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07-20-1993 ....... ..." Edgewater Firefighters' Pension Fund Minutes Regular Meeting Tuesday, July 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, July 20, 1993 at 6:32 p.m. in the Conference Room of City Hall. ROLL CALL: Members present were: Cas tetter , Chief William C. Vola, Mr. Ben Wagner, and Chairman Al Gilbert. Recording Secretary Lisa R. Warren. Firefighter James Robert Morin, Mr. Also present was APPROVAL OF THE MINUTES: The Minutes for the April 20, 1993 Regular Meeting were submitted for approval. Mr. Wagner moved to accept the Minutes as submitted. Mr. Morin seconded. Motion CARRIED 5-0. CHAIRMAN'S REPORT: Chairman Gilbert informed the Board the Insurance Department had deposited $19,000 in the account for a share of Chapter 175. He added the June 30th statement stated the cash account now held approximately $28,000 and it should be invested soon. Chairman Gilbert gave a report from the seminar in St. Petersburg. He informed the Board the check for the registration fee was sent to FPPTA was credited to our membership fees and the Board was billed for the registration fee. Chief Vola asked if there had been any discussion on Health Insurance subsidy rewriting Chapter 175. Chairman Gilbert stated they mentioned it and you can request to get into it, but it will cost. Chief Vola stated if the membership of the pension wanted it, the Board could propose it, but it would have to be adopted by Ordinance. He added he would like to see the information passed on to the membership in a less complicated form so that it would be easily understandable. There was discussion regarding the benefits of having a health plan. Chairman Gilbert stated he did not get an answer from the State regarding the 5 year versus 10 year vestment. He did get a letter from the State defining disability benefits which states: "The Edgewater Firefighters' Pension Plan is a Chapter Plan under Florida Statute 175 and provides line of duty disability from the date of hire. There is a 10 year service requirement for any other than line of duty disability." He stated they also sent a short synopsis of everything Chapter 175 does for each member. He added a copy of this should go to the membership. NEW BUSINESS: Chairman Gilbert asked if there was any new business at this time. There was none at this time. UNFINISHED BUSINESS: Chairman Gilbert stated he checked into Sugarman's bill and the Board owes him the $135.00 in question from the last bill. He added that Ernst and Young, the City's CPA's, requested information from the attorney if there were any outstanding lawsuits against the Board. Mr. Sugarman furnished them with an official answer so the audit could be completed showing there were no outstanding liabilities. Mr. wagner moved to pay the bill. Mr. Morin seconded. There was discussion regarding the bill being too expensive. Motion CARRIED 4-1. Chief Vola voted NO. 1 ........ ..., Edgewater Firefighters' Pension Fund Regular Meeting Tuesday, July 20, 1993 Page 2 Chairman Gilbert submitted his seminar in St. petersburg which 20, 1993 meeting. The total $341.39. expense voucher for the was approved at the April amount for expenses was Chief Vola stated at the last meeting he was directed to talk to Mr. Munoz, the City's Finance Director, regarding the City picking up the tab to do our Annual Report and the Audit. He added Mr. Munoz said yes to both of them. Chief Vola stated the City would do the Audit since they have to do it anyway and they will issue us a report at no charge. He added the City will fill out the Annual Report since they have to verify it anyway, the Board will have to approve it and the Chairman and Secretary will have to sign it. Chief Vola feels that the Board shouldn't have to pay for a CPA when the auditors are going to check it as well as the State and the Board. Chairman Gilbert asked if there would be a charge coming from the City. Chief Vola stated there would be no hidden charges, the City is already doing the same thing for the Police Department and the General Employees Pension Fund and it's just another piece of paper. Chairman Gilbert stated for the time being it would save us money, but for the future the Board should be aware that they have the authority to run the pension fund and as it gets larger the Board should look in the direction of hiring a CPA. There was discussion as to what procedures to follow. Chairman Gilbert asked again if the Board still wanted him to pursue looking at the 5 year vestment as opposed to the 10 year vestment. Chief Vola stated he had received a letter from the membership that they had informally decided to let it be for the time being. Chief Vola asked that Chairman Gilbert find out the costs of doing an actuarial study so they would know the cost up front before considering any changes to the benefits of the present plan. Chairman Gilbert requested a five minute recess at 7: 02 p.m. Meeting resumed at 7:08 p.m. Chairman Gilbert passed around a handout from the seminar regarding possible changes to the Chapter 175 & 185 that would remove the limitation on public pension trust investments in overseas corporations. Chairman Gilbert said it doesn't pertain to us at this time because of the amount of money there is in the fund. He added that down the line they could be advised that the Board could make more money in an overseas investment. There was discussion regarding investments. Chairman Gilbert informed the Board that he had received a letter from the City stating that William Finch is no longer employed by the City of Edgewater as of June 30th. There was discussion regarding the proper procedure for requesting funds from the Pension Fund. Firefighter Hayes asked where the Pension Board was heading and what it was considering for the membership. Chief Vola stated the Board members can raise issues with the membership but it is the responsibility of the members of the Pension to come to the Board with suggestions. It is the Board's responsibility to give the membership feedback as to how viable the idea would be to implement. Chairman Gilbert stated he should post a copy of the "Duties and Responsibilities of Trustees" put out in 1991 so they could understand what the duties of Board. 2 '-' ..., Edgewater Firefighters' Pension Fund Regular Meeting Tuesday, July 20, 1993 Page 3 Chief Vola stated there is a process of checks and balances. The City Council must agree to any changes and so must the Board before any changes can be implemented; each checks the other. ADJOURNMENT: There being no more business to come before the Board at this time, Mr. Wagner moved to adjourn. Firefighter Cas tetter seconded. Meeting adjourned at 7:32 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. 3