Longboat leaders keep pension board selections unchanged

Longboat Key town commissioners will remain responsible for appointing the chair and vice chair of the town’s Consolidated Retirement System Board of Trustees, rejecting a request from the town staff.

All other advisory boards choose their leadership positions internally. Town commissioners, though, said the retirement board has a different constituency and is unlike other advisory boards. Commissioners voted 7-0 to reject the town’s staff’s request. The retirement board, which will now have eight of nine seats filled, will meet next in August.

Of the nine, the town manager appoints one, one each get elected by general town staff, police department and fire department and the Town Commission appoints five. Additionally, there are four professional advisers from the world of finance: an actuary, a legal adviser, an administrative adviser and a financial adviser.

Mayor Ken Schneier said the issue of leadership selection likely arose recently following the election of longtime retirement board chair Steve Branham to the Town Commission and and more recent departures from the board.

“Some members of the staff have asked the question why the chairmanship and vice chairmanship of this board is appointed by us, the Town Commission whereas the officers of the other volunteer agencies, the Planning Board, the Zoning Board of Adjustment and a few other things are appointed by the membership of those boards,’’ he said.

Town commissioners were in agreement the Consolidated Retirement System Board of Trustees not only serves town employees but does so with funding for which the Town Commission is directly responsible.

“I don’t have any strong feelings about this, but I know historically it was done because, some of you may not have been here, but our pensions were in serious trouble and had not been well-managed, and we had some tough chapters to get this back to a viable point,’’ said Commissioner BJ Bishop.

It was during that time of rising costs and higher shares of town payrolls to cover pension costs that led to the creation of the board in 2013.

“We needed to be sure they understood that we here are the final authority on anything financial for the town,’’ she added.

Branham called the pension board a unique entity within Town Hall, and he considers its members fiduciaries, unlike other town boards. As such, they are obligated to operate with the best interests of the employees in mind.

“Consistency is great, but I think in this case this particular body is unique,’’ he said, adding that sticking with the current arrangement is the right move.

Town Manager Howard Tipton acknowledged that the original request for a change was based on consistency across town advisory boards but conceded the nature of the retirement system board is unique.

“This committee does have fiduciary responsibilities that are very different from the other committees that you appoint, so I completely understand that,’’ he said.

Two resignations, two appointments

Members Chris Czarnecki and Frank Cona recently resigned from the board, and one applicant expressed interest in the role.

Cona in his letter of resignation, said he was moving from the town to be closer to family, and Czarnecki said he had accepted an unexpected job offer out of state and has moved from Longboat Key to Austin, Texas.

Debbie Murphy, who served on the Town Commission for a year, the Board of Trustees from 2021 to 2023 and is a current member of the Zoning Board of Adjustment, will become vice chair. She was appointed most recently to the Board on May 5.

In Maryland, she ran a business and had oversight of high-profile construction projects, according to her application to be considered vice chair.

She’s a past chair of the Longbeach Condominium Association and serves on the Board of Directors for the Federation of Condominiums of Longboat Key.

The Town Commission approved her application 7-0.

“She did a lovely job on the commission and she’ll serve well,’’ said Town Commissioner Penny Gold. Town Commissioner Gary Coffin said “she’s always been pro-Longboat Key.’’

John DeCaro was also approved unanimously to join the Board of Trustees for the first time.

The resident of Longview Drive wrote in his application that he’s a founding partner of a $3 billion hedge fund based in Chicago and currently serves on the finance committee of the Lynn Sage Breast Cancer Foundation in Chicago and recently concluded a two-year stint in 2024 on the finance committee of the Oak Park Country Club.

He’s also the co-founder of Elementum Advisors in Chicago and is a member of the Longboat Key Club.