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City of Casselberry Police Officers' and <br />Firefighters' Pension Board of Trustees <br />Minutes of May 3, 2012 Meeting <br />Page 4 of 5 <br />stated he believed it could be very beneficial to the Plan and that it would hopefully reduce costs, which <br />would be an additional benefit. <br />He added that it could possibly be launched in October 2012, and it could simplify reporting for auditors. <br />Board Attorney Christiensen suggested that they prepare a presentation for the next quarterly meeting. <br />Consensus: Board consensus was to direct Bogdahn Group to prepare a presentation about the Pooled <br />Investment Salem Trust CIC for the next quarterly meeting. <br />Ms. Bowman reported that the Fire Department still has no contract in place, so the issue of 300 hours <br />overtime cannot be defined in their contract. At the time of a new union contract, the Board must <br />establish what goes toward the 300 hour batik (what hours are established at what time & FIFO or LIFO). <br />The decision of defining the 300 hour inclusion in salary is to be included in benefits calculation is <br />effective when a new contract is signed. <br />Attorney Christiansen stated that the new salary was not applicable yet. The City has been undergoing a <br />plan study using a separate actuary to determine the effect of plan changes No formal changes have been <br />made to the union contract and therefore, no contract has been agreed upon with the fire department yet. <br />Attorney Christiansen requested a copy of the report when completed. <br />Mr. Christiansen reminded the Board members that Financial Disclosure forms were due July 1. He <br />reminded them to make sure they file the reports by the deadline. <br />Mr. Christiansen advised there were a number of pieces of legislation that came up regarding pension <br />plans, but nothing passed. <br />Mr. Christiansen stated there may potential issues with a number of retirees requesting several <br />calculations of benefits, and suggested the Board may wish to limit the number of free calculations. <br />Discussion: Discussion ensued regarding the calculation of benefits, and the potential for multiple <br />requests. <br />Consensus: Board consensus was to implement an operating rule that members receive two benefit <br />calculations at no cost, but should pay for any additional calculations or special studies. One benefit <br />calculation will be provided at the time of separation of services with the City and another one would be <br />performed at the request of the plan member. The board requested the pension attorney bring this forward <br />at the next meeting to be voted upon. <br />Chairman Pavlis announced that the next meeting would be August 14, 2012 and adjourned the meeting <br />