1993-02-10 General Fund MeetingCITY OF OKEECH013EE
GENERAL EMPLOYEES PENSION PLAN
TRUSTEE MEETING MINUTES
FEBRUARY 10, 1993
The joint quarterly meeting of the Police, Fire and General
Employees Trustees was called to order at 6:40 P.M.
Trustees present: L.C. Fortner, Jr., Charles Elders, Mike
O'Connor and Lola Parker.
Others present: Attorney Scott Christiansen and Bernice
Elders.
Motion by Charles Elders and second by Mike O'Connor to
approve the minutes for December 10 and 31, 1992.
Motion by Charles Elders and second by Lola Parker to approve
expenses for July 1 through December 31, 1992.
Motion by Charles Elders and second by Mike O'Connor to
approve terminated employees for July 1 through December 31,
1992.
Bernice Elders questioned Attorney Scott Christiansen if
Yvonne Chapman should buy into.. the plan since her
contributions started in 1983. At�torne'y Christiansen said the
current ordinance did not have a buy plan and that in the
proposed ordinance there would be no lump sum payment when
vested that it would only be monthly benefits paid. Following
discussion, Motion was made by Charles Elders and second by
Mike O'Connor to approve payment of $2,655.16 (actuarial
figure) as requested by Yvonne Chapman by letter.
Attorney Christiansen lead in a discussion of changes in the
proposed ordinance.
1. The benefit rate was changed from 1.6% to 1.75%.
2. Military time does not count as vesting, but employee has
to buy into plan with no cost to the City. (This is not
a change the attorney just expounded on it.)
3. Discussed changing vesting time from 5 years to 10 years
but Attorney Christiansen said it wouldn't accomplish
much.
4. Change interest on employee contributions from 5-1/4% to
3%. Motion by Charles Elders second by Mike O'Connor.
5. Changing verbiage in Section 2 Membership Part B
concerning medical examinations.
6. Implementing new IRS laws effective January 1993 into
`*ftw' ordinance concerning 20% withholding on payments.
Payments not being less than 30 days and not more than 90
days. Direct transfer from Pension Fund to Employee's IRA
account would exclude 20% withholding.
`4W. As the discussion continued Attorney Christiansen said we
should require the quarterly reports from the money managers
and monitors and have them attend the quarterly meetings.
Attorney Christiansen is to make changes to the proposed
ordinance and send it to the City Administrator requesting to
be on the agenda within 30 days. Attorney Christiansen is to
write a letter of protest to the Department of Administration
regarding Chapter 112 which would implement charging an
administration fee.
There being no further business the meeting adjourned.at 8:25
P.M.
THESE MINUTES APPROVED AND ADOPTED:
GENERAL FUND CHAIRMAN
L.C. F.ORTNER, JR.
GENERAL FUND SECRETARY 6 1'G'v ti
LOLA PARKER