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Police/Fire Pension Board of Trustees December 1, 2003 Page 3 VIII. Attorney's Report Election of the 5'h Member of the Board of Trustees MOTION: Moved by Mr. Frank Schutte to reselect Mr. Thomas Embree as the 5' Member of the Board contingent upon the reappointment of Mr. Frank Schutte by the Commission in January. The Motion was seconded by Battalion Chief Donald Harkins and carried unanimously by voice vote. (4-0) The motion had to be contingent upon the reappointment of Mr. Frank Schutte because the appointment of the 5" members requires a majority vote. Litigation Report Mr. Scott Christiansen gave a litigation status of the challenge to the "Extra Benefits" interpretation by the Florida League of Cities and several other cities including the City of Casselberry. There was a hearing held in September 2003 and the Division of Retirement's interpretation was upheld and the Florida League of Cities and the cities involved in the action lost the case. A Notice of Appeal has been filed. Expected Rate of Investment Return - Actuarial Assumptions MOTION: Moved by Mr. Frank Schutte that the Board declare an 8 percent expected rate of return on the Pension Plan's investments over the next year, the next several years and over the long term, based on the recommendation of Mr. Lance Powers, Trusco and Mr. Bill Stark, Bogdahn Consulting. The Motion was seconded by Battalion Chief Donald Harkins and passed unanimously by voice vote. (4 - 0) Six Year Vesting Ordinance The Police Union voted to accept their contract and one of the provisions was for a six-year vesting period in lieu of the present ten-year period. The new vesting period ordinance will go before the City Commission on Monday, December 8, 2003 for consideration. Mr. Jeffrey Dreier was asked to prepare the year-end report for the City Commission. IX. Miscellaneous a) Receipt of Funds - Firefighters' Supplemental Compensation Trust Fund 2002 The City received a check in the amount of $17,461.59, which represents excess funds from the Firefighters' Supplemental Compensation Trust Fund.