The URL can be used to link to this page

Home My WebLink About12-11-1996 Minutes (re THE CITY OF OCOEE GENERAL EMPLOYEES' RETIREMENT TRUSTS FUND (PENSION BOARD MEETING) - December 11, 1996 Chairperson Dabbs called the meeting of the City of Ocoee General Employees' Retirement Trust Fund to order at 7:39 a.m. in the Commission Chambers Conference Room of City Hall. The roll was called and a quorum declared present. PRESENT: Chairperson Dabbs, Members Carter, Grafton, Murphy, and Oliver. Also present were Actuary Foster, Attorney Dehner, and Clerk/Stenographer Lewis. ABSENT: None APPROVAL OF MINUTES Member Oliver, seconded by Member Grafton, moved to approve the Minutes of the November 14 1996 General Em.to ees' Retirement Trust Fund meetin• as 'resented. Motion carried unanimously. QUESTIONS/COMMENTS FROM AUDIENCE None DISCUSS/APPROVE BENEFIT IMPROVEMENTS TO THE PLAN Actuary Foster presented a handout of the benefit improvement alternatives that had been discussed at the November meeting as candidates for changes in the Plan provisions. He explained the analysis in detail (See Exhibit "A"), and said that the figures had been determined as of October 1, 1996 from the 1997-98 fiscal year figures. The benefit improvements would not apply to anyone that was currently retired or anybody who was waiting for a deferred vested benefit. Members were employed and covered under the Plan on the date the improvement was adopted and future employees who would come into the Plan. Mr. Foster explained how these changes would affect the City's funding requirement if they were implemented. Discussion ensued about various factors such as increasing the benefit rate, a reduction in the Average Final Compensation period from five (5) years to three (3) years (of the best 10 years), a $100 per month benefit supplement for current and future retires, and in providing a one-time 10% increase (cost of living adjustment) for current retirees and beneficiaries. Attorney Dehner advised the Board that they should make a recommendation which would be in the best interest of all parties. Member Grafton, seconded by Member Oliver, moved to approve option's "B" and "E" as presented in the report from Foster & Foster, Inc. Motion carried unanimously. Discussion ensued about changing the 7:30 a.m. meeting time of the February meeting, and the consensus of the Board was to change the time to 9:00 a.m. Member Grafton also said that it would be a time for serious review of the Summary Plan Description, the Operating Rules and Procedures, etc. General Employees' Retirement Trust Fund December 11, 1996 Chairperson Dabbs asked how the Board planned to notify members of their decision, and that the recommendation would be submitted to the City Commission. Attorney Dehner said that it was appropriate for the Board to take it to membership, and Actuary Foster suggested the preparation of an announcement that could be included in the member's paycheck envelope. Member Murphy, seconded by Member Oliver, moved to have a meeting on February 10, 1997, from 11:00 a.m. until 1:00 p.m. opened to all General employees, brown bag lunch, to be advertised in paychecks that they receive prior to that time for the purpose of explaining the Board's proposed benefit increase to all the members of the Plan. Motion carried unanimously. Chairperson Dabbs will prepare the notice to members that will be placed in their payroll envelope. In response to Attorney Dehner, Actuary Foster said that the 10% percent was applicable to early and normal retirees and beneficiaries of retirees but not to terminated vested. OTHER BUSINESS Member Murphy reported that he had been approached by Larry Longnecker of Dean Whittier, who would like consideration should the Board ever decide on another money manager. Member Grafton said that she hears regularly from Merrill Lynch for the same thing. BILLS AUTHORIZED FOR PAYMENT Member Grafton presented the bills for payment, and then requested approval of the Board to present to SunTrust for payment, the following bills: 1. Florida Public Pension Trustees Association $150.00 1997 Annual Fee (ratify payment) 2. Christiansen & Dehner Professional Services Rendered $ 644.35 3. Judie Lewis, Recording Secretary Secretarial Services $58.86 Member Oliver, seconded by Member Carter, moved to approve or ratify payment of the bills as presented. Motion carried unanimously. Member Grafton explained that Wanda Horton, Finance Manager, wanted to make sure that the City receives (quarterly) reports from the Money Manager, Actuary, and Performance Monitor, and also, a copy of the Expenditures Report. Actuary Foster said that once the Board approves their reports, they are given to Ms. Horton. Chairperson Dabbs said that it had come to their attention that this may be the last meeting that is covered by Clerk Stenographer Lewis. He would like the record to show that the Board Low 2 General Employees' Retirement Trust Fund Car December 11, 1996 had appreciated her service, cooperation, particularly in planning the retirement seminar, and all the other things that she had done which benefited the employees in this City. COMMENTS Attorney Dehner had no additional comments. ADJOURNMENT Chairperson Dabbs adjourned the meeting at 8:30 a.m. Respectfully submitted, J ie Lewis, Clerk/Stenographer a:\wp60\GE 121196.M\j fl L 3