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03-19-2015 Minutes City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING March 19, 2015 The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Thursday, March 19, 2015 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 4:00pm PUBLIC COMMENTS Chairman Scheller opened the meeting for public comments Jim Purvis commented he was a member of the Fire Fighter Retirement Plan Board of Trustees and a long time fnend of Mr Rooney Chairman Scheller closed the public comments MINUTES Approval of the minutes of Regular Meeting from December 18, 2014 Chairman Scheller moved to approve the minutes; seconded by Board Member Tufts. The motion passed unanimously. NEW BUSINESS Approval of Actuarial Valuation as of October 1, 2014 Matt Dickey presented the Actuanal Valuation provided by Southern Actuanal Services. The City contnbution rate for the 2014/2015 Plan Year is expected to be 10.89%. The new legislation effective for 2015 will require a 2% Less Funded Liability calculation and a determination of how long the fund would last should the fund receive no further contnbutions. He stated he was following up on the effective date for the inclusion of the clause on how long the fund would last Board Member Sayre moved to approve, seconded by Board Member Tufts The motion passed unanimously. Approval of Expected Rate of Return Matt Dickey presented the 7.5%expected rate of return. Board Member Wynns moved to accept the expected rate of return; seconded by Board Member Baker. The motion passed unanimously 1 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING March 19, 2015 PLAN ADMINISTRATOR REPORT Discussion of Police Officers Pension Plan Investment Performance Report for Quarter Ended December 31, 2014 Matt Dickey presented the Investment Performance report for the quarter ending December 31, 2014 He commented the economy was slowing and the Federal Reserve System has expressed concerns regarding short term inflation, deflation, and recession. Mr. Dickey stated the plan could still achieve a 7 5%return rate. ATTORNEY REPORT Attorney Christiansen reported the legislature has introduced House Bill 341 and Senate Bill 172, which are the same as the bills introduced last year An additional bill filed was House Bill 1279 which would require the Board of Trustees to adopt a budget which would have to be approved by Council. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses Finance Director VanZile presented the following plan expenses for approval: 1. Invoice 25653; Legal Fees 2 Invoice 25780, 25781 3. Quarterly fees 4. Invoice 25968; Other Legal Services 5. Invoice 25969; Rooney Disability Chairman Scheller moved to approve, seconded by Board Member Baker The motion passed unaminously Approval of Member Distributions Finance Director VanZile presented the following member distributions: 1. Christopher Morgan Board Member Wynns moved to approve, seconded by Board Member Tufts The motion passed unanimously. Initial Hearing of Disabihty Application James Rooney, Claimant Attorney Christiansen explained the process to the Board and applicant. At an initial heanng the Board can support and grant the disability, not support and deny the disability, or can recess for additional information. If the disability is denied, the claimant can appeal The burden of proof is on the claimant and the standard of proof is preponderance of evidence. 2 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING March 19,2015 Attorney Chnstiansen read the plan cntena; Article 8 Page 15, providing the definition of total disability and permanent disability The exclusionary factors for making a determination were explained. An overview of the records collected was presented by Attorney Christiansen. Claimant Rooney approached the Board at the table and provided his statements for consideration Brittany Rooney was present at the table Attorney Christiansen opened the heanng for Board discussion. The Board asked the claimant questions and discussed the presented matenals and statements Board Member Tufts moved to grant an in-line-of-duty disability; seconded by Board Member Sayre. The motion passed unanimously ADJOURN With no further comments,this meeting was adjourned at 5:46pm APPROVED: frg9.44e/ Chairman Scheller ATTES : Tracy Ackr.yd, City Cliiit : i A Id F , I ' y` w1y`% l 'it-� kt„ l L Y `*f. a.F `s,•",:‘ • • ,fit` 1♦ i 1 l h M + l / "‘A.1- 3