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Clermont Fire 12-01-2021 Quarterly Meeting Minutes signed' o���od�D Retirement Plan & Trust for Firefighters of the City of Cler tDEC 01 [3Z3 C�ERMONT ..� DRAFT Minutes Quarterly Meeting By December 1, 2021 1. Chair Judd Lent called a Quarterly Meeting of the Firefighters Retirement Plan Board of Trustees to order at 11:02 AM on December 1, 2021 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 & Kyle Tintle, Administrator (Resource Centers) Adam Watkins Larry Cole, Investment Consultant (BCA) Judy Proli Bonni Jensen, Attorney (Klausner, Kaufman, Jensen, Levinson) Mindy Johnson & Debbie Kocsis, Custodian (Salem Trust) 2. Extraordinary (Exigent) Circumstances for Trustees Joining Electronically No Trustees joined the meeting electronically. 3. Approval of Minutes: The Trustees reviewed the Quarterly Board Meeting Minutes dated August 25, 2021 Adam Watkins made a motion to approve the Quarterly Board Meeting Minutes dated August 25, 2021. The motion received a second from Judy Pr i, approved by the Trustees 3-0. 4. Reports: Custodial Report (Mlndv Johnson and Debbie Kc is - Salem Trust) Ms Johnson introduced Ms. Kocsis to the Board and thanked them for their business, explained the role of the custodian, and set meeting expectations. She said Salem Trust needs updated signature authorizations signed every 3 years and they will provide the forms. Ms. Kocsis will be taking over the relationship management with the Board Quarteriv Investment Report: Investment Consultant. (Larry Cole - BCA) Mr Mitchell Brennan was unavailable due to illness, so Mr. Cole presented the investment report for the quarter ending on September 30, 2021. He reviewed the quarter's economic environment in light of the new COVID variant, inflation, and the government's infrastructure bill. The Plan experienced a market based loss of $140,000 (-0.4%gross and -0.5% net) behind the target index (+0.3%) Mr. Cole continued and reviewed the individual manager's performance. The beginning market value was $30,411,285 and the ending market value was $30,493,855, a loss of-$140,260 (total fund-0.5%). Mr. Cole reviewed the current asset allocation and he does not recommend a rebalancing at this time However, he does recommend increasing the private real estate allocation by 1 million dollars. The Total Fund ranked in the top 42% for the one-year period and the top 3% for the 3-year period Mr Cole reviewed TA Realty as an additional real estate allocation that has a heavier allocation of multifamily housing sectors than the index He therefore recommends the Board allocate 1 million dollars to the manager. TA Realty will give X: Retirement Plan & Trust for Firefighters of the City of Clermont V� DRAFT Minutes Quarterly Meeting December 1, 2021 a 30 day notice for the capital call. The manager has a founder's fee of 70 basis points through December 31" 2021. A question was raised about taking the money from equates, but the assets already have an overweight to equities Adam Watkins made a motion to approve the A commitment of $1,000,000 to TA Realty based on the advice of the Investment consultant subject to the review of the Plan's Attorney. The motion received a second from Judy Proli, approved bythe Trustees 3-0. Adam Watkins made a motion to authorize the Chair Judd Lent to reallocate the $1,000,000 if there is a capital call in between meetings. Judy Proli seconded the motion. The motion was approved by the Trustees, 3-0. Attorney Report: Bonn) Jensen (Klausner, Kaufman, Jensen & Levinson) Attorney Bonni Jensen reviewed the updates to the Summary Plan Description (SPD) based on the recent plan restatement. The Board must update the SPD every 2 years. Adam Watkins made a motion to approve the Summary Plan Description dated December 2021. Judy Proll seconded the motion. The motion was approved by the Trustees, 3-0. Ms. Jensen advised the SPD should be distributed to all of the active members. It will be distributed electronically. She reviewed the Federal benefits for public safety officers for COVID Administrator Report: Scott Baur (Resource Centers) Mr Baur introduced Ms. Kyle Tintle from the Resource Centers to the Trustees. He gave an update on the 175 premium tax receipt. Mr. Baur discussed the need for an auditor. A discussion was held noting the Board would have more control of the process with a separate auditor Adam Watkins made a motion to issue an RFP for an auditor for the pension plan. Judy Proli seconded the motion. The motion was approved by the Trustees, 3-0. The Board will have an abbreviated RFP process with a special meeting in February. 5. Plan Financials Interim Financial Statement Dated September 30. 2021: Mr Baur presented the Board with the September 30, 2021 Interim Financial Statement for informational purposes. Approval of Invoices. Warrant Dated December 1. 2021: Mr. Baur presented the Board with the Warrant Dated December 1, 2021, for review and approval. oc CLERMONT Retirement Plan & Trust for Firefighters of the City of Clermont DRAFT Minutes Quarterly Meeting December 1, 2021 Adam Watkins made a motion to approve the Warrant dated December 1, 2021. The motion received a second from Judy Proli, approved by the Trustees 4-0. 6. Other Business There was no other business to discuss at this time. 7. Public Comment No members of the public had any comment There being no further business and the next meeting having been previously scheduled for February 23, 2021 at 1100 AM, the Chair adjourned the meeting at 12:26 PM. Respectfully Submitted, a-- ✓%� ndaw ` 4tl,�, Secretary 0.1" AAoo