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08-26-1999 - Special , .... ...."" Edgewater Firefighters' Pension Fund Special Meeting Thursday, August 26,1999 11:00 a.m. Call to Order: A Special Meeting of the Edgewater Firefighters' Pension Board was called to order on Thursday, August 26, 1999 by Chairman Jollie at 11 :00 a.m. in the Training Room at Fire Station #57. Members present were: Chairman Jim Jollie, Secretary Jill Klem, Ms. Patricia Richards, and Mr. Gary Butt. Ms. Laura Reilly was absent. Also present was Ms. Lisa R. Miller, Recording Secretary. Minutes: The Minutes from the July 20, 1999 Regular Meeting were submitted for approval. Mr. Butt moved to approve the minutes as submitted. Secretary Klem seconded. Motion CARRIED 4 to o. Old Business: There was discussion regarding the ordinance changes that were required by the State. It was noted that it had gone through first reading, the actuary had given it a statement of "no impact," and had received notification from the State that it was fine. The State had requested a copy of Ordinance 99-0-04 after the second reading is done. There was discussion regarding the ordinance changes that the Board had set in motion to make the plan comparable to the Police Pension Plan. This would include going from a 2~% to a 3% multiplier, 20 years and out, and an increase of the contribution of the employees from 5% to 6%. There' was discussion regarding the process of implementing these changes. It was noted the unanimous vote by ballot of the membership approved of the proposed changes. The next step is to send the changes to the Board Attorney for the proper wording for ordinance form. There was discussion regarding the amount of time this might take. It was noted the Board would like to have these changes in place as soon as possible. Chairman Jollie stated the actuarial statement had already been done. Secretary Klem moved to contact Attorney Sugarman to have him draft the proposed changes into ordinance form: eliminating early retirement and replace it with a 20 year retirement date, increase the member contribution rate from 5 to 6%, and to increase the multiplier from 2112 to 3% and to do this as expediently as possible. Mr. Butt seconded. There was discussion and Chairman Jollie read a letter he had drafted. Motion CARRIED 4 TO O. It was noted the Board would need another special meeting to review the proposed ordinance before it goes to Council for the first reading. New Business: There was discussion regarding the status of vested personnel not active in the plan. There was discussion regarding the process of retirement and keeping records of employees, past and present, and the benefits they would receive from the ordinance that was in effect at the end of their service. It was noted the Board should invite Foster & Foster and STI to the next meeting to discuss the process with them to see what they were responsible for and what was the Board's responsibility. ~ Edgewater Firefighters' Pe~ Fund Minutes 08/26/99 Page 2 ..." There was discussion regarding updating the Summary Plan Description to reflect the changes and its distribution to the membership. There was discussion regarding the rates of return for the last three months submitted by STI. There was discussion regarding the class action suit regarding NASDAQ Market-Makers Antitrust Litigation. Affected parties were entities who traded securities on the NASDAQ National Market between May 1, 1989 and July 17, 1996. It was noted Smith Barney was investing the Fund at that time. Secretary Klem moved to continue to explore the possibilities of the Smith Barney class action lawsuit and how it will affect the fund. Ms. Richards seconded. Motion CARRIED 4 to O. There was discussion regarding a letter of resignation that was turned in by Ms. Richards. In the letter she stated she would stay on until a suitable replacement could be found for her. There was discussion regarding applications on file and the interest of others in the community who might be willing to serve. There was no more business to come before the Board at this time. Secretary Klem moved to adjourn. Mr. Butt seconded. Meeting adjourned at 11:35 a.m. Minutes respectfully submitted by: Lisa R. Miller Recording Secretary 1m