03-05-2012 Fire Pension Meeting City of Clermont
MINUTES
Clermont Fire Fighters Pension Plan Board of Trustees
03/05/2012
The Clermont Fire Fighters Pension Board of Trustees met in a regular meeting on 03/05/2012 at Fire
Station No. 1.Thomas Bennett called the meeting to order at 9:02 am with the following present:
Thomas Bennett, Sy Holzman,Frank Maglione,Paul Anderson,and Judd Lent
MINUTES
Approval of December 7, 2011 Pension Board Meetmg Minutes: Motion for approval made by Sy
Holzman and seconded by Frank Maglione.Unanimous vote in the affirmative for approval of minutes.
REPORTS
T. Bennett advised that Administrative Services Director Van Zile has not provided quarterly report for
October - December 2011 quarterly plan expenses and as Mr. Van Zile was not present at meeting, no
verbal report is available either. Sy Holzman expressed concern that board members were not provided
with quarterly expense report prior to the meeting on top of last quarterly report being provided late.
Motion by Sy Holzman, 2"d by Frank Maglione to postpone approval of October - December 2011
quarterly report to next meeting; board unanimously approved moving this to agenda for next meeting. T.
Bennett will contact Mr.Van Zile to get a copy of the quarterly report distributed to all board members.
OLD BUSINESS
Discussion on plan enhancements of"share plan" for distribution of Ch. 175 funds and "20 and out"
benefit not discussed and will be tabled to future meeting as discussed m the December 11,2012 meeting.
NEW BUSINESS
1) DISCUSS PENSION PLAN PERFORMANCE: T. Bennett initiated discussion regarding
concern over low performance of pension fund, indicating that the percentage of earnings of the
pension fund was less than the personal portfolios of some of the plan members(Firefighters). All
Pension Board of Trustees members agreed that the plan financial performance needs to be
reviewed in detail to determine where the problem is.
T. Bennett expressed concern that the pension board does not have close enough contact with the
pension plan managers on a regular basis, with Sy Holzman and Frank Maglione agreeing.
President Bennett directed Secretary Anderson to develop a contact list of those personnel of the
League of Cities responsible for plan management and plan investments so the pension board
members can contact those individuals directly with questions or concerns. Contacts requested
were person responsible for administration of plan and investment manager for plan.
Sy Holzman requested details of expenses associated with managing the plan,what the average%
of eanungs of the plan for the last quarter were, and a detail of what the Florida League of Cities
charges for managing the plan.
Sy Holzman proposed that pension board research the cost of the Florida League of Cities
administering the plan and managing the plan investments compared to other municipal plans
using plan and investment managers other than the League of Cities. Frank Maglione and T.
Bennett echoed that proposal,adding that the research also needs to include the plan performance
of those plans managed by others compared to our plan performance managed by the League of
Cities to determine if the pension board should recommend changing plan and investment
administrators for the Clermont Firefighters'plan.
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City of Clermont
MINUTES
Clermont Fire Fighters Pension Plan Board of Trustees
03/05/2012
2) T. Bennett expressed concern that plan performance reports have not been available to the board
members and the pension plan participants in a timely manner. Others agreed.
T. Bennett proposed that the pension board request monthly performance reports on the pension
plan's investments. P. Anderson commented that board needs to determine if there is a cost
involved with adding monthly performance reports.
GENERAL DISCUSSION
General discussion on possibility of recommending a change of plan administrator and change of
plan investment manager dependant on outcome of research of other municipal Firefighter
pension plans.
Next Pension Board meeting scheduled for June 4th,2012,09:00 AM.
ADJOURN: With no further comments,this meeting was adjourned at 10:05 am.
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