03-31-2005 Joint Meeting
Minutes
City of Clermont, Florida
Police Officers/Firefighters Pension Board of Trustees Joint Meeting
March 31, 2005
Meeting started at 9:15 A.M. in the Clermont City Hall Conference Room No. 332
Police Officers trustees present were Keith Mullins, Mike Blackmon, Mike Scheller and Oakley Seaver.
Firefighters trustees present were Paul Anderson, Keith Mullins, Tom Jones and Steve D' Amico.
Administrative Services Director Joe Van Zile was also present.
Minutes of the December 16, 2004 Firefighters Pension Board Meeting were approved.
Motion by Keith Mullins and seconded by Steve D'Amico. Approved.
Minutes of the December 16, 2004 Police Officers Pension Board Meeting were approved.
Motion by Mike Blackmon and seconded by Mike Scheller. Approved.
Trustees discussed how pension benefit enhancements should be handled since most pension members
are now represented by unions and the benefit enhancements would be considered in the collective
bargaining process. Administrative Services Director Van Zile stated he had recently received the proposed
collective bargaining agreement for the Police Officers. Mr. Van Zile also stated the proposed agreement
just included a section that pension information will be added later. Mr. Van Zile stated that he anticipated
receiving the proposed agreements for the other unions in the next couple of weeks. It was the consensus
of the trustees that no benefit enhancements should be considered by the boards at the present time due
to the commencement of the collective bargaining process. It was suggested that the boards could consider
future enhancements after the collective bargaining agreements have been approved and than pass the
recommended enhancements on to the unions for consideration in future collective bargaining.
Trustees also discussed the flexibility of the local boards in directing the fund's investments.
Paul Shamoun, Florida League of Cities was contacted by telephone to discuss this issue with the trustees.
Mr. Shamoun indicated the only flexibility the boards has in respect to changing the allocation percentage
tied to equities. Currently, the maximum equities percentage is 60°!0, however, this could be raised to 70%
if the boards desired. Mr. Shamoun also indicated the annual return rates for the pension funds for last 5 years.
Based on the historical return rates, it was the consensus of the trustees to maintain the current allocation
percentage.
Meeting adjourned at 10:10 A.M.
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Ct`Sairman, eith lins
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Secretary, Mike Blackmon