04-26-1993
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POST OFFICE BOX 100
EDGEWATER. FLORIDA 32032
MINUTES
POLICE PENSION BOARD MEETING
APRIL 26, 1993
A meeting of the Board of Trustees of the City of Edgewater
Police Retirement Plan was called to order by Chairman Larry
Westfall at 2:35 P.M., in the Squad Room of the Edgewater
Police Department.
ROLL CALL:
Members present were Larry Westfall, John Borzner, Ruth
Garvey, Gary Conroy and Ruth O'Rourke. Also present was
Robert Sugarman, Board Attorney.
APPROVAL OF MINUTES:
Gary Conroy made a motion to accept the Minutes of the March
23, 1993, meeting. Ruth O'Rourke seconded the motion.
Motion carried 5 - O.
OLD BUSINESS:
It was determined by Secretary John Borzner, in a conference
with Fred Munoz, City of Edgewater Finance Director, and the
office of Sugarman and Susskind, that a payment of $2,648.63
was rendered on April 5, 1993. This left a balance of
$360.20 due Mr. Sugarman, as of the same date.
Secretary Borzner requested and received a new,
latest/revised Plan 7.6 from Principal. In a letter which
accompanied the plan, Sheila Bryan, of Principal, stated
that the "Compensation Year" was changed to coincide with
the calendar year. The definition of "totally and
permanently disabled" was changed to correspond with
legislation and the entire section 5.03 (Disability
Benefits) was made to comply with F.S.S. Chapter 185.
Principal also added an in-service and out-of-service
benefit which are both paid under the ten year certain and
life option. In addition, the determination of vesting
percentage was changed from "plan participation" to
"service", per Mr. Sugarman's request.
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Mr. Sugarman stated that not all changes were incorporated.
He will reinspect the plan and have a new draft for
submittal to Principal by July 1, 1993.
NEW BUSINESS:
Chairman Westfall tabled the "wish-list" items to a later
date, while effort is put into the new plan from Principal.
Two new consulting and actuary firms would like to make
presentations to the Board. They are Kruse, O'Connor and
Ling, Inc., of Fort Lauderdale and Shearson Lehman Brothers,
of Ormond Beach. It was decided to postpone any action to a
change at this time, however the issue can be addressed at a
later date.
MISCELLANEOUS:
Representative Jack Ascherl was unable to attend the
meeting, however an updated Pension Plan Analysis was given
to the Pension Board Secretary who distributed copies at the
meeting. The April, 1993, update was well received; showing
a balance of $816,773.00 on hand.
A letter was received on April 14, 1993, from Linda Hinson,
Department of Insurance in Tallahassee, approving the 1992
Annual Report for the Police Officer's Pension Plan for the
City of Edgewater.
ADJOURNMENT:
There being no further business before the Board, Gary
Conroy made the motion to adjourn, seconded by Ruth
O'Rourke. Meeting adjourned at 3:45 P.M.
Minutes submitted by,
John Borzner
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