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06-28-2016 Minutes City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 28,2016 The Firefighters Retirement Plan Board of Trustees met in a regular meeting on Tuesday, June 28, 2016 in the Council Chambers at City Hall. Firefighters' trustees present: Judd Lent, Ryan Moore, and Jim Purvis. Attorney Steve Cypen was present via telephone conference call. Jeremy Langley; Florida League of Cities, was present. Staff members present: Finance Director Van Zile and Deputy City Clerk Noak. Absent: Board Members Watkins and Holzman. CALL TO ORDER Chairman Lent called the meeting to order at 9:13am. OATH OF OFFICE Deputy City Clerk Noak administered the Oath of Office to Ryan Moore prior to the meeting. PUBLIC COMMENTS There were no public comments. APPROVAL OF MINUTES Approval of minutes of the Regular Meeting on March 21, 2016 Board Member Purvis moved for approval of the minutes; seconded by Board Member Moore. 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 Purvis moved to amend the adoption agreement to allow entry into the DROP program any time after eligible; and have the wording return before the Board for approval;seconded by Board Member Moore. 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 the police officers' Board Attorney, 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. Jeremy Langley consulted with the League of Cities and prior credited service purchases are counted 1 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 28,2016 toward vested service. Board Member Moore moved to leave the Plan document as is; seconded by Board Member Purvis. The motion passed unanimously. Approval of Prior Credited Service—Carle Bishop Fire Chief Bishop was available to answer any questions regarding his prior service with the South Lake Fire District. Finance Director VanZile provided information on the criteria for prior credited service. After discussion,the consensus of the Board was to consider Chief Bishop's prior service from 1980 to 1985 as meeting the prior credited service criteria. Board Member Purvis moved to accept the prior service with the South Lake Fire District from 1980 to 1985; seconded by Board Member Moore. The motion passed unanimously. PLAN ADMINISTRATOR REPORT Discussion of Firefighters Pension Plan Investment Performance Report for quarter ended March 31, 2016. Jeremy Langley provided the Firefighters Pension Plan Investment Performance report for quarter ending March 31,2016. Board Member Purvis expressed concern of the quarterly fee expenses for the Plan. Chairman Lent opined the fees were comparable to other similar plans. ATTORNEY REPORT No report. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses for March 11, 2016—June 9, 2016 Finance Director VanZile presented the following expenses for approval: Invoice#8498 $ 350.00 Quarterly Fees $4,883.26 No Impact Letter $ 300.00 Board Member Purvis moved for approval; seconded by Board Member Moore. The motion passed unanimously. ADJOURN: With no further comments,this meeting was adjourned at 10:04am. 2 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 28, 2016 / ":1124..-------...." APPROVED: rman Judd Lent /' %a ATTEST: 4r�f�I r Tracy A ' , oyd'owe,City Clerk 01 q�; ee ktst,. ;,c,�`,,,,•';',„._ '� , :rr, � .,` l(f- fi: . ' ' ti ±-.: . 3 I L