PB 11/13/2012 Minutes - Laserfiche WebLink

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City of Casselberry Police Officers' and Firefighters' Pension Board of Trustees Minutes of November 13, 2012 Meeting Page 6 of 7 MOTION: Member Stewart moved to approve Summary Plan update, as changed. Motion was seconded by Member Hettler. Motion carried unanimously by voice vote 4 -0. Letter to City Commission needed providing Pension Letter Number 2, Periodic Investment Report, reflecting investment activity for the year. The declared rate of return must be sent to the state. There is updated legislation regarding benefits of divorced spouse. A letter was sent to all retired members so that they are aware of the legislation and offering them the change to make any changes needed. The new salary definition now comes into play due to new contracts for police & fire. Ms. Bowman clarified that Finance needs a list of sick/vacation of all PD and FF as of the date that the contract was signed. This list does not need to go to Mr. Christiansen. MOTION: Member Hettler moved to have Mr. Christiansen create and present an ordinance to the City Commission amending the definition of salary for the Police and Fire members. Motion was seconded by Member Stewart. Motion carried unanimously by voice vote 4 -0. Fiduciary insurance /waiver of recourse memo — the City pays waiver of recourse. Fiduciary insurance may be reimbursed by the Plan. Updated revised administrative forms were replaced. A discussion ensued regarding the eligibility to receive benefits for former officer Eric Tomasello. This officer had an investigation by Florida Department of Law Enforcement. MOTION: Member Glancy moved, based on attorney advice, there is no basis for forfeiture of Mr. Tomasello's retirement benefits. Motion was seconded by Member Hettler. Motion carried unanimously by voice vote 4 -0. 10. Adjournment Mr. Patrick Donlan, Foster & Foster actuarial services, discussed a letter sent in 2007 stating new fee structure. He since discovered that the plan overpaid and Foster & Foster issued a credit to make up the difference. Mr. Donlan is hereby requesting an increase of 10% as the plan has not had an increase since 2007. He would also like to add in an automatic 5% increase per year from that point forward which they charge to all other clients. The contract fee was guaranteed for 3 years and is now going year to year. Further discussion was deferred to meeting to be held in February 2013. MOTION: No motion made. Chairman Pavlis adjourned the meeting at 12:18 a.m.