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City of Casselberry Police Officers' and Firefighters' Pension Board of Trustees Minutes of February 12, 2013 Meeting Page 5 of 6 further information on the State website is available at this time. The letter stating the 8% eantr-ibut o earnings assumption was filed with the State and Mr. Christiansen said that he received an email confirming that the letter was received and accepted. Personal Statements were sent to members based on information from the last meeting. The investment report went to the City Commission as of the first meeting in January. The electronic version of the annual report was sent by Foster and Foster, but the hard copy needs to be signed after the meeting so that it can be sent to the State. Ms. Bowman discussed that at the last meeting, Patrick Donlan with Foster and Foster asked the board for a rate increase. Because the rate increase was requested in the past, but not put into effect, Foster and Foster is now requesting that their rates be increased by 5% each year going forward. Mr. Christiansen stated that once the increase is approved, he would create an addendum for the Plan reflecting this change. Further, Mr. Christiansen clarified that Foster and Foster is asking for an immediate 10% increase in the current year and 5% each year going forward indefinitely. The current rate paid to Foster and Foster is $5,750.00 per year. Member Hettler asked what the normal increases are for other actuarial companies in the state. Mr. Christiansen stated that the increases that Foster and Foster are requesting are equivalent. MOTION: Member Hettler moved to direct Mr. Christiansen to create an addendum to increase the Foster and Foster base fee by 10% in the current year and add a 5% increase annually. Motion was seconded by Member Strenth. Motion carried unanimously by voice vote 4 -0. Mr. Hettler was excused to leave early at 11:24 a.m. 9. Attorney Report Mr. Christiansen asked if the updated Plan description was distributed to the members. Ms. Bowman stated that it was not and that she will get that done as soon as possible. Mr. Christiansen has been working with tax attorneys in Indianapolis to determine any changes that may be needed in the Plan in order to maintain the tax exempt status and reported that the project is complete. One change needs to be made before December 31, 2013. He requested a board motion in order to create an Ordinance to make the needed changes. MOTION: Mr. Glancy moved to direct Mr. Christiansen to create an Ordinance to make changes needed to qualify for tax exemptions. Motion was seconded by Member Strenth. Motion carried unanimously by voice vote 3 -0.