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HomeMy WebLinkAbout10182011 PRB Special Sebastian Police Pension Board Meeting Minutes: October 18, 2011, 10:00 a.m. Sebastian City Council Chambers TYPE OF MEETING: Special Call to Discuss Local Law Plan. NOTE TAKER: Harry Tanner ATTENDEES: Board Members: Harry Tanner,Rec. Secretary Robert Zomok Debra Krueger Greg Witt EXCUSED Steve Marcinik CONSULTANTS: Grant McMurry, ICC Capital Mgmt. (Portfolio Manager) Lee Dehner, Attorney SUBJECT CALL TO ORDER 10:00 a.m. There being a quorum present, Secretary Harry Tanner, called the meeting to order. Having no Chairman; Harry Tanner made a motion to nominate Debra Krueger to chair the meeting. The motioned was seconded by Robert Zomak and passed unanimously. 10:00 a.m. Debra Krueger reported Board member Steve Marcinik had requested an excusal for scheduled police training, it is granted. 10:05 a.m. Lee Dehner reports the PBA/CBA passed and we are awaiting copies signed by all parties. Greg asked if the Insurance Premium for 2011 goes up who says what to do with and excess monies? it Answer: A majority vote of the membership, and the signing off on the benefit expense by our actuary. Lee needed direction from the Board on three benefit calculation issues and then he will be able to bring the first draft copy of the Local Law Plan back for Board review. 1. Restoration. The Board in a unanimous voice approval wants future sick and leave time restored to the calculation, if calculated time was used. 2. The Board wants the calculated sick and annual leave accrued hours to be paid at the pay rate at the time of separation from the Force. 3. The Board wants the 300 overtime hours to be calculated on a Fiscal year schedule. It was suggested to put a tickler notification system in effect to notify officers when they are approaching the end of the hours they can use for overtime pay. The Board also requested the next Draft contain the following issues approve by the Board. ILBA Military Service Buyback. Prior Police Service Buyback, in or out of state as long as our standards were met. Buyback monies can be paid within 6 months of the request for the buyback. No Installment Pay Plan is to be used. Greg asked about how requests for new benefits are processed in formulating this new Plan. Lee told him the membership would make the request in writing and then it would be considered by the Board. Greg said he was going to bring back any request he gets from the membership in writing to the December meeting. Harry asked if the Local Law Plan could include the retirement age being lowered to 44 years old or 25 years for an employee hired at age 19. e and would need actuary work to see if is a major cost issue rY Lee said that � it is possible. This issue as all the new Local Law Plans pension benefit issues would have to be approved by the Union and then the City Council. Lee mentioned that as a general rule a 1% benefit increase adds a 10% cost increase to the Fund. Debra said we would be revisiting these issues in 2012. Greg asked about an Actuary report and was advised that the issue of a new Actuary report was already scheduled for the December meeting for discussion. Lee said we will need a contract with our actuary,Foster and Foster, now that we are a Local Law Plan. Debra said she would get prices from Foster and Foster. Further discussion now awaits the first draft of the new Plan which will be reported on and discussed at the regular December meeting. SUBJECT ACTION ITEMS ITEM RESPONSIBLE PERSON 1st draft Local Law Plan. Lee Dehner Actuary prices. Debra Krueger 12:05 p.m. Having no further business for discussion Chairman, Debra Kruger adjourned the meeting. Next regularly scheduled meeting is December 13, 2011, at 10:00 a.m. in the City Council Chamber.