06-18-1992
~
'W'
..."
EDGEWATER FIREFIGHTER'S PENSION FUND
MINUTES
REGULAR MEETING
Thursday, June 18, 1992
6:38 P.M.
The Regular Meeting of the Firefighter's Pension Fund was called
to Order by Chairman Al Gilbert on Thursday, June 18,1992 at 6:38
P.M. in the Conference Room of City Hall.
ROLL CALL: Members present were: Lt . Larry Carson, Mr. Ben
Wagner, Firefighter James Castetter, Mr. Robert Morin, and
Chairman Al Gilbert. Also present was Mr. Steve Burkhalter of
Shearson and Lehman and Recording Secretary Lisa R. Warren.
CHAIRMAN'S REPORT: Chairman Gilbert stated he asked Mr .
Burkhalter to come to the meeting to discuss how to invest the
$66,575.92 in the fund. Mr. Burkhalter discussed some investment
options for the Pension Funds which are in a money market account
at present. He presented 4 options for investment. They were: 1)
Keep about $6,000 liquid. 2) Invest $20,000 in a 5 year GNMA.
3) Invest $20,000 in a 3 1/2 year Federal National Mortgage
Association Bond. 4) Invest $20,000 in a six month Certificate
of Deposit. There was discussion on the fees to invest and also
that the investments would be liquid. Mr. Morin moved to approve
the investment proposal that Shearson Lehman presented to the
Board. Lt. Carson seconded. Motion CARRIED 5-0. Mr. Burkhalter
asked that the Board sign the authorizations at this time.
Chairman Gilbert called for
Meeting resumed at 7:12 p.m.
a 5 minute recess at 7:07 p.m.
Mr. Burkhalter left at this time.
APPROVAL OF MINUTES:
were submitted for
minutes as written.
The Minutes of the April 30, 1992 meeting
approval. Lt Carson moved to accept the
Mr. Wagner seconded. Motion CARRIED 5-0.
UNFINISHED BUSINESS: Chairman Gilbert showed the board a form
called a Letter of Authorization which would be numbered and sent
to Shearson Lehman when bills need to be paid. This would allow a
way to track any transactions.
There was discussion regarding reimbursement of Board members for
seminars they attended.
There was discussion of an upcoming seminar to be held in Orlando.
Chairman Gilbert expressed interest in attending. Mr. Wagner and
Firefighter Castetter expressed interest in attending, but needed
to see if they could get the time off.
New Business:
There was discussion regarding the Department of Insurance and the
changes in personnel in its administration.
There was discussion regarding getting copies of employee
physicals. It was noted that a request needed to be made of each
and every individual to release that information. Mr. Wagner
suggested drafting a form letter. Chairman Gilbert stated it
could be in the form of a memo as a request from the Board. It
could state they would like to have a copy of their physical with
a release that the Board could have it. Chairman Gilbert stated
Mr. Sugarman stated that after July 6th on the original form for
new hires, there needs to be a line to say the Board will get a
copy of it. Lt. Carson suggested a separate sheet attached to the
physical form as a release for the Board. Chairman Gilbert asked
if the City had a form they used. Lt. Carson stated he had never
seen one. Chairman Gilbert stated he would get with Mr. Sugarman
to see how it could be worded.
1
.
'-
.....",
Firefighter's Pension Fund
Regular Meeting 6/18/92
Page two
There was discussion regarding Firefighter Finch's repayment of
the Fund monies he had received upon his termination. Chairman
Gilbert stated a letter would have to be drafted saying what the
Board wants from Firefighter Finch and why, and a letter sent to
the Finance Department to have them deduct the $10.00 per week and
depos it it into the Pens ion Account. He stated the Board would
have to alert Shearson Lehman that the money would be coming in
and to account for it.
There was discussion regarding Mr. Sugarman's bill. It was noted
his bill was very confusing and it needed to be clarified. Mr.
Morin moved to pay Sugarman's bill for May in the amount of
$1,162.75. Mr. Wagner seconded. Motion CARRIED 5-0.
There being no more business to come before the Board at this
time, Lt. Carson moved to adjourn. Mr. Morin seconded. Meeting
adjourned at 7:54 p.m.
Minutes respectfully submitted by:
Lisa R. Warren, Recording Secretary
If any person decides to appeal any decision made by the Pension Board of
Trustees with respect to any matter considered at the above meeting, that
person will need a record of the proceedings and, for such purpose, may
need to ensure that a verbatim record of the proceedings is made, which
record includes the testimony and evidence upon which the appeal is to be
based.
Iw
2