12-13-1994
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Edgewater Firefighters' Pension Fund
Minutes
Regular Meeting, December 13, 1994
Fire Administration Office, 1605 S. Ridgewood A venue
6:38 p.m.
Call to Order: Acting Chairman Michael Hayes called the December 13, 1994 Regular
Meeting of the Edgewater Firefighters' Pension Fund to Order at 6:38 p.m. in the Fire
Administration Office.
Roll Call: Members present were Mr. William Vola, Mr. Fred Munoz, Ms. Patricia
Richards, and Acting Chairman Michael Hayes. Also present was Recording Secretary Lisa
R. Miller.
ADproval of Minutes: The minutes of the Regular Meeting of October 18, 1994 were
submitted for approval. Mr. Vola moved to accept the minutes as submitted. Ms. Richards
seconded. Motion CARRIED 4-0.
Chairman's Report: There was discussion regarding the actuarial study from Foster and
Foster. Acting Chairman Hayes stated the Board agreed to have the study done but the
Board never contacted them. He added from now on when the Board is contracting to have
services done it needs to come from the Board and not through the City. Mr. Vola stated
what was approved was the actuarial impact study and the summary plan, but did not have
any knowledge of a third report from Foster and Foster. Acting Chairman Hayes stated
there was an actuarial study approved by the Board at the last meeting to set aside $1,000
and a Summary Plan for $450. There was discussion regarding City Staff making
contractuarial obligations for the Board. Mr. Vola suggested the Acting Chairman write a
letter to Ms. Rickelman thanking her for her services, but in the future not to act on the
Board's behalf.
Old Business: There was discussion regarding the actuarial impact study that was
submitted by Foster and Foster. Mr. Vola stated the Board was supposed to accept this
report, sign it and that it is supposed to accompany any changes and to be included in the
Annual Report for next year. The report was discussed. There was concern that everything
was figured as of 1991. There was concern that another impact study would have to be
done to meet the three year requirement by the State. Mr. Vola moved to table this until the
next meeting awaiting a response from Foster and Foster to explain the date of 10/01191
and if there is no good reason for using that date that they use the 1994 date. Ms. Richards
seconded. Motion CARRIED 4-0.
There was discussion regarding Ordinance 94-0-28 that revised Ordinance 94-0-11. It was
noted that the City Attorney's Office should be contacted to pull the Ordinances from any
agenda until information could be obtained from Foster and Foster as to the validity of the
study.
Acting Chairman Hayes stated Attorney Sugarman's bill was from the last Chairman
discussing Ordinance 94-0-11 with him. Acting Chairman Hayes stated he had asked the
secretary to send an explanation for the bill. Mr. Munoz moved to pay Mr. Sugarman's bill
in the amount of $37.50. Ms. Richards seconded. Motion CARRIED 4-0. There was
discussion regarding a new bill in the amount of $75.00. It was decided to wait to see what
this bill was for.
The next item for discussion was the Summary Report. The Board had approved $450 for
that item. Mr. Vola stated it would be better to wait on this until we receive something
from them before we think about paying their bill.
There was discussion regarding the fifth member of the Board. The Board members were
to come back to this meeting with recommendations for the fifth member. Mr. Vola stated
he came up with Nancy Williams who is the branch manager of the First Union National
Bank in Edgewater. Mr. Munoz asked about the residency requirement. Mr. Vola stated
that as an elected member by the Council she would have to live in the City, but as the
Board's appointment as the fifth member there is no residency requirement. Mr. Vola stated
he asked the City Attorney and she confirmed it. Acting Chairman Hayes stated he had
spoken to John Riley about it and that he was interested also. Mr. Vola stated he should
also fill out an application. It was decided to postpone this until the next meeting. It was
noted that they should try to get a resume from the people for the next meeting.
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Edgewater Firefighters' Pension Fund
12/13/94 Minutes
Page 2
New Business: There was discussion regarding an estimate for an actuarial study for the
entire plan from Foster and Foster in the amount of $1,500 that would be current through
1994. It was decided this was not to be done until the actuarial impact study was cleared up
first as any changes to the Ordinances would make the second study invalid. Again, it was
noted that until something was received in writing from the Board, no action should be
taken to engage the services of anyone.
Acting Chairman Hayes stated the latest statement from Smith Barney shows the fund at
$162,574.24. The amount of money available is $10,80 1 so there should be more to invest
by t he next meeting.
There was discussion regarding the next meeting. The next meeting would be the third
Tuesday in January (January 17, 1995) at 6:30 p.m.
There was discussion regarding a school put on by the FPPT A. It was noted that the dues
for the FPPT A would need to be paid in January. The dues are $100 per year. It was
decided to discuss this at the next meeting.
Adiournment: There being no more business to come before the Board at this time, Mr.
Munoz moved to adjourn. Mr. Vola seconded. Meeting adjourned at 7:50 p.m.
Minutes Respectfully Submitted By:
Lisa R. Miller, Recording Secretary
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