FMTF09-16-03BOARD OF TRUSTEES
Florida Municipal Trust Fund Retirement Plan and Trust
For the Firefighters and Police Officers, City of Longwood
Commission Chambers, 1]5 W. Warren Avenue, Longwood, Florida
REGULAR MEETING
MINUTES
September i6, 3003 6:15 p.m.
Present: Jack SmNhen, Chairman
James Sishop, ViceLhahman
Robert RetltliX. Secretary
Member Clint Gioielli
Member James Selberf
Coml Rogers, InferM Flnanco Director
Debby Reimers. Ramrdln8 Secretary
aao m adeeaan~e: shawo noastaeia. Faangmar
1. call In omer.
Chairman Smylhers called the meefing to order a1620 p.m.
2. Approve Minutes of the June 24, 2003 Meeting.
Member Gioielli moved to approve the June 24.2003
mutes. Seconded by Vice-Chairman Bishop and caMetl
by a unanimous voice vote.
3. FitluciaryLiability Insurance Coverage.
Carol Rogers, Interim Finance Director, reviewed the wvemge recommended for
the board. She stated that she reconfnnetl with the Flodtla League or Cities tde
quote of $1,]00 for $1 million dollars coverage and $2,419 for $2 million dollars
erage. She recommended, as well as the Florida League of Cities
mendation, that $1 million dollars coverage would be adequate. She slated
thecoinvestment responsibilffles are handled by the FlorMa League of Cities and
they are intlemnifed.
Secretary Redtlia asked Ms. Rogers if the board members wultl personally be
sued.
Ms. Rogers stated she was not really qualified to answer that, but the responsibility
as a titludary would be covered with the titluciary liability insurance.
Discussion was held regaNing legal actions being taken against individual board
members versus the board collectively.
Ms. Rogers suggested these ques0ons could be asked of one of the attorneys at
the upcoming oanfemnce.
o9/t6(o3-1~ Pwion board
Secetary Reatlin moved f0 have $1 million dollars
Fiduciary Liability Insurance Coverage for the boartl.
Secontletl by Member Seibert and tamed by a unanimous
voice vote.
4. The36v'Annual Police OfFlCers'&Fire0ghters'Pension Conference.
Discussion was held regading the 35°i Annual Police OfOcers' and Firefighters
Pension Conference.
Secretary Redaitt moved ro approve reimbursement of
expenses from the pension fund for board members who
atlentl the conference antl to include the expenses of the
cortling secretary as well. Secontled by Member Gioielli
and cametl by a unanimous voice vole.
5. Review of Agentla Packet Material(s).
a. Plan Account Statement for the period 0410112003
through 0]l3t/2003.
Ms. Rogers reviewed the Plan Account Statement. She statetl that since the end of
this quarter she hae depoalted several checks from the state (or both Polioe end
Fire that will be reflected on the neriquarteay statement
Chairman Smylhers commentetl thatthe tuna Iggketl good.
b. Investment Quarterly Review.
Ms. Rogers reviewed the Investment Guartedy Review with the boartl.
c. Ortlinance 0316]6 amentling the atloptlon agreement for the
Police antl Firefgh[ers' Retirement Plan.
Ms. Rogers gave an overview or Ne ementlments with Ortlinance 03-16]fi. She
atlvised this ONinance was schetluled far Public Hearing September 22, 2003.
Discussion was held regarding item Gi) Normal Retirement Dafe: A participant's
rural retirement date shall be the first day of the monN coincident with or next
following the completion of the following requirements: Atlainment of age 50 antl
10 years of service or attainrtrent of 25 years of service, regaMless of age.
Ms. Rogers stated she woultl be available tq attentl the meetings anytime they
neetled her to.
Chairman Smyfhers thanked her for wming antl said that her input was very much
appreciated.
6. Member COmmenW.
Member Giolelli commentetl that he was glad Mr. Smythers was now Fhe Chairman
09/IUp3-2 Pmvon bo®d
or m< ooam.
T. Public Participation. Nonu
8. AdJoucnmenf. Cbalnnan 5mythera etljonmed UiE v a '? p-m,