03-19-1991
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CITY OF EDGEWATER
POLICE PENSION BOARD MEETING
MARCH 19, 1991
1:QO P.M.
SQUAD ROOM, POLICE DEPARTMENT
A meeting of the Board of Trustees of the City of Edgewater
Police Retirement Board was called to order by Chairwoman, Ruth
Garvey, at 1:00 p.m. in the Squad Room of the Edgewater Police
Department.
ELOl,.kCALL:
Members present were Chairwoman Ruth Garvey, Gary Butt and Sgt.
Larry Westfall. Sgt. William Bennett and Kenneth Smith were
excused. Also present wpre Teresa Littlefield, Rep. from
Portfolio Management Services, Inc., Mark P. Karet, Director of
Planning and Zoning and Sondra Meager-Pengov, Secretary.
APPROVAL OF MINUTES:
A motion was made by Sgt.
approve the minutes of
CARRIED 3-0.
Westfall and seconded by Mr. Butt to
March 5, 1991 as presented. Mo t ion
OLD BUSINESS!.
Review of information from Principal Mutual Life Insurance
Company. vIa Jack Ascherl's office. Jack Aschlrl was unable to
attend this meeting so the information review was not done.
Sgt. Westfall inquired as to where the original
signed it and requested a copy of the contract.
contt-act is, who
Mention was made by Sgt. Westfall that the City has not put their
contribution into the pension plan as yet. This was reflected
on the statement from Principal Mutual.
~w BUSINESS:
Presentation from Teresa Littlefield of Portfolio Manaqement
Services. Inc. Chairwoman Garvey introduced Teresa Littlefield
from Portfolio Management Services, who volunteered to answer
questions the Board may have.
Mr. Butt asked how her plan compares to Principal Mutual's plan.
She said she provides a mutual fund plan, not an insurance plan.
Ms. Littlefield could not compar-e her plan with Principal
Mutual's as she has no idea how Principal Mutual equates their
rate of return. She then continued to explain her plan.
Sgt. Westfall made a motion requesting a letter
requesting a custodial monthly statement be sent
Management, signed by the chairman. Seconded by
Motion CARRIED 3-0.
be drawn up
to Portfolio
Gary Butt.
It was suggested that an actuarial should be done on the other
pension plans with the City to be able to compare the difference
between them.
Sgt. Westfall made a motion that the benefits of the General
Employee and Police Pension plans be done by an independent study
on how they compare actuarially. Seconded by Gary Butt. Motion
CARRIED 3-0.
MISCELLANEOUS:
The Board extended their thanks to Ms. Littlefield for attending
the meeting.
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POLICE PENSION BOARD
MARCH 1 9 , 1 991
1:00 P.M.
ADJQURNMENT:
There being no additional business to come before the Board, a
motion was made and accepted to adjourn. The meeting adjourned
at 3:30 p.m.
Minutes respectfully submitted by:
Sondra Meager-Pengov, Secretary
Police Pension Board
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