01-16-1996
Ed~ater Firefighters' Pension l'Gnd
Regular Meeting
Tuesday, January 16, 1996
6:45 p.m.
The Regular Meeting of the Edgewater Firefighters' Pension Fund was
called to order on January 16, 1996 at 6:45 p.m. by Chairman Nancy
Williams at the Fire Administration Office.
Roll Call: Members present were: Mr. Bill Vola, Ms. Jill Landreville,
Mr. Fred Munoz, Chairman Nancy Williams, Mr. Steve Burkhalter from
Smith Barney, and Recording Secretary Lisa R. Miller. Secretary Patricia
Richards was absent. Mr. J. Scott Haynesworth from Foster and Foster
arri ved later.
Minutes: The Minutes from the October 12, 1995 meeting were
submitted for approval. Mr. Vola moved the be accepted as submitted. Mr.
Munoz seconded. Motion CARRIED 4-0.
New Business: ICC Capital Management bill. There was discussion
regarding there being two bills. It was noted that one went from the
beginning of December to the end of December on two accounts, and then
there was the first full quarter on two accounts. The total amount due was
$395.79. Mr. Vola moved to approve payment of the both bills for ICC
Capital Management one dated received 12/11/95 and the other one dated
received 01/05/96. Mr. Munoz seconded. Motion CARRIED 4-0.
There was discussion regarding the surplus money from the State and it
was noted that it was approximately $539.87.
There was discussion regarding pension trustee schools. There was
discussion regarding the March 19, 1996 Police Officers and Firefighters'
Trustees School. Mr. Vola moved that the Board allow for two total people
to go to the March 19, 1996 Police Officers and Firefighters' Trustees
school and for the expenses to be in line with the City and IRS standards
for meals, etc. Mr. Munoz seconded. Motion CARRIED 4-0.
Presentation from Foster and Foster: J. Scott Haynesworth gave the
Board a presentation on their Annual Actuarial Valuation as of October 1,
1995 for the City fiscal year that will end September 30, 1996. There was
discussion regarding the valuation. There was discussion regarding what
would happen if there was a death or disability of a member when the fund
was still small. It was noted there would be a monthly payment to the
individual and the City would have to put in more money to offset it. There
was discussion regarding liability insurance, and the point that the Board
determines who is disabled according to Chapter 175. There was discussion
about the Firefighters get 2 1/2% per year for a retirement benefit and that
typically it would have been 2% and also typically the minimum was 1 %
contribution. The Police Department is putting in 1 % and getting 2%. The
question Mr. Munoz had was to pick up that other 1/2% they went from
1 % to 5% and he wanted to know if the firefighters were paying their way
or were they subsidizing the City's contribution or are they even. Mr.
Haynesworth stated he would have to do a study to determine that. Mr.
V ola moved to accept the actuarial valuation as submitted and to include
the change in the methodology assumption of the mortality tables. Mr.
Munoz seconded. Motion CARRIED 4-0.
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Page Two
Firefighters' Pension Minutes
01/16/96
Mr. Munoz moved to allow Foster and Foster to do a study to see if the
Pension Members were overfunding their part of their contribution and for
the study cost not to exceed $350.00. Ms. Landreville seconded. Motion
CARRIED 4-0. There was discussion regarding the bill for the Actuarial
Valuation from Foster and Foster in the amount of $1,500. Mr. Munoz
moved that the bill from Foster and Foster be paid in the amount of
$1,500. Mr. V ola seconded. Motion CARRIED 4-0. Mr. Haynesworth
stated they could guarantee a 60 day turn around from the time they get the
information from the Board to do the study. The Board thanked Mr.
Haynesworth for his presentation and he left at this time.
There being no more business to come before the Board at this time, Mr.
Munoz moved to adjourn. Mr. Vola seconded. Meeting adjourned at 7:35
p.m.
Minutes Respectfully Submitted By:
Lisa R. Miller, Recording Secretary