Summary

Fire & Rescue Pension Board approves investment reallocations, pauses American Core Realty redemptions, and ratifies disbursements

Port OrangeMay 19, 20253 min read

At a glance

Quick context to catch up fast.

At the May 19, 2025 quarterly meeting the Port Orange Fire & Rescue Pension Board established a quorum after 5:22 PM, reviewed the March 31, 2025 fund performance (balance $46,957,989; QTD return -1.1%; FYTD -2.0%), paused redemptions from American Core Realty, revised the Investment Policy Statement target for private assets, authorized a $1,000,000 transfer into a JP Morgan account (sources specified), tabled the FRS mortality-table change, and ratified routine disbursements and COLA distributions. Next meeting is scheduled for August 18, 2025.

Committees mentioned

Open the committee coverage hubs tied to this summary.

City Council

Topics discussed

LaborPublic Safety

View official document

Was this summary helpful?

Your feedback helps us prioritize what to improve next.

Key decisions

Follow the major takeaways from this briefing.

Approved minutes of the March 20, 2025 quarterly meeting (unanimous).
Paused redemption/distribution from American Core Realty and directed dividends be reinvested (unanimous).
Revised the Investment Policy Statement: set private assets target allocation to 8% with a maximum of 15% (change effective 31 days after filing) (unanimous).
Authorized Chairman Meeske, with consultant Frank Wan, to transfer $1,000,000 to JP Morgan (sources: $800,000 from Polen, $200,000 from FMI) (unanimous).
Tabled action on the Florida Retirement System (FRS) mortality-table change after receiving Foster & Foster memorandum (unanimous).
Approved ratification of disbursements and returns of contributions, including listed professional and custody fees and distribution of annual COLAs for March–May (unanimous).
Set next quarterly meeting for August 18, 2025.

Timeline & follow-ups

Action items flagged by the community.

No follow-ups have been shared yet. Add one in the community board below.

Meeting information

Details and records from this meeting.

Fire Pension Board

May 19, 2025, 4:30 PMCity Council Chambers, 1000 City Center Circle, Port Orange Fl 32129completed

Agenda

A. CALL TO ORDER
1. Roll Call
Decision: CALL TO ORDER
B. DISCUSSION/ACTION
2. Approval of Minutes
Decision: DISCUSSION/ACTION
C. REPORTS AND COMMENTS
3. Consultant Reports
Decision: REPORTS AND COMMENTS
D. PUBLIC COMMENTS
E. ADJOURNMENT