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06-18-2015 Minutes City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 18,2015 The Firefighters Retirement Plan Board of Trustees met in a regular meeting on Thursday, June 18, 2015 in the Council Chambers at City Hall. Firefighters' trustees present: Judd Lent, Adam Watkins, and Sy Holzman In addition: Finance Director Van Zile and Deputy City Clerk Noak, Attorney Steve Cypen via conference call, and Matt Dickey,Florida League of Cities, were present. Board Members Silvestns and Purvis were absent. Chairman Lent called the meeting to order at 10:34am. PUBLIC COMMENTS Chairman Lent opened the public heanng. There were no public comments. Chairman Lent closed the public hearing MINUTES Approval of the minutes of Regular Meeting from March 19, 2015 Attorney Cypen commented during the Expected Rate of Return discussion, using the word "statutory requirement" could be misconstrued as not requiring Board approval Chairman Lent stated the audio would be reviewed. Board Member Holzman commented the Expected Rate of Return should state 7.5%. Board Member Holzman moved to defer approval to the September 17 meeting; seconded by Board Member Watkins. The motion passed unanimously. Matt Dickey amved during the meeting and confirmed 7.5%was correct. Board Member Holzman moved to approve the minutes as amended; seconded by Board Member Watkins. The motion passed unanimously. UNFINISHED BUSINESS Approval of Fifth Member Appointment Chairman Lent commented Adam Watkins expressed interest in serving. There were no additional requests for appointment Attorney Cypen commented Mr. Watkins was unable to vote on the matter, leaving the Board without a quorum The appointment was held over until the September 17, 2015 meeting. Approval of Actuarial Valuation as of October 1, 2014 Finance Director VanZile stated Attorney Cypen had expressed concerns at the March 19, 2015 meeting and Matt Dickey had not amved to provide information addressing the concerns. 1 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 18, 2015 Board Member Holzman moved to table to the September 17 meeting; seconded by Chairman Lent. Themotionpassed unanimously Matt Dickey arrived dunng the meeting and reported he was still waiting for guidance from the State regarding Attorney Cypen's concerns Attorney Cypen stated the Board needed to approve the Actuanal Valuation within 60 days. Board Member Watkins moved to approve; seconded by Board Member Holzman. The motion passed unammously. NEW BUSINESS Discussion of amended Florida Municipal Trust Fund Defined Benefit Plan Document Attorney Cypen stated the change involved the definition of spouse. Board Member Holzman moved to approve; seconded by Chairman Lent. The motion passed unanimously Approval of Summary Plan Description Finance Director VanZile reported on the two changes. The first change added the new section"Option of Purchasing Credited Service". Chairman Lent stated several members commented they were not offered time for previous service. Finance Director VanZile stated Human Resources will highlight the option dunng the new employee orientation process. Chairman Lent inquired if there was any recourse for those who were not offered the option, such as offering a one-time purchase. Finance Director VanZile stated the option was in the Adoption Agreement provided to new hires, however the option was not highlighted dunng the onentation process. Attorney Cypen indicated a new hire is provided with the Plan and the option does not have to be pointed out to them He inquired the amount of time a new hire was provided to elect to purchase pnor service years. Finance Director VanZile stated the Plan allows the purchase within the first three months of service with the City. Matt Dickey stated other plans have opened up the option for six months to a year to provide an opportunity to elect the option. Chairman Lent suggested allowing a one-time Plan amendment to open up the option for six months after approval of the amendment. Attorney Cypen suggested the Board identify the individuals the amendment would affect and provide them with the cost The Board could proceed with amending the Plan if there was interest in electing the option. 2 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 18,2015 Matt Dickey will provide the cost calculations to Finance Director VanZile. Finance Director VanZile presented the change to page 4 of the Summary Plan which listed (1) A description of the relevant provisions of the Collective Bargaining Agreement, and (2) Claims procedures; and(3)Report of Actuanal Summary as attachments to the Summary Plan. Board Member Holzman moved to approve the Summary Plan, seconded by Board Member Watkins. The motion passed unanimously. Finance Director VanZile will forward the Summary Plan to Assistant Fire Chief Johnston for distnbution. PLAN ADMINISTRATOR REPORT Discussion of Firefighters Pension Plan Investment Performance Report for Quarter Ending March 31, 2015 Matt Dickey presented the beginning balance, contnbutions, earnings, distributions, 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. ATTORNEY REPORT Attorney Cypen reported on the new budget requirements for the Board. The collective bargaining agreement will need to contain the budget calculations. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses Finance Director VanZile reported on the following payments for March 14,2015 through June 11,2015. GASB Valuation and Supplemental Report-$3,750 00 Actuarial Valuation and Individual Benefit Statements-$13,500.00 COLA Special Cost Studies -$1,275.00 Quarterly Fees-$4,647.29 Board Member Holzman moved to approve the plan expenses; seconded by Board Member Watkins. The motion passed unanimously. ADJOURN: With no further comments, this meetmg was adjourned at 11:40am APPROVED: firman Judd Lent / i � 1 ATTEST: Tracy Ackroyd,CI Clerk 3