05-22-2001 Joint Meeting
MINUTES
•
City of Clermont, Florida
Police Officers/Firefighters Pension Board of Trustees Joint Meeting
May 22, 2001
Meeting started at 9:10 A.M. at the Police Department Community Services Room.
Police Officers trustees present were Keith Mullins (Chairman), Oakley Seaver, David Lofgren,
Mike Scheller and Mike Blackmon. Firefighters trustees present were Paul Anderson (Chairman),
Keith Mullins, Daryl Hyatt and Harold Cummings. Finance Director Joe Van Zile was
also present.
Minutes of the April 19, 2001 Firefighters Pension Board Meeting were approved. Motion by Harold
Cummings and seconded by Keith Mullins.
Minutes of the April 19, 2001 Police Officers Pension Board Meeting were approved. Motion by
Oakley Seaver and seconded by Oakley Seaver.
Finance Director Van Zile discussed the potential benefit changes cost estimates prepared by the
actuarial consultant. Since the actuarial consultant noted the costs of more than one benefit change
could not be combined to reflect a total cost, the boards requested an additional cost estimate
for the following combined changes:
>Police
-Change the benefit accrual rate from 2.25% to 3.00% effective October 1, 2001
-Add another normal retirement option based on twenty (20) years of service,
regardless of age
-Add a deferred retirement option
-Change the vesting years requirement from ten (10) years to a graduated five (5)
to ten (10) year schedule
>Fire
-Change the benefit accrual rate from 2.00% to 2.25% for full-time service prior to
October 1, 2001 and 3.00% for full-time service after October 1, 2001
-Add another normal retirement option based on twenty (20) years of service,
regardless of age
-Add a deferred retirement option
-Change the vesting years requirement from ten (10) years to a graduated five (5)
to ten (10) year schedule
The boards also requested if it would be possible to allow members to receive credit for all years of
service at the 3.00% level, through an increased employee contribution percentage. Trustees
expressed interest in the general concept of the City paying for the cost of the benefit accrual rate
increase and the employee contribution rates being adjusted to cover the cost of the other changes.
•
Next meeting scheduled for June 12, 2001 at 9:00 A.M.
Meeting adjourned at 10:15 A.M.
~_
Paul Anderson
Firefighters Chairman
•
Richard Bell
Firefighters Secretary