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
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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.
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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(
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