FMTF09-20-05ROARU OF'LR[:STEES
FtoriUa Muvicipai Traet Fund Retirement Pla¢ and Trust
for Hte FlrelM1ghters and Police Offeers
Longrood City Commissio¢ Chambers
IZS West Warren Avenue
I,ongt'ood, Fiarids
REGULAR HEFTING
MINUTES
September 20, 2005 ]:DO p.m.
Present: Jaek Smytners, Chair
Jnmes Seibert, V ice Chair
Bober! Redditt, Secretan~
Jeremy Brotvn, Member
Chris Kempf, Member
Carol Rogers, Director of Financial Services
Linda Goff, Recording Secretary
f. can m order. ra,am smnneta eauea memeeeng m purer m You p,n.
2. Approvalof Minutes -Ju¢e 21, 2005 Regular Meeting.
vre chair seiben mn~ea ro apvrotre me mi¢ntea of a,e a,me zl, zoo>
ring as preaemed.5wonded by Member Brown and eaeried bya
i. Reviere of Agenda Packet Material
A. Pian Accoun[ Statements
Cnaix SmNhees reviewed the Plav Accrount Smtemenb~ tLr May, June-and
IuIY 2005.
Member Rrovm smted sevual pimr membefs bad expressed a concern as to
why they had nm,eceived yemlp individual smtements.
Ms. Rogers slated the annual smtements uexe sentt out the end ofthe fiscal
Member Bro~tn said he was referring to one individual plan members'
is [hat would reFleet haw much had Sove i¢to their beveft play mrd
wAmmleiey.svuid receive at reuremem.
Ms Rugers crplnined this was a defined bevefit plan and was based on years
oPsentce. She Hated there ttas a fonnula used [o detemsine the benefit
Member Brotva stated many of the Plan members were familiar with the State
Reri nt Plan and ~e State ends o aqua cerly s[atenrent showing Irow
much the individual member has contributed mtd shoos the matching fmrds.
:v(s. Rogers reiterated this was a defined benefit plan. She said any plan
ember covtd stop b} her offce and she.rould be glad to ensw'er any
qua and re v the caleulati with them. She advised this infori anon
t.as is the Maste,!Trent Agreement and evised Adoption Agreement n
Member Kempf inquired ifthe plan uas basiczlly a combined mutual fund
and the plan members would recety aperoentage basal on, sof sen tee.
Ms. Roee responded in the affimr e- She explained this
tributory plan, bul if a plan member were to leave prio to becoming
ested. then Quid be eligible t a lump stun paymen[. She explained
the bznefn was calculated on a mnltipl er for the number of years of sen~lce.
Member Kempf said he would like to meet with Ms. Rogers to review the
calculations of the beneft plan. He said some people mould Tike to have e
good idea ofwhat dreir renremnm benefit nNl be.
Ms. Rogers suggested he call her office and she would meet with him.
Member Bro[~m said he votiezd on the Florida Levgue of Cities wzbsite that
They offered medical insurance. He inquired how to eo about contacting than
ee if they could provide a quote on both ev individual and group basis. He
said the cast of medical insurance has been a big is ue.
Ms. Rogers stated the City adopts tare health insnrve. refit. She said the
health insurance was negotiated by the Cite -t I, y -and adopted
by the City Commission She rtatW there-. ee that
ual times throughout the yeas N;.,. to p.:,;mioe.r bntdget activities
where these issues were discussed. She explained the health insmaace was e
separate issue from the pension.
Member Kempf said there were sevmal revisions to the Adoption Agreement.
Ms. Rogers ccplained the Master Trust Agreement in conjunctiav with revised
Adoption Aereements would need to be reviewed.
The Recording Secretary provided copies of the most tenant Adoption
Ageemem as adopted by Ordinance No. ~-I6yl.
Member Kempf inquired if he and Member Brown met with Ms. Rogers
would bz violating any laws
The RecoNing Sec nary explained if two (2) or re Ttv
vi[h astaff membereit Quid bee violation of Sunshine Le++etrd they would
need to meet individually with her.
Ms. Ro¢us e.ylained. acw~ding ro the revised Adoption Agreemem, notsnal
t of 50 veers of a° and l0 yeasoPse or 2i years
ofse sardle seofage She fnr[her mmd no metre nt benettt+
the nuvrber of vuers of credited service mulhplled by i%andnmultiplizd byes
ge final compeo a5he seid.inadditi other, rhete+~as anothec
supplemental benefit++itttch was another fominla.
Member Kempf asked if the overage comPensation.+vs based on the last three
(3) years of~erv'ice.
Ms. ROS said the plan s; titer rageJln~J eorrrpen
tre(hh (1/12) ofrhe a rase a rwI eorrrpen n fthe three (3) benJ'enrs
Salto
prtorr rr aldeath. or t)ve erage. rehfchever ir'
greare~. Shenated the onemiwelfth (1/12) would be the monilily benzfir. She
said if a person had [en (10) years of service, that would ba i0% ofthe
ual wmpeNation divided by twelve (I2) to figure the n onihly
erage ann
benefit She sated the average annual compensation would be en avenge of
the three highhest years prio or thec erage, whiche+•
Brea er. She said,a emple+ould be~if you aagrearly reduced salary
~eral years prim toeretirement, then you would go beck to what your career
averagei
Member Rrow'n inquired if Ieavine Prior to being vested and you wem ro
anoilrer agency that had their retirement plan through rite Florida Leauue of
(Mies, would you pickup where you left off or start over.
Ms. Roeers explained your could ro1L the funds i{you had any vested benefi¢,
but you would Starr clean with brat agency and by their circumstance.
B. [m~eetment PetYOrmanee Rm~iew
The Inixstment PeRormance Review for the period ending ]une.iQ J00> was
reute+ved.
Chair Sm}•thers sated this repon shoved how the funds were bein¢ managed.
He said tltey managed the Hinds on a very conservative basis.
Ms Rogers zxplained one of the ruponsibilities ofthe Tivsees of the Pension
Board+c ee the tofthea sShe said in
matngemen
decisions could nor be made, but tlrey xxre to review the report and make sure
tha i pagers re perf rming to a positive manner. She stated their target
..as fora 4>% result and they achieved 43.1 %.
Member Kempf asked who the manager r+av I'or the City's pension fund.
Ms. Rogers explained the Plan Administrator vvas the Florida League oFCities
and drev engage with the Asset Consulting Oroup to anege the funds. Sire
advised they also had a separate perform r that Lssues repon
either wally or bian ualiym etheni naeers.eere
perfuming according to plao. She~steted the tmsteesthad a fiduciar}~
responsibility w review the materul. She said the board could invite Paul
Sham tine to xr Dues r the Ttustees could call him at
the Florida [.eegue of Citi~~ vith my qua ttons.
C. Approval of 2001 Annual Report.
Ms. Rogers explained this report.ras submitted the end of March 2001 and
needed to be approved by the Pertsion Hoazd prior to the end of the fiscal year.
She advised, as custodian oPthe report, tfie repon wnmined social secuity
umbers and if the members wanted a copy of the repon, a redacted copy of
the report could be provided.
Secmtary liedditt moved to approve the?004 Annnal Repon.
Seconded by Metobvr Brown and eeaied by a umniinons voice vote.
s. Other Business.
Ms. Rogers repotted she had renewed the fduciary liability insurance.
6. Member Cammeots. None.
]. Public Participation. Nooe.
8. Adjournment. ChairSmythers adjourned the\m~£e~-eting at]38 p.m.
Jazk S~~~Che'~
~AT(T~/EST
~.L1f tSG~Rr,=_
Linda F. Golf, ern ding