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02-19-1991 -- ...", f CITY OF EDGEWATER POLICE PENSION BOARD MEETING TUESDAY, FEBRUARY 19, 1991 7:00 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 temporarily appointed Chairwoman Ruth Garvey at 7:00 p.m. in the Squad Room of the Edgewater Police Department. ROLL CALL: Members Kenneth present present were Sgt. Larry Westfall, Sgt. William Bennett, Smith, Gary Butts and Chairwoman Ruth Garvey. Also was Sondra Meager-pengov, Secretary. APPROVAL OF MINUTES: A motion was made and seconded to approve the minutes of January 17, 1991, eliminating the first paragraph under New Business. Motion CARRIED 5-0. OLD BUSINESS: Sgt. Westfall indicated to the board that the present secretary is a little "loaded" with the boards that she is working on. Sgt. Westfall stated he would prefer someone (as secretary) that is not on other boards. The current secretary suggested to Sgt. Westfall that he needs to speak to someone else, rather than her, concerning board secretaries. Sgt. Westfall stated that they may very well speak with someone in City Hall concerning this. He feels this board cannot be subject to not having the facts or what ever. Two board members asked the secretary if she had a problem with this board and she replied there hasn't been any problems for her. Sgt. Westfall said he doesn't want her responsibilities with the other boards that she serves as secretary on, to cause any difficulties with the Police Pension Board. Sgt. Westfall doesn't want to get involved with not being able to meet when they should meet. He also stated that as time passes they might get involved in testing the secretaries particular time and conflicts with other boards. If it does become a problem then Sgt. Westfall thinks it is something that will have to be addressed. Kenneth Smith said we will cross that bridge when we come to it. NEW BUSINESS: Election of Chairman and Vice Chairman - Kenneth Smith made a motion to elect Ruth Garvey as Chairman. Seconded by Sgt. Bennett. Motion CARRIED 5-0. Sgt. Bennett made a motion to Chairman. Seconded by Ruth Garvey. elect Sgt. Westfall Motion CARRIED 5-0. as Vice Discission of pension investment Sgt. Bennett inquired as to whether we know where all monies are going in the pension plan. Sgt. Westfall requested the following: f lot takes to 1. A copy of the actual expenditure 0 monies make the pension plan work 2. A copy of the original pension plan contract 3. When did the City make their last contribution to the pension fund and the amount of the contribution 4. Cost for the agent 0 record to operate the pension fund 5. From beginning of plan, how much money has been put into the pension fund .... ...." Page -2- Police Pension Board February 19, 1991 Sgt. Westfall stated he feels the City should be putting their contribution into the fund now rather than waiting until the end. Kenneth Smith is under the impression that the City had to donate part of cigarette tax money and liquor tax monev etc. Sqt. Westfall said the way the plan is set up, per statute, the City isn't required to delay paying, but chooses to do so. As long as the fund is fully funded and there are no new benefits that require extra funding, the City will continue not to put budgeted money into the fund each year. At the end of the year, if the fund is fully funded, the City takes the budgeted monies and turns it back to the general fund. Sgt. Westfall feels it would best to have the City start paying into the plan now rather than get "devoured" at the other end. He t.hinks this should have been done years ago and that some retroactivity, if at all possible. Sgt. Westfall asked the board to keep in mind where this fund can go if those expenditures are not there and stated if we are going to deal with this as a business then we need to look at it with another perspective. If we are going to continue looking at it from the perspectives that we are given and those things that we are told by the people who are not accepting the responsibility for the funding of it, then Sgt. Westfall thinks the board will be very easily misled. The Board needs to ask who is going to help the board if they have a legal question. The Statute says that the city attorney will advise the board if any answers are required. The statute also advises that the board can have their own attorney. Sgt. Westfall stated he thinks as time passes this is something the board will have to look into as things start caving in. Sgt. Westfall said the board has to look at the pension plan as Jack Ascherl looks at it, as a business. The plan may be fully funded and things may be invested in such a way that it is making money. But the same money and interest that the fund is making, the City is using to defer their money (contribution). He said he finds something wrong with that. He may ask an attorney who is in the business just what can be done to satisfy those worries that he has. Things may be on the up and up and he will have to accept that the City does not have to put into this fund, because the City is using the interest and the money making process to defer the money they should be putting into it. Kenneth Smith said he thinks, according to Florida Statute, that a city cannot be forced to contribute as long as the plan is self supporting. He mentioned that New Smyrna Beach Police Pension Plan has not had City contribution in fifteen years. Sgt. Westfall said that is the fault of the pension board, and further stated that by a vote of 3-2 they can fire the person who is in charge of that fund. Gary Butts stated during his time as a board member the plan has had a very good history. MISCELLANEOUS: Sgt. Westfall distributed a copy of a letter from Portfolio \Ylanagement Serv ices, I nc . to the board. Upon rev i ew i ng the letter and attachments, Sgt. Westfall made a motion to have Chairman Ruth Garvey contact Teresa Littlefield of Portfolio Management Services, Inc., as to the possibility of her attending one of the board meetings. Seconded by Kenneth Smith. Motion CARRIED 5-0. 'W ...., Page -3- Police Pension Board February 19, 1991 ADJOURNMENT: There being no additional business to come before the board, a motion was made and accepted to adjourn. The meeting adjourned at 8:02 p.m. Minutes respectfully submitted by: Sondra Meager-Pengov, Secretary Police Pension Board /SMP