Clermont Fire 05-27-2020 Quarterly Meeting MinutesCity of Clermont
Minutes
�ERoNFIREFIGHTERS' PENSION BOARD OF TRUSTEES
T PENSION BOARD MEETING
ChoiceoFCham�ions May 27, 2020
The Firefighters Retirement Plan Board of Trustees met on Wednesday, May 27, 2020 via RingCentral Virtual
Meeting as permitted by Governor Ron DeSantis Executive Order 2020-69. Firefighter Board Members present:
Ryan Moore, Judy Proli, Judd Lent, Adam Watkins, and John Rhames. Attorney Bonni Jensen was present. Burgess
Chambers & Associates member present: Larry Cole and Mitchel Brennan. Staff members present: Assistant
Finance Director Pam Brosonski, and Risk and Benefits Manager Nadine Ohlinger. The Resource Centers staff
members present: Scott Baur and A.C. Lovingood.
CALL TO ORDER
The Board Meeting was called to order at 11:01 AM.
PUBLIC COMMENT
There were no public comments.
AGENDA MODIFICATIONS
The Board reviewed the Agenda and no modifications were requested.
MINUTES
The Minutes from the February 26, 2020 Board Meeting were presented to the Board for review.
Trustee Judd Lent made a motion to approve the Quarterly Board Meeting Minutes dated February 26, 2020
as presented. Trustee Judy Proli seconded the motion. The motion passed 5-0.
REPORTS
Investment Monitor Report — Larry Cole and Mitchel Brennan, Burgess Chambers & Associates
Larry Cole started his presentation by reviewing the historical market declines and recoveries, noting that the market
has recovered remarkably well since March 31, 2020. The Policy Compliance was then reviewed with the Board.
As of March 31, 2020, the plan was down -12.5% gross of fees vs. the Target Index of-12.3%. For the Fiscal Year
to Date, the plan is at -8.1% compared to the benchmark of -7.3%. The one-year trailing returns were -2.0%,
beating the benchmark of -3.3%. The three-year trailing returns were 4.1% compared to the benchmark or 4.0%,
and the five-year trailing returns were 4.3% compared to the benchmark of 4.7%. As of May 26, 2020, the plan is
up 11.9% since March 31, 2020. The Plan's balance as of May 26, 2020 is at $21,084,593, up from $18,863,618.
Mr. Cole informed the Board that the Fidelity Large Cap Grown Fun will be the first area that he will start a search
for an active manager and that he will have additional information for prospective managers and index positions at
the August Board Meeting. Mitchel Brennan provided the board with further details into the performance of the
Plan along with the current plan allocations. Mr. Brennan noted that the rebalancing moves by the Board
contributed to the most recent performance of the Plan's returns.
ATTORNEY REPORT — Bonni Jensen, Klausner, Kaufman, Jensen, & Levinson
Ordinance Restatement — Mrs. Jensen reviewed the Ordinance Restatement with the Board. The Board, Mrs.
Jensen, and Mr. Baur had a lengthy discussion regarding various portions of the Ordinance Restatement that needed
clarification and modification. The Board then decided to wait for the Police Board to complete their Ordinance
Restatement and submit both to the City at the same time.
Memo — Extension of Virtual Meetings — Mrs. Jensen informed the Board that the ability to hold Public Meeting
Virtually has been extended until July 7, 2020. Larry Cole informed the Board that he has seen news reporters
joining into some of the Board Meetings that he has been at.
Memo — COVID-19 Social Distancine — Mrs. Jensen provided the Board with an update on the operations of her
firm. Klausner, Kaufman, Jensen & Levinson will remain in remote operation through the end of April and remote
operations may continue if concerns of public safety do not improve. Mrs. Jensen stated that her firm has the
capability to host both video and telephone conferences and that her firm is researching options to securely obtain
remote signatures.
Form-1 — Mrs. Jensen informed the Board that the State Form 1 Financial Disclosures are due by July 1, 2020. Mrs.
Jensen noted that some County Office of Elections does allow for these forms to be submitted electronically via
email.
Memo — CARES Act — Mrs. Jensen reviewed the CARES Act with the Board. It was noted that the tax penalty for
the withdrawal of funds from a retirement plan or account has been suspended for the entire year of 2020 for
COVID-19 related expenses
ADMINISTRATOR REPORT — Scott Baur and A.C. Lovingood, Resource Centers
FY19 Administrative Expense Report & FY21 Budget — Scott Baur presented the Board with the Fiscal Year 2019
Administrative Expense Report and Fiscal Year 2021 Administrative Budget for review and approval by the Board.
Mr. Baur reviewed the Administrative expenses for 2019 along with the proposed budget set for Fiscal Year 2021.
Secretary Ryan Moore made a motion to approve the FY19 Administrative Expense Report and FY21
Budget as presented. Chairman Judd Lent seconded the motion. The motion passed 4-0.
Overtime Pavroll Update — Pam Brosonski with the City of Clermont reviewed the City's findings on overtime in
excess of 300 hours that was included as pensionable wages. Mrs. Brosonski stated that this error totals out to be
$405,000.00 in non -pensionable wages. There was a lengthy discussion about the bargaining agreement, state law,
and the Ordinance Restatement as it pertained to the 300 hour cap on overtime being included as pensionable wages
along with how the City will correct out this error. Mr. Baur reminded the City that the Valuation needs to be
completed by August for submission to the State.
Member Education Workshops — Nadine Ohlinger with the City would like for The Resource Centers to hold an
Educational Workshop for the active members in the Pension Plan over a three-day period. There was a discussion
between Mrs. Ohlinger, the Trustees, and Mr. Baur on the details of the workshop and how the workshop would be
conducted. Mrs. Ohlinger stated that she would look into the availability of the training room.
Member Education Workshops — Mr. Baur informed the Board that with Salem Trust's system conversion from the
merger with TMI will result in all retirees receiving two 1099 forms for 2020.
BENEFIT APPROVALS
The Benefit Approval dated May 27, 2020 was presented to the Board for review.
Trustee Judy Proli made a motion to approve the Benefit Approval dated May 27, 2020. Secretary Ryan
Moore seconded the motion. The motion passed 4-0.
PLAN FINANCIALS
Mr. Baur presented the Board with the Balance Sheet dated April 2020 and the Income & Expense Statement dated
April 2020 for review.
The Warrant dated May 27, 2020 was presented to the Board for review.
Trustee Judy Proli made a motion to approve the Warrant dated May 27, 2020. Secretary Ryan Moore
seconded the motion. The motion passed 4-0.
NEXT OUARTERLY MEETING: Wednesdav, Mav 27.2020 (a, 11:00 AM
ADJOURN: With no further comments, this meeting adjourned at 12:41 PM.
Respectfully submitted,