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SEBASTIAN POLICE OFFICER PENSION PLAN
BOARD OF TRUSTEES
Regular Meeting No. 02 - 04
Wednesday, April 28, 2004
City Hall Council Chambers
CALL TO ORDER: lO:03 a.m.
ROLL CALL:
Present -Mr. Sexton, Mr. Hovasse, Mr. Wheeler, Mr. Perez, and Mr. Taracka
Motion to approve minutes from regular meeting 01 - 04, January 30, 2004, by Mr. Hovasse, seconded by
Taracka. Motion passed 5-0.
NEW BUSINESS:
1. Representatives from Sid Banack Insurance made a presentation regarding a long-term disability benefit
to reduce the risk from the fund.
a. The Board explained in greater detail what we were looking for in the policy. We want to
transfer the risk (42% disability payment) of the fund to an insurance carrier.
b. Questions arose as to whether the officer could receive payment from an insurance carrier rather
than the fund.. . Can they collect from both (fund and policy) because Statute states that the fund
will pay?
c. City provides long-term disability to employees, including officers. It pays 60% of wages for up
to two years, longer if totally disabled.
d. It was discussed that the policy's definition of disability would differ from FL Statute.
e. The Board would have to research if they could authorize the purchase of a policy without
utilizing the City's required bid process.
f. The representatives told us that they probably did not have any viable options for us.
g. Without being a local law plan, we cannot enhance the benefits for disability, according to Lee
Dehner's advice (through Rich Taracka)...
OLD BUSINESS:
1. Report from Mr. Taracka regarding his conversation with Mr. Dehner's office.
a. Francisco file is closed
b. Huston file is closed
c. He itemizes the first bill he sends, but then issue lump sun invoices. The Board discussed his
most recent bill and there appeared to be a double billing. The Board authorized Mr. Taracka to
contact their office to work it out.
2. Handed out meeting dates as provided by Lee Dehner's office...
3. Mr. Hovasse made a motion to appoint Debbie Krueger, Assistant Finance Director, the Board's Records
Management Liaison Officer. Mr. Wheeler seconded the motion. The motion passed 5-0
4. Mr. Perez asked about the fiduciary insurance policy. Mr. Sexton provided him a copy of all the
information received from Donna Keys of Sebastian Insurance.
5. The Board still recognizes the need to put together an information session for the members and issue the
policy book and summary plan document.
Being no other business, the meeting adj oumed at 11: 14 a.m.
Minutes submitted by Jim Sexton, Pension Board Secretary