trustees. Quickly through that and we'll get into the next session. This time we'll call to order the City of Clearwater pension trustees meeting of Monday April 20, 2026. This time we'll move to item 2.1 on the agenda. Approve the minutes of the February 2, 2026 pension trustees meeting. We're a motion to approve the Yes, so moved, please. Second. All those in favor? Aye. Opposed? You name this. We'll now move to item 3 on the agenda so this be heard regarding items not on today's agenda. Are there any citizens desire to be heard? Hearing saying no, move to item 4.1. Approve the new hires for acceptance into the pension plan as listed. Good afternoon, Tiffany Macris, Human Resources Director. I'm here for any questions for the next three items. So you want to hear from the public today that desires to be heard regarding agenda item 4.1. Hearing saying none, is there any trustees discussion? Now is there a motion? Move to approve agenda item 4.1. One. Second. All those in favor? Aye. Opposed? Unanimous. Agenda item 4.2. Approve the following requests of employees. Sherry Driggan, Gas Department, Michael Maracus, Information Technology Department, to investor pensions as provided. Available for any questions. Okay. Anyone here from the public today that desires to speak to agenda item 4.1. Hearing saying none, is there any trustees discussion? Now is there a motion? Move to approve agenda item 4.2. Second. All those in favor? Aye. Opposed? Unanimous. Agenda item 4.3. Approve the requests of the employees listed to Bester pensions. Questions? Still Tiffany? Still available for questions. Anyone here from the public desire to speak to agenda item 4.3? Hearing saying none, is there any discussion? If not, is there a motion? Motion to approve agenda item 4.3. Second. All those in favor? Aye. Opposed? Unanimous. Agenda item 4.4. Annual review of the employee's pension plan investment performance for the calendar and plan year ending December 31, 2025. Good afternoon, trustees. Jay Ravens, finance director. This is the annual review of calendar year investment performance for the pension plans investment portfolio. We've included with the agenda item a detailed summary of investment performance by money manager for each of the 22 money managers, as well as performance for each major asset category of the portfolio. Overall, the plan had a strong calendar year 2025 return of eleven point four five percent, well in excess of the actuarial assumption of six point five percent. However, the portfolio did significantly underperform versus the benchmark index of thirteen point three six percent, largely due to underperformance in the small cap equity asset category. The pension committee has recommended and the trustees have approved three money manager terminations and respective replacements during calendar 2025. The committee continues to closely monitor the performance of each of the plan's money managers with the assistance of our investment consultant cap trust. We will bring additional recommendations for terminations and replacements in the future as appropriate. I'd be happy to answer any questions. Is there any any trustees discussion? We need to approve this report. I don't think we do. It's presenting. Okay. Thank you. J item four point five. Determine trustees expected rate of return for pension plan investments for current year each of the next several years and for the long term thereafter in accordance with Florida statutes one one twelve point six six one paren nine. Good afternoon trustees. Again, Jay Ravens finance director. This item is requesting the trustees determination of an expected rate of investment return for the current year each of the next several years and for the long term thereafter as required by Florida statutes on an annual basis. Staff is recommending the plans actuarial assumption of a six point five percent rate of return net of investment fees as the trustees expected rate of return for the current year next year and for all years thereafter. Be happy to answer any questions. So you want air from the public tonight to desire tonight. I guess it's not quite tonight. It feels like it. Oh my God. Be there soon enough. I'm going to speak to this agenda. Hearing none, is there any trustees discussion? Not as their motion. Motion to approve it in item four point five. Second. All those in favor? Aye. Opposed? Unanimous. That move to item five which is to adjourn the April 20 city.