08-05-1987 - Joint GEPB/PPB CITY OF EDGEWATER
JOINT MEETING
POLICE RETIREMENT PLAN BOARD OF TRUSTEES
AND
GENERAL RETIREMENT PLAN BOARD OF TRUSTEES
2:00 P.M.
WEDNESDAY, AUGUST 5, 1987
COMMUNITY CENTER
Mayor Earl Baugh called to order a joint meeting of the Police Retirement
Plan Board of Trustees and the General Retirement Plan Board of Trustees,
Wednesday, August 5, 1987, 2:20 P.M., in the Community Center.
ROLL CALL:
Police Retirement Plan Board of Trustees General Retirement Plan Board of Trustees
Dan Grisell Present Connie Martinez Present
James Inman Present Mayor Earl Baugh Present
Larry Jarkovsky Absent Susan Wadsworth Present
Wallace Trickey Present David Pettit Present
Nancy Shoemaker - Swiney Excused Rev. Harvey Hardin Present
Melvin Copeland Absent
Also present were Jack Ascherl, Karen Rickelman, Finance Officer and Beverly
Kinney, Secretary.
Mr. Ascherl stated it was discovered some employees in the Police Plan belonged
in the General Plan because they are not officers with arresting powers. The
error is being corrected. The exact number of deposits for the year is not
available at this time and the annual valuation is delayed.
Mr. Ascherl discussed the General Retirement Plan first with the Board and
reported the following:
Beginning Balance $378,847.00
Deposited 45,122.00
Reinvested 70,147.61 (Rollover)
Average Annual Rate of Return 12.55%
Total Balance in General Investment Fund $465,191.83
Mr. Ascherl discussed the Police Retirement Plan and reported the following:
Beginning Balance $190,728.00
Deposited 21,712.00
Reinvested 35,357.00(Rollover)
Average Annual Rate of Return 12.46%
Total Balance in General Investment Fund $232,427.00
Mr. Ascherl stated the plans were doing fine and money from the State was
continuing to come in as it relates to the Police Retirement Plan. He added
there were some potential changes which could be discussed at the next meeting.
Mr. Ascherl discussed ways of investing the plans' money such as general
investment funds, money markets, bond accounts, common stocks and real estate.
Mr. Ascherl asked if there was any further business. Mrs. Martinez asked if
there was any information about reducing retirement age. Mr. Ascherl was not
prepared to discuss it at this meeting, but would look into years of service
versus the employees age.
Mr. Inman reminded the Board members to file a financial disclosure form if
they had not done so already. Mayor Baugh asked Mrs. Wadsworth to check into
the matter and contact those who still needed to file a financial disclosure
form.
There being no further business to come before the two (2) Boards, Mayor
Baugh adjourned the meeting at approximately 3:00 P.M.
Minutes respectfully submitted by:
Beverly Kinney