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04-19-2001 Joint Meeting MINUTES C City of Clermont, Florida Police Officers/Firefighters Pension Board of Trustees Joint Meeting April 19, 2001 Meeting started at 9:30 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, Richard Bell, Daryl Hyatt and Harold Cummings. Finance Director Joe Van Zile was also present. Minutes of the March 1, 2001 Firefighters Pension Board Meeting were approved. Motion by Daryl Hyatt and seconded by Keith Mullins. Minutes of the March 29, 2001 Police Officers Pension Board Meeting were approved. Motion by Oakley Seaver and seconded by Mike Scheller. Finance Director Van Zile explained that since both boards have been considering similar benefit changes that it would be a good idea to meet jointly to discuss the changes. Trustees reviewed the Division of Retirement Comparison of Police and Fire Pension Benefits and the comparison of City of Clermont Police and Fire Pension Benefits with other similar size cities. After considerable discussion, both Police Officers and Firefighters trustees approved a cost study request to be submitted the City's pension actuarial consultant for the following benefit changes, based on an effective date of October 1, 2001: 1. Adding another normal retirement option based on twenty (20) years of service, regardless of age. 2. Changing the early retirement age/years of service from 50/10 to 45!10. 3. Changing the benefit accrual rate for Police Officers (2.25%) and Firefighters (2.00%) to 3.00%. In addition, the trustees were interested in having the cost determined based on the following: A. The increased benefit accrual rate for all years of service as a Clermont Police Officer or Firefighter, or B. The increased benefit accrual rate effective only for those years of service after October 1, 2001. 4. Adding a deferred retirement option (DROP). 5. Adding an annual cost of living allowance based on either the City's active employee cost of living allowance or some other measurable index. 6. Changing the vesting years requirement from ten (10) years to either the following: A. A graduated 5-10 year schedule, or B. Seven (7) years. • • The trustees also were interested in determining the effect of each one of the above changes on the City's and employee contribution percentages. Police Officers motion was made by Mike Scheller and seconded by Oakley Seaver. Firefighters motion was made by Keith Mullins and seconded by Richard Bell. Finance Director Van Zile informed the trustees that the city has received the Police Officers and Firefighters 1999 state insurance tax payments. Meeting adjourned at 10:35 A.M. 9 nI /, ~. Keith Mullins ~ Police Officers Chairman ~'~ Mike Schell r Police Officers Secretary • • e d~ O r M r ~ •~ o 0 0 0 0 0 ~ o o ~~ `~ ' o .~ o ~n o 0 0 o v o o ~n o 0 0 0 ~,~ o m 0 0 0 0 ~ 0 0 cflotir~o E ~j r ~ r ui r r ~ ui ~cA ti Sri y r w 0 a 0 ~ ~ ~ O N `i N d O O O O O ~ ~ O ~ O O' p r ~'' O N r~~ ~ C ~ O U J O O O O O O O O O c O p pl c c c c c c c c c O ~ N (~ ~ c >, W •` ~+ +-' w ~ G1 O ~ N 'C m DI c ~' c c c c ~, c c ~ ~ ~. C ~~ O O •N ~ W d ~ a `` O O ~ C d' O ~° o o >+ ~+ o o ~~ 0 0 o L } r N r M O w t0 0 0 ~~ o ~ N N o 0 0 +• ~ ~ V O O O N N ~ O r r O O O O O~ O d N = ~- N O V /~ N O V /~ O O O >, Q~ d1 ~ N O ~ N O a0 •Q m V N M c c M N c c M N M d ~ ~rj M N N N U Q Q ~n 0 ~ O N ~ O Q N N N M ~ N C ~, O ~'O O ~ I~rr ~ ~ d i (~ •~ `£` O O O O O O O O ~ O O O (a Q~ y p .a_ r ~ r ~ W L ` LO ~ In l!7 l(') l1') lt') l(') ~ -1 \ ~ 'a+ d N O O ~ ~ ~ (,~ ~ Q two .~ C ~ d ~ N O O V C L > Ln L(') Ln t(') ~ ~ O ~ O 'rr y N N N N N N N N N ;_, ~ O ~ O ~ ~ ~ ~ ~ ~ V ~ O ~ ~ ~ ~ ~ ~ i .-~. ~ N to 00 40 r r N O O O O O O O r O ~ ~ ~~' ' ' ' ~ O O O O O O O fA O O O O tf) lL~ 0 fA r r r r r r r ~- r Ln T r'. A N N N L-' tf) t,C) ~ ~ lf') ~ ~ O ~ O O t[) ~ N O ~ O Z Q Lf~ ~ l1'> ~ O ~ ~ N ~ ~ N ~ ~ tC) ~ ~ N C N a V O ~ ~ O ~ y ~ J ~ v ~ N CC_ ~_ ~ f~A ~'' "d Y U J > ~ H W ~ J J