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01-19-1993 ... t \ ...... ..." Edgewater Firefighters' Pension Fund Minutes Regular Meeting Tuesday, January 19, 1993 Conference Room, City Hall 6:40 P.M. The Regular Meeting of the Firefighters' Pension Fund was called to Order by Chairman Al Gilbert on Tuesday, January 19, 1993 at 6:40 p.m. in the Conference Room of City Hall. ROLL CALL: Members present were: Firefighter James Cas tetter , Mr. Ben Wagner, Chief William C. Vola, Mr. Robert Morin, and Chairman Al Gilbert. Also present were Mr. Steve Burkhalter from Shears on Lehman Brothers and Recording Secretary Lisa R. Warren. APPROVAL OF THE MINUTES: The Minutes for the November 17, 1992 Regular Meeting were submitted for approval. Mr. Wagner moved to accept the Minutes as submitted. Mr. Morin seconded. Mr. Burkhalter stated he noticed an error in the Minutes. He stated the statement cycle for Shearson Lehman had always been monthly and the change that was made was to put the Pension Fund's statement on the second billing cycle so that it would include the last day of the month. This would allow the City to have all of September in the statement for their end of the year figures. Mr. Wagner moved the Minutes be accepted with the change noted. Mr. Morin seconded. Motion CARRIED 5-0. NEW BUSINESS: Chairman Gilbert introduced Mr. Steve Burkhalter from Shearson Lehman Brothers to make his recommendations to the Board regarding investments. Mr. Burkhal ter stated the purchase of the Federal Home Loan Mortgage Bond for $10,000 that was approved at the November meeting fell through. He stated the Board had $38,258.00 in the cash account and $35,000 invested for a total of $73,259.00. There was discussion regarding investments. Mr. Burkhalter proposed the purchase of an $18,000 GNMA at 6.5% for the cost of $16,000 and the purchase of $20,000 in Government Sec. Inc. Fund Ser .14 Laddered-Short Term at the cost of $20,810. This would leave $2,000 in the cash account at 3%. Chief Vola moved to accept Mr. Burkhalter's proposal. Mr. Wagner seconded. Motion CARRIED 5-0. The Board thanked Mr. Burkhalter for his presentation and he left at this time. UNFINISHED BUSINESS: There was discussion regarding Bill Finch paying back the money refunded to him from the Pension Fund. Chief Vola asked if Bill had filled out the forms with the City to have it deducted from his pay. Chairman Gilbert stated he would check with Mr. Munoz. CHAIRMAN'S REPORT: Chairman Gilbert informed the Board that his term would be up in March. He stated he would like to be reappointed to the Board, and felt it would be proper since he was the fifth member appointed by the Board, that they decide who they want to fill the position. Chairman Gilbert also stated there were no rules set up for the length of term for the Chairman and that also needed to be addressed. Chief Vola stated the Board does not have any Bylaws. He suggested the Chairman set up a Committee to draft some Bylaws. Chief Vola and Mr. Wagner were appointed to the Committee, Chairman Gilbert stated he would sit in to help. Mr. Wagner moved to appoint Al Gilbert as the fifth member to the Board. Mr. Morin seconded. Motion CARRIED 5-0. '-' .... Mr. Wagner moved that until the Bylaws Committee has the opportunity to present some written Bylaws to the Board, that Al Gilbert be retained as Chairman of the Board. Chief Vola seconded. Motion CARRIED 5-0. Chairman Gilbert stated there was Insurance Department regarding the Officers and Firefighters' Trustees March 16, and 17 in Tallahassee. Mr. four people to the Trustees School. seconded. Motion CARRIED 5-0. a letter from the 14th Annual Police School to be held Morin moved to send Firefighter Cas tetter Chief Vola asked about the 6 month time period when Bill Finch was on suspension. There was discussion regarding Mr. Finch's benefits and the missing 6 month period. Chairman Gilbert stated he would check with the Board Attorney for the proper way to handle it. There was discussion regarding the Board's responsibilities and the ability to make recommendations and amendments to the existing pension. Chief Vola stated he discussed the subject with several people from the State and it is the Board's responsibility to solicit the membership that is covered by the Board to see what pension benefits they would like to get over and above what they have now, and to work towards that end. He stated that any changes in benefits or anything else they can vote through, but it has to be approved by the Council since they are liable for making the pension fund sound. He added any changes the Council wants to make must be approved by the Board; neither can make a change without the other. Chief Vola stated he had formally asked throughout the Department what changes they would like to see made. He added the number one request was to change the vesting period from ten years to five years. There was discussion regarding the need for an actuarial study to consider the impact. Chairman Gilbert suggested the Board might be ready to consider a CPA since they would have access to an actuary. Chief Vola stated the State would do an actuarial study for the Board but it would cost them. Chairman Gilbert stated they might also want to check into someone local and compare costs. Chief Vola moved to undertake to change our pension's vesting period from ten years to five years. Mr. Morin seconded. Motion CARRIED 5-0. ADJOURNMENT: There being no more business to come before the Board at this time, Mr. Wagner moved to adjourn. Chief Vola seconded. Meeting adjourned at 8:03 p.m. 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.