10-21-1991
~
CITY OF EDGEWATER
FIREMEN'S PENSION BOARD ...,
MINUTES
REGULAR MEETING
Monday, October 21, 1181
6:44 P.M.
The Regular Meeting of the Firemen' s Pension Board was oalled to
Order by Chairman Ben Wagner on Monday, Ootober 21, 1991 at 6:44
P.M. in the Conferenoe Room of City Hall.
ROLL CALL: Members present were: Lt. Larry Carson, Mr. Al
Gilbert, Firefighter Bill Finoh, Mr. Robert Morin, and Chairman
Ben Wagner. Also present were Mr. Robert Sugarman, Board Attorney
and Lisa R. Warren, Reoording Seoretary.
MINUTES: The Minutes for the Speoial Meeting of September 20, 1991
were submitted for approval. Mr. Gilbert moved to aooept the
minutes as written. Firefighter Finoh seoonded. Motion CARRIED
5-0.
OLD BUSINESS: Chairman Wagner stated he had spoken with the City
Manager oonoerning whether or not the Board was bonded. He stated
the Ci ty Manager furnished him wi th a Binder of Coverage put ou t
by the Florida Munioipal Liability Self Insuror's Program whioh
says that all members of the five pension boards are oovered by
this blanket bond in the amount of $300,000.
Mr. Gilbert stated he would like to read his reports into the
reoord of the two meetings he has attended sinoe his last meeting.
He stated he attended the FPTA Pension Sohool for Trustees in Ft.
Lauderdale. He read his report as to the topios and speakers
heard at the Pension Sohool held on September 23, 24, and 25. Mr.
Gilbert stated he also attended the 23rd Annual Polioe and
Firefighters Pension Administrators Conferenoe that was held in
Orlando on Ootober 16, and 17. He read his report as to the
topios and speakers heard there. He stated that although some of
the speakers were the same as in previous oonferenoes, they
oontinue to update their material on the main subjeots the Board
needs to be aware of. Mr. Gilbert stated sinoe the State of
Florida Insuranoe Department sets the rules on how the Pension
Boards in the State will funotion, he believes the Board should
beoome familiar with the State Firefighter's Trust Fund Chapter
175 and the attaohed guidelines oontained in the handouts provided
by the Insuranoe Department. He stated this information should
also be presented at a meeting with the City Administration as
this would help both the Pension Board and the City have a better
relationship as to the objeotive we should be working toward.
NEW BUSINESS:
Chairman Wagner stated the next order of business was Duties of
The Chairman. He stated due to the amount of oorrespondenoe
related to the Chairman's position, he feels he is spread a little
thin on some of his duties. He sited some of his other
obligations and stated he felt he has not been able to give the
Chairmanship the amount of his time that he should. As a result of
this he would like to resign his Chairmanship effeotive as of the
next meeting. He said he did not want to remove himself from the
Board, but he feels he oan be of more benefit as a member than by
being the Chairman. Chairman Wagner stated he would stay on the
Board as an aotive member. He reooDDDended they oonsider Mr.
Gilbert to take his plaoe, but they will hold an eleotion at the
next meeting.
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Firemen's Pension ~st Board
Minutes 10/21/91
Page 2
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Chairman Wagner stated there was a letter from the Department of
Insurance Office of the Treasury addressing the aotuarial
evaluations and cost analysis for the Chapter Plans. He stated
the Board needed to do this tonight and send it in.
Chairman Wagner stated there was a letter from the Florida Publio
Pension Trustees Association to renew membership for another year
and that needed to be done.
Chairman Wagner stated there was another letter from Pat Sohumaker
at the Pension Fund which outlines a couple of possible of
problems in the Chapter Plans and if our status as a Chapter plan
changes, they want to be notified immediately.
Chairman Wagner stated he received a letter from Equity Assets
Management asking to be considered for Advisory Status for the
Board.
Mr. Al Gilbert gave a report on the amount of money needed to be
reimbursed to him for the last two Pension Seminars. He stated
the only money owed him was for mileage from the Ft. Lauderdale
oonferenoe and it came to $99.22. He asked if the Board wanted to
do each one singly or for it to all come in one check. Chairman
Wagner asked Ms. Warren if it was easier for the City to do one
check. Ms. Warren stated the City would probably cut one check
and have it itemized on the stub. Chairman Wagner stated they
could do it all on one check then. He stated the Orlando
Conferenoe mileage was $36.54, tolls were $3.90, the Clarion for
one night's stay $54.39, meals $29.00 for a total of $124.15. He
stated the total of the two trips was $223.35. Lt. Carson moved
to reimburse Mr. Gilbert for his expenses to the two pension
conferenoes. Mr. Morin seconded. Motion CARRIED 5-0.
Mr. Morin discussed the possibility of getting brief oases for the
Pension Board Members. He stated he would be able to get them for
about $17.00 a piece if he got 5 or 6 of them. Chairman Wagner
stated there is a need for it. Mr. Gilbert stated the Board was
looking at $100 layout for 5 briefoases. Chairman Wagner stated
he had no problem with it, as they go along they will have more
and more paperwork to oarry back and forth. Mr. Gilbert moved for
Mr. Morin to go ahead and get the briefcases and the Board would
reimburse him. Lt. Carson seconded. Motion CARRIED 5-0.
Attorney Robert Sugarman stated he would like to thank the Board
personally for hiring him as their lawyer and he appreciates the
confidence the Board has shown in him and his firm and he hoped to
be able to satisfy the Board and meet their expectations. Mr.
Sugarman stated he would like the Board Attorney's duties to be
that he sees all oorrespondence from the State. He stated he
would like to be put on the mailing list and get a oopy of
everything and that he see all copies of contraots or documents
before the Board signs them. He stated he would like to oome to
the first few meetings where the Board would be discussing items
of substance to get to know the Board and to get to know what is
going on. He stated after that they could make an arrangement for
which meetings are important for him to oome to.
Mr. Sugarman stated he would like to comment on a oouple of things
that are here tonight and then go to an Agenda that he had
prepared for the meeting. He stated the letter from the State is
a very important one because they are asking the Board to make a
choice as to how the Board wants its expenses to be paid. He
stated the Board collects money and that money goes to only two
things: to provide benefits to Firefighters and their families,
and to pay the expenses of the Board. He stated expenses can be
paid directly by the City, the City can reimburse the Fund each
year per a report by the actuary, or they can be figured into the
aotual oost of the plan whioh is oalled "Actuarily Loadinq."
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Firemen's Pension ~lst Board
Minutes 10/21/91
Page 3
....."
Mr. Sugarman stated he reoommends the Aotuarial Loading for a new
fund beoause it spreads out the impaot of administrative expenses.
He stated the Board needed to make a ohoioe on how they were going
to do this beoause the State is going to do the aotuarial
evaluation and they need to know how to do it.
Mr. Gilbert stated he learned from one on the seminars the Board
needs to get a C.P.A. report done for the end of the year, and he
had asked Ms. Warren to get a balanoe of the fund in the savings
aooount at Southeast Bank. Ms. Warren stated the amount as of the
end of September is $33,892.12 and that with interest it is
$34,270.96. Mr. Sugarman stated they would go over that in the
next part of his report. Mr. Gilbert stated that was one of the
questions he was going to ask Mr. Sugarman as it had been brought
up at a previous meeting if the Board is in oharge of the plan,
they need to be in oharge of the money for the plan. Mr. Sugarman
stated the Board was supposed to be in oharge of the money. He
added there is no question the Board has the liability; right now
they have the liability but no oontrol. He stated this is a bad
position to be in beoause you oan't proteot yourself. Firefighter
Finoh stated there are seven different signatures that oould go on
that oheok from the City. Mr. Sugarman stated the law says the
Trustees have the sole responsibility for operating the Fund and
the City Treasurer oan't spend the money without the Board's
permission.
Mr. Sugarman stated the insuranoe policy the City has seems to be
pretty good but he hasn I t seen the whole policy. He stated the
Board has three liabilities all of whioh are personal:
Misoaloulating Benefits, Investment Error, and the possibility of
hurting someone else when on Pension Business. He stated they
should oheok into "Waiver of Reoourse." He stated it oosts $25.00
per person per year, and someone should oheok with the City. He
stated he would like a oopy of both polioies in their entirety and
to see if Waiver of Reoourse ooverage has been purohased for the
Trustees and if not is it available. He stated if it was
available to buy it. He stated the Pension Plan oannot pay for it
but the City oan. Mr. Sugarman stated the League of Cities I
polioy was essentially worthless, the Aetna policy is good if the
Board oan get Waiver of Reoourse, and their own Homeowner's policy
may have some ooverage for this and they may want to take a look
at them. He stated the third liability is if while on Pension
Board business you run over someone or hurt somebody so the person
oan sue not only the Board Member but also the Pension Fund. He
stated the City has provided for that under Comprehensive General
Liability. He stated the City is proteoted under Sovereign
Immunity whioh proteots them up to a oertain amount, however, the
Board member is not oovered by Sovereign Immunity for anything
other than the offioial aots performed by the Board. He stated
eaoh individual should talk to their insuranoe agent about an
Umbrella Policy.
Mr. Gilbert asked if the Board Members were oovered by Workers'
Comp insuranoe while the Board Members are performing their
duties. Mr. Sugarman stated you may want to inquire of the City
if the Board Members are oovered under Workers' Comp and if they
say yes then the Board is O.K.; if they say no then the Board may
want to look into buying travel aooident insuranoe policy whioh is
oheap. Mr. Sugarman stated serving on a Pension Board is not
dangerous work, but there is liability that oomes with it and the
way we proteot against that liability is by hiring professionals
to advise the Board and to insure against it.
Mr. Sugarman stated the State Law requires that a warning be put
on Agendas and meeting notioes. He stated he would send Ms.
Warren the exaot language as it says if you have any business
before the Board, you have to bring your own oourt reporter. He
stated it should qo on all aqendas and meetinq notioes.
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Firemen's Pension ~ust Board
Minutes 10/21/91
Page 4
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Mr. Sugarman stated he prepared an agenda himself as he was not
sure if the Board had someone to do it for them. He stated the
Board needed to chart the future of this plan by deciding what
kind of plan they are a Local Law Plan or a Chapter Plan. He
stated depending on what they choose is how many advisors they are
going to need.
Mr. Sugarman stated the Fund gets money under Chapter 175 by which
the insurance companies who write fire insurance are taxed just
under 1% by City Ordinance. He stated that money is collected by
the State and the cost of administering the Chapter 175 program is
taken out of that money and the balance is sent to us each year if
we play by the State's rules. Mr. Sugarman stated to make sure we
get as much of that money as possible we need to make sure the
insurance policies on property in the City show the property being
located in the City limits of Edgewater. He stated they may want
to coordinate with the City to make sure the newsletter says check
your insurance policy and see the property location says within
the City limits of Edgewater.
Mr. Sugarman stated the differences between a Local Law and a
Chapter Plan: The Chapter Plan means that the Board adopts and is
governed by Chapter 175 of the Florida Statutes. It tells the
Board exactly how to run this plan. The Local Law Plan is where
the Board writes up a Pension Ordinance, and it has to go to the
City Council to be passed on two readings after Publio Hearing.
Mr. Sugarman stated the two could have the same benefits and the
same cost of benefits. He went over the benefits and the
disadvantages of each plan. He stated you oan switoh baok and
forth between the two plans. He stated for flexibility of
benefits the Board would need to go with a Looal Law Plan or else
they are stuck with the State Plan. Lt. Carson stated since our
plan is at 2 1/2% then we are already under Local Law Plan. Mr.
Sugarman stated that answers the question and we are a Local Law
Plan. He stated the State provides aotuarial servioes to Chapter
Plans. He stated an annual actuarial report is an expensive item.
Mr. Sugarman stated what they did in Holly Hill that is to say we
are a Chapter Plan except we've changed the benefit rate and we
oan see if we oan get the free actuarial servioe, this is if you
want to stay with a Chapter Plan. He stated the third differenoe
would be the stook investment limit, Chapter 175 has very severe
restriotions on investments. He stated the fourth difference
would be with a Local Law Plan you have to go before Counoil to
change anything. The fifth difference is the ability to change,
with the Looal Law Plan you oan add to it; with the Chapter Plan
you can't. Mr. Sugarman stated essentially we now have all of the
benefits of a Chapter Plan exoept for the 2 1/2% benefit rate. He
stated he could prepare an Ordinance that says we are a Chapter
Plan except for the one change - the benefit rate. He added
whether we get free actuarial services or not it is a very
inexpensive way to pass the plan at this time. He stated preparing
a new pension plan is going to cost $5,000-$6,000 and for a plan
that only has $33,000 in it that is a lot of money. Mr. Gilbert
stated that is why he said from what he gained from the two
meetings he went to was to stick with what we have in place at the
moment and in the next six months to a year, go over some of the
other plans that we can get our hands on and disouss them at the
meetings to decide if the Board would use all or just parts of
them and decide what the Board wants to use or have in a plan and
then run it by the attorney as legal counoil and put it in
language to address it to Edgewater. He added when that is all
done it could be presented to the City. Mr. Gilbert stated it
would not be an easy task. Mr. Sugarman stated the legal fees
could be cut about in half if the Board is willing to do that.
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Firemen's Pension ~lst Board
Minutes 10/21/91 ~
Page 5
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Mr. Sugarman asked if there is an Ordinanoe that establishes a 2
1/2% benefit. Lt. Carson stated there is. Mr. Sugarman stated he
needed a oopy. Chairman Wagner stated it might be the best way to
go to stay with what we have on the Chapter Plan with the modified
benefit amount, and in the meantime oome up with a better plan for
later on when we have something oonorete to show Counoil. Mr.
Gilbert stated he had reoommended the Board have a joint meeting
with the City Administration and Counoil to put together a working
relationship so they don't think the Board is trying to break the
City for a Firefighters' Pension Plan when we are doing the job
they made the Board to do, the way State Law says we are entitled
to do. He stated the Board should beoome familiar with the Plan
and sit down to a joint meeting with the City to go over this.
Mr. Sugarman stated if that was what the Board was doing then they
didn't need to take any aotion as that is where they are now. He
suggests that the Board write a letter to Patrioia Sohumaker and
send her a oopy of the Ordinanoe and say we oonsider ourselves a
Chapter Plan, all we have done is to modify the benefit rate, are
we available for the Aotuarial Servioes desoribed in her letter
and see what she says. He added worse oomes to worse they have to
hire an aotuary.
Mr. Sugarman stated he wanted to desoribe the role of professional
advisors and servioe providers to the Board. He desoribed the
roles and servioes of the aotuary, the aooountant, the investment
manager, the oustodian, and the attorney. He stated if we oould
get the servioes of the aotuary free from the Offioe of the
Treasurer that would be wonderful beoause aotuaries oharge more
per hour than lawyers.
Mr. Sugarman strongly advised the Board have an annual audit. He
added it is done by a Certified Publio Aooountant to proteot the
Board. He stated the City has an annual audit that does eaoh
pension fund's audit, but we don't want an audit just addressed to
the City beoause it just tells the City where the money went, the
Board wants an audit that is addressed to them beoause every audit
before the numbers has an opinion letter that says the following
report aoourately presents the finanoial position of the Pension
Fund in aooordanoe with generally aooepted aooounting prinoiples.
He stated this would proteot the Board beoause the aooountant
would be looking out for the Board, even if it is the same
aooountant the City uses. Mr. Sugarman stated the best way to do
this is to tell the Finanoe Direotor that the Board wants its own
audit; State Law requires it and the Board members want it
otherwise the Board will need to hire its own auditor and the
expenses will ultimately be paid by the City. He added the Board
should be perfeotly happy to let the City's auditor do it, all the
Board wants is for the auditor to give the Board their own report.
He stated generally the aooountants will do it very oheaply. He
stated whoever deals with the aooountant for the City should
negotiate with the aooountant to get the best rate for our
separate audit.
Mr. Sugarman reoommended getting an investment manager from the
start beoause $33,000 may not seem like a lot of money in the
Pension business, but it is a lot of money to eaoh of the Board
members if they were personally liable for it. He added when they
get an investment manager they are getting someone to aooept
fiduoiary responsibility and they will be finanoially liable for
any negligent investing. Mr. Sugarman stated to make sure they
don't go out of business they will have to show proof of fiduoiary
liability insuranoe so we oan go after the insuranoe oompany. He
stated there are three types of investment managers: Banks,
Insuranoe Companies, and Registered Investment Advisors.
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Firemen's Pension ~st Board
Minutes 10/21/91
Page 6
.....,
Mr. Sugarman stated the Board needed to seleot a custodian who
would hold the money whioh oould still be the City Treasurer, or
the Board oould hire a oustodian who would hold whatever the
investment manager deoides to buy. Mr. Sugarman stated there are
two things that this Board never does: 1) The Board doesn't hold
stooks and bonds, 2) The Board does not touoh any Pension Fund
oash. He stated the oustodian will pay all expenses at the
Board's direotion. He added custodians oould be: Banks, Trust
Companies, Insuranoe Companies, or Brokerage Firms.
Mr. Sugarman stated eventually the Board would need a money
monitor to oompare the investment manager's performanoe with those
of other investment managers. He stated the State Law requires
this be done onoe every 3 years. He added with the amount of
money in the fund at this time the investments would have to be
fairly oonservative so there wouldn't be muoh to oompare.
Mr. Sugarman stated the next thing to be done was to aooount for
the monies due to the Fund: employee oontributions, State monies,
and City oontributions. He stated apparently the funds are in a
bank aooount, but the Board oan't sign on that aooount. Mr.
Sugarman stated if the Board seleots a oustodian instead of the
Ci ty Treasurer the Board needs to instruot those people where to
send the money to olean out that aooount. Mr. Sugarman stated
assuming the Board wants to get oontrol of its own money, they
need to ohoose a oustodian and a method for seleoting one. He
stated a oustodian oan be a bank or trust oompany that will set up
an aooount for the Board similar to a oheoking aooount, a
brokerage firm, or give it to an insuranoe oompany.
Mr. Sugarman stated the Board needed to deoide how to seleot a
custodian or seleot an investment manager beoause a oustodian
oould be linked to the broker. He stated when the word gets out
the Board is looking for an investment manager they will get a
oall or letter everyday. Chairman Wagner stated it was already
happening.
Chief Vola arrived at this time.
Mr. Sugarman stated the Board needed to deoide if they wanted an
independent oustodian and if they did, they need to get a
oustodian and an investment manager side by side. Mr. Gilbert
stated at this point with the amount of money the Board has to
invest they should work with a custodian first until they get some
money built up. Mr Sugarman stated if the Board goes the way Mr.
Gilbert is talking about the Board oan get the custodian in plaoe,
get the money invested by somebody who will take fiduoiary
responsibility, know where the money is, have somebody ready to
pay the bills, somebody who will give us monthly reports - get
that all done within a month and then take this investment manager
prooess slow by giving ourselves 3-6 months to get it done. He
added going about it this way would give them the time to have an
investment manager in a very methodioal method, no one will feel
rushed. Mr. Gilbert stated if you have five or six oounoilors
around of the State that are performing well for other plans, why
go out and try to interview 20-50 other ones, write a letter to
the ones we know are performing well and talk with those ten.
Chairman Wagner asked what the Board's pleasure would be on the
attorney's reooDDDendation. Mr. Gilbert moved to get a oustodian
in plaoe first who would be in oharge of the money. Mr. Morin
seoonded. Mr. Gilbert stated they should send a letter out to
half a dozen oustodians. Lt. Carson asked if the custodians take
fiduoiary responsibility. Mr. Sugarman stated some do some don't.
Chairman Wagner stated that would be a faotor to oonsider. Lt.
Carson stated most definitely. Motion CARRIED 5-0.
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Firemen's Pension ~-ust Board
Minutes 10/21/91 ""
Page 7
...",
Mr. Sugarman suggested the following plan of action: between now
and the next meeting the Board sends a letter to the custodians
inviting them to come to the meeting and make a proposal or
preferably send their written materials to each of the Trustees at
least a week before the meeting so that you can read them. At the
next meeting the Board listens to their presentations whioh
shouldn't be more than 10-15 minutes each and that the Board makes
their selection at the next meeting. Mr. Sugarman will then
negotiate a contract with them which would be signed at the
meeting after that which could be a special meeting that could be
held even without him being there just to open the meeting,
authorize the Chairman to sign it so we oan get it signed. At
that point the Board would send a letter to the City stating this
is our account; wire the money there.
Chairman Wagner stated as long as he is still the Chairman he
would make sure the letters went out. He stated we need to get
the names of the people we want to mail the letters to and he and
Ms. Warren would prepare the letters. Mr. Sugarman stated the
proposals should go to each Trustee at their home and to himself.
Chairman Wagner stated to ccpy Mr. Sugarman on everything that we
do.
Mr. Sugarman asked if the Board wanted to send letters to
investment managers or wait until the custodian was out of the
way. Chairman Wagner stated he would recommend that we get the
custodian in place and get his functions going and then as the
Board continues to meet we oan take that up as the next item. Mr.
Sugarman stated if you choose a bank as an investment manager they
do their own custodianship for free. Mr. Sugarman stated they
could add the names of the banks to the mailing list for
custodians and asked who the Board members would like to include.
Mr. Gilbert stated Southeast/First Union, Sun Bank, and Barnett.
Chairman Wagner stated the Board needed to make a decision
regarding what type of plan the Board should ohoose. He asked Mr.
Sugarman for his reoommendation. Mr. Sugarman stated the
advantage of the first one of loading it into the actuarial
assumption is that the start up costs would be spread out over
future years and it dampens the effeot of either a high or low
administrative cost in any given year. He stated going with the
other two plans the City oould get hit with a big bill one year.
Lt. Carson moved to choose option number one which deals with
Actuarial Valuation which may include loading for the
administrative expenses. Mr. Morin seconded. Motion CARRIED 5-0.
Mr. Sugarman stated he would like to remind the Board Members they
are covered by the Sunshine Law which means they can't discuss
Trust Fund business with eaoh other outside of an open meeting,
they can disouss it with people who are not Trustees. He added
when there are meetings they have to be posted, as he sees the
secretary has done, and minutes need to be taken. He stated all
of the records of the Pension Board are public record. He added to
make sure you filed your financial disclosure forms whioh the City
Clerk or looal Supervisor of Elections will be providing you.
Mr. Sugarman stated a new Trustee would need to be elected and he
asked what was the prooedure. Chairman Wagner stated the
Firefighters themselves eleot them. Mr. Sugarman stated anyone
who is a Firefighter from the Chief on down is eligible to serve
for as long as they remain employed, that election should be by
seoret ballot, and it should be oonduoted among all Firefighters
regardless of rank or union membership or probationary status.
7
"
Firemen's Pension '~ust Board
Minutes 10/21/91
Page 8
.....,
Chairman Wagner read a letter of resignation from Firefighter
Finoh. He also read a letter requesting a refund of all monies
put into the Fund by Firefighter Finoh. Chairman Wagner stated he
was not familiar with the rules and regulations of the City as far
as when a person leaves the Fire Servioe what he is entitled to,
but he imagined that any unused siok leave, holiday, vaoation, or
retirement pay is automatioally refunded to him when he leaves.
He stated if there is any aotion the Board needed to take the
Board will oertainly do so.
Chief Vola stated the disbursal of siok time, vaoation time, and
unused time is automatio. He stated by virtue of the State
Statute the Board has to authorize any money ooming out of this
fund so the Board would have to make a speoifio motion to pay it.
Mr. Sugarman stated a motion would be in order to grant Mr.
Finoh's request to authorize the Chairman to instruot the Finanoe
Direotor to oaloulate the amount that had been deduoted from Mr.
Finoh's salary, verify it by the City's payroll reoords,to
disburse that amount to him out of the Pension Aooount and to
report baok to us that it has been done. Mr. Gilbert so moved.
Lt. Carson seoonded. Motion CARRIED 5-0. Mr. Sugarman stated to
let the reoord refleot also that Mr. Finoh deolared to the Board
his interest in this matter, beoause it was his benefit and that
earlier Mr. Gilbert had deolared his interest in the reimbursement
request. He stated under Florida Law even if something pertains
to you, you are not allowed to abstain; all you oan do is walk out
of the room, but you have to deolare your oonfliot of interest.
Mr. Sugarman stated if it was a retirement benefit for any of the
Board Members being oonsidered he would oounoil you to walk out of
the room. Chief Vola stated in other matters they have to fill
out a oonfliot of interest form, and asked if that is also the
oase here. Mr. Sugarman stated he thought the deolaration of the
minutes was suffioient as this really isn't a oonfliot. Ms.
Warren stated the oonfliot of interest forms are filled out and
filed with the minutes and the City Clerk has the forms.
Chairman Wagner asked if there was any other business to oome
before the Board at this time. Mr. Gilbert stated the paokets
that were passed out from the Orlando Conferenoe, he asked that
the Board please take the time to go through them as they are very
informative.
Chairman Wagner asked if the Board wanted to set a date for the
next meeting. Mr. Sugarman stated the Board might want to wait
and see what response they get baok from the Custodians. Chairman
Wagner stated they would leave the date of the meeting open until
we hear from the Custodians.
Mr. Sugarman informed Chief Vola onoe the new Trustee is eleoted,
the Board would need a letter from the Fire Department stating the
eleotion was held and who it is addressed to the Pension Board.
There being no more business before the Board, Mr. Gilbert moved
to adjourn. Chairman Wagner seoonded.
Meeting adjourned 8:35 P.M.
Minutes respeotfully submitted by:
Lisa R. Warren, Reoording Seoretary
If &D.Y person decides to appeal any decision made by the Pension
Board of '!'rustees with respeot to any matter oonaidered at the
above meeting, that person will need. a record of the proceedings
and, for suoh purpose, may need. to ensure that a verbatim record
of the proceedings is made, whioh reoord includes the testimony
and evidence upon whioh the appeal is to be based.
8