01-30-2014 - Special'TY OF EDGEWATER P0L10E4FFICMS'PE0,S10V1 BOARD
SPECIAL MEETING MINUTES
City Haambers
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TRUSTEES PRESENT: David, Arcied
Lawrence Leaf
James Morey
TRUSTEES ABSENT: John Tarr
Larry Brinson
OTHERS PRESENT., Christine O'Neal, Foster & Foster (Vial conference call)
John McKinney, Finance Director
1. Call to Order David Arcieri called the imeeti ng to order at 10: OOAM.
2. Roll Call As reflected above,
4, Discussion of revision to October 1. 20111 and October 1. 2012 Actuarial
Valuation Rqpqrtq
a. Previously only the October 1, 2012 actuarial valuation report was revised to
reflect the approved aSSUu1pti0n changes presented at the Dcceniber 16, 2013
quarterly niecting. The City (Mr, McKinney) requested a revision to the October
1, 2011 actuarial valuation to realize a funding reduction for the fiscal year
ending Septen-iber 30, 2013.
i. Board expresses their concern if this will cost the Plan any money (legal.
fees, actuarial trees, etc.)
ii. Mr. McKinney lets the Board know that the only 1ec that will be incurred
is $2,000 that Foster & Foster will charge to revise the valuation reports.
The City will be billed for this workand will pay this in fulL
Motion was niade to Ag _ —_ koL)( Foster & Footer's recommended assua mptions nd methods
effective retroactivell to October 1, 2011 and to rea lize the savhi s� for the fiscal. ar end'
September 30,,2201133 as Mr, Mclunlkey t4 I on inotion made Illy JMey a ,Tames ornd
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second by Lawrence Leaf. inotion carried 30.
Motion was made_ nd 2012 actuarial
valuation !:gpoqs far a fee not -to -exceed $2,000 with as delivery date of 3 weeks. All fees
associated will lie paid in full by the City of Edgewater out of the General 1and !,aL)!Qil
motion ruadc by L,�iwrence eaf�tand ec aacl h J nes Morey, 1EL)tion carried 3-0.
5. Adournment The meeting adjourned at 10: 1 5AM.
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NeX,— 1UMVlqq _
— - #n_q Monday, March 17, 2014 at 1:30PM
illod by- Approved by:
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er ilJenn Ia: Aden, Chairman md
Date Approved By the Pension Board: mf