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Pension10-18-11Min BOARD OF TRUSTEES Florida Municipal Trust Fund Retirement Plan and Trust for the Firefighters and Police Officers Longwood City Commission Chambers 175 West Warren Avenue Longwood, Florida REGULAR MEETING MINUTES October 18, 2011 7:00 p.m. Present: Robert Redditt, Chair Peter Katauskas, Vice Chair Chris Kempf, Secretary Marc McLarnon, Member Lee Dehner, Board Attorney Jon C. Williams, Acting City Administrator/Director. of Financial Services Sarah M. Mirus, Recording Secretary Absent: Derek Chenoweth, Member 1. Call to Order. Chair Redditt called the meeting to order at 7:02 p.m. 2. Pledge of Allegiance. Chair Redditt led in the Pledge of Allegiance. 3. Approval of Minutes: January 18, 2011 Regular Meeting. Ms. Mirus requested that the Minutes be deferred to the next Meeting. 4. Review of Agenda Packet Material. A. Plan Account Statements (June 2011, July 2011, and August 2011). The Board reviewed the Plan Account Statements in detail. Chair Redditt noted the Beginning Balance for the June 2011 Statement was $7,429,721.67, the Contributions were $16,445.09, the Earnings/ (Losses) were ($68,487.63), the Distributions were $0, the Fees /Expenses were (5,045.60) and the Ending Balance was $7,372,633.53. He said for the July 2011 Statement the Beginning Balance was $7,372,633.53, the Contributions were $17,060.37, the Earnings/ (Losses) were ($93,764.45), the Distributions were $0, the Fees and Expenses were ($3,514.74) and the Ending Balance was $7,292,414.71. He said for the August 2011 Statement the Beginning Balance was $7,292,414.71, the Contributions were $254,244.21, the Earnings / (Losses) were ($235,720.72) the Distributions were $0, the Fees and Expenses were ($5,02.1.92) and the Pension 10 -18 -11/1 Ending Balance was $7,305,916.28. Member McLarnon moved to accept the Statements as presented. Seconded by Vice Chair Katauskas and carried by a unanimous roll call vote with Member Chenoweth absent. B. Invoices. The Board reviewed the Invoices in detail that were submitted. Discussion was held regarding the Life and AD & D with Unum Life Insurance Company of America that was provided to the Members of the Pension Plan. Member McLarnon moved to approve all the invoices, except for the $126.63 invoice, which the City would pay and it was the recourse. Seconded by Secretary Kemp and carried by a unanimous roll call vote with Member Chenoweth absent. C. Proposed 2012 Pension Board Meeting Dates. Dates will be: January 17, April 17, July 17 and October 16, 2012. It was the consensus of the Board to accept the proposed Pension Board Meeting Dates. 5. Other Business. A. Discuss Membership to the Florida Public Pension Trustees Association (FPPTA). Chair Redditt said the membership dues were $600 per year. He said it was a requirement to attend one of these and they were very informative. He recommended the Members attend the conference. Secretary Kempf said he wanted to attend the Conference being held February 5 -8, 2012 in Jacksonville. Discussion was held regarding the benefits of the Membership to the FPPTA. Vice Chair Katauskas moved to apply for membership to this Organization. Seconded by - Member McLarnon and carried by a unanimous roll call vote with Member Chenoweth absent. B. Discussion on the Benefit Calculation for Vested /Terminated Participants. Chair Redditt said Ms. Mirus provided them with the list of terminated Pension 10 -18 -11/2 employees and noted there were ten (10) terminated. Mr. Williams said there were four (4) members that have terminated and have vested. He said if it was the Board's decision to have those calculations performed, it would be at a cost of $375 per person. He said for the record, they were Joseph Moore, Daniel Keeler, Matthew Klineman and Matthew James. Chair Redditt said those four (4) were the only ones that have terminated and that were vested. He said he feels that it would be incumbent upon them as a Board to provide that information to vested employees. Member McLamon asked to what end. He said they were vested, no longer with the City, the number they would get was the number they would get when they were eligible to receive it. He said he does not think it would amount to much because they have not been with the City very long, so their total benefit was minimal and they were going to spend $1,500 to notify them. He said it was their right to know how much their vested benefits were. Mr. Williams said they should be receiving individual benefit statements. He said at the last meeting Mr. Scott Christiansen was present and he had recommended that the Board go ahead and pursue those benefit calculations. He said because of the Actuary and the reports they had at that time, he did not believe they reflected what that overall dollar impact was. He stated it was understood and discussed that they need to perform those calculations. He said it provides the Board with a definitive amount of what each one (1) of those participants have earned and what they were owed. He said the individuals receive the information on an individual basis, but the City does not keep those statements. Mr. Dehner said these were more specific and accurate benefit calculations for the individual. He said the certificates received with the valuation reports that were distributed do not have the exact numbers of what the salary figures would be and the exact data. He said they were close, but they were not exact. He said under the Rules of the Board, the fund would pay for two (2) of these to be completed and after those two (2), then they would charge. Member McLarnon asked if those four (4) had asked for the information. Mr. Williams responded in the affirmative. He said this requirement was driven by the Board. Member McLarnon said that if they were going to spend the money, they have a reason to spend it. Pension 10 -18 -11/3 Chair Redditt asked if they had those calculations done, would it be the same or change over time. Mr. Dehner asked if there was one done at termination, than it was on them to get that number and provide it. Vice Chair Katauskas said it would not change unless they were re- employed because they would accrue additional benefits. Mr. Williams read the electronic mail that was sent to him that said there were four (4) term vested participants, and they had not had the benefit calculations done yet. Vice Chair Katauskas said they needed to verify it had been done in accordance with the By -Laws, and then they do it and have it on record. It was the consensus of the Board to have Mr. Williams verify if the calculations have or have not been done and to bring it back to the Board at the, next meeting. Chair Redditt said to pull those four (4) files, check into it, and come back with information for the Board. He said if they have already been notified, then they do not have to spend $1,500 to notify them, if not, they do need to provide them and ourselves with that information. Member McLamon said in the future, they should initiate some type of checklist or action, that when someone terminates who was vested, either the Board was notified semi - annually, or the Personnel Division initiates a search of information by Mr. Williams's office. Mr. Williams said they would need to provide notification to the Board of who was terminated from the Plan and their eligible dates. Member McLarnon said he thought the FLC would let them know since they had the information and were a catalyst. Vice Chair Katauskas suggested the listing of terminated employees be brought to every January Board Meeting. He said keeping it up -to -date would be very simple and it should be part of the January Agenda. Chair Redditt said he requested that information several months ago. Ms. Mirus said she received the information from the Human Resources Division and sent the information to the Board Members on September 29 th Pension 10 -18 -11/4 6. Board Attorney Report. Mr. Dehner discussed House Bill 365, and Ms. Mirus distributed copies of the House Bill for the Board to review. He then reviewed the proposed changes outlined in the Bill, and stated it may change later and did not want to spend a lot of time on it. He said as it starts there may be more coming down the pike. 7. Member Comments. Secretary Kempf inquired about Member Chenoweth. Ms. Mirus said he was currently on vacation this week. 8. Public Participation. None. 9. Adjournment. Chair Redditt adjourned the meeting at 7:46 p.m. 4 Robert Redditt, Chair ATTEST: Sarah M. Mirus, MMC, MBA, Recording Secretary Pension 10 -18 -11/5 This Page Left Blank Intentionally. Pension 10 -1'8 -11/6