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City of Casselberry Police Officers' and <br />Firefighters' Pension Board of Trustees <br />Minutes of December 3, 2014 Meeting <br />Page 2 of 6 <br />MOTION: Member Van Ore moved to approve the minutes of August 12, 2014 Disability <br />Hearing, August 12, 2014 Special Meeting, September 24, 2014 Continuation of <br />Disability Hearing, and September 24, 2014 Special Meeting. Motion was seconded <br />by Member Hufford. Motion carried unanimously by voice vote 5 -0. <br />4. Audience Participation <br />Mr. John Casselberry addressed the board stating that he read on the Seminole County Board of County <br />Commissioners meeting agenda that there was an item being presented to consolidate the City of <br />Casselberry Fire Department with the Seminole County Fire Department. Mr. Casselberry wanted to <br />ensure that the board was aware of these plans. <br />5. Finance Director's Report on Clarification of Third Party Plan Administrator Procedures <br />Ms. Bowman informed the board that she discussed with each of the final Third Party Pension Plan <br />Administrator candidates a list of concerns and questions that she had as requested by the board at the <br />meeting held on September 24, 2014. Each of the candidates provided satisfactory answers. Mrs. <br />Bowman requested that she be permitted to maintain her current access to the websites of the Investment <br />Managers to download the monthly reports. In addition, the City prefers to utilize the same auditor for <br />both the City's annual audit and for the Plan's annual audit, however the choice is up to the board. <br />6. Presentations <br />A. Pension Plan Administrator Presentations <br />a. Peter Prior - Benefits USA <br />b. Ferrell Jenne - Foster & Foster <br />c. Susy Pita (by phone) <br />MOTION: Member Strenth moved to approve Foster & Foster as the Third Party Pension Plan <br />Administrator and to authorize Scott Christiansen to prepare a contract and to authorize the <br />Chairman and Secretary to sign the contract. Motion was seconded by Member Hettler. Motion <br />carried unanimously by voice vote 5 -0. <br />MOTION: Member Hettler moved to instruct Scott Christiansen to prepare updated Operating <br />Rules and Procedures to take into consideration that the plan now has a Third Party Pension Plan <br />Administrator. Motion was seconded by Member Strenth. Motion carried unanimously by voice <br />vote 5 -0. <br />B. Foster & Foster — Annual Valuation Report <br />It was noted that the agenda packet was updated to include the presentation from Foster & Foster as it <br />was not available prior to production of the agenda packet. <br />Mr. Patrick Donlan, Foster & Foster, presented the Actuarial Valuation Report as of October 1, 2014. <br />Total required contribution increased this year by 1.4% of payroll shown as a requirement of 28.1% of <br />payroll for plan year 2014 and 29.5% of payroll for plan year 2015 which is primarily due to the <br />disability claims filed during the 2014 plan year. The plan had good investment experience for the past <br />three years. The market return was 10.12% with an 8% assumption. The Plan's four year rolling <br />average rate of return was 9.07 %, up from 8.75% in plan year 2013. <br />Over the course of the 2014 plan year, the Plan had two members retire with standard benefits, three <br />