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12-15-2008 Police Pension Bd MinutesCLERMONT POLICE OFFICERS PENSION BOARD OF TRUSTEES Minutes for December 15, 2008 meeting Meeting called to order at 4:00 p.m. Trustees Present — Chairperson Gary Holmes, Member Keith Mullins, Member Scott Tufts. Others Present —Joe Van Zile Proceedings: • Minutes of previous meeting approved • Discussion was held regarding the actuarial study of raising multipliers. There was some confusion as to costs of the studied proposals. Chairperson Holmes is to speak with the actuary to clarify the study. • A discussion was held concerning the excess 185 funds in the plan. • A discussion was held regarding the administration of the fund. Chairperson Holmes expressed concern about the liability and lack of control of the funds. It was pointed out that Trustees of the fund are personally liable for the performance and administration of the fund. It was moved by Member Tufts to obtain proposals from attorneys for legal counsel to the board, with the motion seconded by Member Mullins. Meeting was adjourned at 4:49 p.m.