Summary

Port Orange Fire & Rescue Pension Board approves investment reallocation, experience study changes, and FY 2025/2026 administrative budget

Port OrangeAug 18, 20253 min read

At a glance

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At the August 18, 2025 quarterly meeting the Fire & Rescue Pension Board (four trustees present) approved minutes, a consultant-recommended partial reallocation from Polen and Fiduciary Large Cap to Fidelity Index Fund, adopted experience-study assumption changes while retaining a 7.25% assumed rate of return effective with the 10/01/2025 valuation, approved the FY 2025/2026 administrative expense budget, ratified multiple professional and custodial fees, and approved several retirements/refunds. The Board directed its attorney and consultant to propose Investment Policy Statement language addressing recent anti‑boycott and Protecting Investment Act provisions. The next meeting date was changed to November 19, 2025.

Committees mentioned

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City Council

Topics discussed

LaborBudget & TaxPublic Safety

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Key decisions

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Approved minutes of the May 19, 2025 quarterly meeting (unanimous).
Approved reducing 50% from Polen and Fiduciary Large Cap and reallocating to Fidelity Index Fund as recommended by performance monitor (motion passed unanimously).
Adopted the experience study combination of assumption changes with an assumed rate of return of 7.25%, effective with the 10/01/2025 valuation (motion passed; Member Crider opposed).
Discussed potential phased reduction of assumed return by 0.5% over five years (discussion; no final action recorded).
Directed Plan Attorney to work with consultant to draft Investment Policy Statement language addressing Protecting Investment Act and anti‑boycott of Israel legislation (for Board review).
Approved the annual administrative expense budget for Fiscal Year 2025/2026 (unanimous).
Tabled approval of the updated Summary Plan Description until the next meeting.
Ratified disbursements and professional fees (listed invoices and amounts in minutes) including Foster & Foster invoice dated 8/27/25 for $234,341.00 and quarterly fees to custodial and investment managers.
Approved refunds/final retirement/DROP amounts for listed members (Kimberly DeYoung refund; final amounts for David Olin, Joseph Meeske, Michael Williams) and distribution of annual COLAs for June–August to listed retirees.
Confirmed next Board meeting moved to November 19, 2025 (previously November 17).

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Meeting information

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Fire Pension Board Meeting

Aug 18, 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