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HomeMy WebLinkAbout07-20-17 MinutesCITY OF SEBASTIAN POLICE PENSION BOARD MINUTES OF SPECIAL MEETING JULY 20, 2017 1. Call to Order — Chairman Steve Marcinik called the meeting to order at 9:02 am. Present Board Members Steve Marcinik Rich Snell Ken Killgore Paul Williamson Also Present Al Boettjer, Coastal Florida Police Benevolent Association Cindy Watson, Human Resources Director Susan Mann, Recording Consultant 2. Vote to Excuse Absent Board Member(s) Mr. Marcinik stated that Christine Vicars' absence is excused. 8. Public Comment Mr. Boettjer reported that he had spoken with the attorney that wrote the DROP and Ordinance for the City of Rockledge and he agrees with the Pension Board's attorney that the self-directed option would adversely affect the overall Pension Plan. If individuals made their own investments and did not choose wisely the Pension Plan's value would be negatively impacted. He also explained that the PBA does not allow that option. Following discussion it was agreed that the self-directed option should not be included in the plan. Mr. Killgore stated that if approved by the Board, he will place the Ordinance on the Council's agenda for next Wednesday evening. 6. Old Business A: Consider Ordinance for DROP, Cola and Buybacks Ken Killgore, Board Member Mr. Killgore explained that the self-directed option will not be included; the reference to Notional accounts must be include to comply with IRS regulations and to be able to track the funds for each individual. He explained that the funds are all in one account, but they are recorded by the retiree to which they apply. POLICE PENSION BOARD MINUTES OF SPECIAL MEETING JULY 20, 2017 Page 2 A motion to adopt the proposed Ordinance that is on the table was made by Officer Marcinik, seconded by Officer Snell and passed unanimously by voice vote. 7. New Business A. Legal Updates — None Officer Marcinik stated that since the Attorney is still ill there are no legal updates. He wished him a speedy recovery. B. Board Member Reports and Comments Mr. Williamson asked if the surviving spouse receives the pension for only 10 years after the retirees death. Officer Marcinik responded that is correct unless the retiree takes a reduced amount to provide for the surviving spouse. Mr. Williamson asked if the COLA is new for the Retirement Plan and noted that 1% seemed rather low. Officer Marcinik responded it is new to the plan and noted that the plan itself is new as compared to other agencies. He commented that although the plan is new it is well funded. Officer Snell explained that the funds received from the State insurance settlement were put into the Pension Plan and that is what is being used for the COLA. Mr. Killgore explained that a higher COLA would require City funding. C. Next Quarterly Meeting: September 19, 2017 Officer Marcinik stated that the next Quarterly Meeting will be held on September 19, 2017. 12. Admiourn Chairman Marcinik called for any further business, hearing none he adjourne4la meeting at 9A4 am. s/m