PB 02/17/2015 Minutes - Laserfiche WebLink

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Cav afC..,,,4be.,ey Pa1i,,-Otr,er,'and Firefighterq, Pension G""dotTrustees Minutes of February 17, 20B islecting Page 5 of 6 during Ms. Jenne's upcoming leave. Should all actuary and the administrative assistant need to attend the May board meeting, no actuarial faQ-, will be assessed, B. Rebecca Bowman, Finance Director I s New Members a. Fire Department i, Nicole Strong 0 b, Police Department - None Separations of Servicc a, Fire Department L Dcvin Sao b. Police Department - None Information for the Annual Report was spit to Foster & Foster on January 22, 2015. 4. Annual Report of Investment Activity was presented to City Commission oil January 12, 2015, 5. Declaration of Returns letter was sent to Tallahassee oil January 14, 2015. 1 6. The plan was notified by Salem Trust that 1099Rs were imnled to retirees on January 16, 2015. T A revised GASB statement vvas received From Foster & Foster on January 20, 2015. a, There are no material changes to the statement; however a typo was corrected on the C3ASB 68 Schedule of Changes in Pension and Liability Related Ratio. S. A request was sell( to Manning & Napier to raise S 1,000,000 as soon as possible from the Domestic Equity Account and transter it to Salem Trust to invest in tile Westwood Income Opportunity Fund as approved during the December meeting 9. A distribution front American Really Advisors, was wired to Satan Trust oil January 28, 2015 for S 1 6 035.81 10. Due 10 the State's tardiness in providing a position statement regarding SB534 compliance, Foster & Foster was delayed in creating the required report that was to be posted on the city's website within a 60 day window. 'I'll c Ill in attorney stated that it wilt I be acceptable this year to post the report as soon as it is available. 11. Clarification was provided that it will be the board's decision ifthey would prefer it) hear a report of the annual audit or receive it copy in writing, K Attorney Report The law firm of lee Miller, LLP is reviewing the plan's documents to ensure that it continue% to meet the qualifications set forth by tile Internal Rcvenuc Service to be a tax qualified pension plan. The State Senate and House have filed Iciv pearsion related bills for the current session, SB 174 and 1IB341 are substantially similar in language to bills that did not pass during, the last legislative session. SB242 would require that all 175/185 plans utilize the same mortality tables as FRS. Sallan Trust distributed a raratio to then, clients informing theirs that flicirsastor company, US Fiduciary Services, was a recently it victim of fraud, None of Salem's Municipal pension clients were adversely affected. The plan's assets are in a trust and are safeguarded: