issue, okay? Okay, and we're kind of almost there, okay? I mean, if, you know, because there's a power hanging out there, if it's legitimate, then we want to take it in, okay, and move things forward, okay, with Debbie being able to sign these papers. If there's not out there, then somebody has to do something in Arizona. Okay, so every two weeks, Joyce or somebody, okay, every two weeks, okay, to be reaching out to her. Okay. And, you know, and hopefully we just browbeat them into submission somehow. Okay. Ron, anything else?

I just sent an email to her now.

That concludes our report. Thank you. Okay. You sure?

Yes.

Okay. I just want to make sure. Brent, did you have anything to follow up with?

No, just thank you for reminding me that I used to be young and what did you say? Spry or whatever.

Yeah. You still look young.

That's all that matters, right? Thank you, Sue. That's right.

Okay. So next we have Foster and Foster. One second. My daughter's going to have to wait. I don't.

She knows it's my turn to report. I think you were on the phone yesterday when she called you.

Yeah, well, we still have issues and things we have to deal with and she's probably very unhappy in what I just did. Go, let's see, the state annual model. Oh, wait a second. We got money. Did everybody receive the ordinance that was passed in June? did everybody receive a copy of that do we know sierra was it sent out to everybody it was yes okay it was yeah i received it okay the ordinance okay the ordinance okay that was you're going to be my replacement andrew uh right okay but anyway uh They passed an ordinance, okay, and the gist of the ordinance were that the state required, the 185 plan, okay, our kind of sister board, okay, they were under an order from the state of Florida that they receive insurance payments tax money, and that money goes to police officers. And because when this was enacted, there was not enough money to buy all of the benefits that the state of Florida required the police union to buy. It's dragged out over, well, this is 25 years. And finally, they bought the last I'm trying to keep this short. They bought the last benefits, okay? I guess there were three or four in this ordinance. And in order to do so, okay, out of reserve that they had, okay, they gave a lump sum payment of, I guess it was somewhere close to $175,000. I don't care about the exact number, okay? And then in addition to that, okay, on an annual basis, okay, the state sends them money, okay, these insurance taxes, but in both, in this case, there was, with the purchase of the benefits, okay, we got a downstroke of about $175,000, I guess, this year from the state, okay, to come to us, they were required to pay about $103,000, so we got $200-some-odd thousand dollars Okay. And payments from them in years past, and you won't have to deal with this, Andrew. And in years past, okay, we have fought through the following year to get this money paid to us. Okay. The last ordinance change where they bought, okay, I literally had to threaten the police union that we would not pay out benefits because we've not been, because they haven't complied with the ordinance. We did collect this in timely fashion. And the only excuse that I, or reason I see that that was done, okay, was not Ron. I'm just kidding, Ron. It was Sierra who followed through with this and got our money and came in timely fashion. Okay, I'm gonna have free time in the next quarter. But anyway, so we collected that money. We need to pay attention to that ordinance. Unfortunately, most of these benefits really don't concern us because I mean, for disability, the city carries a disability policy, which is better than what the ordinance change will give them. So they're gonna go to that benefit policy And then the death benefits and stuff like that are more clarifications than they are a real benefit. But it also increases from, what was the 185 board paying us last year? What did they pay us last year? $80,000 or something?

Yeah, it was just under $80,000. And this year it was $103,697 in state monies plus the $172,273 in reserve funds. Right.

Okay. But the $103,000 is what we will receive each year from that pension. Okay. And now they're free to do with the rest of the money what they want to do or what they're required to do by state law and city ordinance. This is a big relief.

I confirmed with the actuary that the amount next year will be the $103,697, but in fiscal year 2027, it will reduce to the $78,415. I have that confirmed with the actuary and calendared on my calendar for each August. So I can, as soon as the monies come in, we can make that transfer.

Right. Okay. So that's on regarding state monies. That's regarding the ordinance. Okay. Please familiarize yourself with these, with these issues. Okay. These, these questions will come up in the future. Okay. And you know, and if you haven't, if it's, if you've read it, okay. at least you have the ability to come back and say, well, I know it's in there. I just need to reread it. Okay. And that's important. Okay. So that's the stuff. There's an NCPERS meeting in October. Joe, where are you, Joe? You're up there on the court. Everything shifts every time somebody leaves. But you had a question. Do you still want to go to that?

Yeah, I'd like to go to that. I think it would be helpful.

My suggestion to you would be to go to the general meeting. There's a bunch of breakouts over those two or three days. And when you go to an education class, they're going to lecture you. I know you don't like to be lectured. Nobody does. I know you, but you go into these meetings, you got to make sure you're there for the breakfasts and lunches. Okay. Because you go in and get you walk in, you sit down at the table. I mean, when I went a couple of years ago, I sat with people from CalSTRS with New York pension plans. Okay. These are the trillion-dollar plans, and you're sitting at the same table with trustees. Plus, there's other local boards like us, but those are the interactions that you want. You want to learn from people like that. You want to go to the breakout meetings because these are the issues nationally. Are you going to stay up there in Fort Lauderdale?

I mean, might as well go for the whole experience.

Go for the whole experience. Stay. It's at the Omni, okay? But you need to go. You need to go to those breakfasts and lunches, okay?

Yeah, I want to do the whole deal.

Hopefully, you'll meet somebody that will take you to dinner, but you can still get your daily stipend, okay?

Okay.

Make a profit of a hundred bucks or something. But anyway, but I mean, that would be my suggestion. You make the final decision.

Oh, no, no. I mean, a hundred percent. And especially now that you are second that, that, that my, my request. Yes.

I mean, I think you'll be bored in those classes.

Well, you're talking about the classes. Well, isn't that all part of a big package?

Well, yeah, there's several packages that compound, okay? You go to those classes, they're $900 for one group of classes, $900 for another group of classes. Then if you want, the ultimate thing would be to get certified by NC person, okay, which in my mind, okay, is if you're a police officer or a general employee, You know, it's one thing. Okay, you're a business person. A lot of this stuff is common sense. To me, it would be more important, okay, to go to the three, was it three days? Okay, of just the general business. Because if not, you're going to be there for almost five days, I think, right?

My thoughts were, if I'm already involved with the City of South Miami Pension and continue to stay on to give service back, that going to these events, you always learn something new and then going through the through that fiduciary program, it's good for me to better understand what I'm doing. And also I figured it's also good for my business personally. So I figured it's a win-win to get better educated on the whole.

You want to go to both of them and Kate will pay for it. Okay. I don't care. Make the decision and Kate get with Sierra or who's handling that in your office, Sierra.

Janice.

Janice. Okay. Get with Janice. Okay. Tell her exactly what you want to do. Okay. And I'll sign off on the checks.

Are you going?

If I do, it would just be for the conference, not for the education. I don't know. I've got some things going on around here around that time. It might become an issue. I've got to really discuss that with my wife. This is family issues.

Okay. Yeah. Sierra, the other daughter. I think, if anything, I'll gain something from it, and I think it's worth my investment and worth the pension's investment.

Well, your investment is the time, okay? You know, the money, listen, the city pays for this, okay?

I know. That's what I'm saying. I think it's a win-win. Alfredo pays for this. Unless Alfredo opposes, but I think it's better. The more I know, the better, I think.

If it was my money, I'd offer you a one-day stipend not to go. There, you see Alfredo?

Yeah, thank you, Brad. I appreciate that. And Joe, it would be great for you to go. Honestly, the more knowledge you have, the better it is as more becomes so.

Yeah, I mean, you know, I've been living in this city for almost 30 years now. I figured I'm not going anywhere.

And Andrew and Justin, if you want to do this, okay, it's in Fort Lauderdale. So you'd be fairly close to home if you want. Once again, My suggestion, if you want to go up for the conference, okay, and get those interactions, okay, that to me, that would be step one is that first, okay, the other education is secondary to me. But that, you know, Randy, to you, I was going to get to you, Randy, just calm down, okay? Randy, okay, the city will give you those days off, won't they, Alfredo? It's paid time off. Yeah, of course we would. Of course, it would be great. Just so you know, that's there for you.

Are you sure the city would pay for those days?

They're required to pay for that. Randy, I will go down fighting.

Why didn't you become city manager, man? That's not what Free Kamali told me.

And as soon as your other members of the union find out you're getting paid time off for this, they're going to question why they're not on the board.

Okay. Those are the benefits of being on the board, I guess. Yes.

And Alfredo, I would strongly suggest you go to one of these, and this is the closest, and we'll pay for you to stay up at the Omni. Okay, you can bring it.

I did hear, just an FYI, I did hear that they moved it because it was at the Omni with people staying at the Diplomat, I believe, and I heard they moved it up to the Margaritaville because the Diplomat's under construction.

Oh, okay.

Well, I'm not caught up on all the... Yeah, you get free margaritas, too.

The city does not pick that up. The city does not pick up the margarita. Let me make that real clear.

That was made clear years ago.

And they'll pay you to drink them.

Yeah, because you're on pay. No, they'll pay Randy to drink the McKay because Randy is on paid time off.

I'm actually thinking about going with Joan. You're talking about margaritas and stuff? And you can bring your wife. And she can go shopping while you're in the... She's going to limit the margaritas. I don't want to bring the wife.

I want to remind you, we are being recorded.

a copy of this recording okay and then you're gonna be dead you're gonna be dead okay we're gonna be looking for a new member okay so anybody okay please get in touch with uh janice

And if you reach out to me, I'll send it along to Janice. If you don't have her email handy, you can just send me a quick email and Janice will reach out to you.

This is at the end of October, so it's about six weeks away. So you want to get in as soon as possible. Is there a date that the prices go up? Do we know, Sierra, real quick?

I don't know that offhand.

I think October 10th.

Either way, I don't care. I don't care about that as much as I do getting you guys to these meetings. I've been to them regularly. And it's, you know, I mean, it's rather than going to Denver or San Francisco, which I know would be, you know, so hard on you. This is Fort Lauderdale. It's in our backyard.

Yeah. That's another thing I liked about that. It's easy.

Okay. And then there's, yeah. Well, there's the fiduciary program from the 25th and on the 25th and 26th. Okay. And then the 26th and 29th, those are the dates that, uh, You know, for what I'm, you know, I would suggest that's the most important because it will give you financial actuarial legislative. And, you know, and listening to the problems in other states, okay, and talking to these other people, you know, is, you know, just having breakfast with them. And, you know, that to me was more exciting. Okay. Okay. And everybody knows my opinion on FPPTA. I know Ron will say he's the lawyer for FPPTA.

Ron, I got to get off at 12. I just want to give you a little heads up.

Anyway, new business. Okay, you got to go. This is the 2026 meeting. Okay, I did make a modification. Did they get the modified one, Sierra? Okay. They were going to put us on the Friday before Labor Day. Okay. I moved it to the Friday after Labor Day. Anybody have any problems with that?

What is that about?

These are the proposed dates for meetings for next year, which if you open your package, you would see.

Oh, gotcha. Okay.

Okay. Let's see. And then there's the 2025-26 budget. Okay, does anybody have any questions about what they saw there? Keep in mind, okay, that we're in a unique position from, I guess, just about every other pension that I've talked to or know, okay, in as much as we get our expenses paid back. They call them reasonable expenses, but if they're an expense, the only reason we paid them in case is because they're reasonable, okay? So if any, I mean, and we've tried to put in a buffer there. We don't want, I don't want to underestimate, I'd rather overestimate and not use the money. Do you hear that Alfred, not use the money? Okay. So that's how that budget came to being. And there's, you know, So we need to pass that budget, Sierra? Yes, I need a motion to adopt that, yeah.

Make a motion that we adopt the budget. But this is the budget for fiscal year 2026.

Yeah, 2526.

Correct.

Okay, so I have a motion and a second. Okay, any discussion? No discussion. Okay. All in favor, say aye.

Aye.

All against nay. There's none. So that's unanimous. Okay. I don't need to, on the meeting days, we don't need a motion on that, do we? Okay. On, let's see, on the litigation, on the George Green and PRC, I think the attorney's dragging his feet, but we're going to, I'm going to motivate him in the next couple of weeks to get on this. Okay. I spoke to his brother, okay, who he hates.

So that's not us that you all have potential counsel on that. That's not us.

That's not. That's Craig Shapiro. And once again, these are small. These are small. You know, you know, you know, it's lucky that these aren't major issues. OK, because, you know, we need to deal with that question. Consent agenda. We had warrant 52 and 53. Okay, I'll take a motion. Does anybody have any questions? And when you're reading these warrants, please take the time to look at the foster and foster... invoice, okay, the second one, because that will show you all the different items, okay, that Foster & Foster is handling or had a discussion on. If you see something there and you want a question on it or want to know what it is, Right now would be the time to ask the question, okay, who's George Green or who's Officer Castro and what did we do for Officer Castro this month? If you want to know this stuff, okay, now's the proper time to question it. Okay. Zimmy, do you have any questions? Okay, there's no questions there. I'll take a motion to approve.

Make a motion to approve the awards.

To be clear, is that for the whole consent agenda to include the fund activity report?

The what?

The fund activity report. I'm sorry, that item rolls over to the next page, but the fund activity report for June 7th to September 5th.

All right. Okay. You need to go through those. Okay. Cause once again, that, you know, that tells you what we're doing, that, you know, we, you know, we, we, we assume that everything is going on. Okay. But I caught the Scanlon issue. Okay. By looking, by looking at the, at an invoice, okay. From Foster and Foster. And that's when I brought it back up. I know the, the importance of, of, of getting these things done. Okay. And, uh, So we have a motion for the approval of the consent agenda. Is that what you made, Alfredo? We have a second? Yes, make a motion. We have a motion and a second. Any questions? All in favor, say aye.

Aye.

All against, nay. there you'll see in your your thing okay drop statements okay uh those are going to change as sierra explained to me going forward in order to save money okay and they're they're what they're at the at the at the beginning of each year okay they can project out once they have the cola and and what our our return was on our pension they can project out over the next year what people are going to be paid, and they're going to go ahead and project that. It's, you know, it's, I guess it's acceptable if anybody, does anybody have any questions on that? No, no questions. Okay, then. And I don't think we need, we don't need a motion on that. Anybody have any questions? Anybody have any thoughts? That's not good. I mean, somebody should have jumped in and said, yeah, I think, okay, but then I have to follow it up with the questions. But anyway, okay, so we have that. So we're done with trustees reports, discussions and actions. Oh, we do have, we are open at the City of South Miami in the commission chambers. I don't know if anybody's sitting there. If somebody is sitting there and has a question, okay, please respond. Speak now or forever hold your peace. Okay, then the next meeting is December 12th at 10 a.m. And with that, I'll take a motion for adjournment.

Make a motion for adjournment.

Wait a second. This meeting is so short. Thank God. Football, baseball, anybody? No, everybody wants to go back to their day with that. I will ask all in favor say aye.

Aye. Aye.

All against Nate. Nobody's complaining. Y'all have a good day. You too. Bye, everybody.

See you again.

Bye now.