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09-22-2015 Minutes City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING September 22, 2015 The Police Officers Retirement Plan Board of Trustees met in a rescheduled meeting on Tuesday, September 22, 2015 in the Council Chambers at City Hall Board Members present: Michael Scheller, Jason Sayre, and John Baker. Paul Shamoun, Florida League of Cities, was present via conference call Staff members present: Deputy City Clerk Noak Finance Director VanZile, Attorney Scott Christiansen, Board Members James Wynns and Scott Tufts were not present CALL TO ORDER Chairman Scheller called the meeting to order at 3 17pm PUBLIC COMMENTS Chairman Scheller opened the meeting for public comments. There were no public comments. Chairman Scheller closed public comments. MINUTES Approval of minutes of the June 18, 2015 and September 17, 2015 Regular meeting Board Member_Baker moved to approve the minutes of the June 18, 2015 meeting; seconded by Board'Member Sayre. The'motion-passed unanimously NEW BUSINESS Resignation of Trustee James Wynns Board 'Member'Sayer inquired about the election procedure. Deputy City Clerk Noak outlined the election process. The Board acknowledged Mr Wynns resignation Approval of Pens,ion Plan Administrative Expense Budget—FY 2016 Chairman Scheller provided an overview of the Fiscal Year 2015-2016 budget Board Member Sayer expressed concern regarding the decrease in legal fees compared to the prior fiscal year's expenditures. Paul Shamoun commented the budget could be amended if expenses are higher than anticipated. Board Miember Baker-moved to approve the Fiscal Year pp 2015-2016 budget; seconded byBoard g Member Sayer -The motion passed unanimously. Trustee Terms Chairman Scheller announced all of the Trustee terms would end in December; including the non-employee members The fifth member term will not expire. Deputy City Clerk Noak explained the process for the non- employee members. 1 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING September 22,2015 PLAN ADMINISTRATOR REPORT Approval of Florida Municipal Pension Trust Fund Investment Policy—Amended June 4, 2015 Paul Shamoun stated the investment policy was amended to remove the new income portfolio bench mark provisions under the MASTER REPURCHASE AGREEMENT section as the provision no longer applied Chairman Scheller moved to approve the amended policy; seconded by Board Member Sayer. The motion passed unanimously Discussion of Police Officers Pension Plan Investment Performance Report for Quarter Ended June 30, 2015 Paul Shamoun reviewed the Performance Report for the quarter ending June 30,2015. Board Member Baker inquired if any securities were expected to be sold. Mr. Shamoun stated securities would be sold if a re-balance was necessary; however the Trust usually has the cash flow to re-balance without selling securities. Paul Shamoun reported the League of Cities website pages have been established and are in full compliance with the new state laws ATTORNEY REPORT 2016 Meeting Dates Chairman Scheller provided the meeting dates for Calendar Year 2016. Board Member Baker moved to approve the meeting schedule; seconded by Chairman Scheller. The motion passed unanimously. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses for period June 12, 2015—September 14, 2015 Chairman Scheller read the expenses for June 12,2015 through September 14,2015• • Legal Expenses- $113.70 • Invoice#26791 -$611 04 • Quarterly Fees- $6,147.51 • John Lee benefit calculation- $300 00 • Actuarial confirmation of use of State monies- $525.00 • Robert Robbins benefit calculation -$300.00 • James Rooney disability benefit calculation - $375.00 Board Member Baker moved to approve the expenses; seconded by Chairman Scheller The motion passed unanimously. 2 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING September 22,2015 Approval of Plan Member Distributions for period June 12, 2015—September 19, 2015 Chairman Scheller read the distributions for June 12, 2015 through September 14, 2015: • Valerie Jenkins-$324.90 • Samuel Rivera-$556 52 Board Member Baker moved to approve the distributions, seconded by Board Member Sayre. The motion passed unanimously. ADJOURN: With no further comments,this meeting was adjourned at 4 04pm APPROVED: ' .17 Chairman Scheller ATTEST: ' • Tracy Ackroyd,City C erk 3