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10-03-2001 (.) ~ Edgewater Firefighter's Pension Fund Regular Meeting Tuesday, October 3,2001 2:00 p.m. Call to Order: Chairman Jollie called a regular meeting of the Edgewater Firefighter's Pension Board to order on Tuesday, October 3,2001 at 2:10 p.m. at Station 55. Members present were Chairman Jim Jollie, Captain Jill Landreville, Gary Butt and Marty Tse. Laura Reilly was excused. Also present were Donna Looney, Human Resources, and Beverly Kinney-Johnson, Recording Secretary. The Board discussed Mr. Tse's availability to attend Pension Fund meetings. Mr. Tse stated he had recently changed jobs, and his new employer encourages community service. Mr. Tse does not foresee problems with attendance in the future. Minutes: The minutes of September 5, 2001 meeting were presented for approval. A motion to approve the minutes as submitted was made by Captain Landreville, seconded by Gary Butt. Motion carried 4-0. There was discussion regarding current member expiration/appointment dates. Ms. Looney stated the City Clerks office and Human Resources was to be keeping a record of current appointment information. Ms. Johnson will obtain a copy of the current membership list for the Board. The information will be presented at the next scheduled meeting of the Board. Old Business: Recommended Investment Policy: Chairman Jollie discussed the May 24, 2001 letter and enclosure from Sugarman & Susskind. This came about the same time Lance Powers of Trusco Capital Management spoke with the Board, advising we need to change our Investment Guidelines. Chairman Jollie stated we need to have a new investment guideline immediately that incorporates changes in Chapter 112. Captain Landreville interjected the format provided by Sugarman & Susskind will allow the creation of a resolution to update the Pension Board's current Ordinance 95-0-13. Chairman Jollie recommended the Board's approval of the "Statement of Investment Guidelines of the City of Edgewater Firefighters' Pension Fund" draft. The Board will receive this information in a format, which can be put in place. We can send this to Lance Powers of Trusco Capital Management, after it's been adopted by City Council. Any changes we want to make in the future can be done in the Board's timeframe. There was brief discussion regarding the possibility of an independent consultant and the cost involved. Captain Landreville moved to accept the draft statement of investment guidelines as prepared by Sugarman & Susskind, and have them prepare it in Ordinance form. Edgewater Firefighters' Pension Fund Board October 5,2001 u u Regular Meeting Page -2- Motion seconded by Mr. Tse. Motion carried 4-0. Changes to Summary Plan: Chairman Jollie stated the Board received an updated Summary Plan draft from Foster & Foster (Page 4, item C). We are required have a new one drawn up every three years. At the last meeting the Board went through the Summary Plan draft. There was one question the Board had regarding early retirement. Helen Andrews of Foster & Foster explained anything not addressed in this is because our plan has to meet the minimum according to state guideline (local chapter plan). Anything else is above and beyond that. We approved the Summary Plan at our last meeting and distributed the Plan to the members. We had one question about the early retirement eligibility. Page 4 of the newly adopted Summary Plan is not correct. Foster & Foster issued a corrected page 4. This new page 4 is meant to replace the original page 4 that we now have to include in the Summary Draft Plan. Chairman Jollie explained the early retirement eligibility in our Ordinance was not changed - according to the state plan. The original Summary Plan distributed stated "A Member is eligible for early retirement on the first day of the month coincident with or with or next following the attainment of age 50 and the completion of 5 years of Credited Service." The correct wording states "A member is eligible for early retirement on the first day of the month coincident with or next following the attainment of age 50 and the completion of 10 years of Credited Service." There was some discussion regarding the benefits of 5 years of credited service to 1 0 years of credited service. Chairman Jollie was excused at 2:30 p.m. Captain Landreville moved to accept the updated information, page 4, item C. Motion seconded by Gary Butt. Motion carried 3-0. It was agreed the membership receive a memo regarding the new information. Employees should see Ms. Johnson for the sign out sheet to obtain their copy. Statement/rom Foster & Foster, Inc.: Captain Landreville explained the statement from Foster & Foster, Inc., to the Board. The statement included charges for the following: 1. Analysis of available State funding 2. October 1,2000, actuarial valuation and Report 3. Review of proposed Ordinance No. 2000-0-18 and preparation of Letter - no financial impact on the City's funding requirements 4. Preparation of required Summary Plan Description 5. Benefit Calculations: Vola The statement totals $2,975.00. After some discussion, Gary Butt moved to pay the statementfrom Foster & Foster, Inc, seconded by Marty Tse. Edgewater Firefighters' Pension Fund Board October 5,2001 Regular Meeting .-- "'~-=..~:.. (.) u Page - 3 - Discussion Items: Monthly Calendar: There was discussion about a montWy calendar being issued to Board members, to remind them, in advance, of State mandated meetings, and any other meetings scheduled. The calendar's can be e-mailed in advance of the agenda packet. City of EdgewaJer Firefighters' Retirement Pension Fund, Actuarial Valuation as of October 1,2000, and Contributions Applicable to City's Fiscal Year ending September 30,2001: Please see Ms. Johnson in Fire Admin to review this publication. Mr. Tse mentioned an item from the September 5, 2001 meeting regarding a pension plan that included volunteers turned career, and volunteers themselves being included in the pension plan. Captain Landreville stated there would be another meeting scheduled for October 2001. The item shall be addressed at that time. There being no further business to discuss, Gary Butt moved to adjourn, seconded by Marty Tse. Adjournment: 2:45p.m. Respectfully submitted by Beverly Kinney-Johnson Recording Secretary Pension Board 100301