Loading...
09-14-2017 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING September 14,2017 The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Thursday, September 14, 2017 in the Council Chambers at City Hall. Board Members present: Scott Tufts, Jason Sayre, and John Baker. Attorney Scott Christiansen was present via telephone conference. Jeremy Langley; Florida League of Cities, was present. Staff members present: Finance Director VanZile, Risk and Benefits Manager Ohlinger,and Deputy City Clerk Noak. Board Member Scheller was not present. CALL TO ORDER Board Member Tufts called the meeting to order at 3:15pm. PUBLIC COMMENTS Board Member Tufts opened for public comments. There were no public comments. Board Member Tufts closed public comments. MINUTES Approval of the June 28, 2017 Police Officer Pension Board Minutes. Board Member Tufts moved for approval; seconded by Board Member Baker. The motion passed unanimously. UNFINISHED BUSINESS Discussion of Pension Plan Performance Review Finance Director VanZile reported on having an outside review of the current plan. The agency; PFM, was contacted and they are willing to review the plan at no charge. Attorney Christiansen asked if PFM also handled pension plans. He mentioned the Florida League of Cities has a third party consultant that reviews plans; however, he did not have any legal objection to PFM reviewing the plan. Finance Director VanZile stated if the report indicates a change should occur, then the City would only change the plan model with the Florida League of Cities to an unbundled plan where the City would hire their own plan managers. The City would send out a Request for Proposal, so PFM would not come in and take over. Board Member Sayre moved to have PFM review the plan at no cost; seconded by Board Member Tufts. The motion passed unanimously. 1 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING September 14,2017 NEW BUSINESS Discussion of Trustee Elections and Appointments The Board positions, with the exception of Board Member Sayre, are up for election, including the two City Council appointed outside members. The City will be advertising for the City Council appointed position and will present the names to the City Council for selection. City Clerk Ackroyd Howe will send out a request for nominations to the eligible police officers and an election will be held if more than two individuals are nominated. The Board will select the third member to serve on the Board. Approval of FY 2018 Administrative Expenses Budget Finance Director VanZile presented the projected budget for Fiscal Year 2018. 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 Ended June 30, 2017 Jeremy Langley presented the Investment Performance report for the quarter ending June 30,2017. ATTORNEY REPORT Attorney Christiansen announced all the Board Members had filed their Form 1 Statement of Financial Interest. He inquired if the letter declaring the expected rate of return had been distributed. Finance Director VanZile indicated the letter had been distributed. Attorney Christiansen inquired if the State had sent their share of funds to the pension plan. Finance Director will confirm. He stated the plan operating rules and buy back pay options were updated by Finance Director VanZile and asked the Board to authorize him to update the plan document. Board Member Sayre moved to authorize the plan document update; seconded by Board Member Tufts. The motion passed unanimously. Board Member Sayre asked if the Board should be approving a participant who is entering the drop program. Attorney Christiansen stated the Board should be approving participants who enter into the drop program. Finance Director VanZile will notify the Board when participants enter into the drop program and will have the Board approve. Board Member Sayre inquired if someone who is on administrative leave would accrue additional credited service if they are convicted of a crime. Attorney Christiansen commented a forfeiture of all except their personal contributions could occur. 2 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING September 14,2017 Finance Director VanZile asked of scheduling the quarterly meetings earlier in the month to prevent rescheduling issues if there is a lack of a quorum. Attorney Christiansen will review his schedule. BILLS AND EXPENSES FOR APPROVAL Approval of Plan Expenses Finance Director VanZile presented the following expenses for approval: Legal Services $613.50 Quarterly Share Plan Fees $6,319.49 Quarterly Share Plan Fees $522.94 Board Member Sayre moved for approval: seconded by Board Member Tufts. The motion passed unanimously. Approval of Member Distributions Finance Director VanZile presented the following distributions for approval: C Vigeant $13,663.91 C Vigeant Share Plan $27,368.73 Board Member Sayre moved for approval: seconded by Board Member Tufts. The motion passed unanimously. ADJOURN: With no further comments,this meeting adjourned at 4:15pm. APPROVED: Chairman Sc eller ATTE:.T: \ Ir '!I Tracy Ackroyd i • ' e,City Clerk .:''';1;•2'irkJ' fiwri f •1141'" fr yret ,*". 1* c -� %4 n J ad. 3