05-08-1989
... ....",
<tritU Df fbgrwatrr
POST OFFICE BOX 100
EDGEWATER, FLORIDA 32032
"
POLICE PENSION BOARD
MEETING
MONDAY, MAY 8, 1989
7:00 P.M.
SQUAD ROOM, POLICE DEPARTMENT
The meeting of the Board of Trustees of the City of Edgewater Police
Retirement Plan was called to order by Chairman Nancy Swiney at 7:00 P.M.
ROLL CALL:
Members present were Nancy Swiney, John Borzner, Gary Butt, Diana Floyd
and Leo Booth. Also present were Fred Munoz, Finance Director for the
City of Edgewater, Larry Westfall and Christi R. Fish, Secretary.
APPROVAL OF MINUTES:
Secretary Fish advised that the Minutes of the April 25, 1989, meeting had
not been recorded as of this date. Diana Floyd made a motion to waive
approval of the Minutes of that meeting, seconded by Gary Butt. Motion
carried 5-0.
OLD BUSINESS:
The Board discussed the pension and designed some specific Plans, for
enhancement, to the current provisions (attached).
Concern was expressed by
unmarried participants.
married participants.
members regarding Survivor Annuity Benefits for
The Board wants the benefit to be the same as for
Chairman Swiney requested that Secretary Fish determine from Karen Rickelman,
Finance Officer for the City of Edgewater, if this pension is a Chapter Plan
or Local Plan.
MISCELLANEOUS:
Chairman Swiney requested Secretary Fish to contact Jack Ascherl's office
and determine when the earliest date could be set for a meeting of Mr.
Ascherl and the Board. The purpose of this meeting would be to discuss
the Proposed Changes with Mr. Ascherl and obtaining an Actuarial Valuation
of these changes.
There being no further business before the Board, Leo Booth made a motion to
adjourn, seconded by Diana Floyd. Meeting adjourned at 8:15 P.M.
Minutes submitted by:
Christi R. Fish
....
..."
PROPOSED CHANGES
The current plan provides the following benefits (information taken from Actuarial
Review of Proposed Pension Plan Changes, September 17, 1987):
Normal Retirement Benefit:
Eligibility:
Attained age 60 with five years of plan participation, but no
later than attained age 65.
Form:
Monthly annuity payable for life (optional forms may be elected
prior to retirement).
Amount
(Accrued Benefit):
2% of Average Compensation mulitplied by Accrual Service.
Average
Compensation:
The monthly average of an employee's fixed rate of pay received
for the ten compensation years prior to Normal Retirement date.
Proposed Changes:
Plan 1:
For this display Normal Retirement has been changed to the
earlier of 20 years of accrual service or attained age 50 with
five years of accrual service. Accrued Benefit has been changed
to 3% of Average Compensation multiplied by Accrual Service and
Average Compensation will be the monthly average of an employee's
fixed rate of pay received for the best three of the last ten
compensation years prior to Normal Retirement date.
Plan 2:
Same as Plan 1, except Normal Retirement will be attained age
55 with five years of service.
Plan 3:
Same as Plan 1, except Accrued Benefit will be 2~% of Average
Compensation multiplied by Accrual Service.
Plan 4:
Same as Plan 2, except Accrued Benefit will be 2~% of Average
Compensation multiplied by Accrual Service.
Plan 5:
Normal Retirement is the same as under Plan 1. Accrued Benefit
has been changed to 2% of Average Compensation multiplied by
Accrual Service and Average Compensation has been changed to the
monthly average of an employee's total pay, including overtime
and incentive pay, received for the best three of the last ten
compensation years prior to Normal Retirement date.
Plan 6:
Same as Plan 5, except Normal Retirement will be attained age
55 with 5 years of service.
Plan 7:
One of the above plus Survivor Annuity Benefits for unmarried
participants, to a named beneficiary, with the benefits to be
the same as for married participants.