01-17-1995
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Edge~r Firefighters' Pension f-.od
Regular Meeting
Fire Administration Office 1605 S. Ridgewood
January 17, 1995
6:32 PM
Call to Order: Acting Chairman Michael Hayes called the January 17, 1995
Regular Meeting of the Edgewater Firefighters' Pension Fund to Order at
6:32 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 Mr. Steve Burkhalter, Smith Barney, and Recording Secretary Lisa R.
Miller.
Investment Report: Mr. Steve Burkhalter from Shearson Lehman went
over the Board's current investments. He added there was $20,200 in the
cash account at the moment and that some of that money needed to be
invested. He suggested the Board invest in certificates of deposit for the
time being. There was discussion regarding investments. Mr. Vola moved
to accept Mr. Burkhalter's advice to purchase two certificates of deposit,
one for $10,000 for three months and one for $5,000 for six months. Ms.
Richards seconded. Motion CARRIED 4 - O. Mr. Vola asked Mr.
Burkhalter if any purchase agreements were being sent to Attorney
Sugarman for review as there was a question regarding a review of a
purchase agreement on Attorney Sugarman's bill. Mr. Burkhalter stated he
did not send any. It was questioned if the new signature form for all the
signers on the account was sent to Attorney Sugarman. Mr. Burkhalter
stated his secretary might have but he wasn't aware of anything. It was
noted that the form was reviewed two days after the last meeting when that
document was signed. Mr. Munoz questioned if the Board's attorney
needed to go over this same document every time the membership of the
Board changed and the form had to be signed again. Mr. Burkhalter stated
the agreement was not changed at all and he did not see the reason for it to
be reviewed by the attorney each time the signers changed. Mr. Burkhalter
stated he was unsure what the charge was for. The Board thanked Mr.
Burkhalter and he left at this time.
Approval of Minutes: The minutes of the Regular Meeting of December
13, 1994 were submitted for approval. Mr. Vola moved to accept the
minutes as submitted. Mr. Munoz seconded. Motion CARRIED 4-0.
Chairman's Report: There was no Chairman's report at this time.
Old Business: Acting Chairman Hayes stated Foster and Foster had called
during the day to say they could not make it to the meeting and gave a list
of alternate dates they could meet with the Board. He added the gentleman
from Foster and Foster stated the reason they used the year of 1991 to
figure everything from on the actuarial impact statement was because that
was the last time it was done. By State law they had to use that date and
they would do another one at the end of 1995. Acting Chairman Hayes
stated the gentleman also recommended than an actuarial study be done
every year since they were no longer going to be a Chapter Plan and that it
would cost approximately $1,500. Mr. Munoz stated the Police Fund had
theirs done every year. There was discussion regarding the proposed date
of a Special Meeting with the Foster and Foster representative. It was
decided the meeting date would be Thursday, February 9, 1995.
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There was discussion regarding the Ordinance that was pending and that
the City Attorney's office would be notified to hold it until after the
meeting with Foster and Foster.
Acting Chairman Hayes stated he called Attorney Sugarman's office twice
and got no reply at this time.
There was discussion regarding the applications for the fifth board member
to be chosen by the Board. Ms. Richards moved to nominate Nancy
Williams as the fifth board member. Mr. Munoz seconded. Motion
CARRIED 3-1. Acting Chairman Hayes voted NO.
Acting Chairman Hayes brought up the subject of the meeting place to see
if it meets with the approval of the Board members. There was discussion
regarding the upcoming Special Meeting with Foster and Foster and there
was concern as to the amount of room needed for their presentation. It was
decided to check for another location for that meeting.
New Business: There was discussion regarding the upcoming pension
trustees' school that will be put on by the FPPfA in Tallahassee. Mr. Vola
moved to authorize the expenses to send one member of the board to the
FPPf A school in February to be held in Tallahassee. Mr. Munoz seconded.
Motion CARRIED 4-0.
Acting Chairman Hayes asked the Board if they would like to wait until
Ms. Williams was officially on the Board to elect a permanent Chairman. It
was decided to wait until there was a full Board. He also added that a
Secretary needed to be appointed as he is now holding both offices. Mr.
Vola nominated Ms. Richard to serve as the Corresponding Secretary. Mr.
Munoz seconded. Motion CARRIED 4-0. There was discussion regarding
the duties of the Corresponding Secretary as opposed to those of the
Recording Secretary that is provided to the Board by the City. Acting
Chairman Hayes noted at this time that he did not want to be Chairman and
as soon as Ms. Williams was on board they should elect a new Chairman.
Mr. Vola requested the Acting Chairman get in touch with Attorney
Sugarman's office to get the back up for the bill that was outstanding
before the board would authorize payment.
There being no more business to come before the Board at this time, Ms.
Richards moved to adjourn. Mr. Munoz seconded. Meeting adjourned at
7:11 p.m.
Minutes respectfully submitted by:
Lisa R. Miller, Recording Secretary
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