06-13-2001
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EDGEW A TER POLICE PENSION BOARD
REGULAR MEETING
June 13,2001
Minutes
CALL TO ORDER:
The Police Pension Board regular meeting was called to order in the City Hall
Conference Room, Wednesday, June 13,2001, 2:05 p.m.
ROLL CALL:
Members present were Gary Conroy, Rene Green, Ferdinand Heeb, Phil Niebieski and
Jon Williams. Also present was Jack Ascherl, Consulting Agent of Record and Donna
Looney, Recording Secretary.
Due to the resignation of Chairman Teitelbaum and Corp. McElroy, board's secretary, it
was agreed to go to the New Business first and make the necessary appointments to these
positions.
NEW BUSINESS:
Ferd Heeb nominated Gary Conroy as chairman to the board. Seconded by Jon Williams.
Motion CARRIED 5-0.
Gary Conroy nominated Phil Niebieski as board secretary. Second by Ferd Heeb.
Motion CARRIED 5-0.
Jack Ascherl reviewed the October 1,2000 Actuarial Valuation Report in its entirety.
(See attached)
He went on to discuss the method Principal uses to fund for retirees. The City now uses
the Benefit Index, which guarantees money for retirees by setting it aside. He would like
the City to go to Direct Funding, which pays funds directly from the plan. This makes
for a better cash flow. Ferd Heeb made a motion to go to Direct Funding with the Cities
approval for future employees. Second by Phil Niebieski. Motion CARRIED 5-0.
Jack Ascher! then reviewed the 10/1/00 through 3/31/0 I-investment statement activity,
fund by fund (See attached)
APPROVAL OF MINUTES:
Rene Green moved to accept the minutes of the October 11,2000 meeting, as written.
Seconded by Ferd Heeb. Motion CARRIED 5-0.
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OLD BUSINESS:
Chairman Conroy discussed the need for fiduciary liability insurance. Ferd Heeb does
not see the need for this. After further discussion Gary Conroy told the board he would
call around and get quotes on the cost to bring back to the next meeting.
NEW BUSINESS: (cont.)
Chairman Conroy made a motion to accept Gary McElroys' resignation. Seconded by
Jon Williams Motion CARRIED 5-0.
The board reviewed the draft copy of the Plan Document from Principal. Phil Niebieski
made a motion to accept the plan as is, sign and return. Seconded by Ferd Heeb. Motion
CARRIED 5-0.
MISCELLANEOUS:
Chairman Conroy told the board he would call attorney Sugarman and get information
regarding the invoice dated October 2000 and report back at the next meeting.
Chairman Conroy discussed the upcoming FPPT A conferences. Ferd Heeb made a
motion to send Jon Williams to the October 1st - 3m conference. Seconded by Rene
Green. Motion CARRIED 5-0.
Chairman Conroy brought to the board's attention the problems they have with the board
having their own post office box rather then the mail coming to the City. It was decided
Chairman Conroy would get the key, close out the post office box and do a change of
address to the City's post office box.
ADJOURNMENT:
With no further business, Jon Williams made a motion to adjourn. Seconded by Phil
Niebieski at 3:20 p.m.
Minutes submitted by:
Personnel Department