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City of Casselberry Police Officers' and Firefighters' Pension Board of Trustees Minutes of August 18, 2015 Meeting Page 4 of 6 c. Each union negotiates with the City separately must mutually agree on a plan for the monies. d. Once an allocation has been agreed upon, it continues until it is changed by a future contract. e. If the union and the City cannot mutually agree on how the monies will be used, the default position is used. The default position is: i. 50% of the revenue will be applied to where the City designates. The balance of the 50% must go into a defined benefit contribution plan. f. Mr. Christiansen noted that he listed only one share plan in the Ordinance, however it is acceptable for the Police Department and Fire Department to make different allocation decisions with the City. 3. The 2% minimum benefit multiplier has changed to 2.75 %, however plans with a multiplier of less than 2.75% are grandfathered in and are not affected. SB 1309 requires: 1. All plans in the State use the same mortality table that is used by the Florida Retirement System (FRS) beginning fiscal year 2015/2016. Currently, the plan uses a different mortality table that is less conservative resulting in the potential need to increase the funding provided. Ms. Rebecca Bowman commented that the City would prefer to make an Ordinance to include only the administrative changes and changes required for the merger of the Fire Department with the County and then go back later and incorporate another Ordinance to address the changes in the plan once the union contracts have been fully negotiated. The Board Attorney agreed and will split the Ordinance into two accordingly. He will also submit a copy of the Ordinances to the Actuary for an impact letter. MOTION: Member Hufford moved to divide the Ordinance as presented into two separate Ordinances. The Ordinance with the administrative and merger changes will be submitted to the City immediately. The Ordinance with the potential share plan is to be used for contract negotiations between the union and the City. Motion was seconded by Member Van Ore. Motion carried by voice vote 4 -0. B. Budget Requirement in Conjunction with Senate Bill 172 • The board must adopt an annual budget. A budget for fiscal year 2015/2016 was prepared and presented by the Plan Administrator. Discussion ensued regarding the budget presented. A final version will be prepared by the Plan Administrator and she will provide a copy to the City. The budget will also be posted on the City website on the page for the Pension Board in order to make it available to the members. MOTION: Member Strenth moved to approve the budget for fiscal year 2015/2016 as amended in the amount of $97,300. Motion was seconded by Member Hufford. Motion carried by voice vote 4 -0.