02-09-1995 - Special
EdgeMlfer Firefighters' Pension F.ttd
Special Meeting
City of Edgewater Community Center
Thursday, February 9, 1995
6:35 PM
Call to Order: Corresponding Secretary Patricia Richards called the
February 9, 1995 Special Meeting of the Edgewater Firefighters' Pension
Fund to Order at 6:35 p.m. in the Edgewater Community Center.
Roll Call: Members present were Mr. William Vola, Mr. Fred Munoz,
Ms. Patricia Richards, and Ms. Nancy Williams. Acting Chairman Michael
Hayes was absent. Also present was Mr. J. Scott Haynesworth from Foster
and Foster Actuarial Services and Recording Secretary Lisa R. Miller.
Mr. Haynesworth of Foster and Foster went over some of the services that
Foster and Foster provides. He stated that the plan was now a Local Law
Plan and no longer a Chapter Plan. Mr. Haynesworth stated previously
actuarial studies were done once every three years, but now that they were
a Local Law Plan it should be done every year to follow the costs more
closely. He went over all of the items that would be provided by Foster and
Foster and what copies would be provided to the State. Mr. Haynesworth
stated the bottom line fee for their actuarial study was $2,000.00. Mr. Vola
asked the status of the Summary Plan Description. Mr. Haynesworth stated
he would check into it and get back with the Board. There was discussion
regarding the impact statement and the amount of time since the last
actuarial valuation was done in 1991. Mr. Haynesworth stated they would
be happy to do a new valuation and develop the costs in the impact study
off of that one. There was discussion regarding the Ordinance that was
being held until it was approved by the State. Mr. Vola stated he thought
when the Board approved the impact study that it would be up to date and
not four years out of date. Mr. Haynesworth stated the study that was done
meets the State requirements and the only way they could get a study that
would be current was for the Board to independently request that an
actuarial study be done on the old benefits and base the cost off of that one.
Mr. Haynesworth went over the impact statement with the Board. The
Board thanked Mr. Haynesworth for his presentation and he left at this
time. There was discussion regarding the impact statement, the summary
plan description, and the actuarial valuation. Mr. Vola stated at a previous
meeting the Board authorized contract for a Summary Plan Description in
the amount of $450.00, the Actuarial Impact Study in the amount of
$1,000.00, and actuarial study in the amount of $1,500.00. Mr. Munoz
moved to accept the actuarial impact study and authorize payment of
$1,000.00 to Foster & Foster. Mr. Vola seconded. Motion CARRIED 4-0.
There was discussion regarding investments and the limitations imposed by
Chapter 175.
There being no more business to come before the Board at this time, Mr.
Vola moved to adjourn. Mr. Munoz seconded. Meeting adjourned at 7:30
p.m.
Minutes respectfully submitted by:
Lisa R. Miller, Recording Secretary