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June, 2006 |
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POLICE & FIREFIGHTERS' PENSION BOARD REGULAR MEETING
Pursuant to authority of Ordinance C-00-34, Article II, this regular meeting of the Police & Firefighters' Pension Board convened at 12:30 P.M., Wednesday, June 14, 2006 in the Pension Board Conference Room, 888 S. Andrews Avenue, Suite 202, Ft. Lauderdale, Florida 33316.
PRESENT: Dee Seibert, Chairman
Allan Curry, Vice Chairman
Romney C. Rogers, Secretary
Tom Topor, Trustee
Mark Burnam, Trustee
Steve Cypen, Board Attorney
Lynn Wenguer, Administrator
Laurie DeZayas, Pension Aide
Renee Lipton, Recording Secretary
ABSENT: Ian Kemp, Trustee
Michael Dew, Trustee
Betty Burrell, Ex-officio
ALSO PRESENT: Fuzzy Larkin, Pres., Retirees’ Assoc.
Bill Paton, Vice Pres., Retirees’ Assoc.
Nancy Cone, Treasurer, Retirees’ Assoc.
Linda Solomon Duffey, Secretary, Retirees’ Assoc.
Ann T. Lindie, Director, Retirees’ Assoc.
Jack Chew, Retirees’ Assoc.
Frank Colleran, Retirees’ Assoc.
Rick Theiss, Retirees’ Assoc.
Bruce Holdstein, Retirees’ Assoc.
Stephen R. McInerny, Acting Fire Chief.
Richard Hickman, Fire Dept.
Richard A. Sicking, Esq.
Regina M. Calcaterra, Barrack Rodos & Bacine PA
Maya Saxena, Saxena White PA
Joseph White, Saxena White PA
ASSET VALUE as of June 13, 2006: $422,843,113.
Chairman Seibert called the meeting to order at 12:30 P.M.
MINUTES: Regular Meeting, May 10, 2006. These figures will be checked. Mr. Rogers made a motion to approve the minutes as submitted. Mr. Curry seconded the motion. The motion was approved UNANIMOUSLY by the Board.
BENEFIT REVIEW: POLICE DEPARTMENT – New Retiree – Termination of DROP Retirement: William P. Jacobsen, Police Officer. Date of DROP retirement July 10, 2001 with 20 credited years of pension service and 25 total years of service. Termination date July 9, 2006. Monthly pension benefit $3,106.84. DROP account total $225,231.94.
Vesting: Richard A. Milroy, Police Officer. Last day worked April 14, 2006 with 18.36 years of service. Monthly pension benefits of $3,380.04 to commence December 7, 2007.
Retiree Death: Charles G. Page, Jr. Date of retirement September 1, 1980. Deceased May 15, 2006. No survivor.
FIRE DEPARTMENT – New Retiree – Termination of DROP Retirement: Leonard B. Ensalaco, Firefighter. Date of DROP retirement October 2, 2005 with 22.02 credited years of pension service and 22.65 total years of service. Termination date May 19, 2006. Monthly benefit
$4,188.56. DROP account total $32,630.55.
DROP Retiree: Gregory C. Best, Lieutenant. Date of DROP retirement June 11, 2006 with 20.16 years of service. Monthly pension benefit $4,465.57 (Standard).
Motion was made by Mr. Curry to approve the Benefit Review with Mr. Burnam seconding the motion. The motion was approved UNANIMOUSLY by the Board.
FIRE DEPT. – Request for Disability (Informal Hearing): Richard Hickman
Mr.Cypen discussed the criteria for approving a disability. He also noted that there were 265 pages of medical reports. He then called on Richard Sicking, Esq. who reviewed some of the medical information and quoted Dr. Lupu’s report that stated “I believe that his career is at an end.”
Mr. Cypen then swore in Acting Fire Chief McInerny who stated that Mr. Hickman had been found medically unfit for duty by Dr. Feldman (Medworks). Upon being asked if there were any light duty positions available; he answered that there were no light duty positions available in the Fire Department at the present time.
The trustees discussed the differences noted in the reports submitted by the examining physicians and the discrepancies in the check-off sheet each physician completed. After discussion, Mr. Curry made a motion to approve this disability. Mr. Rogers seconded the motion. After further discussion a vote was taken. Ms. Seibert, Mr. Rogers, Mr. Burnam and Mr. Topor voted against the motion with Mr. Curry voting for the motion. The motion died for a lack of a majority vote.
Mr. Sicking stated that the Fire Department would not take Mr. Hickman back as they do not have a position for him. It was also noted that the City would terminate his employment after a two-year absence.
Mr. Topor made a motion to table this disability request and have the existing panel of doctors revisit their form reports both in general and specifically with the advice that the department has said that there are no positions other than firefighter. Dr. Lupu will be asked to redo his report after receiving the revised reports. At the informal hearing, Dr. Lupu will be asked to be available either in person or by telephone to give additional explanations as needed. Mr. Rogers seconded the motion. The motion was approved UNANIMOUSLY by the Board.
BILLS: Standish Mellon submitted a bill for investment services for the billing period ending March 31, 2006 in the amount of $10,312.13.
Koch Reiss submitted a progress bill for the period ending December 31, 2005 in the amount of $3,500.
Atkinson, Diner, Stone, Mankuta & Ploucha submitted a bill through 05/25/06 in the amount of $2,340.83.
Cypen & Cypen submitted a bill for professional services from 03/01/06 through 04/30/06 in the amount of $542.16.
A motion was made by Mr. Curry seconded by Mr. Burnam to approve payment of these bills as submitted. The motion was approved UNANIMOUSLY by the Board.
2005 ANNUAL AUDIT – Koch Reiss – Mr. Bellantoni provided the trustees with the ratings on the commingled fund that they had asked for. This has been added to the final audit report.
Mr. Curry made a motion to accept the 2005 Annual Audit with Mr. Rogers seconding the motion. The motion was approved UNANIMOUSLY by the Board.
SECURITIES LITIGATION: Barrack, Rodos & Bacine – Regina Calcaterra reviewed the merits of the securities litigation case against XM Satellite Holding, Inc. and recommended to the Board that they file for lead plaintiff in this case.
The trustees discussed this issue. Mr. Cypen recommended that the trustees hire Barrack, Rodos & Bacine to represent this Board in this case.
Mr. Rogers left the meeting at 1:30 P.M.
The remaining trustees continued to discuss this issue. Mr. Topor then made a motion to agree to retain the firm of Barrack, Rodos & Bacine to file a class action suit either separately or with others represented by the same law firm against XM Satellite Inc. in the appropriate court. To also execute and deliver those documents necessary included but not limited to the certification required; the fee letter which will indicate that the fee is totally contingent and also recognizing participation between the law firm of Barrack, Rodos & Bacine and general counsel for the Board. To furnish other and further documents that may be necessary or appropriate to carry out the intent of the motion. Motion was seconded by Mark Burnam. Chairman Seibert, Mr. Burnam and Mr. Topor voted for the motion with Mr. Curry voting against the motion. Motion fails for a lack of the minimum of four (4) votes required.
INPUT FROM ACTIVE & RETIRED POLICE OFFICERS & FIREFIGHTERS:
None.
ADMINISTRATOR’S REPORT - Firefighters’ 2% Bonus was discussed. Mr. Cypen advised that in order to be entitled to this bonus a firefighter must meet the definition of normal retirement as written in the ordinance.
Plan Year End – Review of synopsis. No action taken.
Saxena White - After review of their letter dated May 25, 2006 and a discussion of the investigation of Milberg Weiss Bershad & Schulman, Mr. Burnam made a motion to terminate Milberg Weiss and replace them with Saxena White. Mr. Curry seconded the motion. The motion was approved UNANIMOUSLY by the Board.
The Administrator was asked to set a special meeting prior to July 3rd to interview firms to enable the Board to participate in the class action suit against XM Satellite Holdings, Inc.
FOR YOUR INFORMATION: No action.
There being no further business to be brought before the Board, Mr. Topor made a motion to adjourn at 2:50 P.M. with Mr. Curry seconding the motion. The motion was UNANIMOUSLY approved.
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Meeting Minutes