09-29-1993
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Edgewa~er Firefigh~ers' Pension Fund
Minutes
Regular Meet.ing
Wednesday, September 29, 1993
Fire St.at.ion #1, 1605 S. Ridgewood
6:35 P.M.
The Regular Meeting of the Firefighters' Pension Fund was
called to Order by Chairman Al Gilbert on wednesday,
September 29, 1993 at Fire Station #1, 1605 South
Ridgewood Avenue at 6:35 p.m.
Roll Call: Members present were: Chief William C. Vola,
Mr. Robert Morin, Mr. Ben Wagner, and Chairman Al Gilbert.
Firefighter James Cas tetter was absent. Also present was
Mr. Steve Burkhalter from Smith Barney Shearson and
Recording Secretary Lisa R. Warren.
Approval Of The Minutes: The Minutes for the August 3,
1993 Special Meeting were submitted for approval. Chief
Vola moved to accept the Minutes as submitted. Mr. Wagner
seconded. Motion CARRIED 4-0.
Invesbment Report.: Mr. Steve Burkhalter stated the current
balance in the cash account is $56,820. The total amount
in the Pension Plan is $114,600.
Mr. Burkhalter explained why the TRAK Program had been
excluded from eligibility by the Board Attorney. There was
discussion regarding investment requirements and
investment options. Chief Vola asked if the TRAK Program
could be sent to the State for their review and approval
so that they might be able to invest in it at a later
date. Mr. Burkhalter stated that would be an excellent
idea.
Mr. Burkhalter recommended the purchase of one GNMA Bond
with a yield of 5 1/2% that would cost approximately
$26,125, and one Federal Home Loan Mortgage Bond with a
yield of 5% that would cost $25,300. This would leave
approximately $6,800 liquid in the cash account. Mr. Morin
moved to accept the investment proposal presented by Mr.
Burkhalter. Mr. Wagner seconded. Motion CARRIED 4-0.
The Board thanked Mr. Burkhalter for his presentation and
he left at this time.
Chairman's Report.: Chairman Gilbert stated he was asked to
find out about the membership picking up the first six
months that had never been contributed to. He stated he
received a letter from Foster and Foster stating that to
make it legal for the employees because they haven't put
the money in for that period they really should so they
would be covered for the initial six months of employment.
He added they needed to look back at the records to see
how much the firefighters were contributing at the
beginning of the plan. Mr. Foster's letter stated there
was no time limit to get this done, but that it should be
done. Chief Vola added the Ordinance establishing the
pension was enacted on the second reading in July of 1990
so that was the effective date of the pension. He added if
it is the will of the membership to do this, the Board
needs to request the City Council backdate the
establishment of that Pension fund starting December 1,
1989 so the formal records in Tallahassee will be amended
to show the starting date. Chief Vola stated if they don't
do this, everybody will have paid money in, but they still
will only get credit up to July of 90.
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Edgewater Firefighters' Pension Fund
Special Meeting
Wednesday, September 29, 1993
Page 2
He added the contributions started at the right time with
respect to the adoption of the Ordinance, what happened is
the first six or seven months the Fire Department was in
existence there was no pension. According to Chapter 175
it is supposed to be there from day one. Chairman Gilbert
stated he would continue to check on it. Chief Vola stated
he would do an informal poll of the members for the next
meeting.
Chairman Gilbert reported on the Workshop held at D.B.C.C.
put on by the City he had attended in September.
Chairman Gilbert stated he received a request from the
City Personnel Department requesting a Pension Beneficiary
form that would be filled out by the employees. Chairman
Gilbert stated apparently nobody had signed one because we
never had one. Two different pension beneficiary forms
were presented before the board. Mr. Morin moved to accept
the Pension Beneficiary Form FFPF /8-93. Chief Vola
seconded. Motion CARRIED 4-0.
Chairman Gilbert stated he went over Attorney Sugarman's
bill and the outstanding amount was $310.50. There was
discussion regarding Mr. Sugarman's bill. Mr. Morin moved
to pay Attorney Sugarman's bill in the amount of $310.50.
Mr. Wagner seconded. Motion CARRIED 3-1. Chief Vola voted
NO.
New Business: Chairman Gilbert stated there was a seminar
coming up on October 18 20 in Jacksonville. Chairman
Gilbert stated he would like to attend and that
Firefighter Cas tetter had expressed an interest to go. Mr.
Wagner stated he would like to attend if his schedule
permitted. Chief Vola moved to authorize three people to
attend the seminar in Jacksonville on October 18th through
20th and to include per diem. Mr. Wagner seconded.
Motion CARRIED 4-0.
Adjournment.: There being no more business to come before
the Board at this time, Chief Vola moved to adjourn. Mr.
Morin seconded. Meeting adjourned at 7:53 p.m.
If any person decides ~o appeal any decision made by ~be pension Board of Trus~ees
wi~h respec~ ~o any ma~~er considered a~ ~he above mee~ing, ~ha~ person will need
a record of ~be proceedings and, for sucb purpose, may need ~o ensure ~ba~ a
verba~im record of ~be proceedings is made, which record includes ~be ~es~~ny
and evidence upon wbicb ~be appeal is ~o be based.
In accordance wi~h ~be Americans wi~b Disabili~ies Ac~ of 1990, persons needing a
special accollllDOda~ion ~o participa~e in ~bis proceeding sbould con~ac~ Fire
Adminis~ra~ion no la~er ~han 7 days prior ~o ~be proceeding.
Telephone (904) 424-2445 for assistance, if hearing impaired, telephone ~he
Florida Relay service Numbers, 1-800-955-8771 (TOD) or 1-800-955-8770 (voice), for
assistance.
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