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12-15-2016 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 15, 2016 The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Thursday, December 15, 2016 in the Council Chambers at City Hall. Board Members present: Michael Scheller, Scott Tufts, John Baker, and Jason Sayre. 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 Deputy City Clerk Noak. CALL TO ORDER Board Member Tufts called the meeting to order at 2:20pm. PUBLIC COMMENTS Board Member Tufts opened for public comments. There were no public comments. Board Member Tufts closed public comments. MINUTES Approval of minutes of the September 20, 2016 Police Pension Board Meeting. Board Member Backer moved for approval of the minutes; seconded by Board Member Sayre. The motion passed unanimously. NEW BUSINESS Discussion of plan amendment to change the in line of duty death benefit for non-vested members. Finance Director VanZile stated the Firefighter Pension Board discussed plan changes regarding the in line of duty death benefit for non-vested members. The plan currently provides the beneficiary of a non- vested member who dies in the line of duty to receive only the accumulated contributions. The Firefighter Pension Board requested enhancement of the non-vested member benefit to a similar benefit of a vested member. The plan actuary has stated there are several plans which provide a similar benefit and the increase to the plan cost would be negligible. The Board was interested in moving forward with changing the plan. Finance Director VanZile will work with the Firefighter and Police Officer Pension Board attorneys and present the options to the Board at the next meeting in March. PLAN ADMINISTRATOR REPORT Discussion of Police Officers Pension Plan Investment Performance Report for Quarter Ended June 30, 2016. (Tabled from the September 20, 2016 meeting). Jeremy Langley presented an overview of the Police Officers Pension Plan Investment Performance Report for the quarter ending June 30, 2016. 1 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 15, 2016 Discussion of Investment Performance Report for Quarter Ended September 30, 2016 Jeremy Langley presented an overview of the Investment Performance Report for the fourth quarter of fiscal year 2016. Chairman Scheller arrived at 2:39pm. ATTORNEY REPORT Attorney Christiansen stated Jason Sayre's term as the fifth member would end December 1, 2016. Board Member Tufts moved to select Jason Sayre for another two year term as the fifth member; seconded by Chairman Scheller. The motion passed unanimously. Attorney Christiansen indicated the Summary Plan description would need to be distributed to the Police Officers. Risk and Benefits Manager Ohlinger will distribute the Summary Plan. Finance Director VanZile will provide the Fiscal Year end report to the City Council, along with Pension Letter Number 2,and attach a listing of all the assets of the Pension Board. Finance Director VanZile will prepare the required Expense Report for approval by the Pension Board at the next meeting in March. Attorney Christiansen requested moving the March 16, 2017 meeting to 2pm on March 23, 2016. Finance Director VanZile inquired of moving forward with changes to the Share Plan. The board agreed to review several different options at the March 23,2017 meeting. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses—September 9, 2016—November 30, 2016 Finance Director VanZile presented the following Plan Expenses: Invoice No. 29293 $ 275.80 Quarterly Fees $6,134.20 Annual Administration Fee $1,000.00 Letter of no impact $ 300.00 Invoice No. 29459 $ 472.80 Board Member Baker moved for approval; seconded by Board Member Sayre. The motion passed unanimously. 2 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 15,2016 Approval of Member Distributions—September 9, 2016—November 30, 2016 Finance Director VanZile presented the Member Distributions: Rene Castro Lump Sum $ 2,859.60 Rene Castro Lump Sum—Rollover $255,323.72 Rene Castro Lump Sum $ 7,722.10 Rene Castro Lump Sum—Rollover $ 50,000.00 Chairman Scheller moved for approval; seconded by Board Member Tufts. The motion passed unanimously. ADJOURN: With no further comments,this meeting adjourned at 3:09pm. APPROVED: Chairman Scheller ATT T: Tracy Ackrold Howe, City Clerk • • 3