04-30-1992
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CITY OF ED.GEWATER .
Vol usia County
POST OFFICE BOX 100 . EDGEWATER, FLORIDA 32132
(904) 427 -4103 . (904) 427-3804 Ch Ie!
SunCom 371-7007
LAWRENCE F. SCHUMAKER
CHIEF OF POLICE
CITY OF EDGEWATER
POLICE PENSION BOARD MEETING
APRIL 30, 1992
7:30 P.M.
CONFERENCE ROOM, CITY HALL
A MEETING OF THE BOARD OF TRUSTEES OF THE CITY OF EDGEWATER
POLICE RETIREMENT BOARD CALLED TO ORDER BY CHAIRMAN, LARRY
WESTFALL, AT 7:33 P.M., IN THE CONFERENCE ROOM OF THE
EDGEWATER CITY HALL.
ROLL CALL:
MEMBERS PRESENT: CHAIRMAN, LARRY WESTFALL, SECRETARY, RUTH
GARVEY, WILLIAM BENNETT, RUTH O'ROURKE, AND JOHN BORZNER.
ALSO PRESENT WERE PENSION BOARD RECORDER, LINDA KIRKLAND,
GARY CONROY, ROBERT SUGARMAN OF SUGARMAN & SUSSKIND, P.A.,
AND JACK ASCHERL, OF JACK ASCHERL CLU CHFC.
APPROVAL OF MINUTES:
A MOTION WAS MADE BY WILLIAM BENNETT AND SECONDED BY RUTH
O'ROURKE TO RATIFY AND APPROVE THE MINUTES OF JANUARY 21,
1992. MOTION CARRIED 5-0.
OLD BUSINESS:
JACK ASCHERL WENT OVER THE YEARLY ACCOUNT EXTENSIVELY AND
BROUGHT THE BOARD UP TO DATE EXPLAINING PROFIT AND EXPENSES~
HE ALSO WENT OVER OTHER TYPES OF INVESTMENTS AND THEIR PRO'S
AND CON'S.
NEW BUSINESS:
REFERENCE THE CITY'S DEFINITION OF AVERAGE COMPENSATION IT
IS BELIEVED TO BE W-2 RATE OF PAY. THIS WILL BE CHECKED INTO
FURTHER.
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JACK ASCHERL DISCUSSED EXTENSIVELY THE ANNUITY PURCHASE RATE
AND BROUGHT BOARD MEMBERS UP TO DATE.
BOTH ROBERT SUGARMAN AND JACK ASCHERL WENT OVER THE
PORTFOLIO MANAGEMENT SERVICES INC. AND EXPLAINED WHY IT HAS
PLACED US 66TH OUT OF THE 66 PLANS (STATEWIDE) PER FLORIDA
MUNICIPAL PENSIONS INDEX.
A MOTION WAS MADE TO CHANGE THE VICE-CHAIRPERSON'S TITLE TO
SECRETARY. MOTION MADE BY JOHN BORZNER AND SECONDED BY
WILLIAM BENNETT. MOTION CARRIED 4-1.
A MOTION WAS MADE TO SEND AT LEAST ONE TRUSTEE TO THE
PENSION BOARD SEMINAR FROM JULY 5TH THRU JULY 8TH. LARRY
WESTFALL WILL BE GOING AND POSSIBLE JOHN BORZNER. MOTION
MADE BY WILLIAM BENNETT AND SECONDED BY RUTH O'ROURKE.
MOTION CARRIED 4-1.
IT WAS GENERAL CONSENSUS OF THE BOARD MEMBERS AND THE BOARD
ATTORNEY THAT PRINCIPAL MUTUAL IS PERFORMING WELL IN TODAY'S
MARKET.
ADJOURNMENT:
THERE BEING NO FURTHER QUESTIONS FROM THE BOARD, WILLIAM
BENNETT MADE A MOTION TO ADJOURN, WHICH WAS SECONDED BY
RUTH O'ROURKE. MEETING ADJOURNED AT 9:00 P.M.
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SUBMITTED BY,
LINDA KIRKLAND
PENSION BOARD RECORDER