Development News for Atlantic Beach, Florida

Pension Boards Vote to Change Legal Representation to Jones Walker; Actuarial Reports and Investment Strategies Discussed

The Police Officers Pension Board and the General Employees Pension Board met. David Robinson of Sugarman and Susskind presented an update on the firm's representation, following Pedro Herrera's departure to Jones Walker. Robinson offered a 25% fee discount for two years to familiarize the board with him as the new primary attorney. Pedro Herrera, now with Jones Walker, presented his firm's capabilities and resources, highlighting their national presence and ability to handle diverse legal needs for pension plans. Both boards ultimately voted to move their legal representation to Jones Walker, with the General Employees Pension Board voting 4-1 in favor. The meeting also included an actuarial valuation report for both the General Employees Retirement Plan and the Police Pension Plan, discussing funding ratios, contribution requirements, and asset performance. The General Employees Retirement Plan's funding ratio was reported at 92.9%, while the Police Pension Plan's funding ratio was 78.3%. The investment advisor, TJ Lowe, presented performance reports for the quarter and fiscal year, noting market volatility and the strategic rebalancing of portfolios to manage risk and align with long-term targets. Recommendations were made to rebalance portfolios by shifting funds from equities to cash and fixed income to de-risk after a strong market run and prepare for potential volatility. The boards approved these rebalancing recommendations for both plans. Finally, expense reports were presented and filed, with a request for further clarification on expense allocations.