09-19-2011 - Joint Special General Employees' and Police Pension Boards of Trustees
Minutes - Joint Special Meeting
September 19, 2011
Page 1 of 2
CITY OF EDGEWATER
GENERAL EMPLOYEES' and POLICE OFFICERS' PENSION BOARD OF TRUSTEES
JOINT SPECIAL MEETING
CITY HALL COUNCIL CHAMBER
104 N. Riverside Drive, Edgewater, Florida 32132
Monday, September 19, 2011
9:30 a.m.
MINUTES
CALL TO ORDER/ ROLL CALL/DETERMINATION OF A QUORUM
The Edgewater General Employees' and Police Officers' Pension Boards held a special meeting on
Monday, September 19, 2011 in the City Hall Council Chamber at the City of Edgewater, Florida.
Members Present (General): Tim Sopko
John McKinney
Bobby Laramore
Tyna Hilton
John Brackin
Members Absent (General): Gigi Bennington
Brenda Dewees
Members Present (Police): Vincent McCauley
Chad Anderson
Ferd Heeb
Members Absent (Police): Gary Conroy
Lawrence Leaf
Plan Attorney: H. Lee Dehner
Milberg Attorneys: Roland Riggs (by telephone)
Christopher Polaszek
City Attorney: Aaron Wolfe
Performance Consultant: Jack Evatt, The Bogdahn Group
Plan Administrator: Sheila Hutcheson
Plan Actuary: Brad Heinrichs, Foster & Foster (by telephone)
City Staff: Donna Looney, Personnel Director
Julie Christine, Personnel Department
The special meeting of the Police Officers' and General Employees' Boards of Trustees was called to
order at 9:35 a.m. by Secretary Hilton and Member Heeb, respectively. Both Boards had a quorum.
The Boards welcomed new Police Trustee Chad Anderson.
Status Report - Issues with Principal (Milberg LLP and other consultants)
Attorneys Polaszek and Dehner, along with Attorney Riggs, summarized relevant information for the
Boards regarding the issues with Principal and the status of settlement negotiations in this regard.
They will keep the Boards apprised of the status of negotiations. Attorney Dehner noted for the record
that the situation with Principal that the Boards are trying to resolve is not of the making of the current
Boards/ Staff.
General Employees' and Police Pension Boards of Trustees
Minutes - Joint Special Meeting
September 19, 2011
Page 2 of 2
STAFF REPORTS, CONSULTANTS' REPORTS, DISCUSSION /ACTION
Administrator's report - withholding on after -tax refund of member contribution in conjunction
with retirement
The Plan Administrator reported that Principal had changed its procedure with respect to tax
withholding on a recent retirement (General Plan) with the refund of member contribution option.
Previously, it had been Principal's position that the refund of the after -tax contributions, in lieu of an
increased annuity benefit, made the monies taxable. With the recent retirement, Principal refunded the
monies with no tax withheld and, when asked why, they referred to certain information needed to
make the tax determination. The Administrator and Actuary advised Principal that the exact same
information had been provided on this retiree as on other retirees on whose contribution tax was
withheld. This was an informational item only. Copies of correspondence in this regard were
provided to the Boards.
TRUSTEES' REPORTS, DISCUSSION, AND ACTION/REQUESTS FROM THE
PUBLIC/EMPLOYEES PRESENT - None.
ADJOURNMENT
The Boards adjourned at 10:46 a.m.
Respectfully Submitted: Approved:
Sheila Hutcheson .1
Plan Administrator ' • ice Officers' Pens' • n Bo . rd
Approved:
�..`� Zia
Gig`. - nnington, Chainn
Ge eral Employees' Pe • ion Board