03-24-1994 - Special
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Ed~ater Firefighters' Pension -.(Jnd
Minutes
Special Meeting, March 24, 1994
Fire Administration Office, 1605 S. Ridgewood A venue
6:40 p.m.
Call to Order: The Special Meeting of the Edgewater Firefighters' Pension fund was
called to Order at 6:40 p.m. in the Fire Administration Office at 1605 South Ridgewood
A venue, Edgewater.
Roll Call: Members present were Mr. William Vola, Firefighter Michael Hayes, Mr. Ben
Wagner, Mr. Robert Morin, and Chairman Al Gilbert.
Minutes: There were no Minutes to be approved at this time.
Investment ReDort: Chairman Gilbert stated he was trying to put something together on
the computer so that they could have a monthly report other than what Smith Barney
Shearson sends the Board. He went on to discuss the fluctuations of the value of the
investments and how the form would be used.
Chairman's ReDort: Chairman Gilbert stated he had a meeting with Linda Linsey, the
City Manager, the Finance Director and himself. He added it was a very productive
meeting. Chairman Gilbert related that the City Manager and Linda Linsey advised the
Finance Director that the way he was stonewalling the Chairman was not the way it was
going to be. Chairman Gilbert stated he had had no problem since then. He added they
would have to have another meeting when the Annual Report and Audit are done to decide
where they are going with the way they report their funds, etc. Chairman Gilbert infonned
the Board how things were going to be valued. He added the City had a problem with
putting in money quarterly since they didn't know how much money to put in when they
don't file the Annual Report until February. Chairman Gilbert stated the City put in one
deposit last year in August for the full amount of the City's contribution and this would not
be happening again as the City will be depositing quarterly and making up the difference in
the last quarter.
The auditors' report was given to the Board and the Chairman asked if there were any
questions. There was discussion regarding the audit. Chairman Gilbert stated he feels they
have fulfilled their obligations.
Chairman Gilbert stated there is a bill before the Insurance Department to mandate the State
under the Constitution instead of under Chapter #112 which is the Protection of Public
Employee Retirement Benefits Act and to move it into Section #16 Article #10 of the
Florida Constitution this will have to go on the ballot in November.
Chairman Gilbert stated he O.K.'d the Annual Report with Mr. Munoz this past week and
they needed to finish signing the two sheets tonight. Mr. Vola stated it needed to be
accepted by the Board before it is signed. Mr. Vola stated it might be appropriate to take a
break to allow the members to read over the report. Meeting recessed at 7:02 p.m. Meeting
resumed 7:09 p.m. Chairman Gilbert asked if there were any questions. Chairman Gilbert
stated they needed to send the Summary Plan along with this and he hoped everyone had a
chance to look over it since last month. Firefighter Hayes asked if it had to be turned in
with the Annual Report. Chairman Gilbert stated yes. There was discussion regarding
turning the Summary Plan in as is or holding it back until it could be reviewed and adopted
properly. There was some discussion regarding items in the Summary Plan. Mr. Vola
moved to accept the Annual Report and authorized the Chairman to execute it and send it to
the State. Mr. Morin seconded. Motion CARRIED 5-0. Mr. Vola asked if a copy should
be sent to Smith Barney Shearson and Mr. Sugarman. Chairman Gilbert agreed. Mr. Vola
stated they should set a specific date to come back and go over the Summary Plan.
Chairman Gilbert stated that April 19th would be the next meeting and they should be
prepared to go over it at that time.
New Business: Chairman Gilbert stated they had received a letter from the State stating
they would be shorted $90 next year due to an overpayment last year. Mr. Vola asked if the
differences worked out by the auditors and the Finance Department affected the bottom line
on last year's report to where the increase would offset the $90. Chairman Gilbert stated it
would not.
Chairman Gilbert stated there was a bill from Mr. Sugarman, Board Attorney in the amount
of $112 from conversations the Chairman had with him on the audit and where he had to
look over the audit. Mr. Vola asked if Mr. Sugarman would be sending a bill for a letter for
the audit. Chairman Gilbert stated he had asked that Mr. Sugarman keep that bill down.
Mr. Morin moved to pay Mr. Sugarman's bill for $112.50 Mr. Wagner seconded. Motion
CARRIED 5-0.
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Chairman Gilbert stated they have the bill from Ernst & Young for the audit. Mr. Vola
moved to pay the bill from Ernst & Young for $1500 for the audit. Mr. Morin seconded.
Motion CARRIED 5-0.
Old Business: Chairman Gilbert stated he wrote a letter to the City Manager to request to
be on the Agenda to change the Ordinance. There was discussion regarding the starting
date. Chairman Gilbert stated they would probably not get on the agenda until April.
Chairman Gilbert stated just to let them know that its going through Tallahassee and it will
be passed unless somebody dumps it, they are spelling out that all pension plans are going
to have to have their own attorney, money manager, and auditor. He added they are doing
this because some of the plans are in trouble and it will cost. There was discussion on how
this will affect the pension funds.
There was discussion regarding what they should start looking into next. Firefighter Hayes
stated the membership had asked them to check into heath benefits on retirement and cost of
living raises. There was discussion regarding the Pay for Performance Plan and ways to
look at cost of living raises. There was discussion regarding the different amount the
employees put into the pension plans and how much the City contributes to the various
plans. There was discussion regarding how to go about increasing benefits for the
membership.
Adiournment: There being no more business to come before the Board at this time. Mr.
Wagner moved to adjourn the meeting. Mr. Morin seconded. Meeting adjourned at 7:58
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 Trus'tees wi'th respec't to any ma't'ter considered a't 'the above mee'ting,
'tha't 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.
In accordance wi'th the Americans with
needing a special accommodation to
should contac't Fire Adainistration no
proceeding.
Disabili'ties Act of 1990, persons
participate in this proceeding
later 'than 48 hours prior to the
Telephone (904) 424-2445 for assistance, if hearing impaired, telephone
the Florida Relay Service Numbers, 1-800-955-8771 (TDD) or 1-800-955-
8770 (voice), for assistance.
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