05-22-1979 - Workshop
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CITY OF EDGEWATER
CITY COUNCIL WORKSHOP MEETING
May 22, 1979
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Mayor Robert H. Christy called the Workshop to order at 7:00 P.M.
in the Mayor's office.
ROLL CALL
Mayor Robert H. Christy
Councilman Louis J. Rotundo
Councilman David C. Ledbetter
Councilman Walter B. Sikes
Councilman Neil J. Asting
City Attorney Judson Woods, Jr.
City Clerk Richard L. Weser
Police Chief Earl Baugh
Present
Present
Present
Present
Present
Excused
Present
Present
Mayor Christy asked Mr. Jack Ascherl, insurance representative for our
Retirement Fund, to make his presentation.
Mr. Ascherl showed various charts and discussed the two original
presentations he had made some time ago.
Mr. Ascherl said that it is important for the City to have a qualified
plan for their employees. By having this plan the employees will have
a guaranteed income at retirement for the rest of their lives. There-
are also disability and death benefits in the plan.
The Retirement Plan is being administered by Bankers Life. They handle
the investments and the record keeping, it has nothing to do with insurancE
whatsoever. It is simply a pension fund or savings account.
There are two plans one for the police and one for the.general employees.
The normal cost of the plan $10,822.00 represents approximately 8.9%
of compensation. The minimum employer deposit is $15,192.00. The
total contribution required for the police department is $15,587.00.
In the State law it is suggested that you have a Board of Trustees, one
for the general employee plan and one for the police department. The
Police Board of Trustees would consist of the Mayor, Police Chief, two
Policemen and one Edgewater resident. The Board of Trustees for the
general employee Retirement Plan would consist of the Mayor, City Clerk,
two employees and one Edgewater resident. The Council discussed
setting up these Boards.
Mayor Christy asked if there was any more discussion and asked for a
motion to adjourn.
Councilman Sikes made a motion to adjourn, Councilman Ledbetter seconded
the motion.
The Workshop was adjourned.
Minutes submitted by
Donna Prevatt