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04-20-1993 ..' '-" ,...., Edgewater Firefighters' Pension Fund Minutes Regular Meeting Tuesday, April 20, 1993 Conference Room, City Hall 6:42 P.M. The Regular Meeting of the Firefighters' Pension Fund was called to Order by Chairman Al Gilbert on Tuesday, April 20, 1993 at 6:42 p.m. in the Conference Room of City Hall. ROLL CALL: Members present were: Firefighter James Castetter, Chief William C. Vola, Mr. Robert Morin, and Chairman Al Gilbert. Mr. Ben Wagner was absent. Also present were Mr. Steve Burkhalter from Shearson Lehman Brothers and Recording Secretary Lisa R. Warren. APPROVAL OF THE MINUTES: The Minutes for the January 19,1993 Regular Meeting were submitted for approval. Chief Vola moved to accept the Minutes as submitted. Firefighter Castetter seconded. Motion CARRIED 4-0. Chairman Gilbert introduced Mr. Steve Burkhalter from Shearson Lehman Brothers to make his recommendations to the Board regarding investments. Mr. Burkhal ter stated there was $7,497.70 in the cash account. He recommended doing nothing until there was more to invest so as to keep some liquid for expenses. Chairman Gilbert stated since the Board took over the account until now it had grown from approximately $34,000 to $77,000. Mr. Burkhalter explain how this had come about and investment plans for the future. The Board thanked Mr. Burkhalter for his presentation and he left at this time. CHAIRMAN'S REPORT: Chairman Gilbert informed the Board about the Annual Report. He stated a letter was received from the State accepting it. A copy of the Annual Report was passed around. Chairman Gilbert stated there was a pension seminar coming up in Clearwater Beach in June. Chairman Gilbert stated the Board needed to look into getting a C.P.A. to keep the books in a more professional manner so the annual report could be done. He suggested this be done by the time the investments reach $100,000. He stated this is the third year of the Board's existence and added the Board needs a full actuarial study done every three years. He stated a C.P.A. would be better equipped to do it than himself. UNFINISHED BUSINESS: Chairman Gilbert asked for a report from the committee that was formed at the previous meeting and assigned to check into Bylaws for the Board. Chief Vola stated the committee could not meet out of the sunshine so they independently called various pension funds to see how they deal with the operations of the Board. There was discussion regarding what different Boards used for their Bylaws. Chief Vola moved to adopt Robert's Rules of Order as the guidelines to conduct business. Mr. Morin seconded. Motion CARRIED 4-0. Chairman Gilbert stated the Board had received a legal opinion from the Mr. Sugarman regarding pension credit for periods of suspension. Mr. Sugarman had stated in his letter that any time an individual is off for a period of suspension without pay and doesn't get paid back after the suspension that the individual would basically not be employed by the municipality during that time. Chairman Gilbert stated a letter would be sent to Mr. Finch stating ;.. '-" ..."." he would have to make up the amount of time he lost when he was suspended for retirement purposes. Chairman Gilbert noted the Board had received notification from the Office of the Treasurer that the State has a contract for Actuarial Services. There was discussion regarding actuarial services and the costs to the Board as there is a requirement to have it done every three years. Chief Vola stated he would talk to Mr. Munoz and see exactly what it would cost to have the City do the Annual Reports and Actuarial Studies and bring the information back to the Board at the next meeting. Chairman Gilbert stated at the last meeting he was to check with the State to see what the effects of changing from a 10 year to a 5 year vesting period. He did not get an answer from the State yet and he will try again. There was discussion regarding Chapter plans, vesting and disability. NEW BUSINESS: Chairman Gilbert stated pension seminar in St. Petersburg Beach Chief Vola moved to sponsor three people go to the FPPTA Seminar on June 20 individual expenses. Mr. Morin seconded. o. there would be on June 20 - 23. who would like to -23 to include Motion CARRIED~ Chairman Gilbert stated we needed to pay Mr. Sugarman I s bill. There was discussion regarding a charge of $135.00 for correspondence with Ernst & Young, the City's Auditors. Chief Vola moved to pay Mr. Sugarman I s bill minus the disputed $135.00 pending a reply to Chairman Gilbert for the next board meeting. Mr. Morin seconded. Chairman Gilbert stated he received a letter from Mr. Sugarman on Health Insurance Subsidy for 175 Plan Holders that he did not request and Mr. Sugarman was not to bill us for it. Motion CARRIED 4-0. Chairman Gilbert stated he would look into costs of C.P.A.'s just to see how much they were running. ADJOURNMENT: There being no more business to come before the Board at this time, Firefighter Castetter moved to adjourn. Chief Vola seconded. Meeting adjourned at 7: 50 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 he based.