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12-14-2015 Minutes City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 14, 2015 The Firefighters Retirement Plan Board of Trustees met in a regular meeting on Monday, December 14, 2015 in the Council Chambers at City Hall Firefighters' trustees present Judd Lent, Sy Holzman, and Jim Purvis In addition Finance Director Van Zile and Deputy City Clerk Noak were present Attorney Steve Cypen and Paul Shamoun, Flonda League of Cities,were present via conference call Absent Adam Watkins Chairman Lent called the meeting to order at 1 02pm OATH OF OFFICE Deputy City Clerk Noak gave the Oath of Office to Judd Lent, Sy Holzman, and Jim Purvis PUBLIC COMMENTS Chairman Lent opened the public heanng There were no public comments Chairman Lent closed the public heanng APPROVAL OF MINUTES Approval of the minutes of Regular Meeting on September 17, 2015 Board Member Purvis moved to approve the minutes, seconded by Board Member Holzman The motion passed unanimously UNFINISHED BUSINESS Discussion of Plan Amendment regarding Purchase of Prior Credited Service Finance Director VanZile presented the language of the proposed revisions to the Firefighters' Retirement Plan The revisions include re-opening the pnor service purchase option, with the option available any time dunng an eligible participants' employment with the City Payment options would be available, however the three-month window to pay would remain in the Plan The installment payment option would be subject to an interest rate based on the Plan's current rate of expected return, which is 7 5% Finance Director VanZile will prepare the revisions to the Plan and send to the Board for their review The revisions will then go before the City Council for approval Board Member Purvis moved to approve the Plan revisions, seconded by Board Member ,-Holzman The motion passed unanimously NEW BUSINESS Approval of Florida Municipal Pension Trust Fund Investment Policy—Amended June 4, 2015 Paul Shamoun stated the policy amendment removed the Fixed Income Interest Rate Risk provision, which was no longer required 1 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 14,2015 Board Member Holzman moved to approve the revisions as presented, seconded by Board Member Purvis The motion passed unanimously Approval of 2016 Meeting Dates The Board Members selected the following meeting dates Thursday,March 17 at 1 pm Fnday,June 17 at 9am Tuesday, September 13 at 1pm Thursday, December 15 at 1 pm Discussion of Florida Municipal Pension Trust Fund Defined Benefit Plan Document—Amended October 1, 2015 Paul Shaumon reviewed the Plan amendments regarding"Share Plan" The amendments were in response to legislative action and went into effect October 1, 2015 Board Member Purvis moved to approve the amendments, seconded by Board Member Hozman The motion passed unanimously Discussion of Fifth Member Board Appointment Chairman Lent requested Finance Director VanZile send an email asking if anyone was interested in serving as the Fifth Member Mr VanZile will send out an email Finance Director VanZile asked Board Members Purvis and Holzman to see if they know of anyone interested in serving The Fifth Member selection will be on the March 17, 2016 meeting agenda PLAN ADMINISTRATOR REPORT Discussion of Firefighters Pension Plan Investment Performance Report for Quarter Ended September 30, 2015 Paul Shamoun reviewed the Performance Report for the quarter ending September 30,2015 ATTORNEY REPORT No report 2 Y City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 14,2015 BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses for Period September 15, 2015—December 3, 2015 Finance Director VanZile presented the following expenses Fire Pension Meeting 6/18/2015 -$425 00 Fire Pension Meeting 3/19/2015 -$425 00 Fire Pension Meeting 12/18/2014 -$325 00 Fire Pension Meeting 9/18/2014 -$325 00 Invoice#7050 -$525 00 Invoice#6950 -$525 00 Invoice#6770 -$500 00 Invoice#6544 -$400 00 Invoice#8345 -$575 00 9/30/2015 Quarterly Fees-$4,573 87 2015-2016 Annual Administration Fees-$1,000 00 Board Member Holzman moved to approve, seconded by Board Member Purvis The motion passed unanimously ADJOURN: With no further comments,this meeting was adjourned at 1 47pm APPROVED: firman Judd Lent .0 ,.,;f_,,,----------------- ATTEST: ,L, '1- do • Tracy Ackroyd Howe, City Clerk r��0it1tft�tyC, 0 ' i yi• l ' p b Yr 3