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05-07-1997 Minutes THE CITY OF OCOEE POLICE OFFICERS'/FIREFIGHTERS' RETIREMENT BOARD MEETING - May 7,1997 Member STROSNIDER called the meeting of the City of Ocoee Police Officers'/Firefighters' Retirement Trust Fund to order at 10:00 a.m. in the Commission Chambers Conference Room of City Hall. The roll was called and a quorum declared present. PRESENT: Members Gledich, Williams, and Wilson. Also present were Actuary Foster, Attorney Definer, Money Manager Ballew, Dianne Garcia, SunTrust Bank, Personnel Director Psaledakis, and Recording Secretary Mela. ABSENT: Chairperson Reed. APPROVAL OF MINUTES Member WILSON, seconded by Member GLEDICH, moved to approve the Minutes of the February 10, 1997 Police Officers'/Firefighters Retirement Trust Fund as presented. Motion carried unanimously. QUESTIONS /COMMENTS FROM AUDIENCE Personnel Director PEGGY PSALEDAKIS read a memorandum for the record to the Chairman and members referring to an employee, Andy Gailit, who is retiring in June, 1997. (copy attached) Personnel Director PSALEDAKIS asked that anyone retiring from June 15, 1997 up to October 1,1997 be allowed the multiplier as the work product has already be submitted to the City Manager, and it is her understanding that the City will be presenting both pension ordinances through the annual budget process to the elected officials for adoption. Attorney DEHNER discussed the situation stating that Personnel Director PSALEDAKIS mentioned a window, and we do have a retirement window concerning age requirements for people who do not meet the normal requirement age. The situation with Mr. Gailit, and similar situations in the general plans meets the requirement eligibility. It is not unusual and is legal to provide the retroactive effects of the benefit improvements actual date when the board makes it recommendation, and the recommendation to the improvement plan was made on February 10; 1997, and it is in the works. Attorney DEHNER, suggested the board consideration would be an amendment to the existing proposal including the increased rate to 3.0% and to make that effective June 15, 1997., rather than upon adoption. Police Officers'/Firefighters' Retirement Trust Fund May 7, 1997 Lengthy discussion ensued regarding the date of June 15, 1997 and concerns about the way the benefit improvement is written. Member GLEDICH asked why not go back to February 10, 1997. Attorney DEHNER stated that it would not benefit anyone to go back to that date. Member STROSNIDER asked for motion to amend the recommendation of February 10, 1997 to provide for a June 15, 1997 effective date rather than an effective date upon adoption. Member GLEDICH, seconded by Member WILSON, motion carried 5 -0. Personnel Director PSALEDAKIS thanked the members for their time, and left the meeting. OTHER BUSINESS HANDOUT FROM RANDY CONYERS Read by Member STROSNIDER, concerning his transferring to Code Enforcement Board and then back to Police Department. Randy Conyers was concerned because these department were in separate pension board plans. Ofc. Conyers wanted to transfer his funds back into the Police/Fire Department Pension Board, but if this is not a valid option, he would like his funds transferred contributions into his mutual funds. Attorney DEHNER, stated this was discussed at the general employees meeting also, and that legally the funds could not be transferred into the fund, as that would be a violation of Chapter 175 and 185. Both statutes will not allow the Police/Fire Pension to provide any present service to this plan for time served as a non police officer. Attorney DEHNER does not feel that Randy Conyers should take his money out of the General Employees Plan. Leaving his money in the plan will give him continued service in his accounts for vesting. Discussion ensued as to the advice to give Randy Conyers . The decision was to advise Randy to leave his money where it is at and do nothing. 2 Police Officers'/Firefighters' Retirement Trust Fund ,,,,. May 7, 1997 AUTHORIZE/RATIFY PAYMENT OF BILLS Secretary STROSNIDER presented a February 3 - May 2, 1997 list of bills which had already been paid, and asked for ratification of payment, and requested approval of the Board to present to SunTrust for payment, the following bills: 1. SunTrust $5,760.79 2. Foster & Foster $3,020.00 3 Christiansen & Dehner $533.50 4. Christiansen & Dehner $863.10 5. Christiansen & Dehner $204.31 6. Judie Lewis $58.86 7. Sue Mela $68.67 Member WILLIAMS, seconded by Member GLEDICH, moved to authorize and ratify *trev payment of the bills as presented. Motion carried 5 -0. JULY CONFERENCE Member STROSNIDER presented to Members that anyone wishing to go to the conference should let them know now to get the paperwork completed. The conference is June 30, 1997 through July 2, 1997. Member WILSON, Member STROSNIDER, and Chairman REED will attend this conference. WAIVER OF RECOURSE Member STROSNIDER and AttorneyDEHNER discussed the Waiver of Recourse and Member STROSNIDER will check with the City concerning this. 3 Police Officers'/Firefighters' Retirement Trust Fund 'tow May 7, 1997 REPORTS ACTUARY Actuary Foster presented the state report as of March 31, 1996, to be signed by the Secretary Strosnider and Chairman Reed. Copies of these reports were distributed to each Member by Member Strosnider. MONEY MANAGER Money Manager Ballew presented the Investment Performance Report Ending March 31, 1996. PERFORMANCE MONITOR This was presented by Actuary FOSTER in the Actuary Report. ATTORNEY COMMENTS Attorney Dehner had one comment concerning the Legislative Issue. The one pending item , "International Securities ", did not pass. So we are status quo for another year. Discussion ensued. ADJOURNMENT Member GLEDICH, seconded by Member WILIIAMS, moved to adjourn the meeting at 10:58 a.m.. Motion carried 5 -0. Respectfully submitted, “\A%■,, Sue Mela, Recording Secretary a: \wp60 \PF050797. M\# 2 \sm 4