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06-28-2017 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 28,2017 The Firefighters Retirement Plan Board of Trustees met in a regular meeting on Wednesday, June 28, 2017 in the Council Chambers at City Hall. Firefighters' trustees present: Judd Lent, Ryan Moore, Adam Watkins, and Jim Purvis. Attorney Jensen was not present. Jeremy Langley; Florida League of Cities, was present. Staff members present: Finance Director Van Zile, Risk and Benefits Manager Ohlinger, and Deputy City Clerk Noak. Not present: Sy Holzman. Adam Watkins arrived during the meeting. CALL TO ORDER Chairman Lent called the meeting to order at 9:01 am. 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 March 15, 2017 Fire Pension Board Meeting. Board Member Purvis moved for approval; seconded by Board Member Moore. The motion passed unanimously. NEW BUSINESS Approval of Amended Summary Plan Description-Firefighters Pension Plan Finance Director VanZile reviewed the amendments to the Summary Plan Description which were made over the past year. The Summary Plan Description was sent to Attorney Jensen for review and met with her approval. The document will be sent to the Pension Board Members, Firefighters, and Human Resources. The Summary Plan Description will be provided to new employees during the Employee Orientation process. Board Member Moore moved for approval: seconded by Board Member Purvis. The motion passed unanimously. Chairman Lent inquired if the Share Plan funds had been distributed into the participant's accounts. Jeremy Langley will verify the status of the Share Plan fund distributions. Chairman Lent asked how the participants would be notified of their distribution. Mr. Langley indicated the participants will receive a yearly summary and will have the Florida League of Cities provide information on the fund distributions. Chairman Lent stated there were concerns from participants regarding the inclusion of incentives in the definition of compensation. The participants would like the wording to state that incentives were part of full compensation. Finance Director VanZile commented the adoption agreement stated the only form of pay not included was bonuses and suggested expanding the wording during the next revision. 1 City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 28, 2017 Chairman Lent indicated there were participants expressing concerns of the amount of sick leave which would be included upon retirement and requested the plan provide a more in-depth description. Finance Director VanZile stated there were two previous changes to the plan in respect to overtime and sick leave and were a result of changes to the Florida Statutes. Board Member Watkins arrived at 9:13am. Finance Director VanZile indicated the value is based on the cap of the sick leave balance as of the date of the Firefighter Collective Bargaining Agreement. A firefighter with 150 hours of sick leave as of the date of the Firefighter Collective Bargaining Agreement and has 250 hours of sick leave at the time they are retiring, would be paid for the 250 hours of sick leave; however, only 150 hours of sick leave would be calculated into the monthly retirement benefit. Board Member Purvis asked of potential retirees' opportunity to review their retirement benefits options. Finance Director VanZile stated the retiree contacts Human Resources. Board Member Watkins inquired if a worksheet listing the options was available. Risk and Benefits Manager Ohlinger stated Human Resources or the participant contacts the Florida League of Cities to receive information on available options. Jeremy Langley suggested the Florida League of Cities conduct presentations to provide information on the options and benefits available. The Board was in agreement and Human Resources will coordinate the presentations. Plan Analysis Finance Director VanZile suggested having an outside consultant conduct a comparison of the City's plan with the Florida League of Cities with other available plans. Jeremy Langley indicated the Florida League of Cities is not opposed to having acomparison conducted and reminded the Pension Board of Trustees the Florida League of Cities plan is all inclusive, making a comparison difficult. The cost of a consultant is approximately$35,000. Chairman Lent asked if the Pension Board Plan would pay for the cost. Finance Director VanZile stated the cost possibly would be shared with the City and the Pension Board. The Pension Board agreed to have Finance Director VanZile provide an estimate. PLAN ADMINISTRATOR REPORT Discussion of the Investment Performance Report for Quarter Ending March 31, 2017. Jeremy Langley presented the Investment Performance Report for the quarter ending March 31, 2017. Mr. Langley reported the Florida League of Cities has selected Morgan Stanley to manage the real estate investment portion of the plan. Board Member Purvis expressed concern of investing in real estate. Mr. Langley stated the Florida League of Cities will not take speculative risks. 2 s City of Clermont MINUTES FIREFIGHTER RETIREMENT PLAN BOARD OF TRUSTEES MEETING June 28,2017 ATTORNEY REPORT Attorney Jensen was not present. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses–March 8, 2017–June 8, 2017 Finance Director VanZile presented the following expenses for approval: Bill#19747 $1,236.25 Ord. 2017-08 Impact Statement $ 450.00 Quarterly Fees $5,628.35 Chairman Lent inquired of Bill#1947. Finance Director VanZile stated the payment was to the Klausner Law Firm for the changes made to the pension plan. Board Member Moore moved for approval; seconded by Board Member Purvis. The motion passed unanimously. ADJOURN: With no further comments, this meeting was adjourned at 9:58am. APPROVED: !—� 1 an Judd Lent ATTE : lij_________) Tracy Ackroyd Howe, City Clerk ht! I , I, T,,I,''''' X •r;ofra, ..•r•I'' 7 3