02-13-2001 Edgewater Firefighters' Pension Fund
Regular Meeting
Tuesday, February 13, 2001
6:00 p.m.
Call to Order: A Regular Meeting of the Edgewater Firefighters' Pension Board was called to
order on Tuesday, February 13, 2001 by Chairman Jollie at 6:01 p.m. in the Training Room of
Fire Station #57. Members present were: Chairman Jim Jollie, Ms. Laura Reilly, Lt. Jill
Landreville, and Mr. Gary Butt. Mr. Marty Tse was recorded as absent. Also present was Ms.
Sondra M. Pengov, Recording Secretary.
Minutes: The minutes of the October 17, 2000 meeting were presented for approval. A motion
to approve the minutes as submitted was made by Lt. Landreville with a second from Ms. Reilly.
The motion CARRIED 3-0.
Old Business:
Status of 2000 Yearly Report: Chairman Jollie stated he had obtained the 2000 Yearly Report
(shows total contributions etc. for each employee) from the personnel department. He said we
are well ahead of the March 15, 2001 deadline. A motion was then made by Lt. Landreville to
have the completed 2000 Annual Report forwarded to Foster and Foster. Seconded by Ms.
Reilly. Motion CARRIED 4-0.
Draft Copy of the Updated Summary Plan Description and Actuarial Study between General
City Employees and Fire Department (tabled from October 17, 2000 meeting): Chairman Jollie
said the area of concern was on Page 4, Section 3-C. He said this section is defined the same as
Section 12, Separation from service; refunds. This is found on page 10 of Ordinance 99-0-04.
The other area of concern was also on Page 4, Section 3-D. The area regarding the definition of
a reduced monthly benefit beginning immediately upon retirement. The Board felt the definition
was not clearly defined. Chairman Jollie said he, Lt. Landreville and Ms. Pengov had reviewed
Section 3-D and they agreed this section needed clarification. A motion was made by Ms.
Landreville to have the Chairman send a letter to Foster and Foster requesting clarification of
Page 4, Section 3-D(1) & (2) to see if it complies with the Ordinance. Once clarified the Board
will be able to approve the Summary Plan Description. The Chairman will also ask Mr. Foster to
prepare a true form after the Board approves the Plan. The motion was seconded by Mr. Butt.
Motion CARRIED 4-0.
Chairman Jollie mentioned a previous agended item, fiduciary liability. The Chairman said this
still should be addressed. Lt. Landreville agreed to contact the City's Legal Department and the
Police Pension Board as to what their positions are. She will report her findings at the next
meeting,.
Chairman Jollie then passed shirts out to the Board members that were sent by Sugarman and
Susskind. The Board members expressed their appreciation
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New Business: None at this time.
Discussion Items:
Voting Results for the Expired Term of Chairman Jim Jollie (presented by Jill Landreville):
Lt. Landreville said ballots were distributed in November. Members were asked to cast their
vote for a representative for the Firefighters' Pension Fund. Lt. Landreville said of the 14 ballots
received 13 votes were for Jim Jollie. Chairman Jollie gladly agreed to serve another term.
Acquisition of STI by Trusco Capital Management: Lt. Landreville said she received a phone
call from the Board attorney. She said he wondered if we had done anything about addressing
changes in our investment policy that have been governed by changes in State statute. The
conversation lead to discussion about our money manager being sold out to Trusco Capital
Management. She said Lance Powers would be taking over investment and asset allocation
responsibilities for our plan. Mr. Powers stated he would be in contact with our Chairman,
however, this has not been done as yet. Lt. Landreville said she tried calling Mr. Powers but was
unable to reach him as he was on vacation. She also said the Board attorney recommended that
the Board re-do the investment policy to reflect the new company and new name. The Board
needs to ascertain what is required to be in compliance with Chapter 112 of the Florida Statutes
regarding written investment policies.
The Board agreed to have Chairman Jollie draft a letter to Trusco introducing the Board and to
invite Lance Powers to a special meeting as soon as possible. Chairman Jollie suggested getting
our final figure from Foster and Foster for our investment. The Board also agreed to have a
special meeting with Mr. Powers.
Pension Schools: The Board discussed the need to attend a pension school and suggested
possibly going to the school offered in St. Petersburg in October.
Adjournment: There being no additional business to come before the Board a motion was
made and approved to adjourn. The meeting adjourned at 6:30.
Minutes respectfully submitted by:
Sondra M. Pengov
Recording Secretary
:smp
Minutes02-13-01.reg.mtg
Edgewater Firefighters' Pension Fund
Regular Meeting
February 13,2001
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