MINUTES OF THE CITY OF SARASOTA POLICE OFFICERS' PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING OF FEBRUARY 24, 2017 Present: Chair Kevin Stiff, Vice Chair Ron Baty, Secretary/Treasurer: Pamela Nadalini (arrived at 8:18 a.m.), Trustees Duncan Miller and Darrell Nixon Others: Attorney Scott Christiansen, Pension Plans Administrator Harry Ramphal, Senior Pension Analyst Tony Colby, Senior Pension Analyst Anthony Ferrer, and Pension Specialist Lois Belle Absent: None 1. CALL MEETING TO ORDER: Chair Stiff called the meeting to order at 8:15 a.m. 2. PLEDGE OF CIVILITY: Chair Stiff read into the record a memorandum from Mayor Willie Charles Shaw, dated February 13, 2015, entitled "City Commission and Advisory Boards Meeting Protocols and Pledge of Civility." 3. PUBLIC INPUT: No one signed up to speak. 4. APPROVAL OF THE MINUTES: 4.1. Approval Re: Minutes of the Police Officers' Pension Plan Board of Trustees Special Meeting of. January 13, 2017 A motion was made by Trustee Nixon, seconded by Trustee Miller to approve the Minutes of the Police Officers' Pension Plan Board of Trustees Special Meeting of January 13, 2017. Motion carried unanimously (4-0). 4.2. Approval Re: Minutes of the Police Officers' Pension Plan Board of Trustees Regular Meeting of January 23, 2017 A motion was made by Trustee Miller, seconded by Trustee Nixon to approve the Minutes of the Police Officers' Pension Plan Board of Trustees Regular Meeting of January 23, 2017. Motion carried unanimously (4-0). 5. APPROVAL OF RETIREMENT REQUEST/S)!: None 6. INVESTMENT PERFORMANCE REVIEW: None Secretary/Treasurer Nadalini entered the Chambers at 8:18 a.m. 7. UNFINISHED BUSINESS: 7.1. Presentation and Discussion Re. Revised Summary Plan Description Book 1 Page 55 02/24/17 8:15 A.M. Book 1 Page 56 02/24/17 8:15 A.M. Attorney Dehner stated the Summary Plan Description has been updated reflecting ordinances that have been adopted. A motion was made by Secretary/Treasurer: Nadalini, seconded by Trustee Nixon to approve the revised Summary Plan Description. Motion carried unanimously (5-0). 8. NEW BUSINESS: 8.1. Presentation and Discussion Re: Expanded Actuarial Equivalence Factors Pete Strong, Actuary, Gabriel Roeder Smith & Company came before the Board via teleconference to discuss the Expanded Actuarial Equivalence Factors; that after the last meeting the Board requested he provide expanded factors; that previously staff only had access to age 65 Mortality Table factors. Mr. Strong stated that he provided the expanded factors to Staff on February 9, 2017; that the expanded factors also included more clear labeling of factors to be applied. In response to a question from Secretary/Treasurer: Nadalini asking how the calculations pertaining to Scott Blackstone will be resolved, Mr. Strong recommended to communicate the error with participants and adjust benefits to what they should be using the factors recently provided; that with regard to the issue that occurred, the post-2012 factors were used instead of the pre-2012 factors which caused a large discrepancy; that the actuary had agreed with the methodology but didn't review the actuarial factors used. Secretary/Treasurer stated that any changes to tables must come before the Board to be approved for use. A motion was made by Secretary/Treasurer Nadalini, seconded by Trustee Miller to move approval of the proposed expanded actuarial equivalence factors tables. Motion carried unanimously (5-0). Chair Stiff stated that Staff shouid work with the. Actuary to get certified calculations of corrected benefits due to the affected individuals; that Staff should meet with affected retirees to discuss facts in detail; that Staff should work with Attorney with regard to any overpayment collection procedures. 9. ATTORNEY MATTERS: Attorney Dehner stated that he met with City Officials on the Share Plan Ordinance; that the intent of the proposed Ordinance is to provide minimal compliance that can be further funded if and when necessary; and Secretary/Treasurer Nadalini stated that no one from her office reached out to thel Labor Union inappropriately. 10. OTHER MATTERS: In response to a question from Secretary Nadalini asking if the Board has any obligation of attorney fees that Mr. Williams is now responsible for, Attorney Dehner stated that the Board does not have authority to pay attorney's fees. 11. ADJOURN. Chair Stiff adjourned the Police Officers' Pension Board of Trustees Regular meeting at 8:55 a.m. & 90 Chair Kevin Stiff Secrelary/Treasurer Pamela Nadalini