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HomeMy WebLinkAbout02-14-2001 Minutes THE CITY OF OCOEE POLICE OFFICERS' /FIREFIGHTERS' (r RETIREMENT BOARD MEETING - February 14, 2001 Chairman WILSON called the meeting of the City of Ocoee Police Officers'/Firefighters' Retirement Trust Fund to order at 1:07 p.m. in the Commission Chambers of City Hall. The roll was called and a quorum declared present. PRESENT: Chairman Wilson, Secretary Firstner, Members Coschignano (arrived late), Gledich, and Williams. Also present were Attorney Dehner, Actuary Ward Foster, Money Manager Nash, Administrative Officer Garcia, Performance Monitor (Jeff) Swanson and Recording Secretary Lewis. ABSENT: None APPROVAL OF MINUTES Administrative Officer Garcia said that FTI referred to under Discuss /Set 2001 Meeting Dates, item no. 1 should read STI rather than FTI. Member GLEDICH, seconded by Member WILLIAMS, moved to approve the Minutes of the November 8, 2000 Police Officers' /Firefighters Retirement Trust Fund meeting as corrected. Motion carried 4 -0. Member Coschignano had not arrived to the meeting. QUESTIONS /COMMENTS FROM AUDIENCE None kare DISCUSSION /APPROVAL RE: ORDINANCE TO INCLUDE 25 AND OUT BENEFIT IMPROVEMENT Member WILLIAMS, seconded by Member FIRSTNER, moved to go forward (present to City Manager with recommendation for approval /adoption by City Commission) with the ordinance. Motion carried 4 -0. Attorney DEHNER explained that he would send a letter to the City Manager saying that they may contact him if there were questions. OTHER BUSINESS AUTHORIZE /RATIFY PAYMENT OF BILLS Chairman WILSON asked for ratification of payment, and requested approval of the Board to present to SunTrust for payment, the following bills: 1. 11 -6 -2000 Foster & Foster, Inc. $ 7,410.00 2. 11 -3 -2000 SunTrust $ 15,538.47 3. 12 -12 -2000 Kris Strickland $ 1,572.72 4. 12 -20 -2000 Christiansen & Dehner, P.A. $ 1,845.20 5. 1 -9 -2001 Kris Strickland $ 108.94 6. 1 -12 -2001 Foster & Foster, Inc. $ 810.00 7. 1 -30 -2001 Bernard Williams $ 9,725.20 10. 2 -1 -2001 Christiansen & Dehner, P.A. Review of G. Lane Medical Records $ 686.52 Member FIRSTNER said that Recording Secretary Lewis had submitted a bill in the amount of $220.00 that covered the recording services for two meetings. Member GLEDICH, seconded Police Officers' /Firefighters' Retirement Trust Fund % February 14, 2001 by Member WILLIAMS, moved to authorize and ratify payment of the bills. Motion carried 4- 0. REPORTS ACTUARY Actuary FOSTER presented the Actuarial Services Agreement that had been approved at the November Board meeting, and provided input on the Actuarial Impact Statement that sets forth the cost of early retirement reduction. He instructed the Board about how to send it to the State. Also, that he would send the report to the Board which would take care of the compliance with the Department of Retirement. MONEY MANAGER Money Manager NASH presented the Board with a summary and an over view of the Money Manager Report. He apologized for the loss on an investment, and said that a check had been cut on February 7 in the amount of $15,713.10. Member FIRSTNER had been provide with a copy of the particulars regarding this loss. Recording Secretary Lewis will send the report to the Finance Director. Member COSCHIGNANO arrived to the meeting at 1:20 p.m. Ital. PERFORMANCE MONITOR Performance Monitor SWANSON presented an analysis of the investment performance of the Trust Fund, and said that it had been a tough year in 2000. He provided an investment policy check list. The Fund had come from 32 to 28 on the list and was above average among others. Money Manager Nash and Performance Monitor Swanson left the meeting at 1:38 p.m. ATTORNEY COMMENTS Attorney DEHNER reported the following: 1. That the new Investment Policy Statement adopted in August, 2000, and the Amendment, needed to be filed with Charles Slavin, Department of Retirement Management Services, the City, and Actuary Foster. 2. That a copy of the portfolio in Money Manager Nash's report (under Tab 4) must be filed with the City Finance Director. 3. That the Board must make a recommendation of its consultants on the total expect annual rate of return receipt that would be 8% as reflected in the amount of Actuary Foster's valuation at the November meeting. Member FIRSTNER, seconded by Member GLEDICH, moved that the Board has determined based on the recommendations of its consultants that the total expected annual rate of return for the fund for the current year, each of the next several years, and the long term thereafter will be `"• 2 Police Officers' /Firefighters' Retirement Trust Fund v February 14, 2001 eight (8) percent net of investment related expenses. Motion carried 5 -0. A letter with this motion must be sent to Charles Slavin with the input from Actuary Foster under the signature of Chairman Wilson. Attorney DEHNER reminded members about filing the Financial Disclosure, and said that Chairman Wilson may provide them with a copy or they could find the form on the Internet. It was also important that the Chairman or the City Clerk provide members who were coming in as a new member or those who were stepping down with a disclosure form. The proposed ordinance with the 25 and out benefit improvement would be sent to the City Manager and they will check to see if the Attorney should attend the City Commission meeting. Attorney DEHNER said that the City Clerk, in the past, had handled the advertisement. In response to Member GLEDICH, Attorney DEHNER advised the Members to reserve two (2) or three (3) hours for the Gordon Lane Disability Hearing. He announced that an entire package would be sent to the Recording Secretary for copy /distribution to them. Member GLEDICH, seconded by Member WILLIAMS, moved to extend the period of 90 days to May 2. Motion carried 5 -0. Mr. DEHNER cautioned the Members that they may call him to discuss the hearing but could not discuss it among themselves. It will be up to the Board at the hearing to determine whether or not the disability was in -line. The Recording Secretary will post the Notice of the hearing. In response to Member FIRSTNER, Attorney DEHNER said that the Plan could not get the Chapter 175 money for the Town of Windermere even though Ocoee provided Fire protection for the town. Discussion ensued about a dissolution of marriage of a member and a request about a portion of the member's retirement. Attorney DEHNER said that there was no order by this Board to pay anything. He provided details about a method of payment and the accrued value up to time of a divorce. In response to Chairman WILSON, Attorney DEHNER said that the Actuary would provide actuarial data as to the valuation at the time of divorce, not what was accrued after the divorce. Member FIRSTNER reported that a letter from Burkey, Cooksey & Associates about not providing insurance for the Board had been sent in error. If the Board wished to re -apply the firm would continue to serve it. Member FIRSTNER said that they would receive quotes from other insurance companies. Discussion ensued about upcoming training seminars available to Board Members. SET NEXT MEETING AGENDA — Wednesday, May 9, 2001 None ihre 3 Police Officers' /Firefighters' Retirement Trust Fund v., February 14, 2001 (Note: The Board will meet for the Gordon Lane Disability Hearing on Thursday, March 22, 2001, 1:00 p.m. in the Commission Chambers Conference Room.) ADJOURNMENT Meeting was adjourned at 2:10 p.m. Respectfully submitted, Ju i Lewis, Recording Secretary thw 4