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December, 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, December 13, 2006 in the Pension Board Conference Room, 888 S. Andrews Avenue, Suite 202, Ft. Lauderdale, Florida 33316.
PRESENT: Dee Seibert, Chairman
Mark Burnam, Trustee
Ian Kemp, Trustee
Michael Dew, Trustee
Tom Topor, Trustee
Betty Burrell, Ex-officio
James G. Behrendt, City Controller
Steve Cypen, Board Attorney
Lynn Wenguer, Administrator
Laurie DeZayas, Pension Aide
Renee Lipton, Recording Secretary
ABSENT: Allan Curry, Vice Chairman
Romney Rogers, Secretary
ALSO PRESENT: Fuzzy Larkin, President, Retirees’ Assoc.
Bill Paton, Vice President, Retirees’ Assoc.
Jack Chew, Director, Retirees’ Assoc.
Linda Soloman-Duffey, Secy., Retirees’ Assoc.
Nancy Cone, Treas., Retirees’ Assoc.
Carl Borino, Director, Retirees’ Assoc.
Ann Lindie-MacNeil, Director, Retirees’ Assoc.
Alan Summersgill, Director, Retirees’ Assoc.
Frank Colleran, Retiree’ Assoc.
Jack Lokeinsky, President, F.O.P.
Dennis Hole, Retirees’ Assoc.
Ed King, Retirees’ Assoc.
Richard Fortunato, Police Dept.
ASSET VALUE as of December 12, 2006: $473,551,801.
Chairman Seibert called the meeting to order at 12:30 P.M. She then advised the trustees that the election results for a trustee to represent the Police Department were in and she then welcomed Officer Fortunato to the Board. He will be seated at the January meeting.
MINUTES: Regular Meeting, November 8, 2006. Mr. Dew 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 Retiree – Termination of DROP Retirement: Christopher Kaye, Police Officer. Date of DROP retirement November 1, 2003 with 22.90 credited years of service and 25.92 total years of service. Termination date December 20, 2006. Monthly pension benefit $4,430.44 (Life Annuity). DROP account total $187,608.01.
DROP Retirees: Richard W. Dabe, Police Officer. Date of DROP retirement October 12, 2006 with 20 years of service. Monthly pension benefit $3,636.80 (100% Joint & Survivor).
David J. Dittman, Detective. Date of DROP retirement November 11, 2006. Years of service 20.02. Monthly pension benefit $3,650.08.
Charles L. Morrow, Detective. Date of DROP retirement November 13, 2006 with 22 years of service. Monthly pension benefit $4,005.78 (100% Joint & Survivor).
Request for Lump Sum Refund: Scott R. Feldman, Police Officer. Date of separation December 5, 2005 with .89 years of service. Lump sum payment due $2,645.77.
FIRE DEPARTMENT – Beneficiary – Retiree Death: Mildred Cowie dependent upon James A. Cowie. Date of retirement July 1, 1980. Retiree date of death November 8, 2006. Pension benefit $2,532.98 (for one year). Reduced to $1,519.79 (60%).
Motion was made by Mr. Topor to approve the Benefit Review with Mr. Dew seconding the motion. The motion was approved UNANIMOUSLY by the Board.
BILLS: Standish Mellon submitted a bill for investment management fees for the period from 7/1/06 – 9/30/06 in the amount of $10,439.92.
Cypen & Cypen submitted two bills for professional services rendered from 10/01/06 through 10/31/06 in the amounts of $1,559.75 and $723.31.
Mr. Topor then made a motion to approve payment of these bills with Mr. Kemp seconding the motion. The motion was approved UNANIMOUSLY by the Board.
INPUT FROM ACTIVE & RETIRED POLICE OFFICERS & FIREFIGHTERS: Jack Lokeinsky representing the Fraternal Order of Police, Lodge 31, thanked Chairman Seibert for her dedication and years of service to this fund and presented her with a plaque. Chairman Seibert thanked him for this presentation.
ADMINISTRATOR’S REPORT: Mrs. Wenguer, on behalf of the Board of Trustees, presented Chairman Seibert a plaque and thanked her for the time she spent as a trustee as well as her work as Chairman. Chairman Seibert thanked everyone for their well wishes and the plaques she received.
Pension Protection Act of 2006: Mr. Cypen referred to the National Conference on Public Employee Retirement Systems Memorandum re this Act. He advised that he did not agree with some of their interpretations. The trustees discussed the method to be used in making these payments and who would be entitled to this tax-free advantage of hospitalization payments. Ms. Burrell and Mr. Behrendt discussed the constraints of the payroll system. This benefit is for disabled employees and normal retirement members and does not included vested or early retirees. The pension administrator will instruct the Finance Department as to who will qualify for this benefit.
Mr. Lokeinsky discussed the Health Trust’s involvement in this issue.
It was decided to send retirees a letter giving them the option of a non-tax status for these funds.
7th Member Seat: The seated Board members will elect a new member at the January, 2007 meeting.
Share Plan Overpayments: The trustees discussed the issue of a payment to a former member who has not responded to the Administrator’s request for a repayment of these funds. These funds belong to the firefighters in the Share Plan and not the Pension Plan. The trustees discussed several avenues that could be used to try to recoup these funds. The Administrator added that a possible monthly payment of $215. would be one way of handling this situation.
Mr. Kemp discussed his concern over the fact that this issue was not immediately brought to the Board’s attention. The Administrator advised that she and the attorney had been working to resolve this issue.
After a lengthy discussion of the way this should be handled, Mr. Kemp made a motion to send a letter sent advising that repayment in full had to be made within 30 days which will include a waiver of pre-judgment interest, attorney’s fees and costs Mr. Dew seconded the motion. The motion was approved UNANIMOUSLY by the Board.
Pension Board Meeting Recording: The Administrator advised the trustees that she was looking into digitally recording the meetings. Mr. Cypen advised the trustees that they did not have to record the meetings as long as minutes were taken. Mr. Topor agreed with Mr. Cypen’s advice.
Chairman Seibert asked the Board to first consider whether they wanted to continue to tape the meetings before looking into another method. The trustees were advised that this item will be placed on the next agenda. The item was tabled until next month when it will be addressed
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City of Fort Lauderdale Lawsuit: Mr. Cypen advised that this item has been set down on cross-motions for summary judgment on Monday, February 12, 2007 at 10:00 A.M. before Judge Moe.
Bank of New York/Mellon Merger: The Administrator stated that Mr. Pulos has advised that this merger would have no effect on this fund.
2007 Proposed Meeting Dates: Distributed to the trustees for their input.
Health Insurance: The Administrator stated that due to circumstances she now needed to enroll in the City’s health insurance. Although she had been offered this benefit, she had not needed it until this year. The trustees discussed the cost of the employee contribution as well as the employer’s cost. This issue will be reviewed at the January meeting when the figures will be available.
Mr. Dew requested that the Administrator provide the trustees with her compensation package as well as a study on the compensation of pension administrators. This will be reviewed at the January meeting.
Spread Sheet: Mr. Dew made a correction on the date.
Investment Program Review by Asset Management will be discussed at the January meeting.
The trustees were asked to bring the books that were distributed to the next meeting.
Webmaster: After discussion, it was decided that the Administrator would bring three possible Webmaster services and fee schedules.
FOR YOUR INFORMATION: No action.
There being no further business to be brought before the Board, Mr. Topor made a motion to adjourn at 1:45 P.M. with Mr. Dew seconding the motion. The motion was UNANIMOUSLY approved.
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Meeting Minutes