03-31-1982 - Joint GEPB/PPB ''w
! )
CITY CF D2E'.:AT R
InICE r.,.; GE. ORAL :..:. =L Yom_ S
JOIET 2 =71-a; :G
;:arch 31, 1932
i,ayor Christy called the joint meeting to order at 2:30 I.:.. . in the Community Center
Boar'_ Room. - -
RCL? GALL
Police Board General Employee's Board
iiayor Robert Christy Present ; sober Ch-i stv Present
Police Chief Earl Baush Present City Clerk : ancy Elazi Present
Lt. William Rickelman Present Frs. Cornelia inset' Fresent
Officer William Britain Present 1.±. Everett Zilcox Present
Rev. Sayer Canova Fresent • Rev. Harvey Hardin Present
Also present :. Jack Ascherl, Agent of Record
Joseph Idtchell, City ;tanager
The board members reviewed the minutes of the last joint neetinr.
Officer Britain motioned to approve the minutes of the October 27, 1981 meeting,
seconded by lirs. Kinsey.
There was a brief a_iscussion concerning the cost of fundin7 the reduced vesting period.
Er. Ascherl pointed out that the figure of $2,000.00 per year would un. oubtedly chan-e
over a period of time. Fayor Christy noted that this was only an approximate figure.
The minutes were approved unanimously.
- - Chief Laugh raised the question about the members of the Police Dept. that were under
the Police Retirement Frogram. There needs to be a clarification on whether or not
dispatchers and records clerks are included. Er. Ascherl indicated that he would
check with Tallahassee to find out if there were any laws that prevented the dispatchers
and records clerks from being represented under the Police Retirement Flan. He will
report back so that proper administrative action can be taken.
1`r. Ascherl discussed with the Board members the two different contracts available
for pension plans with Bankers Life. Presently, - the City has a DA (Deposit Administratir:
contract with Bankers Life. This type of contract is for smaller plans which can C:ro1:
over a period of time by additional employees, salary increases, etc. It is recon_men'cd
as certain pension plans grow, the option of changing to an IFG (Immediate Participation
Guarantee) plan be seriously considered. The DA plan spreads or smooths the expenses,
investment performance, and retired lives while the IFC directly credits interest,
directly_ charges expenses, and can either spread or directly charge retirements.
Kr. Ascherl pointed out that the City would have a very clear picture of all expense
involved in the pension plan under the IPG account. Edge.,ater's pension plan has
reached that stage in growth where a change of contracts could be advantageous. The
contracts are financial equivalents only the method of fun is changed. Kr. Ascherl
indicated that he had a preference for the IPO contract primarily because it shows
so clearly where the monies are being spent.
A 'I scu followed :.r. Ascherl's presentation. It was noted that if the chans.e is
l 1. 1932, 1 e City would have 6 months cn the contract and month
onth
�' Pffp. � t;ve ATrI �.�
c . :ion Eoarc: Joint Leeti nz
3/31/1 — 1-ase 2
on the IFG contract. A memorandum explaining the two contracts and also showin7 the
assets available for transfer from the DA to the IPG with a five year IPC Fund Trojection
for both pension plans was reviewed by the Board members. ( A copy of the memoranfluln
is attached to the original minutes of the meeting)
Chief Eaugh motioned to approve a transfer to the IPG contract for the Police Pension
Plan as recommended by i'.r. Ascherl, seconded by Officer Eritain. Eotion CARRIED unanimously.
Rev. Hardin motioned to approve a transfer to the IPG contract for the General '-.ployee's
Pension = lan as recommended by Er. Ascherl, seconded by firs. Kinsey. :lotion CAR RIED
unanimously.
It was agreed that this change should be effective April 1, 1932 to provide an even cutoff
date of 6 months for each contract. The change is considered an administrative nrocedu_re.
The City Eanager briefly discussed information he had received from Bankers Life regarding
IRA plans for employees. It was the consensus of opinion of those present that , at this
time, there would not be a sufficient number of employees interested in this plan to
warrant pursuing the matter. However, copies of the information will be posted in the
different departments for employee information.
Lt. Rickelman motioned to adjourn the meeting, seconded by is. i'ilcox. The meeting was
adjourned at 3:35 P. I=.
Linutes submitted by
::ancy Blazi -
•