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03-29-2001 Board Meeting• • MINUTES City of Clermont, Florida Police Officers Pension Board of Trustees Meeting March 29, 2001 Meeting started at 9:00 A.M. at the Police Department Community Services Room. Trustees present were Keith Mullins(Chairman), Oakley Seaver, David Lofgren, Mike Scheller and Mike Blackmon. Minutes of the January 11, 2001 meeting were approved. Motion by Mike Scheller and seconded by Oakley Seaver. Mike Blackmon was introduced as the new member. Mr. Blackmon was elected by the members of the Clermont Police Officers pension plan to succeed Danny Cheatham who resigned from the City in February. Mr. Blackmon's term will run until November 2001. The October 2000 Actuarial Valuation was discussed. The discussion primarily was based on the contributions that were required to be made and source of funding for those contributions. Pension costs increased from 11.2% to 12.4% of payroll primarily due to the recent adoption of plan amendments to bring the Plan up to minimum State benefit levels. Mike Scheller presented trustees with copies of a comparison of pension benefits for all Police and Firefighters plans in the state. The comparison was as of November 29, 1999. After reviewing the comparison and much discussion, the trustees agreed to look closely at the following benefit provisions: >Benefit accrual rates >Years vesting requirements >Normal retirement ages/years of service >Cost of Living allowances >Deferred Retirement Option (DROP) Trustees agreed to continue reviewing the comparison and discuss it further at the next meeting. Joe Van Zile indicated that the next step would be for the trustees to agree on what changes they are interested in and then request the pension actuarial consultant to determine the cost impacts. In order for the City Council to consider any changes during the 2001-2002 budget workshops, the trustees need to finish their work by the beginning of June. Mr. Van Zile indicated the Division of Retirement had approved the revised plan document and adoption agreement recently approved by the trustees and that the insurance excise taxes would be released to the City. Copies of the signed plan document and adoption agreement were distributed. • Meeting adjourned 9:45 A.M. ~- .~ :1 r l r"" // 'Y ~ `~ ~, /I ~ J KEITH MULLINS CHAIRMAN /i~Gl. MIKES LLER SECRETARY •