HomeMy WebLinkAbout11061989 POPTPOLIC~ ~'TI~ - ~
NOV~R 6, 1989
1. Call to order
2. Approval of Minutes
3~ Old BusineSs
a ~hapter Plan Vs.
LOcal Law Plan
b Form Used for Applications
to Plan
4. New Business
a Beneficiary.Forms
b Station~a~y
c Financial Consultants
5. Trustees Matters
6. Adjourn
CFFICE~S RETI~ T~3ST FUND ~n
MC~DAY, ~ 6, 1989 AT THE CITY
MANAGER'S COnFEreNCE ROC~, CiTY HALL
The m~eting was called~ to order by Chairman Reynolds at 10:10..A.M.
Present were Charles Reynolds, David Puscher, Eugene Ewert, Gregory GOre
and Carol Carswell. Lt. Bob Allen of the Uero Beach Police Departn~nt was
also present.
The Chai=man introduced Bob Allen and thanked him for cc~ing to our
aid in our hour of need. Lt. Allen is w~ll versed in the 185 Plan.
Lt Allen asked many questions to get clear in his mind what type of plan
Old Business
.... The Chairman stated that it was up to the Trustees to decide whether
the Chapter Plan or Local Law Plan was in the best interests of the members.
If we .r~ to a strict Chapter 185 Plan, it would be less expensive at this
t/me, An~endments to the Plan can always be made at a later dat~ ~ we could
adO~ h~me rule to /reprove benefits. Discussion ensued about wrltin~ a memo
to Oouncil through City Manager that in the opinion of the Trustees the
Ord/nance as adopted is not what was agreed upon and that the Trustees
strongly ~ that the Ordinance be set aside and a Chapter Plan under
A motion was made by Eugene Ewert and seconded by Dauid Puscher to
petition Council to set a~ide Ord/nance 0-89-15 and adopt Chapter 185 in its
entirety as the Police Officers Betire~ent Plan for the City of Sebastian.
Motion unanimously carried.
After last meeting, Chairman Reynolds spoke with Jim Linn, the City's
labor attorney who advised that the Plan as set forth in Ord//lance 0-89-15
was voluntary and application form for Plan had to be as attached to these
minutes as Exhibit "A". This fozm was used instead of form discussed at
previous meeting.
New Business
Beneficiary forms are needed to provide to members. Chairman Reynolds
appointed Gregory. Gore and David Puscher as a Cc~anittee to ao0cmplish this.
It was brought up that it was up to the Trustees to decide.upon a name
for the Plan. Motion was made by Ewert, seconded by Gore to call the Plan
"Sebastian Police OfficerS' Retirement Trust Plan". Unan/aDusly carried.
Stationery was .discussed using above name. Names of the Trus-t~es
would not be placed on the stationery. Chief Reynolds had drafted a sample.
At the bottom of the sample was the motto "Serving those Who Serve Us."
Motion by Gore, seconded by Puscher to have stationery printed with this
motto on the bottom. Unan/mcusly approved..
Several financial consultants have already contacted' 'us. They have
been instructed to suhnit written proposals.
We need a financial institution to act as custodian for the Plan's
funds. It was decided that we would solicit proposals frcm the two local
co~nercial bands --First Union and Southeast.- Both have Trust Departments.
Chairman Reynolds appointed Carswell to Chair Financial Con~ittee and
appointed Gore as a member of the Cc~mittee.
A motion was made by Puscher, seconded by Gore to change title of
Secretary to Secretary-Treasurer. Motion carried.
A discussion ensued concerning insurance to cover the Plan in the event
of disability prior to having sufficient monies. Chairman Reynolds said he
would discuss it with Marvin Clayton of the Department of Insurance and
Jim Linn.
With the assistance of Lt. Allen a set of short term Goals was
discussed.
1. Credited service with City of Sebast~.. At time member vests,
total service would apply'.
2. How much military time should be credi*able with m~nber buying in
that t/me. Decide if military time would mean during wart/me service only.
3. Notify Marvin Clayton that Sebastian is primarily residential and
that large number of residents are part-t/me residents.
4. Think about making presentation to Council to place mi~ or part of
millto make Plan aCtuaria~ sound. This will give yearly ~ that is constant
and does not have to be budgeted. That part of millage would be earmarked just
for p~nSion.
5. Change disability provision. In current Ordinance disability only
after vesting (10 years). Need to be changed to after one year (365 days).
6. Decide what we want to invest in. Best to stick with Statute.
It was discussed who would be the signatories on the bank account. A
motion was m~de by Gore and Seconded by Puscher that the Signatories be the
The next meeting will be Wednesday, November 15 at 10:00A.M.
There being no further business, the meeting adjourned at 12:10P.M.
P~spectfully submitted,
Secretary-Treasurer
City of Sebastian
POST OFFICE BOX 780127 o SEBASTIAN, FLORIDA 32978
TELEPHONE (407) 589-5330
FAX 407-589-5570
i hereby apply for participation in the SEBASTIAN POLICE PENSION PLAN
organized pursuant to Chapter 185 F.S.' I herewith authorize a
deduction from my salary, in accordance with the terms of the Plan.
I understand that the deduction will be made bi-weekly.
Employee's Signature
Print or Type Employee% Name
Date
I DO NOT wish to participate in the SEBASTIAN POLICE PENSION PLAN
organized pursuant to Chapter 185 F.S.
I understand that this is the only opportunity I will have to join ~his
plan.
Employee's Signature
Print or Type Employee's Name
Date