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12-14-2017 Retirement Plan Board City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 14,2017 The Police Officers Retirement Plan Board of Trustees met in a regular meeting on Thursday, December 14, 2017 in the Council Chambers at City Hall. Board Members present: Michael Scheller, Jason Sayre, and John Baker. Attorney Scott Christiansen was 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 Zinker. Board Member Scott Tuft was absent. CALL TO ORDER Chairman Scheller called the meeting to order at 4:10pm. OATH OF OFFICE Deputy City Clerk Zinker administered the Oath of Office to John Baker and Michael Scheller. PUBLIC COMMENTS Chairman Scheller opened public comments. There/were no public comments. Chairman Scheller closed public comments. APPROVAL OF MINUTES Approval of the September 14, 2017 Police Officer Pension Board Minutes. Board Member Baker moved for approval; seconded by Chairman Scheller. The motion passed unanimously. UNFINISHED BUSINESS Discussion of Pension Plan Review Finance Director Van Zile updated the Board on the status of the Pension Plan Performance Review being conducted by Public Financial Management Asset Management, LLC consultants. Finance Director Van Zile has reviewed a first draft of the report, but the final report is not complete at this time. The final report should be ready for presentation at the February 2018 Board meeting. Discussion of Trustee Elections and Appointments Finance Director Van Zile noted Board Members Scott Tufts and Michael Scheller were re-elected by the plan members for another two-year term. On December 12, 2017 the City Council reappointed John Baker for another two-year term. The City Clerk's office will be reaching out to those who were not appointed to any boards at the previous council meeting to see if they would be interested in serving on the Police Officer Pension Board of Trustees. Attorney Christiansen proposed changing half of the board members' terms from two-year terms to one- year terms in order to stagger the board appointments. 1 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 14,2017 NEW BUSINESS Approval of Police Officers Pension Plan Actual Expenses-FY 2017 Attorney Christiansen stated, per State Legislature, the Board is required to approve the actual administrative expenses for the previous fiscal year at the start of the new fiscal year. Chairman Scheller motioned to approve; seconded by Board Member Baker. The motion passed unanimously. Approval of 2018 Meeting Dates Finance Director Van Zile presented the proposed meeting dates for the year 2018. Mr. Jeremy Langley stated the investment reports might not be completed in time for the proposed meeting dates. Finance Director Van Zile was approved to re-schedule all proposed meeting dates for the year 2018. BILLS AND EXPENSES Approval of Plan Quarterly Expenses Chairman Scheller reviewed the Plan Quarterly Expenses with the Board. Chairman Scheller motioned to approve. Member Sayre seconded the motion. The motion passed unanimously. MEMBER DISTRIBUTIONS Approval of Member Distributions Finance Director Van Zile stated there were no member contributions made for this quarter. DROP PARTICIPANTS Approval of DROP participants Finance Director Van Zile stated there were no DROP participants at this time. PLAN ADMINISTRATOR REPORT Discussion of Investment Performance Report for Quarter Ending September 30, 2017 Mr. Jeremy Langley reviewed Investment Performance Report. All managers met expectations but they will be keeping an eye on one manager that is struggling. 2 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 14,2017 ATTORNEY REPORT Attorney Christiansen reported it is time for the board to reselect officers, as it must be done every two years. Board Member Sayre motioned to re-elect Michael Scheller as Chairman and John Baker as Secretary; seconded by Board Member Baker.The motion passed unanimously. Attorney Christiansen suggested postponing the Operating Rules and Procedures to the next meeting as the Board Members received a copy earlier today. Attorney Christiansen asked the Board Members to review the Operating Rules and Procedures and bring any questions to the next meeting for discussion. Items that are shaded within the document are new portions,which were recently added. 3 City of Clermont MINUTES POLICE OFFICERS RETIREMENT PLAN BOARD OF TRUSTEES MEETING December 14,2017 ADJOURN: With no further comments,this meeting adjourned at 4:46pm. APPROVED: /z "17 Chairman Scheller ATTEST: Tracy Ackroyd Howe,City Clerk