09-22-2003
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Edgewater Firefighter's Pension Fund
Regular Meeting
September 22,2003
Station 57
2628 Hibiscus
5:30 p.m.
CALL TO ORDER:
Chairman Jollie called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on Tuesday, September 22, 2003 at
5:35 p.m. at Station 57.
ROLL CALL:
Members present were Chairman Jim Jollie, Mr. Gary Butt, Mr. Marty
Tse, and Mr. Ron Hayward. Ms. Laura Reilly was absent. Also present
was Shontella Jackson, Recording SecretaI}'.
APPROVAL OF MINUTES:
The minutes of the April 22, 2003 meeting were submitted for approval.
MOTION by Mr. Butts, SECONDED by Mr. Tse to approve the
minutes of April 22, 2003 meetin~. MOTION CARRIED
UNANIMOUSLY.
OLD BUSINESS:
Chairman Jollie gave a brief overview on the old business. Regarding
fiduciary liability, the Fire Pension has been lumped in with the other
two pension plans to save on cost. Chairman Jollie had a meeting with
the City Manager, Personnel Manager, and the Finance Director
conceming possible improvements to the pension plan. The three items
that were discussed were: military buyback, volunteer buyback and
DROP plans. MilitaI}' buyback, the City Manager liked the idea but
would recommend the standard five-year cap. Personnel within the plan
would pay for the cost. When it came to volunteer buyback, the City
Manager wanted a three-to-one buyback rather than a one-to-one
buyback. Chairman Jollie will tI}' to contact Patricia Shoemaker with the
State Division of Retirement conceming these issues. Chairman Jollie
stated that he has sent a letter to Foster & Foster having them provide
us with any financial liability information regarding militaI}' and
volunteer buyback. They will also provide us with a calculation
spreadsheet for individuals personnel cost.
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Edgewater Firefighters' pt.jn Fund 0
Regular Meeting
f)9/22/03 Page 2
Chairman Jollie discussed and gave a sample of the DROP plan. Mr.
Butts felt that the DROP plan was a good plan. Mr. Tse stated that the
City of Daytona has the DROP plan and noted that you have that option
to quit it but once you quit it you cannot get back in. Mr. Tse agreed
that it should be a one on one buyback for volunteers. Mr. Howard
stated that it is not easy to buyback time due to the costs but he think it
benefits the City to be able to buy personnel out because its cheaper for
them.
NEW BUSINESS:
Chairman Jollie presented the letter from Foster and Foster showing the
balance that the City had to pay for the funding for this year. The City is
preparing to cut a check for Foster and Foster currently.
DISCUSSION ITEMS:
None.
ADJOURNMENT:
MOTION by Marty Tse, SECONDED by Gary Butts to adjourn. The
meetin,;! adjourned at 5:49 p.m.
Next meeting scheduled for November 21,2003.
Minutes respectfully submitted by:
Shontella Jackson
Recording Secretary
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