HomeMy WebLinkAbout11-03-2010 Minutes Minutes of the Regular Meeting of the
CITY OF OCOEE GENERAL EMPLOYEES' RETIREMENT TRUST FUND
BOARD OF TRUSTEES (GERB)
Held on November 3, 2010
At 150 N. Lakeshore Drive
Ocoee, FL 34761
AGENDA ITEM I. CALL TO ORDER — Chairman Wagner
Chairman Russ Wagner called the meeting to order at 10:05 a.m. in the Commission Chambers
in City Hall.
A. Roll Call
Chairman Wagner called the roll and a quorum was declared present.
Present were Chairman Russ Wagner, Trustees David Wheeler, Jean Grafton, Wendy West
and Pat Gleason.
Also present were Human Resources /Risk Management Director Jim Carnicella, Human
Resources Analyst Debbie Bertling, Plan Auditors Ms. Jeanine Bittenger and Mr. Richard
Cristini of Davidson, Jamieson & Cristini P.L. ; Tim Nash of Bogdahn Consulting, LLC, Mr.
Holtgrefe of ICC, and GERB Recording Secretary Stella McLeod.
B. Approval of Minutes
The chairman directed the board's attention to the minutes for the following meetings: the
Regular Meeting of August 4, 2010, the Joint Meeting with the police /firefighter's pension
board held immediately following that meeting and the GERB Special Meeting held
September 15, 2010 (Exhibit #1).
Trustee Grafton had several suggestions regarding corrections for the August 4 meeting
minutes. The chairman asked the trustee to get with the recording secretary to make the
corrections. Upon the motion being made by Trustee Grafton and seconded by Trustee West,
and that motion having passed unanimously, the board
RESOLVED to approve the minutes with corrections suggested by Trustee Grafton.
General Employees Retirement Board
November 3, 2010
Page 2 of 12
AGENDA ITEM II. NEW BUSINESS
A. Ballot Count & Certification of Employee Trustee Election Results
In the interest of time, the chairman opted to have the ballots for the open seat to be counted
and the election certified by the city clerk's staff in the office of the city clerk. Present at the
ballot counting were Chairman Wagner, Trustee David Wheeler and Candidate Tracey Darin
(both of whom were candidates for the seat), Deputy City Clerk Melanie Sibbitt, and
Municipal Records Coordinators Tisha Williams and Stella McLeod. Trustee Wheeler will
retain his seat having won 51 votes. Ms. Darin won 20 votes. The chairman congratulated
Trustee Wheeler whose new term is for four years. Chairman Wagner requested the
certification from the recording clerk. She passed the certification to the chairman (Exhibit
#2)
Attorney Dehner said that the election results would need to be certified by a motion.
Chairman Wagner having made a motion which was seconded by Trustee Grafton to
certify the election results, with the motion having passed unanimously, the board
RESOLVED to ratify the election results.
B. Nomination and Election of Board Officers (2 -year terms)
The floor was opened for nomination of officers for chairman, vice - chairman and secretary.
The Office of Chairman
Trustee Wheeler nominated the current chairman, Russ Wagner. Trustee Wheeler moved to
close the nominations. The motion was seconded by Trustee Grafton, and passed by
unanimous vote. Trustee Wheeler having made a motion, with a second by Trustee
Grafton, that Chairman Wagner be re- elected as chairman, and that motion having passed
unanimously, the board
RESOLVED to re -elect Chairman Russ Wagner for a two -year term.
The Offices of Vice - chairman and Secretary
Chairman Wagner having made a motion, seconded by Trustee Wheeler, that Vice -
Chairman Wendy West and Secretary Jean Grafton retain their positions as officers for the
next two years. That motion having passed by unanimous vote, the board
General Employees Retirement Board
November 3, 2010
Page 3 of 12
RESOLVED to re -elect Vice - Chairman West and Secretary Grafton for two -year terms
respectively.
C. Audit Report — Jeanine Bittenger / Richard Cristini of Davidson, Jamieson & Cristini,
P.L.
Mr. Cristini made a presentation to the board of the findings of the audit. The chairman
asked that a corrected printed copy be left to be placed in the board files. Mr. Cristini stated
they would furnish a final draft for the record. The chairman was satisfied with the response.
Mr. Cristini read the disclaimer that the report is a summary and that life decisions should
not be made based upon the summary. The report included: a financial statement, statement
of plan assets, income statement, etc. The total contribution to the plan for the year was
$2,566,410; expenses were $987,000 with a net increase to the plan of $1,578,000.
The report included a statement about refund of contributions. The report also includes a
summary of significant accounting policies. Valuation of investments report is included.
Mr. Cristini reminded the board at this point that they are ultimately responsible for valuing
investments despite the advice of financial custodians and managers. It is the duty of board
members to question or challenge financial information provided them. Mr. Cristini noted
that the City is required to fund the plan based on an actuarially developed percentage of
payroll pursuant to the rules of the State Division of Retirement. Additionally, he reminded
the board that it is tax exempt and can contact the Florida Department of Revenue to get a
certificate stating their exempt status. Mr. Cristini continued that the City is responsible for
any unfunded obligation of the plan, but the City does not act in any trustee capacity The
summary also contained information regarding funding policy, funded status (which includes
a one -year presentation) including disclosures. The plan's bank account is fully funded
under the Florida Statute 280 (or 218, Mr. Cristini was unsure which) despite any limits by
the FDIC. A credit and interest rate risk report is also included in the summary. Net increase
and decrease in unrealized depreciation was reported on. Assets increased by some $2
million. There were also schedules in the report developed by the actuary. The schedules are
required in the summary by state statute. At the end of his presentation, Mr. Cristini asked
if there were any questions.
Chairman Wagner stated that the summary was a sort of recap of what the board has been
doing through the year. He asked if anything out of the ordinary was found during the audit.
Mr. Cristini replied that the audit revealed no control deficiencies (which occur when design
or operation of a control does not allow management to prevent or detect a mistake), but they
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November 3, 2010
Page 4 of 12
did find issues that the auditors would like to see shored up by the pension board. One
concern was an expenditure that the auditors could not prove came before the board for
approval. It turned out that the expenditure was a righteous expenditure, but the auditors
would have preferred that they the auditors not find it. It is not an issue if staff /management
finds it, but it is a serious matter if the auditors find the mistake.
Regarding the custodial report, after speaking with staff, it became clear that custodial
reports are not being examined. Such reports must be reviewed. Receipts and disbursements
need a closer look also by the board/staff. The earlier mentioned payment triggered the
examination of all of the plans invoices. He recommended that paid invoices be kept in a
separate file according to the year they are produced.
Mr. Cristini drew the board's attention to the Memorandum on Review - Internal control
structure which illustrates the actions taken by people (the board or staff), someone doing
something that they should do or that they should not do. When tests are done by the
auditors, they look at law, board policy, and good business practice, Mr. Cristini said. If the
board indicates that something will be filed in a certain way, but the auditors discover that
this is not happening, the board will hear about the problem from the auditors because the
matter is as important as statutory requirements. Approved minutes did not clearly identify
the payee and amount approved for refunds, partial lump sum payments to include age and
service retiree benefits. He said that this is important because it leads to other tests such as
going back to the annual report to make sure all retirees are included. The auditors match
payments up with custodial statements. The auditors do a summary of all 12 check registers.
This is important to ensure the 1099R has the right number on it so that they are reporting the
income that they are getting from their retirement benefit.
Mr. Cristini said that the minutes failed to mention to board's approval of the sale of
Voyager's investment, the purchase of the Barings Focus International, or the sale of the
Vanguard investment. The auditor has since received the private memorandum offerings.
He said that if there is prospectus or private placement memorandum, there must be a copy of
such documents in the file. They are as important as the portfolio statement, Mr. Cristini
said. The list of approved invoices also needs to be in the minutes, or as an attachment to the
minutes or in agenda. Mr. Cristini said that the he could not trace invoices paid back to the
board's minutes according to the records that were given to him.
Travel and training authorization letters should reflect individual's travel and the amount of
respective checks to be drawn as well as the overall total of expenditures in order to prove
the board's control, he said. The custodian lists the total of the amount requested without
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November 3, 2010
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listing the individual checks issued. Paid bills are currently filed together in a single pocket
folder. The paid bills must be segregated and filed by year to reduce the possibility of
misfiling. The auditor recommends that an alpha file be set up and that each invoice is
marked `approved for payment by the board' along with the date of approval. One of the
duties of a plan administrator, Mr. Cristini said, is to review the monthly check register. No
one keeps a copy of the 5 Third custodian investment report, he said. The only copies of the
custodial statements received are sent to the finance department. No copies are kept for the
board. There was no financial loss to the plan; however, the auditors recommends that the
board revisit and control in each area and that a board member review each monthly
statement, have the board approve the statements, and hold such statements for audits.
Chairman Wagner said that they are already in the process of correcting the issues that the
auditor mentioned. When Mr. Cristini asked if received statements will be included in the
minutes, the chairman replied affirmatively.
The chairman asked the board if they had any questions. Trustee Grafton said that she was
looking forward to moving forward with the auditor's regulation. She thanked Mr. Cristini.
Mr. Cristini presented the '114 letter' to the board which basically states, among other
things, that the audit does not relieve the board of its responsibility for statements and
corresponding activities. Management's estimate of the market value of investments is
based on the last reported sales price, Mr. Cristini stated. The auditor does test the price of
custodial stock by the Wall Street Journal, Moody's and the S &P.
Mr. Cristini praised the HR staff. He also noted that the letter allows for the board to seek a
second opinion, but the second auditor must contact Davidson, Jamieson and Cristini before
giving the pension board a response.
Attorney Dehner suggested that the board accept the completed audit report when it is
received. The item will appear on the next meeting's agenda.
Chairman Wagner asked if the board should give a copy of the report to the City. Mr.
Cristini said that they send a copy of the final report to the City.
The chairman thanked Mr. Cristini for the report and said that the letter that the auditor had
requested is ready.
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November 3, 2010
Page 6 of 12
D. Investment Consultant Report — Tim Nash, Bogdahn Consulting, LLC
Mr. Nash said that he had good news for the board about the fiscal year end. He referred to
the published report's overall broad market activity for the quarter and the year.
International stocks were up over 16 %, S &P up 11% and bonds up 2.5% and fiscal year
performance international stock up 3.7 %, S &P 500 up 10.2% bonds up over 8 %. Growth
tended to outgrow value. Page 5 shows the different sectors for the Russell 1000. For the
quarter all sectors were positive.
International stocks did really well for the quarter. On page nine, lower quality bonds did
better than higher quality bonds. Agincourt did a great job for the plan for the year. Pages
11 and 12 show an interest rate sensitivity analysis. When interest rates rise, bond prices
decline. This is what the plan has benefitted from over the last year. Over the next couple of
years, however, inflation could rear its head and interest rates will rise, driving down bond
prices.
The plan's bond manager is buying bonds in shorter maturity range and buying bonds that
have a higher interest rate. Agincourt is focusing more on the corporate bond area. Bogdahn
is looking at alternatives to give the plan additional income; hence, the real estate
information to get 6% to 7% income that'll help offset the bond portfolios. Page 12 shows
what the bond market has done. Page 15 shows performance by way of the asset allocation.
In June the plan had $16.8 million. By the end of September, the plan had $18, 590,283,
which puts the plan in line with the plan policy. Total fund was up 12.5 %, beating the
benchmark by 2.3% and the median manager is up 9.75. This puts the plan in the top 8 %.
ICC was up 12.33 %, Rockwood was up 19.25 %, international up Baring up 9.26 %, and
Agincourt was up 10.17 %. Great returns for the year, Mr. Nash said.
Chairman Wagner said that it appeared as though Rockwood is the new superstar by
comparison to ICC. Historically this is the reverse of what is usually the case. Trustee
Grafton said that she cannot stop smiling.
Mr. Nash pointed the board to page 23 which shows the Ocoee plan in the 3rd percentile over
three years. Investment policy check list on page 35 has a few "no's ". Nevertheless, equity
funds are all in compliance and beating they're benchmarks.
Mr. Nash asked if the board had any questions. Chairman Wagner asked what Mr. Nash
foresaw for the future. Mr. Nash said that they do have concerns about the bond portfolio as
General Employees Retirement Board
November 3, 2010
Page 7 of 12
interest rates start to rise. Next year, he predicts that bonds will be around 5% to 6% rather
than 8 %. Unemployment is still a problem. He said that there's a lot of cash out there that
could be invested.
Mr. Holtgrefe of Rockwood addressed the board. Rockwood performed well for the last
quarter. He thanked the board for their patience and for sticking with the program. He
pointed the board to the last page of his published report showing how the different stocks
performed. It is the cumulative performance that is important as opposed to one particular
number. He directed the board to page 10. The quarter started with $2.3M and ended with
almost $4M. He went through the report describing what it meant and its implications for the
plan. Mr. Holtgrefe emphasized looking long term rather than short term. Lastly, he
thanked the board again for their patience.
Chairman Wagner remarked that this probably was not the time to make changes. The
board and Mr. Holtgrefe discussed the positive change made by the money manager. He
finished by saying that if the people and the process stay the same, the manager will make
money. Mr. Nash added that Bogdahn's focus is always the long term. As part of their due
diligence they verified that the same people were running the fund and the process had not
changed.
Chairman Wagner thanked Mr. Holtgrefe for the report.
E. IRS Determination Letter — H. Lee Dehner, Esq.
Pension Board Attorney Lee Dehner reviewed the issues surround the IRS determination
letter and the memo that he drafted. The question is what action the board would like to take.
He reiterated that the board is not required to file the letter in order to be considered a
qualified plan by the government. Given the lack of a requirement to file and the associated
expense with filing most plans have opted not to file the letter. The IRS is encouraging plans
to file by January 31, 2011. They say that they are doing this so that they can learn more
about private sector plans. Attorney Dehner said that it has been observed that one of the
motivations is that it could bring more monies into the federal coffers. This is all new
territory because it has never been done before (the filing). The feds did say that if an audit
were to happen, the feds would look more favorably on those plans that had filed the letter.
So far, Attorney Dehner said, most plans have not filed. The attorney said that he is happy
either way. The best situation would be that the plan not file and not be audited. Chairman
Wagner said that he thinks that filing would make the plan a target for the IRS. Trustee
Wheeler said that the question is why other plans have decided not to file. Attorney
General Employees Retirement Board
November 3, 2010
Page 8 of 12
Dehner said that the reasons were basically what the chairman had said: inviting scrutiny and
expense. The board needs to have a motion on record to either file or not file. Trustee
Wheeler asked how much the audit would cost if the board went through it. The attorney
said no one knows. Everything is speculation at this point, the attorney added. He stated that
there are inconsistencies among IRS examiners.
The chairman suggested that the board `let sleeping dogs lie'. Trustee Wheeler could attest
to the inconsistencies based on his experience in another organization.
Chairman Wagner having made a motion, seconded by Trustee Wheeler, that the board
not file the letter of determination with the IRS because there would be an unknown result to
the pension plan, and the motion having passed unanimously, the board
RESOLVED to not file the letter of determination with the IRS.
AGENDA ITEM III. OTHER BUSINESS
A. Payment of Invoices
Chairman Wagner called the board members attention to the list of invoices that were paid
this month in addition to copies of the individual invoices (Exhibit #). He noted that the
recording clerk's invoice was submitted following the October deadline; hence, that invoice
will be included in the summary of invoices for the next quarter's meeting, although she will
still be paid. The chairman solicited the board for a motion approving the summary of
invoices, Trustee Gleason having made a motion, seconded by Trustee West, to accept the
summary of invoices and have them entered into the record, and the motion having passed
unanimously, the board
RESOLVED to accept the summary of invoices.
B. Affirm 2011 Board Meeting Dates
The chairman called the board's attention to the list of board meetings proposed for 2011.
The proposed meeting dates are:
February 2, 2011
May 4, 2011
August 3, 2011
November 2, 2011
General Employees Retirement Board
November 3, 2010
Page 9 of 12
Chairman Wagner asked the board to affirm the meeting dates. Trustee Grafton pointed
out that the FPPTA meeting is on the same date as the February 2 " meeting. She said that
when there was a meeting date conflict in the past, the board moved its meeting date. She
asked if the board would want to do that again. Chairman Wagner said that he would be at
the FPPTA class. He asked Trustee Grafton if she would be attending the class. She replied
that if everyone else was attending, then she would like to go as well. It was determined that
Attorney Dehner would take the lead in setting up the February, 2011 meeting. Trustee
Wheeler made a motion, seconded by Trustee West to affirm the meeting dates. The motion
having passed unanimously, the board
RESOLVED to accept the list of meetings.
C. Quarterly Retirement Trust Fund Activity Report
The chairman called the board's attention to the activity report produced by Human Resource
Specialist Debbie Bertling in accordance with the recommendation of the auditors (Exhibit
#3). Chairman Wagner solicited the board for a motion accepting the activity report.
Trustee Wheeler stated to the chairman that he assumed the chairman had seen the report
from Fifth Third Bank showing what payments the bank made to the plan. Trustee Grafton
asked if anyone had been reviewing the report for accuracy. The chairman said that he will
start checking the statement against the activity report. The chairman said that letters should
be sent out once per year to determine who is still on the list of retirees.
The other statement that the board gets is a voluminous one that shows all transactions that
have happened.
Trustee Grafton pointed out that the FPPTA meeting is on the same date as the February 2 "
meeting. She said that when there was a conflict in the past, the board moved the meeting.
She asked if the board would want to do that again. Chairman Wagner said that he would
be at the FPPTA class. He asked Trustee Grafton if she would be attending. She replied that
if everyone else was attending, then she would like to go as well. It was determined that
Attorney Dehner would take the lead in setting up the February, 2011 meeting.
Trustee West having made a motion, which was seconded by Trustee Wheeler, to accept
the quarterly activity report, the motion having passed unanimously, the board
RESOLVED to accept the quarterly activity report.
General Employees Retirement Board
November 3, 2010
Page 10 of 12
The chairman said that he would check with finance to ensure that the report arrived at Foster
& Foster in a timely fashion.
D. FPPTA Schedule / Events
All board members will be attending the February, 2011 FPPTA school.
E. Retirement Board Administration Issues
(The board and attorney agreed to discuss this matter after "Attorney Comments ")
Chairman Wagner recapped events leading up to this meeting surrounding the matter of an
administrator. Trustee Grafton said that the rest of the conversation about the position
included the fact that the board would go ahead and set up that office. Further discussion
ensued. It was confirmed that Trustee Grafton could proceed with scanning.
HR Director Carnicella said that with the chairman armed with the auditor's report they
will be able to have a nice meeting about what needs to happen to move forward.
Trustee Grafton asked if the board needs to authorize the expenditure of funds to equip the
office for the plan administration. Further discussion ensued. HR Director Carnicella said
that the board was discussing things that could be discussed with the city manager.
Chairman Wagner having made a motion, seconded by Trustee Wheeler to spend up to
$5000 to equip the pension office, the motion having passed unanimously, the board
RESOLVED to authorize spending up to $5,000 for office equipment.
AGENDA ITEM IV. ATTORNEY COMMENTS — H. Lee Dehner, Esq.
A. HELPS ($3000 tax deduction for health care)
Legislation is still pending. The bill would extend the health benefits to all public employees
and it would take the board out of the administration of the program. Attorney Dehner said
that he will keep the board updated.
General Employees Retirement Board
November 3, 2010
Page 11 of 12
B. Payout of Pension Contributions
The board received communication from Barbara Ross regarding Steve Ross under
Ordinance 91 -08 inquiring about what options she would have as beneficiary of his benefits.
There would be a return of his contribution to the plan. A death certification has not been
received. It will also need to be determined that she is the beneficiary. If that is done she
will receive his contributions. If there were no beneficiary designation, the payment of his
contribution will be paid to his estate. Chairman Wagner said that he would not want to
sign payout designation until the death certificate is presented.
HR Director Carnicella said that the payout would be handled as would any other payout.
As soon as HR receives all of the documents it needs, they will get the sign -off sheet to the
chairman. The action will require two signatures.
Mr. Nash asked if the chairman would like a real estate report at the next meeting. The
chairman replied affirmatively.
Trustee Grafton asked if they could ask the city manager if it was ok to go ahead and get
started setting up the office. The chairman replied affirmatively.
AGENDA ITEM V. COMMENTS FROM TRUSTEES / CITY LIAISON
Trustee Wheeler said that an employee inquired as to whether or not he could purchase pension
years now rather than later (when it will be more expensive) even if he is not vested. If he
person pre - purchased additional years, and he decided to leave the City would he get back all of
his contributions (paycheck contributions and as well as purchase contributions).
Attorney Dehner noted that the employee (having three years in the plan) would be eligible to
receive their contributions back (the ones from payroll deductions as well as from making the
purchase) without interest.
AGENDA ITEM VI. DISCUSS AGENDA ITEMS FOR NEXT MEETING (February,
2011)
Bogdahn Report
Foster & Foster
General Employees Retirement Board
November 3, 2010
Page 12 of 12
Tim Nash if the board would like a real estate presentation. Chairman said Mr. Nash could
include it in his regular report.
Pension administration
Delmer will get back to board about Feb meeting
AGENDA ITEM VII. ADJOURNMENT
There being no other business, the meeting was adjourned at 12:46 p.m
Respectfully submitted by: Appr 4 9 by:
Stella McLeod, M 'cipal Rec. Coordinator / ,
G RB Recordin lerk Russell B. Wagner, GERF Chairman
O il L i .4e
See September 15, 2010 Special Meeting minutes filed in
LaserFiche under GERB 2010 minutes.
..------- Ed- ) IL ,± 2,
CITY OF OCOEE GENERAL EMPLOYEES
RETIREMENT TRUST FUND ELECTION
FOR DAVID WHEELER'S TERM WHICH ENDED
SEPTEMBER 30, 2010.
November 3, 2010, Vote Tally
To be certified by Pension Board November 3, 2010
David Wheeler 5
Tracey Darin a
Total Votes — 1 1
State of Florida
County of Orange
City of Ocoee
I hereby certify this to be a true tally of the votes cast for the above named election.
Of the k v I names on the eligible voters list, l 1 names were initialed as having
cast a vote and 11 ballots were found in the ballot boxes to be counted. As is
shown in the above tally, David Wheeler received — I O. % of the votes and Tracey
Darin received %.
The following were present for the counting of the ballots: Melanie Sibbitt, Tisha
Wi's, Stella McLeod, Tracey Darin, David Wheeler and Russ Wagner.
----. _a , ..c AL....
Melanie Sibbitt, Acting City Clerk
&k1b+ 3
OCOEE GENERAL EMPLOYEES' RETIREMENT TRUST FUND
SUMMARY OF INVOICES
August- September- October 2010
August 2 Agincourt Capital Management, LLC $4,577.48
August 19 Stella W. McLeod $ 175.00
September 12 Christiansen & Dehner, P.A. $1,877.69
September 17 The Bogdahn Group $4,750.00
September 27 Davidson, Jamieson & Cristini $4,000.00
October 7 ICC Capital Management, Inc. $5,985.10
October 18 Foster & Foster, Inc. $2,180.00
October 25 Rockwood Capital Advisors $6,897.84
October 25 Fifth Third Bank $1,588.53
October 28 Barings Asset Management $4,276.22
The above shows an increase in IRS interest over governmental plans and we expect that this
will relate to increased audit activity in this area. Thus, governmental pension plans should seriously
consider authorizing submission to the appropriate IRS program for plan document approval.
RECOMMENDED PROCESS
Because the IRS often identifies matters of concern in their review of a plan we recommend
that we take advantage of an optional IRS program known as the "voluntary compliance program."
In general, the IRS fees for this program range from as little as $375 to more than $5,000.
Completion of this program would result in IRS approval and a formal statement indicating that even
though certain issues are identified and plan changes are requested by the IRS, penalties, if any will
be minimized.
Upon completion of the voluntary compliance program, we would then apply to the IRS for
a "favorable determination letter." The IRS application fee for the favorable determination letter is
$1,000. Some IRS reviewers scrutinize DB plans very thoroughly and others need assistance in
understanding the DB plan's terms prior to issuing their approval. For this reason, legal fees
estimates are hard to predict for services required once the application is, in fact, submitted.
Since most of the IRC provisions in DB plans drafted by our firm, Christiansen & Dehner,
P.A., are worded similarly, we would try to reduce costs by requesting a single reviewer for that
group of DB plans so that if provisions need to be explained to the reviewer, we could explain the
provisions a single time to a single reviewer, as opposed to having to explain similar provisions in
separate plans to separate reviewers. The IRS would not be obligated to grant this request.
FEES
The amount of the IRS and attorney fees can vary widely based on a number of circumstances
including, but not limited to, the status of the current provisions of the plan (which should be up to
date if our recommended changes have been adopted), the timeliness of the adopted IRS
requirements, the number of active and retired members of the plan, plan administration and the IRS
reviewer. For the process described above, the IRS and attorneys fees will probably be in the range
of $10,000 to $20,000 for the complete process.
We would request that this subject be included on the next meeting agenda for a decision.
It may be appropriate to consult with the City /District, as plan sponsor, to determine whether or not
the City /District would favor seeking the favorable determination letter. The deadline for
submission of an application for a favorable determination letter in the current application cycle is
January 31, 2011. The next cycle during which we could apply would be between February 1, 2013
and January 31, 2014.
3
4
City of Ocoee Municipal General Employees' Retirement Trust Fund
Activity from August 2010 through October 2010
DROP Participants
James Carnicella - Entered DROP 8/1/10
Vito Petrone - Entered DROP 8 /1 /10
Marilyn Johnson - Entered DROP 10/1/10
Retirees Monthly Benefit
Lamar Martin - Retired 8/1/10 $211.54 (Retirees Lifetime with 100% continued to Joint Annuitant)
Refunded Contributions Refund Amount
Randy Phillips $7,999.84
(Not vested - employed from 9/25/06 to 8/17/10)
Toronto Gilliam $1,414.60
(Not vested - employed from 12/28/09 to 8/19/10)
Eliseo Tavera $3,803.20
(Not vested - employed from 10/07/08 to 9/27/10)
•
Rollover Contributions
None