Quarterly Pension Board Meeting (May 26, 2026)

The City of Jacksonville Beach held its Quarterly Pension Board Meeting on May 26, 2026, focusing primarily on pension plan audits, actuarial evaluations, legal counsel selection, investment performance, and administrative matters. The board approved the independent audit reports for the general employees, police, and firefighters pension plans, noting increases in net pension liabilities and stable funding ratios. They discussed the need for a formal contract with GRS Consulting for actuarial services, ultimately approving a one-year contract with plans to issue a Request for Proposal (RFP) for future services. Legal counsel presentations were made by Sherman and Reilly and Jones Walker LLP, with the board voting to continue legal services with Sherman and Reilly at a discounted fee. Investment performance was reviewed, leading to the decision to terminate the Eaton Vance small-mid cap portfolio due to underperformance and reallocate those assets to a Vanguard fund. The board also approved revisions to the annual proof of life verification process and several retirement applications. No new legislative impacts on the pension plans were reported, and the board set expected rates of return for the upcoming fiscal year consistent with actuarial assumptions.