10-11-2000
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Edgewater Police Pension Board
Regular Meeting
October 11, 2000
Minutes
CALL TO ORDER:
The Police Pension Board regular meeting was called to order in the City Hall
Conference Room, Wednesday, October 11, 4:00 p.m.
ROLL CALL:
Members present were: Gary McElroy, Rene Green, and Jon Williams. Bret Teitelbaum
was absent and Ferdinand Heeb is a new member appointed by the Council, who was not
contacted to get the information about today's meeting.
Also present were: Jack Ascherl, Consulting Agent of Record, Ken Hooper, City
Manager, Debby Sigler, Personnel Director, Officers Kim Rash and Angela DeSue and
Donna Looney, Recording Secretary.
Due to the absence of Chairman Teitelbaum, Corp. McElroy as the board's secretary,
took on the role of chairing the meeting. It was agreed to go to the New Business first,
since there was just a majority present and Corp. McElroy may be called away on
business at any time.
NEW BUSINESS:
Mr. Ascherl distributed copies to the members and reviewed the Actuarial Valuation
Report in its entirety. He went over the changes Principal has made in the investments in
order to keep the fund on target. The reports reviewed at this meeting are attached to
these minutes as part thereof
Mr. Ascherl said to follow up on previous questions regarding military buyout provided
for in this plan; it is spelled out in Chapter 185. A local plan could have language
included to show the cost to an employee, but it is rather costly for the individuals.
There was another question concerning fiduciary insurance. This has been previously
discussed by this board, but for the benefit of the new board member is was discussed
further. City Manager Hooper explained that it was the decision of himself and the City
Attorney that if the board handled the investments, etc. this insurance would be needed,
however, the Principal Financial Group has this function and they are insured.
Ms. Green asked about the board members being qualified to make disability
determinations. Mr. Ascherl explained the guidelines are spelled out in the statute. Very
simply for situations that are not obvious to the board, a physician would be requested to
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certifY someone's medical conditions and if the board receives and application for
disability, at that time if needed, they would contact heir attorney to assist them. A
formal procedure does not need to be established to follow in every case.
At this time Acting Chairman McElroy thanked Mr. Ascherl for all his input and then
continued the meeting form the top of the agenda.
APPROVAL OF MINUTES:
Mr. Williams moved to accept the minutes of the February 23,2000 meeting, as written.
Ms. Green seconded the motion. Motion CARRIED 3-0.
Mr. Williams moved to accept the minutes of the July 17, .2000 meeting, as written. Ms.
Green seconded the motion. Motion CARRIED 3-0.
OLD BUSINESS:
The fiduciary liability insurance and disability procedures were already discussed before
Mr. Ascherlleft the meeting.
NEW BUSINESS: (oont.)
Acting Chairman McElroy read the resignation ofBret Teitelbaum and suggested the
board elect a new chairman at the next meeting when perhaps there will be more
members present.
Ms. Sigler announced that Officer Kim Rash was elected by the members of the Police
Department to represent them to cany out the rest of Sgt. T~telbaum's term. She
explained the board needs to recommend that the City Council approve this nomination
and officially appoint her.
Ms. Green made a motion to send the nomination of Officer Rash to the Council for
adoption. Mr. Williams seconded the motion. Motion CARRIED 3-0.
Acting Chairman McElroy suggested any further discussion concerning the fiduciary
insurance be put on the next meeting agenda also. City Manager Hooper stated he would
put his opinion in writing for that meeting.
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MISCELLANEOUS:
City Manager Hooper reported to the board that the ordinance went through to adopt the
new pension benefits for the plan members and he added that it was made very clear by
the Council that these benefits effect active members only as of October 1, 1999.
Acting Chairman McElroy commented on the financial disclosure forms, which must be
completed by all board members. He suggested every board member make sure they take
care of this.
ADJOURNMENT:
Mr. Williams made a motion to adjourn. Ms. Green seconded the motion. Meeting
adjourned 4:50 p.m.
Minutes submitted by:
Personnel Department