1981-04-14 General MeetingCITY OF OKEECHOBEE
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April 14, 1981
3:30 P.m.
Pension Plan 3oard of Trustees ' eeting:
The meeting was called to order by L.C. :'ortner, Jr. hose
present were L. C. Fortner, Jr., L!r.. Edward W. Douglas, Richard
C. Fellows, Allen Harden, Ralph ilorak, Charles Elders, Johnny
Bennett, Larry Lobley, Phillip Purvis, Dexel 3rock, Reith i'omey,
Edmond Reutebuch, Ronald Suit and Lola Parker.
RETIREMENT ELIGIBILITY: L.C. informed the Trustees that in
the Pension fund Ordinances the eligible retirement age for the
Fire and Police Officers is 60 (early 55 delayed 65) and ten years
service with benefits of 2., of average monthly earnings times years
and completed months of continuous service with the City. General
Employees Retirement Age is 65 (early 60 delayed 70) and ten years
service with benefits of 1 1/2; of average monthly earnings times
years and completed months of continuous service with the City.
CITY CONTRIBUTIONS: The City Contributes 5A of earnings to the
Employees Pension Fund and the remaining amount necessary for normal
cost plus amount required to meet difference of States Contributions
to the Fire and Police Officers Fund.
CUSTODIANS: The Pension Plan Trustees are the Custodians and Super-
visors of all Pension funds.
CILkIRMMAN: Mayor, Dr. Edward Douglas, as stated in the Pension Plan
Ordinances is the Chairman of the Fire and Police Officers Pension funds.
No Chairman is named for the General :employees Pension Fund.
FUNDS: L.C. informed the Trustees that the Pension funds can be corn -
bined in order to receive a higher interest rate.
TRUSTEES: Individuals serving as a Trustee for the Pension Plans
should be a resident of the City of Okeechobee. L. C. stated that he
has copies of the Cities Pension ::Elan Ordinances if the desire a copy.
EMPLOYEES INTEREST: As stated in. the Pension Plan Ordinances upon
termination of an employee with under ten years service he can receive
his contributions plus interest. ;allowing much discussion the Trustees
agreed to talk with the employees and get there ideals of a fare rate of
interest and whether an employee would receive interest from day one or
after a period of service with the City. the Crustees are to make their
recommendations at the next meeting.
E TLOYEE PvETIRELENT: L.C. informed the frustees that Employee Ralph
<eutebuch, being 61 years of age and unable to return to work as the re-
sult of a back injury, has chosen to draw retirement Eenefits of ;114.24
monthly as long as he shall live and upon his death his wife would receive
the same monthly benefits as long as she shall live. Upon motion by Johnny
Bennett and second by Charles Elders, ietubuch's retirement was approved.
New Board of Crustee Agreements requiring signatures were distributed
by L.C.
There being no further business the meeting adjourned at 4:33 P.M.
Next meeting in thirty days.