1989-07-27 General MeetingPension Board Meeting Minutes
July 27, 1989
Those present: General Employees - Charles Elders, Charles Jordon,
Roger Jones, L.C. Fortner, Jr.
Fire Employees: William Douglas, Clayton Williams, Rick Holt
Police Employees: Larry Mobley, Lawrence Coonfare, Steve Nelson,
L.C. Fortner, Jr.
Others present: Bernice Elders - Paying Agent
Meeting called to order at 8:23 AM.
Minutes approved as follows:
Police Employees: Motion made by L. Coonfare and seconded by S.
Nelson to approve the minutes of June 19, 1989 meeting. Motion
carried.
Fire Employees: Motion made by W. Douglas and seconded by C.
Williams to approve the minutes of the June 19, 1989 meeting.
Motion carried.
General Employees: Motion made by C. Elders and seconded by C.
Jordon to approve the minutes of the June 19, 1989 meeting. Motion
carried.
Approval of new employees as follows:
General Employees: Motion made by C. Elders and seconded by C.
Jordon to approve the new employees in pension plan from January
1, 1989 through June 30, 1989. Motion carried.
Fire Employees: Motion made by C. Williams and seconded by W.
Douglas to approve the new employees into the pension plan from
January 1, 1989 through June 30, 1989. Motion carried.
Police Employees: Motion made by S. Nelson and seconded by L.
Coonfare to approve the new employees into the pension plan from
January 1, 1989 through June 30, 1989. Motion carried.
Approval of Terminated Employees and refunds of employees
contributions as follows:
General Employees: Motion by R. Jones and seconded by C. Elders to
approve the terminated employees and refunds of $19,583.74. Motion
carried
Fire Employees: Motion by C. Williams and seconded by W. Douglas
to approve terminated employees and refunds of $940.32. Motion
carried.
Police Employees: Motion made by S. Nelson and seconded by L.
Coonfare to approve the terminated employees and refunds of
$1,493.24. Motion carried.
Approval of expenditures as follows:
General Employees: Motion by C. Elders and seconded by C. Jordon
to approve the expenditures Kruse, O'Conner & Ling in the amount
of $2,370.32 and to Hill, Barth & King in the amount of $335.50.
Motion carried.
Fire Employees: Motion by W. Douglas and seconded by C. Williams
to approve the expenditures to Kruse, O'Conner & Ling in the amount
of $709.37, Hill, Barth & King in the amount of $65.80.
Motion carried.
Police Employees: Motion by S. Nelson and seconded by L. Coonfare
to approve the expenditures to Kruse, O'Conner & Ling in the amount
$1 ,232.31 and to Hill, Barth & King in the amount of $98.70. Motion
carried.
Investment of Pension Funds as follows:
General Employees: Motion by C. Elders and seconded by C. Jordon
to purchase a $935,000.00 CD for 90 days current interest rates
from Banc Florida. Motion carried.
Police Employees: Motion by S. Nelson and seconded by L. Coonfare
to purchase $686,000.00 CD for 90 days at current interest rates
from Banc Florida. Motion carried.
Fire Employees: Motion by W. Douglas seconded by C. Williams to
purchase a $240,000.00 CD for 90 days at current interest rates
from Banc Florida. Motion carried.
Discussion from trustees:
Mr. Roger Jones, questioned if Banc Florida was on the approved
list of institutions for the State of Florida, L.C. Fortner stated
that he would call Tallahassee and verify that Banc Florida was an
approved institution by the State of Florida before the purchase
of the Cd's.
L.C. Fortner stated that impact statements had been received from
Kruse, O'Conner & Ling, for the addition of a pre -retirement death
benefit and a 30 year retirement benefit. These impact statements
would be given to the City Administrator and asked to be included
in the next City Council agenda for their discussion and approval.
L. Coonfare requested additional information concerning the
increase of the police officers benefit from the 2% to higher
percentage and discussed the possibility of changing the 30 year
retirement benefit to a 25 year retirement benefit for police
officers and firefighters. These changes would require an impact
statement from the actuarial firm and the trustees would be
required to approve the expenditure.
Motion by R. Holt to adjourn at 8:50 AM.
These minutes approved and adopted
General Fund Chairman—
L.C. Fortner, J .
General Fund Secretary,,9 � L 21,
Charles rdon
Police Fund Chairman=��L
L y Mobley
Police Fund Secretary . C
.C. ortne , Jr.
Fire Fund Chairman
R' k IIoTt
Fire Fund Secretary
William Douglas