03-16-1989
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POST OFFICE BOX 100
EDGEWATER, FLORIDA 32032
POLICE PENSION BOARD
REGULAR MEETING
THURSDAY, MARCH 16, 1989
SQUAD ROOM, POLICE DEPARTMENT
A regular meeting of the Police Pension Board was called to order by member
Nancy Swiney.
ROLL CALL:
Members present were Diana Floyd, Leo Booth, Nancy Swiney and John Borzner.
Also present were Jack Ascherl, Agent of Record for the City of Edgewater,
and Christi Fish, Secretary.
Leo Booth made a motion to accept the minutes from the meeting of January
31, 1989, seconded by Diana Floyd. Motion carried 4-0.
OLD BUSINESS:
There was a brief discussion on the selection of a fifth member to the Board.
The Board decided to delay that decision until March 23, 1989, when another
meeting will be called at 2:00 P.M.
Mr. Ascherl spoke to the Members about the Pension Plan and the Board's
responsibilities and duties. He brought to the meeting the Actuarial
Valuation Report for 1988, an Actuarial Review of Proposed Pension Changes
(prepared September 22, 1988) and Report of Funds for the years 1983-1988.
A brief history of the Police Pension Plan and it's development was discussed
by Mr. Ascherl. He also told of the numerous audits of the plan required to
assure that the Pension Plan is within State Statute guidelines.
Mr. Ascherl explained the basis of the Plan, it's current benefit formula and
how it ultimately effects retirement compensation.
In defining the role of the Board, Mr. Ascherl explained that the Board has
no authority to make a final decision on spending money relating to new
benefits in the Plan. It can, however, recommend changes to the City and
the Commission will have final approval.
NEW BUSINESS:
The Secretary requested that the Board formally adopt the agenda format
currently being used. A motion to accept the format was made by Leo Booth,
seconded by Nancy Swiney. Motion carried 4-0.
MISCELLANEOUS:
Mr. Ascherl suggested that the Board hold it's regular meetings on the
Thursday of the third month of each quarter. After a brief discussion
decided that 10:00 A.M. would be the best time "for all of the members.
motion was made by Diana Floyd to adopt this schedule and was seconded
Booth. Motion carried 4-0.
third
it was
A
by Leo
There being no further business before the Board, Leo Booth made a motion to
adjourn, seconded by Diana Floyd. Meeting adjourned at 4:28 P.M.
Minutes respectfully submitted by:
Christi Fish