HomeMy WebLinkAbout06-02-1997 Minutes MINUTES OF THE CITY OF OCOEE GENERAL EMPLOYEES' PENSION BOARD
MEETING HELD JUNE 2, 1997
CALL TO ORDER
Chairman Dabbs called the meeting to order at 7:15 a.m. and, upon calling the roll, announced
that a quorum was present.
PRESENT: Chairman Dabbs, Trustees Carter, Grafton, and Murphy. Also present was
Personnel Director Psaledakis.
ABSENT: Trustee Oliver.
APPROVAL OF GENERAL EMPLOYEES'RETIREMENT TRUST FUND MINUTES
OF MAY 7,1997.
Trustee Murphy, seconded by Trustee Carter,moved to accept the minutes of the May 7. 1997
meeting as presented. Motion carried 4-0. (Trustee Oliver was not present.)
QUESTIONS/COMMENTS FROM AUDIENCE
There were no comments.
OTHER BUSINESS
likov Discussion/Direction to ICC and STI regarding Nasdaq Market-Makers Antitrust
Litigation M.D.L. No. 1023.
Chairman Dabbs advised that a letter received from Attorney Dehner notifying this Board of
the Nasdaq Market-Makers Antitrust Litigation M.D.L. No. 1023 required a response from this
Board in order to participate with the Attorney General's Office in connection with the multi-
state working group and the action being filed. The letter requested that a complete record of
equity trades on the Nasdaq exchange made between May 1, 1989 and May 27, 1994 be provided
by our investment managers to Christiansen& Dehner on or before June 16, 1997. Trustee
Carter seconded b Trustee Murphy, moved to authorize ICC and SunTrust to provide the
requested information as soon as possible. Motion carried 4-0. (Trustee Oliver was not present.)
(Clerk's note: ICC was the money manager of record from January 1992 through November
1994.)
DISCUSSION/ACTION RE: REQUEST ON BEHALF OF AN EMPLOYEE REGARDING PARTICIPATION
IN GENERAL EMPLOYEES' RETIREMENT PLAN—PERSONNEL DIRECTOR PSALEDAKIS.
Personnel Director Psaledakis explained that Buyer Mark Brace had opted out of the Plan
when Ordinance No. 91-27 was adopted providing that opportunity, but now has expressed a
desire to participate in the pension plan effective October 1, 1997. Ms. Psaledakis' memo to
Chairman Dabbs stated that Mr. Brace is not interested in obtaining years of credited service
back to 1992, his employment date,* but rather in beginning the vesting process effective
October 1 this year. During the discussion the trustees expressed sympathy for Mr. Brace's
position,but they were not willing to establish a precedent. Trustee Murphy, seconded by
Trustee Carter, moved to deny,as precedent setting,the request to become a partici s ant of the
General Employees' Pension Board
June 2, 1997
Plan made by an employee who had previously opted out. Motion carried 4-0. (Trustee Oliver
was not present.)
*(Clerk's note: As the dates referred to in the memo did not line up with the window of
opportunity provided for employees to opt out of the Plan(September 18-28, 1991) Mr. Brace's
employment history was reviewed for date of hire, etc. This search revealed that Mr. Brace was
originally hired on October 10, 1990, was one of the employees involved in a lay off on February
26, 1992, and then brought back on August 23, 1992. Ms. Psaledakis advised that this February
lay off did not constitute a termination of service, and so Mr. Brace's decision to opt out was still
valid when he was brought back August , 1992.)
DISCUSSION/ACTION RE: SURVEY RESULTS REGARDING THE BENEFIT IMPROVEMENT FUNDED
BY MEMBERS.
In the survey authorized by the Board at the May 7 meeting, the question was asked of each
employee, 'Would you be willing to increase the benefit rate from 2.25% to 2.50%for all years
of service (back to date of employment)? The cost of this improvement would be funded entirely
by an increase in your contribution rate to the Plan from 5.0%of salary to 7.4%of salary. "The
ballots were distributed in the paychecks May 23 with instructions to mark the ballot and place it
(by Friday, May 30 at 5:00 p.m.) in the appropriate ballot box provided at the following sites:
City Hall Receptionist desk, Judy Henry's desk for Public Works, and the Break Room at the
Wastewater Treatment Plant for Utilities. Secretary Grafton reported that the ballots had been
counted and she read the results of the survey into the record: Of the 122 ballots distributed 112
were returned. Of those 112 returned, 111 were valid votes and 1 was blank.
DEPARTMENT BALLOTS DISTRIBUTED BALLOTS CAST YES NO
Building, City Clerk,
City Manager, Finance, Fire,
Personnel, Police,
Recreation 57 48 37 11
Public Works 37 36 35 1
Utilities 28 28 (1 blank) 12 15
TOTALS 122 112 (1 BLANK) 84 27
92% of the eligible employees voted.
76% of those who voted were in favor of the increase.
24% of those who voted were not in favor of the increase.
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General Employees' Pension Board
June 2, 1997
Chairman Dabbs, seconded by Trustee Carter, moved to submit the results of this survey to
Ci Mana'er Sha.iro with a re•uest for favorable consideration of the .ro.osed increase in the
dedu tion from em.lo ees' sal. from 5.0%to 7.4% with the 'oal of increasin' the multi.lier
1/4%, and requesting submission to the City Commission for ao'roval. Motion carried 4-0.
(Trustee Oliver was not present.)
AUTHORIZE PAYMENT OF BILLS.
Secretary Grafton requested authorization to pay the bills presented for payment as follows:
Foster&Foster $ 875.00
SunTrust $5,268.75
City of Ocoee $ 3.89
Trustee Murphy, seconded by Chairman Dabbs, moved to authorize payment of the bills as
presented above. Motion carried 4-0. (Trustee Oliver was not present.)
COMMENTS
Chairman Dabbs advised that he will be at Oxford from July 25 through August 5. He asked
Secretary Grafton to survey the members and advisors and coordinate an earlier meeting date
than August 6 for the next meeting as his date of return was uncertain.
ADJOURNMENT
The meeting adjourned at 7:45 a.m.
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