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12-15-2016 Minutes City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 15, 2016 The.Firefighters Retirement Plan Board of Trustees met in a regular meeting on Thursday, December 15, 2016 in the Council Chambers at City Hall. Firefighters' trustees present: Judd Lent, Adam Watkins, Jim Purvis, and Sy Holzman. Attorney Bonni Jensen was present via telephone conference call. Jeremy Langley and Rodney Walton; Florida League of Cities, were present. Staff members present: Finance Director Van Zile,Risk and Benefits Manager Ohlinger,and Deputy City Clerk Noak. Board Member Ryan Moore was absent. Board Member Adam Watkins arrived during the meeting. CALL TOaORDER Chairman Lent called the meeting to order at 1:02pm. PUBLIC.COMMENTS Chairman Lent opened for public comments. There were no public comments. Chairman Lent closed public comments. APPROVAL OF MINUTES Approval of minutes of the September 13, 2016 Fire Pension Board Meeting. Board Member Purvismoved for approval; seconded by Board Member Holzman. The motiompassed unanimously. Chairman Lent stated he received a letter from the Division of Retirement regarding filing the annual report. Attorney-Jensen'stated the board is responsible for ensuring the annual report has been filed online. Finance°Director VanZile stated Laura Underhill; Florida League of Cities, contacted his office and the Florida League of Cities will be filing the annual report online. NEW BUSINESS Chairman Lent deferred discussion on the meeting dates and time until Board Member Watkins arrived. Discussion of plan amendment to change the in line of duty death benefit for a non-vested member. Attorney Jensen:suggested developing language for the actuary's review and present the changes to the City Council. Finance Director-VanZile stated the change would allow the same in line of duty death benefit for a non-vested member as is allowed for an in line of duty vested member. Attorney Jensen suggestedremoving the.wording regarding the required years of credited service, and clarifying the provision on when the benefit is payable. Finance Director VanZile will provide the board with the document at the March 2017 meeting. Board Member Purvis moved to table to the March 2017 meeting; seconded by Board Member!Holzman. .The motion passed unanimously. Board Member Watkins arrived at 1:22pm. 1 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 15,2016 Discussion of 2017 Meeting Dates and Times. The board reviewed the suggested meeting dates and agreed to the following: March 15, 2017 at 9am; June 15, 2017 at 1:30pm; September 14, 2017 at 1:30pm; and December 14, 2017 at 1:30pm. PLAN ADMINISTRATOR.REPORT Discussion of the Investment Performance Report for Quarter Ended September 30, 2016. Jeremy Langley presented the Investment Performance Report for the fourth and final quarter for fiscal year 2016. Board Member Purvis asked if reallocating any of the funds would occur. Mr. Langley indicated there were no plans to reallocate funds; however, reallocation options could be presented to the board for consideration. The board was inagreementto review any reallocation options. ATTORNEY REPORT Attorney Jensen stated within the next two years the board will need to use a different mortality table and the League of Cities will begin moving forward with the change. Attorney Jensen indicated the Florida Retirement System has recommended a new investment return assumption. Chairman Lent stated the investment return was currently 7.5 percent. BILLS AND EXPENSES FOR<APPROVAL Approval of Plan Expenses for June 10, 2016—September 8, 2016 Finance Director VanZile presented the following expenses: Invoice No. 18822 $ 1,775.00 Quarterly Fees $ 5,241.57 Annual Administration Fee $ 1,000.00 Invoice No: 18865 $ 2,121.00 Invoice No. 19014 $ 210.23 Board Member Holzman moved for approval; seconded by Board Member Purvis. The motion passed unanimously. Attorney Jensen asked if the DeMarinis family has filed an appeal regarding the board's denial of a post- humus purchase;of prior service. The deadline for filing an appeal is January 16, 2017. The DeMarinis family has not filed an appeal. 2 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 15, 2016 ADJOURN: With no further comments, this meeting was adjourned at 1:37pm. APPROVED: / / `firman Judd Lent ATTEST: Tracy Ackroyd Howe, City Clerk ' r !•' � S.7 _ .. 3