06-22-2016 City of Clermont
MINUTES
POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING
June 22,2016
The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Wednesday, June 22,
2016 in the Council Chambers at City.Hall. Board Members present: Michael Scheller, Scott Tufts,Jason
Sayre, and Bob Peraza. Jeremy:Langley; Florida League of Cities, was present. Staff members present:
Finance Director VanZile and Deputy City Clerk Noak.
Absent: Attorney Christiansen and Board Member Baker.
CALL TO ORDER
Chairman Scheller called the meeting to order at 3:00pm.
PUBLIC COMMENTS
There were no public comments.
MINUTES
Approval of minutes of the March 21, 2016 meeting.
Board Member Tufts moved forapproval of the minutes; seconded by Board Member
Peraza. The motion passed unanimously.
NEW BUSINESS
Discussion of DROP entry date
Finance Director VanZile commented a question arose regarding the DROP program entry date. The Plan
document states entry into the DROP program occurs the first day of the month following an individual's
normal retirement date, and appears to limit the entry date to`the specified"date. Attorney Christiansen
and the Florida League of Cities were consulted and agreed the intent was not to limit the entry date.
Finance Director VanZile stated an ordinance to adopt the change reflecting the intent of the DROP
program entry date could be presented to the City Council.
Board Member Tufts motioned to move forward with an ordinance adopting the intent;
seconded by.Board Member Sayre. The motion passed unanimously.
Discussion of Prior Credited Service purchase counting toward vested service
Finance Director VanZile commented a question arose regarding if prior credited service purchases
counted toward vested service. The Adoption Plan is silent on the matter and Attorney Christiansen, the
Florida League of Cities, and the Actuary were contacted. The purchased credited service would be
included as vested service;however,the Actuary stated the fee would be calculated differently.
Police Officer Loughnan asked if an individual with 8 years of vested service purchased`2 years of
credited service, would the individual become fully vested. Finance Director VanZile affirmed the
individual would become fully vested.
Officer Loughnan inquired if service time with the Sheriffs Department would qualify. Jeremy Langley
will research the qualification of the Sheriffs Department service time.
1
City of Clermont
MINUTES
POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING
June 22,2016
Board Member Tufts asked of the calculation for the actuarial fee. Jeremy Langley will follow up with
the calculation rate.
Board Member Tufts moved to leave the Plan document as is; seconded by Board
Member Sayre. The motion passed unanimously.
PLAN ADMINISTRATOR REPORT
Discussion of Police Officers Pension Plan Investment Performance Report for Quarter Ended March 31,
2016.
Jeremy Langley presented the Police Officers Pension Plan Investment Performance Report for Quarter
Ended March 31,2016.
ATTORNEY REPORT
Not present.
BILLS AND EXPENSES FOR APPROVAL
Approval of Plan Expenses for period March 11, 2016—June 9, 2016
Finance Director VanZile presented the following expenses:
Quarterly Fees $6,232.35
Invoice#27975 $1,560.98
No impact letter $ 375.00
Invoice#27841 $ 197.00
Chairman Scheller moved for approval of the expenses; seconded by Board Member
Sayre. The motion passed unanimously.
Approval of Member Distributions
Finance Director VanZile presented the corrected information for the distribution to Paul E.Lee.
Chairman Scheller moved for approval of the distribution; seconded by Board Member
Sayre. The motion passed unanimously.
ADJOURN: With no further comments,this meeting was adjourned at 3:34pm.
APPROVED:
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t' •,��. ;,,- Chairman Sch ]ler
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Tracy ckroy Howe,City Clerk
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