HomeMy WebLinkAbout03-02-1993 Minutes MINUTES OF THE OCOEE GENERAL EMPLOYEES' PENSION BOARD MEETING
,,,, HELD MARCH 2, 1993
The meeting was called to order by Jean Grafton, acting chairman, at 2:15 p.m. in the
community center lounge. Present were Members Joyce Oliver, Tanya Miller, Jean Grafton,
Ward Foster, and Attorney Lee Denner. Chairman Paul Lewis arrived late in the meeting.
Member Judy Henry was not present due to illness.
Joyce corrected the minutes of the January 20th meeting to reflect that Fran Gosnell was present
in addition to those listed. There was also a question raised regarding the convenience of the
schedule established at this meeting for future meetings and consensus was to deal with any
proposed changes at a later date. Joyce moved to approve the minutes as corrected and Tanya
seconded. Motion carried unanimously.
Lee advised that the memo re: Implementing the New Withholding/Rollover Rules should be
distributed to all employees and arrangements were made for that to be done at the general
informational meeting scheduled immediately following this business session. Lee asked also
if the Summary Plan Description and the Selected Provisions from the Rules and Procedures as
approved April 29, 1992 had been distributed yet. It was determined that Jean would take care
of this if it has not already been done. Lee pointed out that there is a need to amend the plan
ordinance prior to January 1994.
thay Jean presented a letter from Steve Kalogridis, Corporate Securities Group Inc., requesting that
he be designated broker of record for the City of Ocoee account. The Board determined that
a commitment to one broker should not be made at this time.
Jean reported that Alan Srofe, who resigned his employment March 1, 1993, has submitted the
request for return of contributions to vested employee and waiver of rights and benefits form.
Lee said the proper procedure now is to provide Srofe with the special tax notice, have him
receipt for it and then the Board should act on it within the time frame provided by statute.
Ward gave a report and advised that, due to economic conditions, the Board may wish to instruct
ICC to invest more in stocks. Ward then presented the personal statements for the employees
to be distributed at the general meeting later in the day. He said also that it would be important
to have ICC present at the next meeting to present a report.
Ward presented a bill in the amount of$4,425.00. Jean moved, and Joyce seconded, to pay this
bill if it is in line with what has been presented before. Motion carried unanimously.
The meeting adjourned at 3:40 p.m.
1
Grafton, Vic; hairman
MINUTES OF THE OCOEE GENERAL EMPLOYEES' PENSION BOARD
(iv INFORMATIONAL MEETING FOR ALL GENERAL EMPLOYEES
HELD MARCH 2, 1993
Chairman Paul Lewis called the meeting to order in the community center at 3:45 p.m. and
asked that board members introduce themselves.
PRESENT: Chairman Lewis, Members Jean Grafton, Tanya Miller, and Joyce Oliver,
Attorney Lee Denner, Actuary Ward Foster, Portfolio Administrators Terry
McDougal and David Brock.
ABSENT: Secretary Judy Henry
Attorney Lee Dehner explained that this is the annual informational meeting for general
employees as set by board policy, and he advised further that all employees are invited and
encouraged to attend the regular board meetings as well. Mr. Denner explained the forms that
had just been distributed showing the new withholding/rollover rules were made necessary by
an amendment to the pension rules signed by President Bush in January 1992. He then advised
that the Summary Plan Description will be distributed to each member by the board secretary
at a later date.
Mr. Foster explained that the personal statements that were distributed to each employee at this
meeting may over/understate the benefits.
The floor was opened for questions and some of the questions asked by employees follow with
the response underlined.
Dave Gosnell asked if a fully vested person who is leaving (not retiring) can expect to receive
back only what they have contributed or if they will receive the City's contribution as well.
Only the employee's contribution will be returned to an employee who is leaving.
Peggy Psaledakis asked if the employee's statement could include a line showing the employee
age, hire date and early retirement benefit. Mr. Foster said yes.
It was pointed out that, at the board's discretion, if a refund is less than $3,500 it can be
returned in a lump sum.
Bruce Behrens asked who set the retirement age at 60. Peggy Psaledakis and City Manager
Shapiro determined the retirement age.
Bruce Behrens asked if an annual report could be scheduled for the employee's hire date as a
matter of convenience for the employee, and also if the employee should pay for it themselves.
Board will deliberate this at the next meeting.
Mr. Delmer advised that employees must advise the board members in case of a marriage or
divorce.
•
General Employee Pension Board Informational Meeting
March 2, 1993
Chairman Lewis thanked all in attendance for their input and adjourned the meeting at 5:00 p.m.
4.f A,./Ar
Jea- Grafton, Vice C .firman
L
Le 2