10-03-1990
'-'
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CITY OF EDGEWATER
POLICE PENSION BOARD MEETING
OCTOBER 3, 1990
2:10 P.M.
SQUAD ROOM, POLICE DEPARTMENT
The meeting of the Board of Trustees of the City of Edgewater
Police Retirement Board was called to order by Vice-Chairman John
Borzner at 2:10 p.m. in the Squad Room of the Edgewater Police
Department.
ROLL CALL:
Members present were Vice-Chairman John
Leo Booth and Gary Butt. Nancy Swiney was
were Jack Ascherl, Fred Munoz, Finance
Meager-Pengov, Secretary.
Borzner, Diana Floyd,
excused. Also present
Director and Sondra
APPROVAL OF MINUTES:
A motion was made
accept the minutes
CARRIED 4-0.
by Leo Booth and
as presented of
seconded by Diana Floyd to
June 18, 1990. Motion
OLD BUSINESS:
No Old Business to Discuss
NEW BUSINESS:
Mr. Ascherl reviewed the Pension Plan Analysis report. This
report shows the General Account total invested from December
1987 through December 1989 (see attached report).
Mr. Ascherl also discussed the Investment Results report (see
attached report).
The IPG General Account Bond &
Newsletter was also provided
quarter 1990.
Mortgage Money Market Investment
to the Board members for the 3rd
Mr. Borzner suggested waiting until all Board members are present
to discuss whether or not there should be any changes to the
present plan. In the meantime the plan will remain unchanged.
Mr. Munoz reviewed the proposed changes of October 1989 that were
presented to the Mayor and City Council. Proposed change are as
follows: Benefit Formula 2.0% of Average Compensation
multiplied by Benefit Accrual Service. Compensation to be in
accordance with the "415" Plan which reflects total pay received.
For all Proposed Changes, Average Compensation is the monthly
average of the three highest Compensation Years.
A letter was sent to Charles Slavin, Actuary Bureau of Program
Services in Tallahassee, Florida by Mr. Johnson, City Manager. A
letter was received back from Mr. Slavin indicating the
requirements for the referenced impact statement and the
referenced actuarial report have been state accepted.
Mr. Munoz read Resolution No. 90-R-60 that has been developed for
submission to Council, reflecting the amendments.
Mr. Ascherl stated he will
benefits to the Board.
provide booklets on special risk
MISCELLANEOUS:
Nothing to report at this time.
......
.....,
POLICE PENSION BOARD
OCTOBER 3, 1990
PAGE -2-
ADJ'OURNI1ENT:
There being no further business to come before the Board, Leo
Booth made a motion to adjourn, seconded by John Borzner. The
meeting adjourned at 3:15 p.m.
Minutes respectfully submitted by:
Sondra Meager-Pengov, Secretary
Police Pension Board
/SMP
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