1979-11-29 General MeetingCity of Okeechobee
Pension Plan Trustee Meeting
November 29, 1979
Time 3: 15 P.M.
Trustees Present:
Keith Tomey; Jinks Reutebuch & Hortman Gragg, Firemen Larry Mobley;
Phillip Purvis & Shirley Logston, Police Officers Phillip Berger;
John Bennett; Charles Elders & L.C. Fortner, General Employees.
Others present:
Theora Braccialarghe of Kruse, O'Conner and Ling, Inc., Steve
Figley.
The meeting was called to order and turned over to T. Braccialarghe
to explain the present plan and the proposed changes that have been
recommended by the Actuary Firm.
Change No. 1: Reduce the normal retirement age for Firemen from
age 65 to age 60 or age 55.
Change No. 2: Increase the benefit amount for Firemen from 1`'z%
to 2 %.
One or both of these changes would not require any additional
contribution_7_ by the City to the Firemen Pension Plan.
After much discussion Keith Tomey made the motion to recommend
to the City Council that the normal retirement age be changed
to age 60 and the benefit be changed to 2% for the Firemen Pension
Plan. Motion was seconded by J. Reutebuch and carried.
Change No. 3: Reduce the normal retirement age for Police Officers
from age 65 to age 60 or age 55.
T. Braccialarghe stated that more monies had been received by
the Police Officers from the State than had been assumed in the
last Actuarial Valuation Report as of January 1, 1979 and that
the additional monies received would allow the change of normal
retirement age to age 60 without any additional contribution by
the City.
After much discussion Larry Mobley made a motion to recommend
to the City Council that the normal retirement age for Police
Officers be changed to age 60. Seconded by Phillip Purvis and
carried.
A discussion was also held on the Bonding of the Trustees be-
cause they are responsible for the Trust Funds and the investment
of the same.
A discussion was held on the Life Insurance that was provided
by the City for the members of the Pension Plans. The insurance
is provided through Group Term Insurance with each member
having life insurance in the amount of $25,000.00 each. The cost
is $8.50 per month per person. The Trustees decided to request
the City to continue to provide the same amount of insurance
for each member of the Pension Plans and to keep it separate
of the Pension Plan.
Theora Braccilarghe was requested to design a form that could
be used to enroll new members to the Pension Plans that would
show their date of employment, name of beneficiary, authorization
of 5% payroll deduction, and any other information that should
be required of new members.
Meeting adjourned until future notice.