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Clermont Fire 05-22-2019 Quarterly Meeting MinutesCity of Clermont Minutes �ERoNPOLICE OFFICERS PENSION BOARD OF TRUSTEES T PENSION BOARD MEETING Choice of Champions MAY 22, 2019 The Firefighters Retirement Plan Board of Trustees met on Wednesday, May 22, 2019 in the Clermont City Hall Council Chambers. Firefighter Board Members present: Jim Purvis, Judy Proli, Ryan Moore, Judd Lent, and Adam Watkins. Attorney Bonni Jensen was present. Burgess Chambers & Associates member present: Mitchel Brennan. Staff members present: Finance Director Joe Van Zile, Risk and Benefits Manager Nadine Ohlinger. The Resource Centers staff members present: Scott Baur and A.C. Lovingood: Florida League of Cities member present: Jeremy Langley. CALL TO ORDER The Board Meeting was called to order at 10:0lam PUBLIC COMMENT There was no public comment. MINUTES The January 31, 2019 Joint Meeting Minutes were presented to the Board for review. Trustee Jim Purvis made a motion to approve the Joint Meeting Minutes dated January 31, 2019 as presented. Trustee Judy Proli seconded the motion. The motion passed 4-0. The March 29, 2019 Joint Meeting Minutes were presented to the Board for review. Trustee Jim Purvis made a motion to approve the Joint Meeting Minutes dated March 29, 2019 as presented. Trustee Ryan Moore seconded the motion. The motion passed 4-0. The April 26, 2019 Special Meeting Minutes were presented to the Board for review. Trustee Jim Purvis made a motion to approve the Special Meeting Minutes dated April 26, 2019 as presented. Trustee Judy Proli seconded the motion. The motion passed 4-0. REPORTS Investment Monitor Report — Jeremy Langley, League of Cities Jeremy Langley thanked the Board for the 34 year relationship with the League of Cities. Mr. Langley then reported that the Pension Plan was up 9% for the first quarter, recovering the 41h quarter losses and the Fund is up 0.56% for the fiscal year. The Board thanked Mr. Langley and the League of Cities. Investment Monitor Report — Mitchel Brennan, Burgess Chambers & Associates Mitchel Brennan gave an update on the transition, informing the Board that the liquidated transfer timing was perfect noting the 20 days that the plan was out of the market protected the assets from the volatility during that time period. Mr. Brennan informed the Board that the selected mutual funds and EFTs were purchased and the timeline for transition was reviewed. Monday the Plan had assets totaling $18,034,018 and as of today the Plan is up to $18,124.118. Mr. Brennan stated that the first performance report will be presented at the August meeting and the plan is to slowly start introducing managers to the Board for consideration. Mr. Brennan thanked Jeremy Langley, Bonni Jensen, and Scott Baur with helping to make the transition a very smooth process. Attornev Report — Bonni Jensen Joseph Sawver Order on Disability: Attorney Bonni Jensen presented the Order on Disability for Joseph Sawyer's In Line of Duty Disability for the Board to review. Trustee Jim Purvis made a motion to approve the Order on Disability for Joseph Sawyer as presented. Trustee Ryan Moore seconded the motion. The motion passed 5-0. Cancer Presumption Bill: Ms. Jensen reported the Cancer Presumption Bill passed unanimously from both sides. The Bill has much information that is not entirely clear and will require administrative follow up on the rules. She reviewed the items summarized in the memo. Lengthy discussion followed regarding the presumption change as many of the pending questions may be resolved in litigation. Ms. Jensen recommended an impact study be done to see what the impact will be for the Pension Plan. Chanizes in Tax Rules for Alimonv: Ms. Jensen presented a Memo to the Board regarding recent changes to how the Internal Revenue Service treats taxation of Alimony payments. Ms. Jensen stated that Alimony and separate maintenance payments are no longer deductible for any divorce or separation agreement executed after December 31, 2019, and modified after that date. Form 1: Ms. Jensen informed the Board that they need to complete and submit their Statement of Financial Interest Form 1 documents by July 1, 2019. Ms. Jensen stated that the Board Members may have their CPA or personal attorney complete the form on their behalf and reminded everyone that they are entitled to confidentiality in their address as provided by Florida Statute 119.071. Board members may request for the Commission on Ethics to maintain that confidentiality in writing. The form needs to be mailed or emailed to the Supervisor of Elections for the County in which they reside. Ms. Jensen reminded the Board that it is important that each and every Trustee file their From 1 in a timely manner because the penalty for failure to file is $25.00 per day with a maximum of a $1,500.00 fine. It is suggested that you file this form by certified mail, return receipt requested, and keep a photocopy of the form for your records. ADA Compliance: Ms. Jensen stated that there is a law firm that is filing legal action against cities and towns throughout Florida due to the municipalities' websites not being ADA compliant. She went on to explain that complying with the ADA with regards to the information posted on the websites is not a simple task noting that she had attempted to format a document to comply with ADA compliance and ran into several issues with doing so. She went on to explain the additional costs associated with complying with the ADA mandate, noting that an actuary stated that an Actuarial Evaluation would cost $1,000.00 to format to meet the ADA requirements. She then reviewed the five required documents that must be posted on the city website which the Plan will need to ensure is compliant. Attornev Fee Increase: Ms. Jensen informed the Board that her firm will be increasing their fees as of June 1, 2019. The new cost for their services will be $300 per hour. Trustee Jim Purvis asked Ms. Jensen if she would be open to a three year commitment with the fee increase. Ms. Jensen stated that a three year commitment on the fees is fair. Trustee Jim Purvis made a motion to approve the June 1, 2019 attorney fee increase to $300 per hour. Trustee Judd Lent seconded the motion. The motion passed 5-0. Administrative Report — Scott Baur, Resource Centers Scott Baur reviewed the welcome letters that will be sent out in June to all of the active and retired members of the Plan. Mr. Baur informed the Board that members will receive two 1099R forms for the 2019 tax year. One 1099R will come from the League of Cities and the second 1099R will come from The Resource Centers noting that this is due to the transition. Mr. Baur then reviewed the five required documents that are on the Pension Plan's website and he discussed ADA Compliance and what The Resource Centers is currently doing to become compliant. Trustee Judd Lent asked about the Share account balances. Mr. Baur stated that the roster is with Joe Van Zile. EXPENSES The May 22, 2019 Warrant and the Christiansen & Delmer Invoice #33218 dated April 30, 2019 was presented to the Board for review. Trustee Ryan Moore made a motion to approve the Warrant dated May 22, 2019 and the Christiansen & Delmer Invoice #33218. Trustee Jim Purvis seconded the motion. The motion passed 5-0. OTHER BUSINESS Mitchel Brennan with Burgess Chambers & Associates asked the Board for freedom to choose where extra cash is invested. Trustee Judd Lent made a motion to allow The Resource Centers to accept direction from Burgess Chambers & Associates on the investing. Trustee Jim Purvis seconded the motion. The motion passed 5-0. NEXT OUARTERLY MEETING: Wednesdav, August 22, 2019 (a, 10:00 AM ADJOURN: With no further comments, this meeting adjourned at 11:02 AM. Respectfully submitted, Jim Purvis, Secretary