03-27-2014 Police Pension Meeting City of Clermont
MINUTES
POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING
March 27, 2014
The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Thursday, March 27,
2014 in the Council Chambers at City Hall. Board Members present Michael Scheller, Scott Tufts and
James Wynns. Staff members present: Finance Director Van Zile and City Clerk Ackroyd. Also present
were Scott Christiansen, Counsel to the Board and Paul Shamoun from the Florida League of Cities via
conference call.
Board Members Absent: John Baker and Jason Sayre.
The meetmg was called to order at 2:20pm.
City Clerk Ackroyd administered the oath of office to Board Member Scott Tufts.
PUBLIC COMMENTS
Chairman Scheller opened the meeting for public comments.
There were no public comments.
MINUTES
Approval of minutes of Regular Meeting from December 12, 2013
Board Member Wynns moved to approve the minutes: seconded by Board Member Tufts.
The motion passed unanimously.
UNFINISHED BUSINESS
None
NEW BUSINESS
Approval of Amendment to Florida Municipal Pension Trust Fund Investment Policy Objectives and
Guidelines—Effective April 1, 2014
Paul Shamoun explained this is the amended policy effective Apnl 1, 2014 on adding a new core plus
portfolio.
Board Member Scheller moved to approve, seconded by Board Member Tufts. The
motion passed unanimously.
Discussion of revisions to City Code Chapter 46—Pensions and Retirement
Finance Director Van Zile clarified the City Code Chapter 46 includes all of the details of the Police
Officers Pension Plan and adoption agreement. He is recommending removing the detailed language from
the City Code and only reference the plan document and the adoption agreement. City Attorney
Mantzaris is drafting the document and will send it to Attorney Christiansen for review. This is for
information purposes and no action by the Board is required.
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City of Clermont
MINUTES
POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING
March 27,2014
PLAN ADMINISTRATOR REPORT
Item No 4-Discussion of Investment Performance Report for Quarter Ending December 31, 2013
Paul Shamoun reviewed the plan administrator report. The ending balance for the quarter ending
December 31, 2013 is $12,781,712.11, representing a 5.4 percent return. The return for the year is 6.68
percent and the five year return is over 11.5 percent. January was down tremendously; however February
was around 150 percent up from January. The portfolio is up 7 percent for the fiscal year.
ATTORNEY REPORT
Attorney Christiansen stated the summary plan description was recently updated. This update is a
function the Florida League of Cities completes for the Board. The summary plan contains the items
required by Florida Statute and the plan is updated and approved every two years. Finance Director
VanZile commented the summary plan was distributed to the members.
Board Member Scheller moved to approve; seconded by Board Member Tufts. The
motion passed unanimously.
Attorney Christiansen asked if annual report issues have been resolved. Mr. Shamoun stated one issue
has been resolved and the other issue will be resolved pnor to the August disbursement from the State.
Attorney Christiansen updated the Board on Senate Bill 246 and House Bill 509. The bill would require
adding a defined contribution plan, but will not take the place of the current defined benefit plan. The
new legislation will earmark the State money received based on the funded ratio. If the funded ratio is
less than 80 percent, then a greater portion of the State money will pay down the unfunded liability with
the remaining portion going to the defined contribution plan. If the funded ratio is greater than 80
percent, then a smaller portion of the State money will pay down the unfunded liability. The League of
Cities and the unions are opposing the bill.
Attorney Christiansen commented Senate Bill 718 would procedurally affect the Board. The bill
disallows discussions and decisions on items not listed on meeting agendas.
BILLS AND EXPENSES FOR APPROVAL
Item No. 5-Approval of Expenses for period December 11, 2013—March 14, 2014
Finance Director Van Zile reviewed the bills and expenses for the quarter totaling$6,699.59.
Board Member Wynns moved to accept the expense report; seconded by Board Member
Scheller.The motion passed unanimously.
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City of Clermont
MINUTES
POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING
March 27, 2014
ADJOURN
Board Member Wynns moved to adjourn: seconded by Board Member Scheller. The
motion passed unanimously.
With no further comments,this meeting was adjourned at 2:57pm
APPROVED:
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Chairman Scheller
ATTEST:
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Tracy Ackro d,City Clerk
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