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HomeMy WebLinkAbout08-11-1999 Minutes MINUTES OF THE CITY OF OCOEE GENERAL EMPLOYEES' RETIREMENT TRUST FUND MEETING HELD AUGUST 11, 1999 CALL TO ORDER The meeting was called to order by Chairman Dabbs at 10:10 a.m. in the commission chambers conference room at Ocoee City Hall. The roll was called and a quorum ascertained. PRESENT: Chairman Dabbs, Trustee Carter, Trustee Ison and Trustee Oliver. Also present were Attorney Dehner, Philip Senderwitz, Client Service Officer STI and Fund custodian Diane Garcia, STI. ABSENT: Secretary Grafton APPROVAL OF MINUTES OF MAY 18, 1999 MEETING. No minutes available for approval. OTHER BUSINESS Authorize Payment of Bills and Report on Terminated Employees' Contributions Returned and retired Employees' benefits Initiated. The following bills and returns of contributions were submitted for approval: Christiansen& Denner May 31, 1999 $ 1,928.45 June 30, 1999 360.00 City of Ocoee June 98-May 99 47.19 Suntrust 10,914.43 Return of Contributions: Abra Horne (July 7, 1994 - June 30, 1999) 10,332.18 Trustee Ison, seconded by Trustee Carter, moved to ratify the bills and returns of contributions as reported above. Motion carried 4-0. DROP PLAN Attorney Dehner gave update on the status of the DROP plan provision. Mr. Denner informed the Board the he had met with the administration of the City and the City's actuary, Foster & Foster to discuss the DROP plan provision the Board was recommending. He stated that the City expressed concerns about whether the City wants employees to stay up to 5 years past retirement age because it impedes upward mobility; the guarantee that no employee would work past the drop period and that this provision would not add any cost to the City. The Board directed the attorney to move forward on the Drop Plan provision and present to City Commission for approval. L BUYOUTS Attorney Dehner also stated that at the above mentioned meeting with City staff, he discussed the possibility of adding a buyout provision to the plan. The City expressed it's desire to be able to offer this to employees. Mr. Denner stated that he deals with 3-5 Cities that currently offer a buyout provision. He went on to express that the cost of this provision should be that of the City due to the fact that they are the ones benefiting from it. Also Foster & Foster was directed to calculate the estimated cost to the City of providing a buyout provision to the plan. Mr. Denner also stated that the cost of such a provision should be kept separate so that it is easily monitored. CLERICAL HELP Trustee Carter suggested that at this point in time it may be necessary for the Board to consider hiring a part-time persons to help with the general clerical duties of the Board. After a lengthy discussion it was decided to wait until the completion of the upcoming election and readdress this issue at that time, as the newly elected member of the board may be receptive to assuming these clerical duties. A motion was made by Trustee Ison and seconded by Trustee Oliver to appoint Trustee Carter acting Secretary until that time, so that the flow of paper work would continue. Motion carried 4-0. SEPTEMBER 1999 MEMBER ELECTION Trustee Grafton's seat on the board is up for election in September 1999. Trustee Grafton has informed the Board that she has no intention of running for re-election. The Board decided to schedule a meeting for September 17, 1999 at 5:00 p.m. in the commission chambers conference room at City Hall to count and ratify the election and appoint officers. INCREASE MULTIPLIER.25 Chairman Dabbs requested the cost to increase the multiplier by .25 be calculated. Attorney Delmer suggested that this calculation be done in conjunction with the annual evaluations due in Novenber. REPORTS Money Manager Philip Senderwitz, Client Service Officer, STI reviewed the contents of the General Employee Investment Report for the period ending June 30, 1999. He stated that over the past 9 months the fund had earned an 18% return. Mr. Senderwitz went on to state that the equity portion of the portfolio increased by 10% and the income portion dropped by 1%. He attributed this to the rising interest rates. He also expressed his opinion that the plan would still meet it's actuarial objectives and earn 10-12% for the year. The full report is on file and available for review. Performance Monitor The performance monitor did not attend the meeting. Chairman Dabbs and Trustee Ison stated their displeasure with this fact and felt it very unprofessional for Merrill Lynch to miss this meeting, with it being their first. After discussion by the Board it was decided that the Chairman would compose a letter to Merrill Lynch expressing the Board's displeasure with them not attending the meeting and would hope that this would not happen again in the future. ADJOURNMENT The meeting adjourned at 11:46 a.m. L L