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HomeMy WebLinkAbout09-25-2000 Minutes Draft Subject to Approval THE CITY OF OCOEE POLICE OFFICERS' /FIREFIGHTERS' RETIREMENT BOARD MEETING - September 25, 2000 Chairman WILSON called the meeting of the City of Ocoee Police Officers'/Firefighters' Retirement Trust Fund to order at 1:05 p.m. in the Commission Chambers of City Hall. The roll was called and a quorum declared present. PRESENT: Chairman Wilson, Secretary Firstner, and Member Williams. Also present were Attorney Delmer, and Recording Secretary Lewis. ABSENT: Members Coschignano and Gledich. DISCUSSON RE: TWENTY -FIVE AND OUT Discussion ensued about the pros and cons of the twenty -five and out benefit to the Plan. Attorney DEHNER said that an employee could go now, if the Plan went to a 50 and 25 or 55 and 10, and he would get what was accrued at 3 %. You could now go to a 45 and 5 under early retirement. We have an actuarial reduction that was close to 7% a year but there was a need for a cap down to age 50 at 3 %. The Plan could do an actuarial below 50 that was more liberal than what is in the Statute. The Statutory early requirement date was 50 and 10. The Board could decide to have 45 and 5 and do the actuarial from 50 to 45, but down to 50 it would be necessary to keep it at 3 %. There would be less because if there was a guy (say) at 3 % who wanted to go at 45 and 5, it would reduce back with 10 or less years in from 55 to 45, and the reduction would be 3% from 55 to 50, and 7% from 50 to 45. That would be a big hit. Chairman WILSON said that it would be 7% below 50. They were not required to change it. Attorney DEHNER said that right now if we went to a 50 and 25 or 55 and 10, we would get what was accrued at 3 %. Now the Plan could go to a 45 and 5 under early retirement. In response to Secretary FIRSTNER inquiring that it was a State requirement, Attorney DEHNER said that it was is a minimum of Chapter 175 and 185 requirement but only as extra State monies are available into the fund. We had to get that in this year before State monies are due in July (2001). In response to Chairman WILSON, Attorney DEHNER stated that the State money could vary each year but once the benefits improve, you could not reduce the benefit even if the State reduces. You still provide that benefit. A November 1999, analysis of costs by Actuary Foster, was 0.7% of payroll at $26,637. re - FI' TNER -c•n.ed • Member WILLIAM to direct Actuary Foster to do A cost study on 3% cap on early retirement down to age 50 • S_.. d • u • ase • on the Octoberl. 2000 valuation. Moti • n carri -d -1. QUESTIONS /COMMENTS FROM AUDIENCE In response to Fire Chief Strosnider, Attorney DEHNER explained that the member certificates are generally distributed during the November or February meeting. Recording Secretary Lewis said that she would contact Actuary Foster to confirm the time frame. Draft Subject to Approval Police Officers' /Firefighters' Retirement Trust Fund *411•P,, September 25, 2000 CERTIFY ELECTION RESULT Chairman WILSON announced that his term as Trustee for the Police Officers' seat on the Police Officers'/Firefighters' Pension Trust Board expired September 30, 2000. Notice of the Election had been posted and he had been the only employee who had submitted a written nomination. No ballots had been distributed, as the position had remained uncontested. He said that a motion was needed to certify the result of the election. Secretary FIRSTNER, seconded by Member WILLIAMS, moved to certify the election result that Tony Wilson will serve as Trustee for the Police Officers' seat on the city of Ocoee Police Officers'/Firefighters' Pension Trust Fund beginning October 1, 2000 through September 30, 2002. Motion carried 3 -0. ELECT OFFICERS CHAIRMAN SECRETARY Member WILLIAMS expressed a desire for the current holders to retain the same positions. Member WILLIAMS, seconded by Secretary FIRSTNER, moved to nominate and elect Tonv Nilson to chairman, and Richard Firstner to secretary. Motion carried 3 -0. ATTORNEY COMMENTS Attorney DEHNER reported that Senate Bill 372 had been covered during the last meeting. He wanted to touch base with them about financial disclosures, and inquired about whether or not the Board members had filed them prior to July 1, 2000. It was important to stay on top of this from January 1 forward as there was now a disclosure into the Plan. The last session of the Legislature amended that Statute which now provides the potential for fines if financial disclosures are not filed in a timely manner. Effective January 1 s`, a member who has not filed by July 1s will receive a notice from the supervisor of election notifying them that they should have filed. They will be given a grace period until September 1 s to file it. If they had not filed by September l', a fine begins to accrue at the rate of $25 a day, up to $1500, and a (Member) will be required to pay that personally. They have put "teeth" into that amendment. The other two aspects of that amendment is: 1. A new Trustee must file within 30 days after taking the seat, and not wait until July ls`. 2. Within 60 days of a Trustee stepping down, you must notify the Supervisor (of Election) that you are no longer a Trustee. That takes a Member out of that enforcement routine. Attorney DEHNER explained that there were different levels of disclosure forms. Chairman WILSON asked if someone could provide instructions on properly completing the form. According to direction at the last meeting, Attorney DEHNER reported that Craig Hamilton had prepared an addendum to Senate Bill 372, that it mets the requirements of the Statute, and that it would be appropriate for the Board to adopt the addendum to the Investment Policy statement by a motion. Secretary FIRSTNER, seconded by Membgr WILLIAMS, _moved_ to '° 2 Draft Subject to Approval Police Officers' /Firefighters' Retirement Trust Fund September 25, 2000 addendum to the Investment Polic Statement as .rovided b Crai. Hamilton . Motion carried 3 -0. A signed original Investment Policy Addendum should be sent to the Charles Slavin at the Division of Retirement, Craig Hamilton of Merrill Lynch, Dianne Garcia of STI, and Attorney Dehner. We were currently in September (of the fiscal year). Beginning October ls`, we must send this change and any future change that the Board makes to the Division of Retirement. Recording Secretary Lewis said that she would send the addendum via certified mail to those listed. Also, a copy will be sent to Actuary Foster. SET NEXT MEETING AGENDA — Wednesday, November 8, 2000 Discussion ensued on coordinating with the General Employees Board about meeting dates for the months of February, May, August, and November, 2001. While all meetings are open to membership, the meeting that involves the distribution of certificates should be posted as such. Meetings of both, General as well as the Police/Fire, should be held on the same day in agreement with Merrill Lynch. Recording Secretary Lewis will confirm whether or not the Commission Chamber Conference Room is available for the meetings. She will contact Chairman Dabbs of the General Board to coordinate the dates, and confirm Attorney Dehner's availability. ADJOURNMENT Chairman WILSON adjourned the meeting at 1:33 p.m. Respectfully submitted, Judie Lewis, Recording Secretary a: \MSWord \PF 09- 25- 00 -M \jl 3