05-04-1995
Edgew~er Firefighters' Pension Fl!tld
Regular Meeting
Fire Administration Office 1605 S. Ridgewood
Thursday, May 4, 1995
6:35 PM
Call to Order: Board Secretary Patricia Richards called the May 4, 1995
Regular Meeting of the Edgewater Firefighters' Pension Fund to Order at
6:35 p.m. in the Administration Office of Fire Station #55 located at 1605
S. Ridgewood.
Roll Call: Board Secretary Patricia Richards called the Roll. Members
present were: Mr. William Vola, Mr. Fred Munoz, Ms. Jill Landreville,
Ms. Nancy Williams and Board Secretary Patricia Richards. Also present
were Mr. Steve Burkhalter and Recording Secretary Lisa R. Miller.
Minutes: The Minutes of the January 17, 1995, February 9, 1995 and
March 2, 1995 were presented for approval. Mr. Vola moved to accept the
minutes as submitted. Mr. Munoz seconded. Motion CARRIED 5 to O.
Investment Report: Board Secretary Richards introduced Steve
Burkhalter from Smith Barney for the investment report. Mr. Burkhalter
stated since there were new members there were several things the Board
members needed to sign: the signature card, the corporate resolution which
was drawn up originally by Attorney Sugarman and the dates changed to
current dates, and an updated client agreement with the new board
members on it. Mr. Burkhalter went over the existing investments. He
stated the money fund balance was $29,500 and the account balance was
approximately $189,000. He added there was $28,000 to invest at this time.
Mr. Burkhalter recommended the Board purchase a one year certificate of
deposit at 6.1 % in the amount of $15,000, and one two year certificate of
deposit at 6.35% in the amount of $10,000, and to keep approximately
$3,500 in the money market account. There was discussion regarding
investments. Mr. Vola moved to accept Mr. Burkhalter's recommendation.
Ms. Williams seconded. Motion CARRIED 5-0. There was more discussion
regarding diversification of investments. Mr. Burkhalter stated he would
bring information on how to diversify the portfolio to the next meeting.
There was discussion regarding Chapter 175 and the restrictions of
investments and whether they could modify those restrictions once they
were a local option plan. Mr. Burkhalter stated they should check with
their attorney. Mr. Vola questioned if the other Board members had a
problem with each of them checking into how other local option plans were
allowed to invest. There was none. The Board thanked Mr. Burkhalter for
his presentation and he left at this time.
Old Business: The next item of business was the Actuarial Valuation
from Foster & Foster. There was discussion regarding where the Board
was in regard to the Actuarial Valuation and the Summary Plan
Description.
There was discussion regarding the Summary Plan description. Mr. Vola
stated the Summary Plan Description's Exhibit B is based on the previous
impact study that only went to October 1991 and Exhibit A was up to them.
Ms. Landreville moved to approve Foster and Foster's Summary Plan with
an update on Exhibit B and to provide Foster & Foster with a revised
Exhibit A. Mr. Munoz seconded. Motion CARRIED 5 to O.
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Edgewater Firefighters' Pension Fund
Regular Meeting
January 17, 1995
Page 2
There was discussion regarding Attorney Sugarman's bill for $37.50. Mr.
Vola moved to reject Attorney Sugarman's bill until such time that an
itemized bill is provided. Ms. Williams seconded. Motion CARRIED 5 to
o.
There was discussion regarding Ordinances 94-0-11, 94-0-28. It was noted
that these ordinances were on hold with the City Attorney's office until the
Actuarial Valuation and everything is done. Mr. Vola stated that the
Actuarial Impact Study that was necessary for the State Division of
Pensions for them to accept the Ordinance has been done and the only thing
that needed to be done was to authorize the City Attorney to send it back to
the State of Florida. Mr. Vola moved to authorize the City Attorney to
forward this Ordinance to the State Division of Pensions. Ms. Landreville
seconded. Motion CARRIED 5 to o.
Mr. Munoz gave an update on the status of the Annual Report. He stated the
Division of Retirement had some questions. They wanted the investments
valued at market value and our audit was done on face value. He added that
corrections were made and resubmitted. There was discussion regarding
where the State contributions came from.
New Business: There was discussion regarding the FPPT A conference
that was coming up in June and who would be available to attend. Mr.
Vola moved to authorize two members to go to the FPPT A conference in
Boca Raton on June 25th through June 28th subject to the same per diem
reimbursement as regular City Employees. Mr. Munoz seconded. Motion
CARRIED 5 to o.
There was discussion regarding the duties of the Chairman and the need to
elect a Chairman. Mr. Vola nominated Ms. Nancy Williams to be
Chairman. Ms. Landreville seconded. Mr. Vola moved the nominations be
closed. Ms. Landreville seconded. Motion CARRIED 5 TO O.
There being no more business to come before the Board at this time, Mr.
Vola moved to adjourn. Ms. Landreville seconded. Meeting adjourned at
7:42 p.m.
Minutes respectfully submitted by:
Lisa R. Miller, Recording Secretary
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