|
September, 2006 |
|
|
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, September 13, 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
Ian Kemp, Trustee
Michael Dew, Trustee
Mark Burnam, Trustee
Tom Topor, Trustee
Betty Burrell, Ex-officio
Steve Cypen, Board Attorney
Lynn Wenguer, Administrator
Laurie DeZayas, Pension Aide
Renee Lipton, Recording Secretary
ALSO PRESENT: Fuzzy Larkin, President, Retirees’ Assoc.
Bill Paton, Vice President, Retirees’ Assoc.
Linda Solomon Duffey, Secretary, Retirees’ Assoc.
Nancy Cone, Treasurer, Retirees’ Assoc.
Jack Chew, Director, Retirees’ Assoc.
Frank Colleran, Retiree
Rick Schulze, Executive Board, Retirees’ Assoc.
Dennis Hole, Retiree
Jack Lokeinsky, President, FOP
Alan Summersgill, Retirees’ Assoc.
ASSET VALUE as of September 12, 2006: $430,791,721.
Chairman Seibert called the meeting to order at 12:30 P.M.
MINUTES: Regular Meeting, August 9, 2006. Mr. Curry made a motion to approve the minutes as submitted. Mr. Kemp seconded the motion. The motion was approved UNANIMOUSLY by the Board.
BENEFIT REVIEW: POLICE DEPARTMENT – New Retirees (Termination of DROP Retirement): Stephen Robitaille, Captain. Date of DROP retirement April 5, 2004 with 22 years of credited pension service and 24.43 total years of service. Monthly pension benefit $5,841.23 (100% Joint & Survivor). DROP account total $186,954.37.
Wayne E. Swenson, Police Officer. Date of DROP retirement October 5, 2001 with 23.99 years of credited pension service. 28.91 total years of service. Monthly pension benefit $4,023.71 (100% Joint & Survivor). DROP account total $283,974.41.
Request for Lump Sum Refund: Lenis Escalante, Police Officer. Date of separation August 11, 2006 with .7836 of creditable service. Lump sum payment due $2,237.63.
FIRE DEPARTMENT: New Retiree – Tara L. Glaff Mager, Fire Inspector I. Date of retirement June 15, 2006 with 20.17 years of service. Monthly pension benefit $3,379.88 (Standard).
New Retiree (Termination of DROP Retirement) – James Sherman, Driver/Engineer. Credited pension service 20. Total years of service 25. Termination date September 13, 2006. Date of DROP retirement September 14, 2001. Monthly pension benefit $3,481.46. DROP account total $247,134.03.
Request for Lump Sum Refund – Frederick M. Shaffer, Firefighter. Date of separation August 13, 2006 with 7.02 creditable years of service. Lump sum payment due $27,213.36.
Beneficiary – Kay Coutts (Retiree Death – William G. Coutts). Date of retirement January 5, 1982. Retiree date of death August 31, 2006. Monthly pension benefit for 1 year $2,960.88 reduced to $1,776.58 (60%).
Motion was made by Mr. Curry to approve the Benefit Review with Mr. Rogers seconding the motion. The motion was approved UNANIMOUSLY by the Board.
BILLS: Standish Mellon submitted a bill for investment services for the period ended 6/30/06 in the amount of $10,065.73.
Stanley, Holcombe & Assoc. submitted a bill for Actuarial Consulting Service through July 25, 2006 in the amount of $5,889.
A motion was made by Mr. Rogers seconded by Mr. Curry to approve payment of these bills as submitted. The motion was approved UNANIMOUSLY by the Board.
INPUT FROM ACTIVE & RETIRED POLICE OFFICERS & FIREFIGHTERS: Jack Lokiensky discussed the issue of Police Pensionable Overtime. He noted that he perceived a problem with the City’s payroll system, which could only use a calendar year, and the Union wanted them to use the anniversary date. The Board advised that this was not a pension board issue.
The discussion then centered on the 40 hours of overtime that would presently be included in pension calculations and it was noted that if additional monies were available additional time could be added. The City would not have to provide any funding for this benefit.
Mr. Dew made a motion that the Board approve, in accordance with the Actuary’s letter dated June 29, 2006, approach “B” starting with 40 hours. The excess hours will not be added at this time. The starting date for this benefit is January 1, 2007. Mr. Curry seconded this motion. The motion was approved UNANIMOUSLY by the Board.
ADMINISTRATOR’S REPORT – Policy Statement. Motion made by Mr. Curry to approve the revised Policy Statement and seconded by Mr. Rogers. The motion was approved UNANIMOUSLY by the Board.
Pension Protection Act of 2006. This Act allow for up to $3,000 of Health Insurance premiums to be tax free as long as it is paid directly to the provider from the Plan. Due to the many questions on the interpretation of this Act, Mr. Cypen will be in touch with a tax attorney for an opinion. Guidelines will then be set up for the procedures to be used in the implementation of this Act. This item is to be placed on next month’s agenda.
Employee Pick-Up. Discussion of Mr. Cypen’s memorandum. No action necessary as this pick-up is included in the ordinance.
Me Too for Vested Members: Mr. Cypen stated that any employee who left the City in any category whether entitled to immediate payments or deferred payments is entitled to this benefit. The administrator will start payments back to the date they are entitled to this money. After the calculations are made, the changes will be brought back to the Board. Discussion ensued as to how many people were involved. The administrator noted that four members were entitled to this benefit and will start receiving it and four members were still vested and not collecting this benefit as yet.
Cypen & Cypen Request for Increase: Mr. Cypen reviewed his letter of August 7, 2006 in which he noted that the monthly retainer of $2,250. has been in place since March 1, 2000. His firm is asking for an increase in the monthly retainer to $3,000. After review of the 20 plus years of service, Mr. Rogers made a motion to approve this increase as of October 1, 2006 with Mr. Burnam seconding the motion. The motion was approved UNANIMOUSLY by the Board.
Small Cap Growth Managers: The contract for Lee Munder has not been finalized. The administrator is waiting to fund both managers at the same time. She will try to expedite this and the trustees will review this issue at the next meeting.
Academic Incentive Pay: A W4-P Income Tax Withholding Statement will be mailed. Payments are scheduled to start in January, 2007.
Pension Board Elections: There are openings for 3 positions; 1 police officer, 1 firefighter and the 7th member elected by the pension board. Letters to fill these positions have been posted and nominations are being accepted.
State Report has been accepted. We would be receiving the checks within the next week or two.
Fiscal Year vs. Annual Year: Mr. Curry asked Ms. Burrell on the status of this issue. Ms. Burrell answered that this change would not be feasible as there would be a problem in the funding.
Mr. Curry also questioned the additional 2% percentage given to firefighters and the fact that vested people did not receive this benefit. Mr. Curry was advised to discuss this issue with Labor Relations as the Board had to follow the ordinance and not the contract.
Mr. Burnam asked to the following changes in reporting:
Systematic Financial – total commissions to be shown
Lynch Jones – eliminate previous managers
Merrill Lynch – use up credit (Ms. Wenguer to take care of this)
FOR YOUR INFORMATION: No action.
There being no further business to be brought before the Board, Mr. Topor made a motion to adjourn at 1:55 with Mr. Kemp seconding the motion. The motion was UNANIMOUSLY approved.
|
|
Meeting Minutes