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SEBASTIAN POLICE OFFICER PENSION PLAN
BOARD OF TRUSTEES
Regular Meeting No. 03 - 03
Tuesday, November 4, 2003
City Hall Council Chambers
CALL TO ORDER: 10:20 a.m.
ROLLCALL:
Present - Mr. Wheeler, Mr. Sexton, Mr. Hovasse, Mr. Taracka, and Mr. Perez
First order of business was to appoint the 5th member of the Board. . . Applications were reviewed
as provided by the City Clerk's Office...Motion to reappoint Rappy Perez was made by Mr.
Hovasse, seconded by Mr. Taracka. Motion passed 5-0
Motion to adopt minutes from regular meeting 03 - 02, July 8, 2003, with the correction of
Scribner's error, (Ewert to Wheeler), by Mr. Hovasse, seconded by Mr. Perez.
Motion passed 5 - 0
NEW BUSINESS:
1. Insurance representative had to canceL.. They were scheduled to talk about offering a long-
term disability policy that would be offered in lieu of the statutory 42%.. . Mr. Wheeler
recommended that the Board look for an insurance policy that would indemnify the fund, but
not substitute the disability benefit to the member. Further discussion was deferred until the
insurance agent could be present.
2. The Board reviewed a letter asking if we want to waive our right to be a part of a class action
lawsuit against Lucent Technologies. The Board did not want to waive "class status."
3. Board authorized Mr. Sexton to work with Total Print to get copies of the Plan Summary
Document and Operating Rules Manual for the members.
OLD BUSINESS:
1. Update on file. The State has received all documents from Lee
Dehner's Office...
2. Questions were raised regarding Did Lee Dehner send him a letter?
3. Fiduciary insurance policy follow-up: Payment of $2002 was made to Sebastian Insurance to
renew $lM policy... The Board thought it would be a good idea to investigate "personal"
liability insurance.. . Mr. Wheeler was to contact Vero Beach PD Pension Board.. . Mr. Sexton
was to call Palm Bay Pension Board. . . Also inquire about a Petty Cash Policy. . .
4. Mr. Wheeler was going to follow-up with Foster and Foster to determine if they ever
calculated the cost of becoming a local law plan instead of a Chapter Plan.
Being no other business, the meeting Adjourned at 11:40 a.m.