04-22-2003
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EdgewaterFirefighterts Pension Fund
Regular Meeting
TuesdaYtApril 22t2003
Station 57 t 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, April 22, 2003 at 5:39
p.m. at Station 57.
Ron Call: Members present were Chairman Jim Jollie, Mr. Gary Butt, Ms.
Laura Reilly, and Mr. Ron Hayward. Mr. Marty Tse is absent and he called. Also
present was Shontella Jackson,. Recording Secretary and Chief Tracey Barlow.
Chairman Jollie for the record welcomed Shontella Jackson our new recording
secretary.
Approval of Minutes: The minutes of the January 28, 2003 meeting were
submitted for approval. Ms. Reilly moved to approve the minutes as submitted.
Mr. Butts seconded. . Motion carried 4-0.
Old Business: Chairman Jollie stated the only old business we have on the
agenda tonight is the Proposed investment policy. He stated that we did receive
a letter back from Mr. Sugarman's office talking about the proposed investment
policy. Chairman Jollie spoke on the phone with Ken Harrison, the person who
drafted the letter. Mr. Harrison outlined some of the areas and basically stated
that we could leave it alone is what Chairman Jollie gathered from him. Mr.
Harrison stated that it is fine like it is per Chairman Jollie. Noting on the first
page of the investment percentages our target is 7 Y2 percent as our target rate.
Mr. Harrison recommended leaving it at 10 percent due to it may be wise in the
future.
On the devaluation project on page 2 first paragraph of the letter from Mr.
Harrison stated it talked about requirements having being placed and then
under the communication. Basically, everything we have in place is something
we can already get when we want to talk to them on the phone. We can gain
the information we want just by communication stated Chairman Jollie.
Mr. Harrison removed the insurance annuity from prohibited transactions.
Chairman Jollie stated that the change that has been recommended seems fme.
The board considered the changes brought forth by Sugarman and Susskind.
Ms. Reilly moved to accept the policy with Sugarman & Susskind changes,
seconded by Mr. Butts. Motion CARRIED 4 to O.
New Business There were no discussion items at this time.
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Discussion Items: There was discussion regarding the jurisdiction insurance.
Chairman Jollie stated the City has not purchased the jurisdiction insurance
and that he will speak with the Finance Director on this matter. Chairman
-Jollie. will. pursue the jurisdiction insurance issue. He will contact Mr. Foster
and draft a letter for this matter.
There was also discussion on the military Jvolunteer plan. Chairman Jollie
states that it actually cost the city nothing but right now we do not have it
written into our ordinance. He also stated that we are probably looking at a
drop plan and try to get a couple of things we want in the plan that is free of
charge. The volunteer issues are complete separate due to the tremendous
cost. Chairman Jollie stated that the military would be free. Ms. Reilly
inquired if we could do the military first and Chairman Jollie stated he sees no
reason we not. Chairman Jollie sated we need to make an amendment to the
ordinance and have it go through Council. Chairman Jollie stated the sooner
we do it the better in regards to cost. It would probably cost us some money to
get this pension fund rolling but I think the longer we put it off the more its
going to cost us. Ms. Reilly made a motion to start the research on the
military Jvolunteer plan -and probably the drop plan. Seconded by Mr. Butts.
Motion CARRIED 4 to O.
Adjournment: There being no more business to come before the board at this
time, Mr. Butts moved to adjourn. Mr. Hayward seconded. Meeting adjourned
at 6:04 p.m.
Minutes respectfully submitted by:
Shontella Jackson
Recording Secretary
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