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03-23-2017 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING March 23, 2017 The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Thursday, March 23, 2017 in the Council Chambers at City Hall.Board Members present: Michael Scheller, Scott Tufts,Jason Sayre, and Les Booker. Attorney.-Scott Christiansen was present via telephone conference call. Jeremy Langley and.Rodney Walton; Florida. League of Cities, were also present. Staff members present: Finance Director VanZile,Risk and Benefits Manager Ohlinger,and Acting City Clerk Noak. Board Member John Baker was absent. OATH OF OFFICE Acting City Clerk Noak gave the oath of office to Jason Sayre and Les Booker prior to the meeting. CALL TO ORDER Chairman Scheller called the meeting to order at 2:00pm PUBLIC COMMENTS Chairman Scheller opened for public comments. There were no public comments. Chairman Scheller closed public comments. MINUTES Approval of the December 12, 2016 Police Officer Pension Board Minutes. • Board Member Tufts moved for approval; seconded by Board Member Sayre. The motion passed.unanimously. UNFINISHED BUSINESS Discussion of Proposed City of Clermont Ordinance No. 2017-09 amending the Police Officer Pension Plan. Finance Director VanZile reviewed the ordinance which will be presented to the City Council. The ordinance amends the pension plan as previously discussed by the board, specifically relating to how death benefits would be paid-for non-vested members, deaths which occur in the line of duty, the Drop Program;and the Share Plan. Board Member Sayre moved to recommend support of Ordinance 2017-09; seconded by Board Member Tufts:`The motion passed unanimously. • 1 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING March 23,2017 J' NEW BUSINESS Approval of Police Officer Pension Plan Actual Expenses—Fiscal Year 2016 Finance Director VanZile stated there was a legislative change which requires the annual approval by the board of the fiscal year pension plan expenses. Board Member Sayre moved for approval: seconded by Board Member Tufts. The motion-passed unanimously. Approval of Police Officers Pension Plan Actuarial Valuation—October 1, 2016 Finance Director VanZile presented the Police Officers Pension Plan Actuarial Valuation. Board Member Tufts movedfor approval: seconded by Board Member Sayre. The motion passed unanimously. Attorney Christiansen suggested requesting the actuarial valuation one year in advance. Finance Director VanZile will follow up with the League of Cities. Approval of Police Officers Pension Plan Annual Report—Fiscal Year 2016 Finance Director VanZile,statedthe annual report was required to be submitted to the state. The report will be posted on the League of Cities website. Board Member Sayre moved for approval: seconded by Board Member Tufts. The motion passed unanimously. PLAN,ADMINISTRATOR REPORT Discussion of Investment Performance Report for Quarter Ending December 31, 2016 Jeremy Langley, presented the investment performance report for quarter ending December 31, 2016. Future reports will be simplified and consist of approximately three to five pages. The Board will receive a link to the detailed report for each'quarter.' Mr. Langley reported a low risk real estate component will be added to the investment plan which will includelargeproperties,commercial buildings, and apartments. ATTORNEY REPORT Attorney Christiansen asked of the status of the purchase of credit service changes. Finance Director stated the item will be on the next agenda. Attorney Christiansen mentioned the board member's individual financial disclosure forms are due July 1, 2017. Attorney Christiansen advised the board to adopt an assumption rate for Fiscal Year 2017. Jeremy Langely stated the current assumption rate of 7.5 percent is a reasonable rate. 2 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING March 23, 2017 Board Member Tufts moved to adopt the assumption rate of 7.5 percent; seconded by Board Member Sayre. The motion passed unanimously. Attorney Christiansen stated Senate Bill 306 does not have an associated House Bill. Senate Bill 306 proposes changes to voting conflicts which could affect the pension board members. The proposed bill could cause all active board members to be ineligible to vote. Attorney Christiansen advised proposed Senate Bill 632 and House Bill 603 would require a pension board to lower their assumption rate in the event the prior assumption rate was not met. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses—December 1, 2016—March 16, 2017 Finance Director VanZile presented the following Plan Expenses: Invoice 29721 $ 327.20 Quarterly Fees $ 6,014.27 S Bartee Calculation $ 300.00 Invoice 29849 $ 902.59 Invoice 29977 $ 1,308.80 C Vigeant Calculation $ 375.00 Board Member Sayre moved for approval; seconded by Board Member Tufts. The motion passed unanimously. Approval of Member Distributions—December 1, 2016—March 16, 2017 Finance Director VanZile presented the following Member Distributions: M Williams Lump Sum $2,306.08 S Walters Lump Sum $1,264.50 Board Member Tufts moved for approval; seconded by Board Member Sayre. The motion passed unanimously. ADJOURN: With no further comments,this meeting adjourned at 3:04 pm. APPROVED: Chairman Scheller AOde TTTESST: Tracy Ac •yd owe, City Clerk 3