FMTF12-18-016OARD OF TRUSTEES
Florida Municipal Trust Fund Retirement Plen and Trust
For the Firefighters and Palize OlRcers, City of Longwood
Commission ent,mbera, 1 ys w. wmren Aaenne, eongwma, Fmdda
Mmums
[regular Meeting
December 18,2001
Present: Chair Clint Gioielli
Member George Hodges
Member Selma Eisen
Berlin D. Bosworth, Deputy Ciry Clerk
Absent: Vice Chah parizelle
~ 1. Call to Order.
The chair carted a reSUlaz meeting to ordu at 6:30 p.m.
2. Approve Minutes ofthe5eptember 18, 2001, and Oetaber 16, 2o01.
Member Hodges movW approval of the SepEember I8, 2001 and
the Oetaber I6, 2001 minu[aa as submitted. Chair Gioielli
mnded and approved 3-0-2, with Vice Chair Paazella absent
a~a one enair.aeam.
The Recording Secretary explained that Mr. McGarry has resigned, az tbat was a wndition ofhis
appointment to the Codu Enfrccement Board. Mr. Larry Foughty came [o Gty Hall shortly s@er
4:00 p.m. today and explained to me that his firm thought there could be, or even ifthere might be
the remotest chance of an impropriety, they did not want him to serve on the Pension Trust Fund
Board. so he corned in his verbal resigns ion today and was asked to put that in writing.
Chav Gioielli said having an absence on the Board was new to him and did the Board need m do
anything to fill the vacancy.
Mr. Bosworth replied the City Cluk would infomr the CiTy Commission ofthe vacancy to this
Board anU place the notification on the ASenda for the January 4, 2002 meeting at which [ime [he
~ Commission could appoint a nominee or, the Commissioner to make the appointment conld defer
ttxti \ 1
tionau Mwii~iwae'rnu~~r'w,n xmrrn,cni ei~nx'r~~n iwtimhdacrs s pone. oiww~r,, cir„t1A„a.~~r«i is
until the neat meeting ghe did not have a nominee. Mr. Bosworth further explained that the City
Com made[ city-wide appoin o [he BOani, a Police Office end Firefighter are
required bynState Statute to serve on the BoaN and each was voted In by they respective
ember(s) in [he Plan, the fiRh member was appointed by the other four Board members atM the
City Commission [hen approved the eppnintmem.
3. Review o[Agenda Peoke[ Material(s).
a. Memorandum fiom Debby Reimers, Recording Secretary, regarding upcoming
election fora Plreflghter Board Member
b. FMPTF Defined Benefit Pian Members Qtarterly Review -September 30, 2001
c Statement ofAwount for leulividwl Members for the period 10/01/2001 through
10/3112001
d. 2000 Fkefighters' Supplemental Compensation Trust Fund Distribution
1 em A. Me Bnswonh explained the City Clerk's ORiw would eoMuat ar election amongst the
Firefighrers who were in the Plan. N the beginning ofJanuary each Firefighter in the Pension
Plan would receive a memo firm the Ciry Clerk asking ifthey would like to put they twne in
I` e. Ifonly on individual placestheir name in nomination, that individual was
prey medno sre for him/her-selfandw tically elected I[m ethart on
pieced in nomination, the Clty Gerk's Ofliee would conduct a ballot election in February 2003 so
the new Member would be on-board in time f r the March 2002 msetipg.
Itg~m B. Member Eisen commented. she was very pleased the loss was oNy ].34 percem for
calendar year 2001, whereas the benchmark was down ].51 percent.
Member Hodges also thought [hat waa good as Ian year was e lertible year. to 2000, they made
8.02 pereenr and the benchmark was I,2 percent, so the Plan was well aWve it by 6.82 peroent
[he Plan numbers ere all youn6 people end ere not In it for the short-haul but for the long-ternt.
Jter i G There was disensston on the title of the Oooument, which was found to be confusing.
item D. The Members were very pleased with the check received by the Fvefigbters' Pian; they
naked ifthere were a check for the Police Officers' Plan.
Member Hodges moved ro aceept Item 3. Seennded by Chair
Gioielli and accepted 3-0-2, with Viee Chair Panzella absent and
one chair vaeant.
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4. Member Comments.
Memlzr F'sen. None.
Member Hodges commented that over the last quarter. word had come down that the Board was
responsible and Members Deeded to be looking a[ all things carefully. The Board has the
responsibility frr the investments [he Florida League makes. The State end City both said the
Board has that resporrsibiliry.
Members asked [hat Fiduciary Responsibi/iryfor Discussion be placed on the Agenda for the
March 2002 meeting.
5. Public Participation. None.
Member Eisen moved m adjourn.
6. Adjournment. ]'he meeting adjourned at 6:43
~a
Clint Gioielli, Chair
ATTEST:
Berlin D. Bosworth, CMC
Acting Rewrding Secretary
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FlonJ. Nuiii~pWTnui 4~nd Rcdmmw Pl~ip'1'w, for Faifa;lu.~&V~lu. others, CVr ~C ym