The Board is appointed/elected every two years as outlined and required by State Law FSS 175 Fire and FSS 185 Police and Palm Bay city ordinance Chapter 55. The Board member may run for reelection for an unlimited term of office or until newly elected or appointed officer(s) replace them (See exception for City Councilmembers within the City’s Ordinance). All Board Members have a fiduciary responsibility to the Fund and its membership and can be held liable for any actions they take in conflict with that responsibility. All Board members must file an annual financial disclosure report with the State of Florida and that report is a public record.
The Board has full authority and responsibility to manage the pension plan and its funds as outlined in the above state laws and city ordinance. The Board retains professional management and advisors and all retained professionals have a fiduciary responsibility to the fund, its membership, and their plan assets.
On a contractual basis the board retains these services.
- Attorney: Stephen H. Cypen, Cypen & Cypen
- Actuary: Brad Heinrichs, Foster & Foster, Inc.
- Auditor: Goldstein, Schechter, Koch, CPA
- Accountant: Lark Janes, CPA, Janes, Key & Dinho,
- Performance Manager: Larry Cole, Burgess Chambers & Associates
- Investment Consultants: Blake Myton, SunTrust Institutional Investment Solutions and J.P. Morgan Asset Management
- Custodial Services: SunTrust Bank
- Board Administrator: Kathy Adams
- Pension Software and Website Services: Levi, Ray & Shoup, Inc.
The plan also has other service providers that produce information or research at no cost to the plan. |
