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06-18-1991 'w' ...." CITY OF EDGEWATER POLICE PENSION BOARD MEETING Tuesday, June 18, 1991 7:00 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 Chairperson Ruth Garvey at 7:00 P.M., in the Squad Room of the Edgewater Police Department. ROLL CALL: Members present were Larry Westfall, William Bennett, Kenneth Smith, Ruth O'Rourke and Ruth Garvey. Also present were Cheryl Anderson and Christi Watkins, Secretary. APPROVAL OF MINUTES: Ken Smith made a motion to accept the minutes of the May 28, 1991, meeting, as written. The motion was seconded by Larry Westfall. Motion carried 5-0. OLD BUSINESS: None. NEW BUSINESS: Ken Smith expressed concern at the lack of health insurance benefits for retired police officers. He suggested that retired members, with 25 years service, be offered health insurance with the city paying at least half of the premium cost. William Bennett spoke about the city's apparent lack of contribution to the plan and stated he would like to see a C.O.L.A. in the plan. Ruth Garvey echoed a desire for a C.O.L.A. She suggested 2 - 3% a year; since only a few members are retired at any given time, the cost should not be a great burden to the city or plan. Larry Westfall described some suggested benefit changes in the current pension plan (see attached). He also spoke of how he would like to see parity in the pOlice retirement with that of the Fire Fighter Pension Plan. One example he gave dealt with disability, i.e., if a fire member develops high blood pressure he receives a benefit of 66 2/3% of his average weekly wage, at the time of disablity, for the rest of his life. Westfall stated there is a 5% cost of living increase, each year, built into the plan. He also stated that these benefits are paid "tax free", under Chapter 440 of the state Workman's Compensation Law. Larry Westfall then expressed his desire to attend the Florida Public Pension Trustees Association Seminar, in St. Petersburg, and his desire to have the pension plan pay the seminar fee. Ruth Garvey said she had contacted Susan Wadsworth, City Clerk, about having the expenses paid by the pension plan. Ms. Garvey was told that there were no provisions for the plan to pay such expenses but suggested the cost be paid out of the pOlice department budget. A motion was then made by Ken Smith to send Larry Westfall to the conference and pay his expenses from the pOlice department budget. A second was made by William Bennett. Larry Westfall explained to the members that Florida Statute provides for pension plans to pay for governing members to attend seminars such as the one in St. Petersburg. The motion was then amended, by Smith, to read that, per F.S.S. 185, Westfall be sent to the St. Petersburg seminar and that he be reimbursed his expenses, to include per diem, by . > .... ....." the pension plan. William Bennett. abstaining. The amended motion was seconded by Motion carried 4-0, with Westfall ADJOURNMENT: There being no additional business, a motion was made by Kenneth Smith to adjourn. The motion was seconded by Larry Westfall and the meeting was adjourned at 8:45 P.M. Minutes respectfully submitted by: ~rL~ Christi R. Watkins, Secretary Police Pension Board ~ .. v ..""", Summary of Suggested Plan Provision Changes (as outlined by Larry Westfall) Normal retirement benefit: Eligibility: The earlier of A, B or C A. Attained age of 55 years and 5 years of service of plan participation. B. 20 years of plan participation. C. 25 years of plan participation. Amount: A. B. Accrued benefit 2.50% of compensation multiplied by benefit accrual service prior to 20 years of service. 3.0% of compensation multiplied by benefit accrual service after 20 years of service (75% maximum). Accrued benefit on date of termination multiplied by the vested participation in plan. C. Disability benefit: Amount is the greater of A, B or C A. Accrued vested benefit on date of disability. B. 50% of compensation for job related disability. C. 30% of compensation for non-job related disability. Definitions: Compensation: The monthly division of total pay, from W-2 form, for the single highest year prior to normal retirement date. Cost of Living: The member will receive a cost of living C.O.L.A. of 5% per year. Major Medical Plan: The member will receive paid medical benefit from the city; in full. The member's spouse will receive benefit at the group city rate. In case of death of member, his/her spouse will receive full medical benefit provided by the city plan.