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09-10-2012 Fire Pension Meeting CITY OF CLERMONT FIREFIGHTERS PENSION BOARD OF TRUSTEES MINUTES 0900, Monday, September 10)?■ I a CALL TO ORDER: Meeting called to order at 09:10 after providing time to see if other members would arrive. Dean Luginbuhl contacted by Judd Lent via cell phone, after which Dean requested to attend the meeting via speaker-phone due to scheduling conflict. Dean remained on speaker-phone for the duration of the meeting. Pension Board of Trustees meeting attendance: Judd Lent, Sy Holzman, Paul Anderson, and Dean Luginbuhl (via telephone/speaker) Pledge of Allegiance APPROVAL OF MINUTES: Approval of the Minutes of the Firefighters Pension Board of Trustees Meeting held on June 6, 2012: J. Lent motioned for approval, Sy Holzman seconded with discussion on discrepancy. Sy indicated that the name of the representative of Florida League of Cities, Paul Shamoun, was spelled differently in at least two areas of the minutes. P. Anderson noted that there may have been a typographical error on his part and that he would suggest approving minutes with that notation. J. Lent revised his motion to approve minutes with that notation, seconded by Holzman, passed unanimously. REPORTS: Financial/expense report not available in absence of Mr. Van Zile. No other reports to be presented. OLD BUSINESS: Financial reports not able to be discussed due to absence of Mr. Van Zile. Proposals for plan enhancements, changes to benefits, and other topics brought up at June meeting to be tabled until December meeting pending receipt of requested actuarial studies and ongoing contract negotiations with Local 4350. NEW BUSINESS: Retirement options for firefighter Kathy Senning. • Tabled until December meeting due to absence of Mr. Van Zile as well as additional FF resigning (Tim Knight). J. Lent will discuss with Mr. Van Zile who is required to notify members of their pension options (Pension Board or City). Discussion on selection of a Pension Attorney. See attachments. • All members gave reports on their personal research as well as comments on the letters submitted from each of three law firms that were contacted for information relating to representing the Clermont Firefighter's Pension Trust Fund and the Clermont Firefighters' Pension Board of Trustees. • Christiansen & Dehner: o Currently represent CPD; however there is currently discussion that they may no longer represent CPD in the future. o More expensive than other law firms. o Lent motioned, Luginbuhl seconded, that this firm be eliminated; passed unanimously. • James B. Loper: o All agreed that this firm did not provide adequate information, only indicating that he currently represents the Pension Funds of Leesburg, Tampa, and Orlando. o Discussion as to whether to request additional information, with Luginbuhl commenting that performance of Leesburg plan did not appear to be in best interest of Clermont. • Cypen & Cypen: o All agreed that this firm provided the most comprehensive response to Board's request and provided the most information. o This firm does not bill for paralegal services. o This firm provides educational opportunities, not only for the Pension Board members, but for all members of the plan as well. o J. Lent advised that he attended educational sessions at the state pension conference that were presented by members of this firm. o This firm is the only one that indicated in their response that they would be willing to consider a flat rate retainer fee as opposed to straight per hour billing after the first year that they represent us. o J. Lent indicated that he has had personal conversations with representatives of this firm who followed up on the request. o All agreed that this firm appeared to be easily accessible. o J. Lent motioned, Luginbuhl seconded, that the Board consider this firm to represent us. Call for discussion yielded further discussion. • P. Anderson requested that the Board obtain more information on an estimate of annual cost before selecting a firm to replace the City Attorney as the Attorney for the Pension Fund. • P. Anderson commented that the City Attorney currently does not cost the plan any money; another law firm would result in Pension Fund dollars being spent on the attorney and not available for other uses. • P. Anderson commented that there could be a substantial cost to the Pension Fund immediately upon hiring another attorney due to their need to review all plan documents and records, resulting in numerous hours billed at $250/hour. o J. Lent called for vote, with Lent, Luginbuhl, and Holzman voting in favor and Anderson voting against. Motion passed 3 to 1. Actuarial studies requested to be approved by plan members to include a 20 years and out plan and a study for retirement after 25 years of service with no age requirement. • J. Lent briefed the Board on the proposals still being looked at by Local 4350 on revisions to Normal Retirement, to include either/or the following: o "20 and out", with full benefits upon 20-years of service regardless of age. o Change of language in plan for"Normal Retirement"to provide "attainment of age 55 and 10 years of service OR attainment of 25 years of service regardless of age", instead of the current"attainment of age 55 and 10 years of service OR attainment of age 52 and 25 years of service". • Motion by Lent, seconded by Holzman, to table this discussion until the December meeting; passed unanimously. ADJOURN: Motion by Lent, seconded by Luginbuhl and Holzman, passed unanimously to adjourn at 09:55.