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City of Casselherry Police Officers' and Firefighters' Pension Board of Trustees Minutes of May 14, 2013 Meeting Page 5 of 7 Fire — Jeffrey Morlen — 02 -28 -2013 Fire — Joshua Marzolf — Military Leave Mr. Christensen addressed the Military Leave of Member Marzolf in relation to its affect on the Plan. He stated that per Statute, any member of the Plan can go on active duty military leave for up to 5 years and upon return, must be given service credit for the full amount of time without having to pay contributions. As a result, the actuary keeps track of the leave time and in the subsequent valuation, upon return, the City will see an increase in the contribution rate. It was reported that the hard copy of the annual report was sent to the State. The State asked some clarifying questions and Foster & Foster responded to them timely. The final requirement of a copy of Consolidated Annual Financial Report (CAFR) for fiscal year 2012 was met as it was sent on May 7, 2013. The update of the Summary Plan Description was distributed to members on February 12, 2013 via City email. The Police and Fire Pension Plan Trustee School will be held May 20 -22, 2013 in Tallahassee. Officer Strenth will be attending and any member of the Board is welcome to attend. The contract with the Fire union was ratified on March 11, 2013. This contract changed the employee contribution rate to Pension Plan from ' /z to 3% in exchange for a 2'/2% increase in pay. Both the Fire and Police unions have been requested to accept a change in retirement eligibility to meet the current Statute of 10 years of service 55 years of age, or 25 years of service or 52 years of age. Ms. Bowman requested that the Board authorize Mr. Christiansen to create an Ordinance to have the Plan language change to match the State statue on age and years of service for retirement, once both unions agree. Member Strenth requested clarification. Mr. Christensen stated that these qualifications would be an improvement to the current requirement. Ms. Bowman further stated that the change would be effective for new employees hired after the effective date of Ordinance. Member Strenth asked Mr. Brooks if any discussions have occurred with the Police union regarding this change. Mr. Brooks stated that he provided a copy to Member Strenth and spoke with Member Hettler prior to the meeting regarding this matter. Mr. Brooks also stated that new members will have a 2nd tier of benefits. Chairman Pavlis asked if an actuarial impact statement will be created. Mr. Christiansen will request an impact statement, once needed. Ms. Bowman stated that the pay raise and the retirement qualification will be presented to the City Commission in one Ordinance. MOTION: Member Stewart moved for Mr. Christensen to create an Ordinance to adopt the new contribution rate, raises, and adjusted retirement qualifications and send it to the City Manager. Motion was seconded by Member Strenth. Motion carried unanimously by voice vote 4 -0. Member Hettler left and was not present for the vote. Ms. Bowman presented an item that came to light after agenda was created. The Government