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12-18-2014 Police Pension Minutes City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 18, 2014 The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Thursday, December 18, 2014 in the Council Chambers at City Hall Board Members present: Michael Scheller, Scott Tufts Jason Sayre, John Baker, and James Wynns. Staff members present: Finance Director Van Zile and Deputy City Clerk Noak. Also present were Scott Christiansen, Counsel to the Board, and Matt Dickey from the Flonda League of Cities Chairman Scheller called the meeting to order at 4 05pm PUBLIC COMMENTS Chairman Scheller opened the meeting for public comments. There were no public comments. MINUTES Approval of the minutes of Regular Meeting from September 18, 2014 Board Member Baker moved to approve; seconded by Board Member Sayre. The motion passed unanimously. UNFINISHED BUSINESS No unfinished business. NEW BUSINESS No new business. PLAN ADMINISTRATOR REPORT Discussion of Investment Performance Report for Quarter Ending September 30, 2014 Matt Dickey reviewed the beginning balance, contributions, earnings, distributions, and ending balance for quarter ending September 30,2014. The quarterly performance ended with a loss of 0.70% with the International portfolio showing a loss of 2 21 percent The new Fixed Income portfolio; CorePlus,had a loss of 0.46% for the quarter ATTORNEY REPORT Attorney Christiansen reported the Florida League of Cities will prepare a report to present to City Council listing all of the assets in the plan by asset class. Senate Bill 172; passed by the Senate last year, has been pre-filed for the upcoming Flonda Legislative session. The bill changes some of the provisions in Chapter 175 and 185. The City Council approved the ad hoc cost-of-living adjustment for those receiving retirement benefits. 1 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 18, 2014 Attorney Christiansen commented an on-the-job disability application has been filed by James Rooney and the Board. The claim is required to be processed by May 1, 2015 Once all of the documents have been gathered and an independent assessment completed, the Pension Board will meet and make a decision. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses Finance Director VanZile presented the expenses for September 16, 2014 through December 12, 2014. The expenses covered the cost of the impact letter for Ordinance 2014-16, the impact study of increasing retiree benefits, quarterly fees, Board Attorney fees, and annual administration fees Attorney Christiansen inquired if the fund managers received quarterly payments and how the payments were received Finance Director VanZile stated the payments are drawn from their earnings. Board Member Purvis moved to approve: seconded by Board Member Wynns. The motion passed unanimously. Approval of Member Distributions Finance Director VanZile presented the Request for Return of Contnbutions from Christina Fowler Board Member Baker moved to approve, seconded by Board Member Sayre The motion passed unanimously. ADJOURN With no further comments,this meeting was adjourned at 4:38pm APPROVED: 07:...4gee Chairman Scheller ATTEST: /�,�� Tracy Ac .oyd, City Cl t • �_ , 2