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06-18-2015 Minutes City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 18,2015 The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Thursday, June 18, 2015 in the Council Chambers at City Hall Board Members present. Michael Scheller, Scott Tufts Jason Sayre, and John Baker. 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. Board Member James Wynns was not present Chairman Scheller called the meeting to order at 4 02pm. PUBLIC COMMENTS Chairman Scheller opened the meeting for public comments. Officer Kevitt stated he received inquiries regarding who was required to distribute reports to the membership. Attorney Christiansen responded there currently were no legal requirements for distnbuting reports to the members. The new legislation will change some reporting requirements, including reporting expenses. The Board meetings are open to the public and anyone requesting a report has the nght to access the report The Summary Plan description must be done every two years and distnbuted to the membership. Officer Kevitt asked if the Union negotiated improvements to the Pension Plan and the Pension Board disagrees,what was the mechanism to resolve the disagreement. Matt Dickey stated the Pension Board must adhere to the Plan Document. Attorney Christiansen stated it would be appropriate for the Umon to provide him with copies of the proposed agreement to prevent potential violations of Flonda Statutes Chapter 185. Finance Director VanZile commented past agreements have been provided for attorney review Chairman Scheller closed the public comments. MINUTES Approval of the minutes of Regular Meeting on March 19, 2015 Finance Director VanZile stated the minutes were amended to change the Expected Rate of Return from 7.65%to 7.5%. Board Member Baker moved to approve as amended; seconded by Board Member Sayre The motion passed unanimously 1 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 18,2015 NEW BUSINESS Discussion of amended Florida Municipal Pension Trust Fund Defined Benefit Plan Document Matt Dickey stated the amendment updated the definition of spouse Attorney Christiansen commented the change was mandatory and no action was required. PLAN ADMINISTRATOR REPORT Discussion of Police Officers Pension Plan Investment Performance Report for Quarter Ended March 31, 2015 Matt Dickey presented the beginning balance, contnbutions, earnings, distnbutions, expenses, and ending balance for quarter ending March 31, 2015. He reviewed the Summary of Performance Returns. The League of Cities will create a website and post all of the required reports and budgets for their clients with a link available on the City's website. ATTORNEY REPORT Attorney Christiansen reminded the Board Members their Financial Disclosure Forms were due July 1. Finance Director VanZile will remind Board Member Wynns Senate Bill 534 becomes effective this year and requires additional reporting and a more aggressive mortality table. Senate Bill 242 became law and the City will be required to use the State of Flonda Retirement System mortality table. Senate Bill 172 passed and covers how funds received from the State are handled. The Board will be required to adopt a budget for next Fiscal Year consisting of all administrative fees The budget should be adopted at the September 18, 2015 meeting A copy will have to be provided to the State,the City,and all members of the Plan. Board Member Sayre inquired how the Return of Contnbution was handled for past employees who have not been located. Matt Dickey stated the individual remains on the contact list for five years. The contnbutions remain in the account; however they are not receiving any return on the money. Board Member Sayre asked what percentage of the City's budget represents Pension Plan contnbutions. Finance Director VanZile will research the question. Board Member Sayre inquired about the process when a person has a life changing expenence Finance Director VanZile stated the forms are available on the Human Resources shares folder. 2 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 18,2015 Board Member Sayre asked if the City has a separation policy, such as retiring on a Fnday and returning as an employee on the following Monday and beginning another retirement benefit. Finance Director VanZile responded the City did not have a policy. Matt Dickey stated the Internal Revenue Service has a rule regarding the issue. Attorney Christiansen commented Flonda Statutes Chapter 185 states a police officer cannot draw a retirement benefit while actively employed as a police officer for the same organization BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses Finance Director VanZile provided the expenses from March 14, 2015 through June 11, 2015. Board Legal Fees; Rooney Disability-$416.90 Ordinance 2014-36 Impact Statement -$487.50 Actuanal Valuation and Individual Benefit Statements-$9,750.00 Ordinance 2015-05 Impact Statement-$225.00 GASB Valuation and Supplemental Report-$2,625.00 Quarterly Fees-$6,121.96 General Legal Fees; Rooney Disability Application-$2,508.50 Board Member Tufts moved to approve; seconded by Board Member Baker. The motion passed unammously Approval of Member Distributions Finance Director VanZile provided the Member Distnbutions from March 14, 2015 through June 11, 2015. Stefan G. Drach; Lump Sum- $530.84 Board Member Tufts moved to approve; seconded by Board Member Baker. The motion passed unammously. ADJOURN With no further comments,this meeting was adjourned at 4.59pm APPROVED: Chairman Sche ler ATTEST: 1L .4.,`V Tracy Ackro-d,City Clef( 3