04-21-1998
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Edgewater Firefighters' Pension Fund
Regular Meeting
Tuesday, April 21, 1998
6:30 p.m.
Call to Order: The Regular Meeting of the Firefighters' Pension Board was called to
order Tuesday, April 21, 1998 by Acting Chairman Patricia Richards at 6:30 p.m. in the
Fire Department Training Room. Members present were: Acting Chairman Patricia
Richards, Mr. Fred Munoz, Mr. Gary Butt, Mr. Jim Jollie, and Ms. Jill Landreville. Also
present was Lisa R. Miller, Recording Secretary. Acting Chairman Richards welcomed Mr.
Jollie as the new member to the Board.
Minutes: The Minutes from the February 18, 1998, Regular Meeting were submitted for
approval. Ms. Landreville moved to approve the minutes as submitted. Mr. Butt seconded.
Motion CARRIED 5 to O.
Investment Report: The representative from STI was unable to attend. It was noted Tim
Nash would be the representative assigned to the Board's account. There was discussion
regarding the change over from Smith Barney to STI Capital Management and it was
almost complete. It was noted Smith Barney did not follow the instructions given to them
by the Board and there was discussion regarding what Smith Barney's fiduciary
responsibility was as a result. It was noted STI could only invest twice a month and that
meant some of the money would not have been invested for approximately three weeks.
Old Business: There was discussion regarding ordinance changes that were required by
the State Division of Retirement that addressed ADA requirements. It was noted the City
Attorney's office had some questions and that a letter had been sent from that office to
Attorney Sugarman for clarification. There was discussion regarding the annual report and
its acceptance by the State. Mr. Munoz was thanked for preparing the report.
New Business: There was discussion regarding the resignation of Mr. Vola and his
replacement by Mr. Jollie as the new representative of the membership. There was
discussion regarding the resignation of Mr. Munoz that would be effective at the end of this
meeting. Applications were reviewed for recommendation to City Council for his
replacement. Mr. Butt moved to recommend the City Council appoint Laura Riley to the
Edgewater Firefighters' Pension Board. Mr. Jollie seconded. Motion CARRIED 5 to O.
There was discussion regarding upcoming pension schools. The Board was given copies
of the Summary Plan. There was discussion regarding the existing Summary Plan and they
were to review it for the next meeting.
There was discussion regarding employees who were not vested and their pension benefits.
It was noted if the employee was not vested they had no pension benefits. There was
discussion regarding workers' comp and what it would take to change the pension
ordinance to cover those employees. It was noted an actuarial study would have to be done
to see if this was feasible and more information would be collected from other plans to see
if any included this option. There being no more business to come before the Board at this
time, Mr. Butt moved to adjourn. Ms. Landreville seconded. Meeting adjourned at 7:05
p.m.
Minutes respectfully submitted.
usa R. Miller
Recording Secretary
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