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12-10-2015 Minutes City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 10,2015 The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Thursday, December 10,2015 in the Council Chambers at City Hall. Board Members present: Michael Scheller, Scott Tufts, and John Baker. Attorney. Scott Christiansen, Jeremy Langley and Jeff Brumley; Florida League of Cities, were present. Staff members present: Finance Director VanZile and Deputy City Clerk Noak. Absent: Board Members Sayre and Peraza. OATH OF OFFICE Deputy City Clerk Noak administered the Oath of Office to Michael Scheller, Scott Tufts,and John Baker. CALL TO ORDER Chairman Scheller called the meeting to order at 4.00pm. 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 September 22, 2015 meeting Board Member,Baker moved to approve the minutes; seconded by Chairman Scheller. The motion passed unanimously NEW BUSINESS Discussion of Florida Municipal Pension Trust Fund Defined Benefit Plan Document—Amended October 1, 2015 Jeff Brumley reviewed the Plan amendments and the additional "Share Plan" wording which changed the Plan document. The amendments and additions were in response to legislative action and were effective October 1, 2015. Attorney Christiansen stated the legislative action required"Share Plan" language be added to the Plan Document whether the City intends to fund'it or not. The City does not have a Collective Bargaining Agreement with the Police Union`indicating to the actuary what the City intends to do, therefore the document cannot be signed. Finance Director VanZile indicated the City would use the money as they had in the past. Jeff Brumley commented the League will revise the document and send the revisions to the City. Attorney Christiansen stated the actuary should not be given any direction until a new Collective Bargaining Agreement was in place. 1 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 10,2015 Discussion of Plan Amendment regarding Purchase of Prior Credited Service Finance Director VanZile provided an overview of the Firefighers' Pension Board request to re-open the option to purchase prior years of service and provide payment options. The option to purchase would become available at any time during an eligible participants' employment with the City and the participant would have a three-month window to pay for the purchase. Mr. VanZile asked if the Police Pension Board was interested in providing the same options. The Board'expressed an interest in providing the same options. Finance Director VanZile will begin the process and contact the Police Union. PLAN ADMINISTRATOR REPORT Discussion of Police Officers Pension Plan Investment Performance Report for Quarter Ended September 30, 2015 Jeff Brumley presented the Performance Report for the quarter ending September 30,2015. ATTORNEY REPORT Attorney Christiansen stated officers would need to be selected. The current officers are Michael Scheller, Chairman; and John Baker, Secretary. Board Member Baker moved to re-select the current officers; seconded by Board Member Tufts. The motion passed unanimously. Attorney Christiansen stated Pension Letter 2 regarding the Police Officers Pension Board assets will need to be provided to the City Council. Finance Director VanZile will prepare and provide the letter. Finance Director VanZile stated Board Member Peraza requested the meeting time change to 3pm. The Board agreed to the meeting time change. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses for period September 15, 2015—December 3, 2015 Finance Director VanZile presented the following expenses: Invoice#27030-'$78.80 Invoice#27173 -$433.18 9/30/2015 Quarterly Fees-$5,907.77 2015-2016 Annual Administration Fee-$1,000.00 Board Member Baker moved to approve; seconded by Board Member Tufts. The motion passed unanimously. Attorney Christiansen stated Finance Director VanZile will prepare a report of the actual expenses for the prior year. 2 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 10,2015 ADJOURN: With no further comments,this meeting was adjourned at 4:44pm. APPROVED: Chairman Sc eller ATTEST: •. A.A/ip Tracy Ackro d Howe,City Clerk �rr / ^ 1 . L tj^ rlt 111 ' ^ L 3