07-16-2002
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Edgewater Firefighter's Pension Fund
Regular Meeting
Tuesday, July 16,2002
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, July 16, 2002 at 5:36
p.m. at Station 57.
Roll Call: Members present were Chairman Jim Jollie, Mr. Gary Butt, Ms.
Laura Reilly, Mr. Ron Hayward and Mr. Marty Tse. Also present was Recording
Secretary Lisa Miller.
Approval or Minutes: The minutes of the April 16, 2002 meeting were
submitted for approval. Mr. Butt moved to approve the minutes as submitted.
Mr. Tse seconded. Motion carried 5-0.
New Business: There was no new business at this time.
Old Business: Chairman Jollie noted for the record that they had received
notification the annual report had been approved, but they are starting to let us
know that an outside audit needs to be done.
Chairman Jollie stated he received a contract from Mr. Ward Foster that is a
standard contract. He noted that the Board had always had a verbal contract
only with Foster and Foster Actuarial Services. Ms. Reilly moved to send the
contract from Foster and Foster, Inc. to Mr. Sugarman for his review. Mr. Butt
seconded. Motion CARRIED 5 to O.
Chairman Jollie stated he had a meeting with the City Manager regarding the
changes that Mr. Foster had given the prices on. He stated Mr. Hooper liked the
idea of the medical stipend, but he also liked the idea of buying back volunteer
time of service better than trying to put a monetary amount on volunteer
service. Chairman Jollie stated it was a productive meeting and the Finance
Director was looking into just how much money they actually had in the fund of
extra State money to make changes to the plan. Chairman Jollie stated the way
the market has been, now was not the time to be requesting any changes. The
Board discussed tabling any changes until things settled down and the extra
State money for the changes could grow. It was agreed that the Board would
wait to consider any changes to the plan.
Chairman Jollie stated the City put out Requests For Proposals (RFP) out for
consultant work to have an independent company come in and check our
books. He noted the Police Department and the Fire Department must have this
independent audit done every three years. Chairman Jollie stated there were
two companies that came back with proposals of the costs to do the audits.
Chairman Jollie stated a person from every board would be assigned to a
subcommittee to pick the most appropriate one to use. Mr. Hayward moved to
Edgewater Firefighters' pe~n Fund 0
Regular Meeting
07/16/02 Page 2
appoint Chairman Jollie to the review board to choose a company for the
independent audit. Ms. Reilly seconded. Motion CARRIED 5 to O.
Chairman Jollie stated Mr. Foster foxwarded him a long list of people who do
fiduciary insurance and he is taking that list to City Hall for their information.
He stated these are people that Foster & Foster have worked with before so he
will provide the information and City Hall can go from there.
Discussion Items: There was discussion regarding upcoming pension schools.
Adjournment: There being no more business to come before the board at this
time, Mr. Butt moved to adjourn. Ms. Reilly seconded. Meeting adjourned at
5:45 p.m.
Minutes respectfully submitted by:
Lisa R. Miller
Recording Secretary
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