Loading...
03-04-2013 Fire Pension Meeting CITY OF CLERMONT FIREFIGHTERS PENSION BOARD OF TRUSTEES MINUTES 0900, Monday, March 4, 2013 CALL TO ORDER: Meeting called to order at 09.02 AM by Chairman Lent Pension Board of Trustees meeting attendance: • Judd Lent, Sy Holzman, Frank Maglione, Paul Anderson, Dean Luginbuhl. • Pension Board legal counsel, Allison Bieler, Law Firm of Cypen & Cypen, attended duration of meeting via speaker-phone. Pledge of Allegiance (tabled due to no flag available in meeting room) APPROVAL OF MINUTES: Approval of the Minutes of the Firefighters Pension Board of Trustees Meeting held on December 3, 2012: • Discussion on typographical errors that need correction. Corrections noted. Luginbuhl motioned for approval with noted corrections, Holzman seconded, no discussion, passed unanimously. REPORTS: • Application to FPPTA has been sent off with the membership fee of$600 o Attorney Bieler suggested attending a trustee school. o Chairman Lent indicated that he attempted to pay the fees for members to attend, however there was a delay in the City issuing a check for the fees, which resulted in members being unable to register on time OLD BUSINESS: • Budget for Pension Board. Discussion for use of credit card through the plan administrator to pay for expenses in accordance to a policy adopted by the pension board. o Lent suggested implementing policy for pension board expenditures as well as some kind of account to make payments out of due to problem with check request process through City. o Other members agreed. o Sy Holzman volunteered to work on policy and bring to next meeting NEW BUSINESS: • Approval to pay for expenses: Cypen and Cypen $400 in fees for service. • Agendas and Minutes not being posted to city website. o Discussion that Police Dept.'s pension minutes are posted, but FD's are not. o Motion by Luginbuhl, second by Maglione, to request from city to do same for FD; motion passed unanimous. o Lent to contact City Clerk to arrange for this to happen. • Discussion of pension plan members' concerns involving the Florida League of Cities administering the pension plan. See attached letter from plan member o Possible legal action o Changing administrator • These two items were discussed together. Page 1 of 3 CITY OF CLERMONT FIREFIGHTERS PENSION BOARD OF TRUSTEES MINUTES 0900, Monday; March 4, 2013 • Discussion on League of Cities position on pension reform and possible conflict of interest(or at least a perception of a conflict of interest). • Asked Atty. Bieler's opinion on most recent legislation that is under consideration. • Atty. Bieler advised that all sides; League of Cities, pension boards, and pension plan members, are opposed to this specific bill for different reasons. • Discussion on League of Cities actively lobbying for pension reform and use of premium tax funds,by employer at their discretion instead of lobbying for what pension boards and pension plan members are pursuing, but pension boards are paying them to manage the same pensions they are lobbying to reform. • Maglione asked Atty. for clarification on reductions caused by League of Cities lobbying efforts. • Atty. Advised changes as a result of League of Cities lobbying so far are as follows: o "Naples Letter" o Use of Ch. 175 premium funds o Reduction and limitation of OT hours used towards pension calculation • Atty. Bieler advised that a new interpretation may come out of this legislative session, including employer use based on new "base"amount(because current base was established in 1997), along with additional funds distributed to pension plan members in "share" plans. • General discussion on plan administrators and functions performed • Atty. Beeler explained general functions and services provided by,pension plan administrators. • Discussion on-moving away from League of Cities to a different plan manager. • Atty. Bieler identified necessary parts of plan management, including professional plan administrator, investment consultant/performance monitor, and actuary. • Motion by Holzman, second by Luginbuhl to seek proposals from plan managers and administrators. • Discussion by.Anderson that he did not see any specific thing wrong with how the plan is performing under management of League of Cities, and that they have done a good job over the years, but that there is at least a'perception of"the fox guarding the hen house", as well as other issues with the League of Cities managing our plan and at the same time attempting to dismantle it. • Unanimous vote to seek proposals. • Discussed reviewing and approving actuarial plan account statement • Atty. Bieler advised pension board is responsible for reviewing and approving annual actuarial and that plan administrator or actuary are normally present at meeting for any questions, which has not been happening with League of Cities. Page 2 of 3 CITY OF CLERMONT FIREFIGHTERS PENSION BOARD OF TRUSTEES MINUTES 0900, Monday, March 4, 2013 o Discussed plan account statement indicates charge for actuarial study to determine cost of increasing employee contribution that may have been requested by City. • Question to Atty. of which party should pay for this, pension fund or City. • Atty. advised party requesting actuarial study should pay and that the City should pay for all requests made by the City on the City's behalf. • Motion by Luginbuhl, second by Holzman, to place review and approval of plan statements and actuarial studies on agenda for next meeting. • Selection of new 5th board member due to resignation of Chief Anderson. o Chairman Lent initiated discussion on resignation of AC Anderson effective 03/04/13 after pension board meeting. • Identified letter of interest from Asst. Chief Kilbury • Motion by Luginbuhl, 2"d by Holzman to appoint AC Kilbury as 5th board member; no further discussion; passed unanimously. ADJOURN: Motion by Maglione, 2"d by Luginbuhl, passed unanimously to adjourn at 10:07 AM. Page 3 of 3