12-08-2014 Fire Pension Minutes City of Clermont
MINUTES
FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING
December 18, 2014
The Firefighters Retirement Plan Board of Trustees met in a regular meeting on Thursday, December 18,
2014 in the Council Chambers at City Hall Firefighters' trustees present. Judd Lent, Jim Purvis, Joe
Silvestns and Sy Holzman. In addition: Finance Director Van Zile and Deputy City Clerk Noak. Attorney
Steve Cypen via conference call,and Matt Dickie, Flonda League of Cities,was present
Board Member Watkins was absent
Chairman Lent called the meeting to order at 11:03am
PUBLIC COMMENTS
Chairman Lent 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 Purvis moved to approve; seconded by Board Member Holzman. The
motion passed unanimously.
UNFINISHED BUSINESS
Discussion of Lump Sum Distributions
Board Member Holzman commented lump sum distnbutions were not a popular option and most public
entities do not include lump sum distributions as an option
Finance Director VanZile reported the option is not specifically noted in the plan, but is allowed. The
actuary had provided the option to the retired employee and the option was selected. He suggested the
option sheets be sent to him for review pnor to sending to a retired employee
Board Member Purvis stated there could be situations when a lump sum distribution should be allowed
and was in favor of limiting the option. He suggested lump sum distnbution exceptions be approved by
the City and the Union. Attorney Cyphen stated the Board would have to make the final determination,
but refusing the option to others may have ramifications for the Board.
Board Member Silvestns commented a process should be developed to educate participants so the
individual can make an informed decision Chairman Lent inquired if the Board could arrange a class
with the Florida League of Cities Matt Dickie stated a class could be arranged to educate participants.
Board Member Purvis requested the Board Members be invited to the class.
Board Member Purvis moved to further investigate the ramifications of a lump sum
distribution and its impact on this particular pension plan and to authorize an actuanal
cost impact study; seconded by Board Member Holzman. The motion passed
unanimously.
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City of Clermont
MINUTES
FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING
December 18, 2014
NEW BUSINESS
Chairman Lent reported on an email from the Union President requestmg the Pension Board to have an
actuanal study done to add a cost-of-living increase for retirees to the plan One option provided was to
provide a 2% cost-of-living increase each year, beginning the first year of retirement. The second option
was to provide a 3%cost-of-living increase every other year,beginning the first year of retirement
Board Member Purvis moved to add the request to the agenda; seconded by Board
Member Silvestns. The motion passed unanimously.
Board Member Silvestns moved to have an actuanal study done, seconded by Board
Member Purvis. The motion passed unanimously.
Matt Dickie stated he would relay the request to the League of Cities.
PLAN ADMINISTRATOR REPORT
Discussion of Investment Performance Report for Quarter Ending September 30, 2014
Matt Dickey reviewed the beginning balance, contnbutions, earungs, distnbutions, 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
No report.
BILLS AND EXPENSES FOR APPROVAL
Approval of Plan Expenses
Finance Director VanZile presented the plan expenses for September 16, 2014 through December 12,
2014 The expenses distnbuted were for the impact letter for Ordinance 2014-16, quarterly fees, and the
annual administration fee.
Board Member Holzman moved to approve the payments; seconded by Board Member
Purvis. The motion passed unanimously.
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City of Clermont
MINUTES
FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING
December 18, 2014
Approval of Member Distributions
Finance Director VanZile presented the Request for Return of Contnbutions from Jeff Michaels
Board Member Holzman moved to ratify, seconded by Board Member Purvis The
motion passed unanimously
ADJOURN:_,With no further comments, this meeting was adjourned at 11:53am
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ATTEST: - mi"'
Tracy Ackroyd,City 'erk
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