Title
Retirement Board Meeting of November 12, 2020.
Body
SUMMARY OF MEETING
1. Roll call.
2. Consent Agenda.
All items listed within this section entitled "Consent Agenda" are considered to be self-explanatory and are not expected to require additional review or discussion, unless a member of the Retirement Board or a citizen so requests, in which case, the item will be removed from the Consent Agenda and considered along with the regular order of business. Hearing no objections to the items listed under the "Consent Agenda", a vote on the adoption of the Consent Agenda will be taken.
2A. The Administrative Manager recommends approval of the Retirement Board meeting minutes for October 8, 2020.
2B. The Administrative Manager recommends approval of the following invoice:
1. Gabriel Roeder Smith & Company invoice #457990 dated October 7, 2020 in the amount of $3,765.39 for September 2020 actuarial services.
2. City of Coral Gables invoice #349518 dated November 1, 2020 in the amount of $1,181.50 for 1st quarter fiscal year general liability insurance.
2C. The Administrative Manager recommends approval of the purchase of other public employer time for Enga Paulk of the City Attorney’s Office requesting to buy back 1,712 days (4 years, 8 months and 8 days) of Other Public Employer Service time.
2D. The Administrative Manager recommends approval of the Report of the Administrative Manager.
3. Discussion of the 2021 COLA determination letter submitted by Gabriel Roeder Smith. The net rate of investment return on the market value of assets during the year ending September 30, 2019 was calculated by the actuary to be 11.4%. Therefore, the cost of living increase is eligible to be granted on January 1, 2021 in the amount of 5.1%. In accordance with the terms of the settlement agreement, the Retirement Board will make separate determinations as to whether Class Members are entitled to a COLA and the amount of the COLA based solely on the factors identified...
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