01-17-1991
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CITY OF EDGEWATER
POLICE PENSION BOARD MEETING
.JANUARY 17, 1991
2:00 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 Susan Wadsworth at
2:00 p.m. in the Squad Room of the Edgewater Police Department.
ROLL CALL:
Members present were Sgt. Larry Westfall, Sgt. William Bennett,
Kenneth Smith and Ruth Garvey. Also present were Susan
Wadsworth, City Clerk, Jack Ascherl, Agent of Record and Sondra
Meager-Pengov, Secretary.
Susan Wadsworth asked the Board for nominations for a temporary
chairman. Sgt. Westfall made a motion to elect Ruth Garvey as
temporary chairman, seconded by Kenneth Smith. Motion CARRIED
4-0.
APPROVAL OF MINUTES:
As the Board consisted of all newly appointed members, the
minutes could not be approved. The minutes of October 3, 1991 are
filed in City Hall, City Clerks office.
The Board took a brief recess to await Jack Ascherl.
resumed at 2:24 p.m.
Meeting
OLD BUSINESS:
No Old Business to discuss
NEW BUSINESS:
'II
Ruth Garvey made a motion to elect Ruth o'Rouke
member to the Board. Seconded by Sgt. Westfall.
4-0.
as the fifth
Motion CARRIED
Mr. Ascherl reviewed the pension plan with the Board.
Sgt. Westfall discussed FRS
He also discussed various
for retirement.
as possibly having better benefits.
ways to adjust the percentage of pay
Mr. Ascherl reviewed the present plan starting with year 1975.
His consensus is that Principal Mutual presently has one of the
best plans for the City. He also stated that the plan was
devised for the City to pay a ten percent (10%) contribution.
The City also has to pay whatever difference it takes to keep the
plan sound.
Mr. Ascherl also reviewed the Analysis of the Actuarial Report,
the Pension Plan Analysis, Briefly - 3rd Quarter 1990 Investment
Newsletter and the Investment Results with the Board.
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POblC~ P~N~ION SOARD
JANUARY 17, 1991
PAGE -2-
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MISCELLANEOUS:
The Board discussed the possibility of having a couple of extra
meetings until they become organized and elect a chairman.
Sgt. Bennett made a motion to have night meetings, with the first
one to be February 12, 1991 (if possible) at 7:00 p.m. Seconded
by Kenneth Smith. Motion carried 4-0.
AD.JOURNMENT:
There being no additional business to come before the Board, Ruth
Garvey made a motion to adjourn. Seconded by Kenneth Smith.
Meeting adjourned at 3:40 p.m.
Minutes respectfully submitted by:
Sondra Meager-Pengov, Secretary
Police Pension Board
/SMP