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FMTF04-16-08SMBOARD OF TRUSTEES Florida Municipal Trust Fund Retirement Plan and Trust for the Firefighters and Police Officers Longwood Community Building 200 West Warren Avenue Longwood, Florida MINUTES SPECIAL EDUCATIONAL MEETING Apri116, 2008 Present: Marc McLarnon, Chair (left at 11:45 a.m.) Robert Redditt, Vice Chair Matthew Jammes, Secretary Shane Smith, Member Jack Smythers, Member H. Lee Dehner, Board Attorney Paul Shamoun, Florida League of Cities Sarah M. Mirus, City Clerk Linda F. Goff, Recording Secretary Others Present: Thelma McPherson, City of Casselberry Sue Maddox, City of Casselberry Dan Glancy, City of Casselberry William Nas, City of Casselberry William Jensen, City of Casselberry Ed Moore, City of Cocoa Sgt. Rob Bobay, City of Cocoa Sam Lupfer, City of Kissimmee Trafton Patrick, City of Longwood Charles Revell, City of Mount Dora Ken Strickland, Jr., City of Ocoee Laurie Dickens, City of Oviedo Craig Radzak, City of Sanford Scott Stoll, City of St. Cloud Theo Graham, City of Winter Garden Epifanio Gumera, City of Winter Garden Kimberly Leisure, City of Winder Garden Ken Holton, City of Winter Garden Robert Butler, City of Winter Garden Mildred Holt-Washington, City of Winter Garden Rod Hollis, City of Winter Garden Zelle Washburn, City of Winter Park Anthony Gray, City of Winter Park 1. Call to Order. Mr. Dehner called the meeting to order at 9:15 a.m. 9:00 a.m. Pension 4-16-08/1 2. Presentation on Investments: Paul Shamoun from the Florida League of Cities, Inc. will be conducting the presentation for this portion of the Meeting. Paul Shamoun, Florida League of Cities, gave a presentation regarding Investments of Municipal Pension Trust Funds. He said the Florida League of Cities sponsors and administers the Florida Municipal Pension Trust Fund (FMPTF). The Florida Municipal Pension Trust Fund was established in 1983 to collectively manage employee retirement plans of participating Florida governments. They currently administer 174 Retirement Plans. He stated the Florida Municipal Pension Trust Fund has a Board of Trustees made up of officials from governments that participate in the Fund. The Florida League of Cities has an Investment Advisory Committee to assist and provide advice on issues regarding investments. Mr. Shamoun said each Pension Board should start with an Investment Policy. He reviewed Investment Management and Asset Allocation. He said being diversified was an important part of any investment program. He stated that with the long- term investments there is an expected risk of return. Each Board needs to determine their comfort level. He reviewed Investment Performance Monitoring to include independent quarterly reports, comparisons to market indices, asset allocation studies, investment manager searches, and actuarial valuation. He said the Florida Statutes requires a performance monitor valuation to be done at least `~ every three years. 3. Presentation on Pension Board Responsibilities: H. Lee Dehner, Board Attorney will be conducting the presentation for this portion of the Meeting. H. Lee Dehner, Board Attorney, gave a presentation on the Administrative Responsibilities of the Board of Trustees. He reviewed the Basic Fiduciary Principles and the responsibility of the Board of Trustees as a Fiduciary of the Plan. It is the responsibility of the Board to administer the Plan in accordance with the Plan documents, so long as they are consistent with the provisions of the law. He stated the Board of Trustees has the sole and exclusive authority to administer the Plan. He said there was a potential liability if something should go wrong. He said the Board could be sued, a Trustee could be sued, and they could also be sued as an individual. He stated the Board could also file a lawsuit. He recommended the Board have a Fiduciary Liability Insurance Policy. He declared the risk of being sued was very low. He said the Board should have clear and written reports of action taken. He stated the Trustees were not experts and recommended they hire professionals to represent them in such areas as investments and legal representation. He said it was imperative for the Board to review and approve the minutes, as the minutes are the official record. He affirmed the Board should monitor the performance of all consultants and conduct a periodic review of the contracts with the consultants. He said each Board should have a document containing the Plan provisions, which is generally adopted by Ordinance. This document should include provisions by reference of Chapters Pension 4-16-08/2 175 and 185 of the Florida Statutes. He advised that there should be a set of Rules and Procedures adopted by the Board. Mr. Dehner said there would be times where the Board would be required to sit as a quasi-judicial body. He gave an example of a disability claim that would require the Board to serve as a quasi judicial body. In such cases, they need to operate under the Rules and Procedures that have been adopted. He stated that disability judicature was one of the hardest jobs a Board has. The only exception the Applicant has is to appeal to a Circuit Court. The Board of Trustees is the only body to make a determination regarding funds from the Plan. He confirmed the only issue for which the Board was not responsible was the Provisions of the Plan. The governing body must adopt the provisions. However, the Boazd can make recommendations for improvements to the Plan. Chair McLarnon left the meeting at 11:45 a.m. Mr. Dehner said the Trustee had a responsibility to vote on every issue. He stated if there was a conflict of interest then the Trustee would abstain from voting. They would state the conflict and must file a conflict of interest form within fifteen (15) days. If the Board was sitting in a quasi judicial matter and a Trustee could not be fair and impartial regarding the issue, then they must abstain from voting. Mr. Dehner reviewed Government in the Sunshine Law requirements. He advised the meetings must be noticed. The posted agenda must have the disability notice for anyone needing assistance and also the appeal notice. The meeting should be accessible for the Community. The Trustees cannot discuss items outside a public meeting. He said they could not use a third party to communicate to other Trustees. There must be a quorum present in order to take any action. Mr. Dehner reviewed Forfeitures as provided in Florida Statutes, Chapter 112. He gave a Legislative Update regarding Pension Plans to include information regarding the Pension Protection Act. 4. Adjournment. Mr. Dehner adjourned the meeting adjourned at 12: 8 p.m. i r..~.~ Mar ATTEST: Linda F. Goff', Records Secretary Pension 4-16-08/3