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09-08-2014 Firefighter Pension Minutes City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING September 18,2014 The Firefighters Retirement Plan Board of Trustees met in a regular meeting on Thursday, September 18, 2014 in the Council Chambers at City Hall. Firefighters' trustees present: Judd Lent, Adam Watkins, and Sy Holzman. In addition. Finance Director Van Zile and Deputy City Clerk Noak. Attorney Steve Cypen via conference call,and Paul Shamoun, Flonda League of Cities, was present. Board Members Purvis and Sylvestns were absent Chairman Lent called the meeting to order at 11:04am. PUBLIC COMMENTS Chairman Lent opened the meeting for public comments There were no public comments. MINUTES Approval of the amended minutes of Regular Meeting from June 19, 2014 Board Member Holzman moved to approve the minutes as amended; seconded by Board Member Watkins. The motion passed unanimously UNFINISHED BUSINESS Discussion of Lump Sum Distributions Board Member Holzman stated he had researched the subject and spoke with the Center for Retirement Research at Boston College. The Center pointed out lump sum distnbutions were not popular. Generally partial lump sum distnbutions are provided. There are other organizations which can be contacted for more information; such as the National Association of State Retirement, who can provide research information Board Member Holzman suggested addressing the matter at a later date Chairman Lent requested all Board Members research the matter and return with their findings. Board Member Holzman moved to table to December 18, 2014; seconded by Board Member Watkins. The motion passed unanimously. NEW BUSINESS No new business. PLAN ADMINISTRATOR REPORT Discussion of Investment Performance Report for Quarter Ending June 30, 2014 Paul Shamoun reviewed the beginning balance, contnbutions, earnings, distnbutions, and ending balance for quarter ending June 30, 2014 The quarterly performance ended at 2 9% with the International portfolio at 2.63% percent; lagging behind its index of 5 25% percent. Year-to-date the fund is at 2.36% versus the index of 10 99%. There have been discussions regarding the International Manager over the past three quarters and selected a new International Manager in August. 1 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING September 18,2014 The new portfolio, Core-Plus Fixed Income Fund, is at 2 32% for its first full quarter. Year-to-date the Pension Trust Fund is at 9.32%,which is still lagging ATTORNEY REPORT Nothing to report BILLS AND EXPENSES FOR APPROVAL Approval of Expenses for Period June 14, 2014 through September 15, 2014 Finance Director VanZile presented the expenses for the penod of June 14, 2014 through September 15, 2014. The three expenses paid were for the impact statement for Ordinance 2014-10, an actuanal confirmation,and Flonda League of Cities quarterly fees Board Member Holzman moved to approve: seconded by Board Member Watkins. The motion passed unanimously. Approval of Member Distributions for Period June 14, 2014 through September 15, 2014 Finance Director VanZile presented the distributions for the penod of June 14, 2014 through September 15,2014. Chairman Lent requested a motion to approve the distribution. Attorney Cypen stated the motion should be to ratify the distribution Board Member Holzman moved to ratify: seconded by Board Member Watkins. The motion passed unanimously. Board Member Holzman moved to adjourn: seconded by Board Member Watkins. The motion passed unanimously ADJOURN: With no further comments,this meeting was adjourned at 11:16am. 'kk! APPROVED: Chairman .. ,.tit• / / a /#* ATTEST: Tracy Ackroyd,City Clerk 2