FMTF06-15-048OAR0 OF TRUSTEES
Floritla Municipal Trust Funtl Re[Iremen[ Plan antl Trust
For the Firefighters antl Police OHirers, City of Longwootl
Commission Chambers, 1]5 W. Warren Avenue, Longwootl, Floritla
REGULAR MEETING
June 15, 2004 Minutes 7:00 p.m.
Present: Jack Smythers, Chair
James Seibert, Vice-Chair
Robert Retltlitt, Secretary
Shawn Anastasia, Member
Carol Rogers, Interim Finance Director
Debby Reimers, Recortling Secretary
Absent: Clint Gioielli, Member
t. Call to Ortler.
Cbair Smy[hers calletl the meeting to ortler al ]:02 p.m.
2. Approval of Minutes, March i6, 2004 Regular Meeting.
Secretary Retltlitt movetl to approve the March 16, 2004 minutes. The
motion was seconded by Member Anastasia and carrietl by a unanimous
voice vote with Member Gioielli absent.
3. Review of Agentla Packet Material.
A. Plan Account Statements.
Mrs. Rogers reviewed the peformance or Ne fund with the board (pr February 2004,
March 2004 antl April 2004.
Chair SmNhers said he read the statement Paul Shamoun, Plan Administrator, wrote
ming the negative returns for the month of Apri12004. He fountl the
comparisons Mr. Shamoun used, to be somewhat confusing. He noted the
performance of the fund for March 2004 and April 2004 hatl been below the
benchmark. He asketl how the benchmark was determined.
Mrs. Rogers explainetl benchmarking. She expountletl further on the Plan Account
Statements.
Member Anastasia statetl the number of plan participants who were frefi9hters had
sad. He saitl some or the members were coming to him with questions antl
s about the plan. He inquiretl R Mr. Shamoun wuid be Invited to a meeting to
review the plan; and also to InNte all the plan members to that meeting.
Mrs. Rogers said this wultl be anangetl. She su99ested Member Anastasia meet
with her to review the plan.
Member Anastasia said one of the wncems expressetl by the members regartletl
the checks antl balances of the plan. He said it was his understantllnq the Forida
League of Cities had employees to monitor the plan; and the Florida Retirement
System had an outsitle company oversee their plan.
Mrs. Rogers atlvisetl that the Florida League of Cities hatl Pertormance Monitors antl
Money Managers who are intlependent.
Member Anastasia said he would like to learn more about the plan so he coultl
knowletlgably answer questions concerning it. He stated he also had been asketl
about the DROP program.
M5. Rogers saitl she woultl be glatl to meet with Member Anastasia antl the
firefighters. She said the plan benefits are very competitive. She described the
detalis of the plan, fiduciary responslbllities as a boartl member, antl the benefits of
the plan.
4. Member Comments.
Secretary Retlditf handetl out copies oleo article from the New Yor k Times concerning the
PROP program. He was not aware that the City of Longwood hatl a DROP account antl
asked Mrs. Rogers to enlighten the board regartllnq this program.
Mrs. Rogers atlvisetl the DROP Program was an actuarially sound concept She reviewed
the concept of the DROP program.
5. Public Participation.
None.
fi. Adjournment.
Chair Smylhers adjourned the meeting at ] 4o p.m.
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ATTEST:
Debby ReimeS, Recording Secretary