HomeMy WebLinkAbout06192002SEBASTIAN POLICE OFFICER PENSION PLAN
BOARD OF TRUSTEES
Special Meeting No. 02 - 2
Wednesday, June 19, 2002
City Hall Council Chambers
CALL TO ORDER: 10:05 a.m.
ROLL CALL:
Present - Mr. Ewert, Mr. Sexton, and Mr. Perez
Absent - Mr. Hovasse and Mr. Taracka
Motion to adopt minutes from regular meeting 02 - 1, January 14, 2002 by Mr. Sexton, seconded
by Mr. Perez. Vote: Ewert - Aye, Sexton - Aye, Perez - Aye. Motion passed 3 - 0
NEW BUSINESS:
Mr. Pete Goodrich of Prudential Financial gave a presentation regarding fund
performance. The news was very good as our fund was in the top 1% of all funds
regarding performance. Mr. Goodrich made two recommendations to the Board; 1)
increase the percentage of fund that can go into equities from 30% to 40% and 2) allow
ICC to invest up to 10% in growth stock.
Some discussion of the recommendations ensued; however, it was decided to wait until
all members were present before making a change to the investment policy.
After some discussion, Mr. Perez made a motion to appoint one Board Member to
approve payment of contributed funds (including interest due and relative vesting issues)
to Officers that resign or get terminated only. Chairperson Lt. Ewert was designated and
the Board approved the motion 3 4). Vote: Ewert - Aye, Sexton - Aye, Perez - Aye
The Board discussed the FPPTA School that would be held June 30 - July 3. No motion
was made to send anyone this year, but future arrangements will be made for Members to
receive the necessary training.
4. Each Member received a copy of the adopted pension revision ordinance.
OLD BUSINESS:
As discussed at the January 14, 2002 meeting, the Board received a letter from Mr.
regarding disability pension benefits. is requesting a one-time
increase for members currently out on disability of 3%. Discussion followed as to
whether the Board had authority to award an increase to members out on disability. Mr.
Ewerts' conversation with Mr. Dehner, Pension Board Attorney, concluded that since the
City's new ordinance states specifically that it mirrors the minimum benefits as set forth
in the Florida Statutes, the only exception being the multiplier, that the Board did not
have the authority to approve such an increase.
A motion was made by Mr. Ewert to deny the one-time 3% increase (or a 3% COLA) to
members out on disability pension~ Mr. Perez seconded the motion.
Vote: Ewert - Aye, Sexton - Aye, Perez - Aye. Motion passed 3 - 0
2. Chairperson Ewert gave an update on the status of (previous officer that
received distribution twice). As the Board was informed at previous meetings, Mr.
quit making payments. He still owes the fund $540.70. The Board will discuss
with Mr. Dehner avenues to collect the remaining funds (small claims court, letter to
current employer, etc.).
Meeting Adjourned at 11:15 a.m.