Ocala Police Officers Retirement Fund Board of Trustees Special Meeting – June 29, 2026

The Ocala Police Officers Retirement Fund Board of Trustees held a special meeting on June 29, 2026, at 1:02 PM to review presentations from three third-party plan administrators and select a firm to manage the pension plan. The meeting was noticed on June 16, 2026. After presentations and deliberation, the board voted to retain Foster & Foster as plan administrator, contingent on keeping Mike Summer as the local liaison.

Presentations from Third-Party Administrators

• Foster & Foster (Farrell Jenny and Candace Moss): Proposed a retainer fee of $7,083 per month, guaranteed for three years, with a 10% discount if another city plan (general or fire) also hired them. Additional services—such as the annual state report and quarterly financial statements—are priced separately. They emphasized their existing relationship with the city (actuary Doug Lozin), the recent hire of former city administrator Alicia, a dedicated team of 23 administrators, a member portal already in use, and a strong track record (never terminated as a plan administrator). They do not cut payroll checks due to separation-of-duties requirements; benefit payments would be handled by the custodian (Principal) at approximately $2 per check.

• HYN (Caleb Henson and Frank Megana): Proposed an all-inclusive fee guaranteed for two years with a 4% annual increase, and a 10% discount if all three city plans (police, fire, general) contract with them. They highlighted their boutique, conflict-free approach (no actuarial or investment services), personalized member counseling (including pre-retirement planning), and a CRM system that tracks all member interactions. They do not provide a member portal for updating personal information, preferring direct phone contact. They also do not cut pension checks; that is done by the custodian.

• The Resource Centers (Scott Bauer): Proposed a base monthly retainer of $1,975, with additional monthly fees for benefit payments ($625), quarterly financial statements ($750), and annual state report ($750). The base fee includes a CPI-based increase after three years. They emphasized their 30+ years of experience, ability to integrate with current administrator Mike Summer, and willingness to pay benefits from the existing Truist account (or Wells Fargo) to ensure continuity for retirees. They noted a past termination in Cape Coral tied to an unresponsive employee, but stated that issue has been resolved.

Board Discussion and Decision

Board members discussed the pros and cons of each firm. Key considerations included:

• Cost: Foster & Foster’s total estimated annual cost (with all add-ons) was about $92,000, compared to $34,000–$43,500 for the other two firms. The current in-house budget for Alicia and Dale was approximately $41,000 per year.
• Continuity & Local Support: The board agreed that retaining Mike Summer as a local liaison was important regardless of the chosen administrator. All three firms indicated they could work with Mike.
• Experience & Relationship: The board noted Foster & Foster is already the plan’s actuary and had recently hired Alicia, who had 25 years of institutional knowledge of the plan. The firm’s robust team, security measures, and established member portal were seen as valuable.

After narrowing the choice to Foster & Foster and HYN, a motion was made and seconded to select Foster & Foster as plan administrator, contingent on the firm accepting Mike Summer as the board’s local liaison with necessary access to systems. The motion passed unanimously (all ayes, no opposition).

Key Outcomes

• Selected Administrator: Foster & Foster, subject to contract negotiation that includes retaining Mike Summer as liaison.
• Vote: Unanimous (all board members present voted in favor).
• Next Steps: The board will formalize the agreement with Foster & Foster, ensuring Mike Summer’s role is preserved. The transition is expected to take two to three months, with the July 15, 2026 benefit payments to be handled by the current administrator (Mike Summer) to avoid disruption.
• Cost Impact: The new contract will increase annual administrative expenses compared to the prior in-house budget, but the board considered it a small percentage (about 2.5%) of the total plan’s annual administrative budget of approximately $2.2 million.