Clermont Fire 05-26-2021 Quarterly Meeting MinutesL:' .
LEOCI I Retirement Plan & Trust for Firefighters of the City of Clermont
C 1 'VT Minutes Quarterly Meeting
Choice of Champions
May 261h, 2021
1. Chair Judd Lent called a Quarterly Meeting of the Firefighters Retirement Plan Board of Trustees to
order at 11:06 AM on November 20, 2020 in Council Chambers at the Clermont City Hall. Mr. Baur
called roll on behalf of the Board. Those persons present included:
TRUSTEES OTHERS
Judd Lent, Chair Scott Baur, Administrator (Resource Centers)
Ryan Moore Mitchell Brennan, Investment Consultant (BCA)
Judy Proli Bonni Jensen, Attorney (Klausner, Kaufman, Jensen, & Levinson)
Adam Watkins (11:09 AM)
2. Extraordinary (Exigent) Circumstances for Trustees Joining Electronically
The Board had no Trustees joining the meeting electronically.
3. Approval of Minutes: February 24, 2021
The Trustees tabled approval of the Minutes for the Quarterly Meeting on February 24, 2021.
Ryan Moore made a motion to table the February 24, 2021 minutes. The motion received a second from
Judd Lent, approved by the Trustees 3-0.
4. Reports
Attornev Report: Bonni Jensen (Klausner, Kaufman, Jensen & Levinson)
Bonni Jensen reported that her office developed an agreement for members purchasing prior qualifying
service credit. She reviewed the provisions of the agreement. The Board added to the agreement the $0.98
per pay period charged by Clermont for the administration of buyback payment deductions through payroll.
Ryan Moore made a motion to approve the buyback agreement as amended. The motion received a second
from Judy Proli, approved by the Trustees 3-0.
Ms. Jensen remined the Trustees to file the annual Form 1 financial disclosure form by July 1 with the
Supervisor of Elections for the county in which each Trustee resides. She then provided a memo detailing
best practices by the Department of Labor to locate missing and nonresponsive participants due a benefit.
She reported that her law firm filed and complied with the E-Verify registration requirements. She also
reported that the IRS mileage reimbursement rate changed to $0.56 per mile. The FPPTA will hold their
annual conference in person at the end of June, so some Trustees may have travel reimbursements if
attending. Finally, Ms. Jensen reported that no legislation passed the recently ended session to impact
public pension plan in Florida.
Ms. Jensen reached an agreement with SEI for the Board to invest in the Polen Capital Collective Investment
Trust (CIT), resolving issues over compliance with the Florida E-Verify mandate. She provided agreements
available for signature.
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LEOCI I Retirement Plan & Trust for Firefighters of the City of Clermont
C 1 'VT Minutes Quarterly Meeting
Choice of Champions
May 261h, 2021
Quarterly Investment Report: Investment Consultant (Mitchell Brennan, Burgess Chambers & Assoc.)
Mitchell Brennan provided an overview of cryptocurrency trends, not recommended for investment by the
Plan due to the highly speculative nature of the asset. The rotation from large growth to value continues.
Demand for oil also exceeded the current supply due to prior production cutbacks, and energy concerns
logged substantial gains on the oil price increase. Cyclical companies continued to rebound based on the
availability of vaccines and improving expectations. Fixed income assets, meanwhile, posted losses for the
quarter based on inflation fears and interest rate increases.
Mr. Brennan reported that the assets gained 3.2% for the quarter ending March 31, 2021, compared to a
gain of 3.1% for the benchmark. The Plan had total assets of $28,514,695 as of March 31. Mitchell Brennan
reviewed the asset rebalance that followed the last meeting, noting that the assets realized additional gains
as a result. The fiscal year-to-date gain of 15.5% compared to 13.6% for the benchmark ranks in the top
20% of the public fund universe. The 3-year average annual gain of 12.8% ranks in the top 3%. Mr. Brennan
did not recommend any further rebalance of assets. He stated that he would begin to review large cap
value equity manager options for the next quarterly meeting. Mr. Brennan reviewed the performance of
the individual managers of the portfolio. While bonds posted losses for the March 31 quarter, the fixed
income assets since rebounded to recover some losses. The assets remain in compliance with the
Investment Policy guideline.
The Board briefly considered impacts from computer hacking attempts on global infrastructure holdings.
Administrator Report (Scott Baur, Resource Centers)
Mr. Baur provided the Board with updates on the pending valuation report, cost estimate for benefit
increases, annual benefit statements for members, and the filing of the Annual Reports to the state. His
office received updated member census and contribution information earlier in May, so he expects to
schedule a special meeting for July to review the reports.
Mr. Baur then reviewed the administrative expense report for Fiscal Year 2020, along with the proposed
budget for the fiscal year ending September 30, 2022. He explained that the Board created the annual
budget to comply with a mandate by the Florida legislature, although as fiduciaries, the Board will spend
only those amounts necessary for the normal and reasonable operation of the Plan.
Ryan Moore made a motion approve the proposed budget for Fiscal Year 2022. The motion received a
second from Judd Lent, approved by the Trustees 4-0.
Mr. Baur also provided the Board with an update on the annual FPPTA Conference, now meeting in person
at the Omni Championsgate Resort at the end of June.
5. Benefit Approvals
The Board had no benefits to approve for the meeting.
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LE00 I Retirement Plan & Trust for Firefighters of the City of Clermont
C 1 'VT Minutes Quarterly Meeting
Choice of Champions
May 261h, 2021
6. Plan Financials
The Board received and reviewed the interim financial statement through April 30, 2021. The Trustees also
requested to receive payment registers for the retired members.
The Trustees then reviewed the expenses detailed on the Warrant dated May 26, 2021.
Ryan Moore made a motion to approve the payment of invoices in the amount of $26,832.50 as detailed
on the Warrant dated May 26, 2021. The motion received a second by Adam Watkins, approved by the
Trustees 4-0.
7. Other Business
Ms. Jensen briefly discussed the status of the disability retirement application for member John Savelli. She
reported that so far, Mr. Savelli did not appeal the decision by the Board to deny a duty disability pension
benefit.
She also provided a brief update on the appeal by Lawrence Crawford, another member applying for a
disability pension.
8. Public Comment
No members of the public had any comment.
9. Nest Meeting
The Board previously scheduled the next Quarterly Meeting for Wednesday, August 25, 2021. The Trustees
expect to have a Special Meeting in July to receive the valuation report and cost estimates from the actuary.
10. Adjournment
There being no further business, the Chair adjourned the meeting at 12:00 PM.
Respectfully Submitted,
Adam Watkins, Secretary