04-26-2005
Edgewater Firefighter's Pension Fund
Regular Meeting
April 26, 2005
Edgewater Fire Rescue Station 57
2626 Hibiscus
5:30 p.m.
CALL TO ORDER:
Chairman Jollie called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on April 26, 2005 at 5:32 p.m. at
Edgewater Fire Rescue Station 57.
ROLL CALL:
Members present were Chairman Jim Jollie, Co-Chairman Ron Hayward,
and Ms. Laura Reilly. Also present was Fire Chief Tracey Barlow and
Shohtella Jackson, Recording Secretary.
Special guest appearance by Doug Logan of Foster & Foster.
Absent and excused was Marty Tse and Gary Butt.
APPROVAL OF MINUTES:
The minutes of the February 1, 2005 meeting was submitted for
approval. MOTION by Laura Reilly. SECOND by Ron Havward to
aDDrOye the minutes of Re2Ular Ede:ewater Firefie:hter's Pension
Board on Februarv 1. 2005. MOTION CARRIED UNANIMOUSLY.
NEW BUSINESS:
Doug Logan of Foster & Foster presented the annual actuarial report. As
of October 1, 2004 the City of Edgewater has contributed a total
$181,391. Four year average of 2.6%. Doug Logan recommended adding
the new method to the plan. If the plan continues to use the old method
the City would have to contribute $348,820 by introducing the new
method to the plan the contribution would be $308,388.
MOTION by Laura Reillv. SECOND by Ron Havward to acceDt the
reDort as written and the new entrv ae:e cost method (new method),
MOTION CARRIED UNANIMOUSLY 3-0. Chairman Jollie will forward
this information to the State and City Hall.
Edgewater Firefighters' Pension Fund
Regular Meeting
2/1/05 Page 2
Chairman Jollie presented the quarterly report from Trustco for the
Board to review. Chairman Jollie will research the Sugarman &
Susskind bill and place this item on the next agenda.
Chairman Jollie stated that Burgess Chambers did a three year
investment program review of the whole pension fund. The City would
like to have Burgess Chamber to conduct this evaluation again. The cost
would be $5,500 for each program review at approximately the same cost
as last year. MOTION bv Laura Reillv. SECOND bv Ron Havward to
acceot the orooosal from Bure:ess Chambers & Associates to conduct
the investment review as outlined in the contract. MOTION
CARRIED UNANIMOUSLY 3-0.
OLD BUSINESS:
Chairman Jollie briefed the Board on his discussion with Mr. Hooper and
Mrs. Sigler. The only changes proposed are the drop account earnings,
and participation in back drop which would have an impact on the plan.
MOTION bv Ron Havward. SECOND bv Laura Reillv to forward the
Aoril 19th memo of the orooosed orior service and third oartv
oavment ordinance to Citv Hall for aooroval. MOTION CARRIED
UNANIMOUSLY 3-0.
DISCUSSION ITEMS:
None.
ADJOURNMENT:
Chairman Jim Jollie adiourned the meetine: at 6:30 p.m.
Minutes respectfully submitted by:
Shontella Jackson
Recording Secretary
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