07/05/1988 (2)
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
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July 5 t 1988
Board of Trustees of the
TuesdaYt
Employees
July 5 t 1988 t
The City
Pension Fund,
at 9:06 a.m. ,
Commissiont meeting as the
met in regular session at the City Hallt
with the following members present:
Rita Garvey
James Berfield
Lee Regulski
Don Winner
William Nunamaker
Mayor/Commissioner
Vice-Mayor/Commissioner
Commissioner
Commissioner
Commissioner
Also Present were:
Ron H. Rabun
Milton A. Galbraith, Jr.
Cynthia Goudeau
City Manager
City Attorney
City Clerk
ITEM #2 - Minutes - Commissioner Winner moved to approve the minutes of the
June 13, 1988t meeting. Motion was duly seconded and carried unanimously.
ITEM 03 - Request for Acceptance into Membership
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The City Manager
to approve membership
Name
Joseph Young
Robert Kochen
Mat thew Peters
Mark Trulock
Francis Wilson
Kevin McQuoid
John Coppersmith
William Fairchild
Freddie Jones
Diane FitzGerald
Deborah Lutz
William Phillips
William New
Antonia Babski
Becky Smith
James Betts
Timothy Evans
Raymond Jung
Jeffrey Voss
presented the recommendation of the Advisory Committee
for nineteen (19) employees listed below:
Classification
Police Recruit I
Police Recruit I
Police Recruit I
Police Recruit I
Tradeworker I
Parks Worker
Accounting Clerk I
Wtr. Dis. Ser. Wkr. I
Maint. Worker I
Office Asst. II
Office Asst. I
Min. Housing Insp.
WWTP Operator Trainee
E 0 Investigator
Pol. Com. Opel". II
Gas Dist. Pipefitter Hlpr.
Drafting Tech. I
Police Officer
Sr. Electrician
Department
Police
Police
Police
Police
Cent. Ser./Bldg. & Maint.
Parks & Rec.
Police
Util./Water
Parks & Rec.
Cent. Ser./Purch.
Police
Building
Pub. Wks./WPC
PUDD
Police
Util. /Gas
UtiIo /Gas
Police
Traffic Eng.
tA
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Commissioner Regulski moved to accept the recommendation of the Advisory
Committee. Motion was duly seconded and carried unanimously.
Book 2
161.
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07 /05 /88
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ITEM fJ4 -
Request for Regular Pension
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The City Manager presented the recommendation of the Advisory Committee,
General Employees' Pension Fund that the employees listed below be granted a
regular pension under Section 26.34 andlor 26.37 of the Employees' Pension
Plan.
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Anton D. Grandic, Wastewater Treatment Plan Lead Operator, Water
Pollution Control Division, effective May 31, 1988, at the end of the day, at
an amount to be calculated at a later date.
Gilbert L. Poinsett, Sanitation Equipment Operator, Sanitation Division,
effective July 8, 1988, at 3:30 P.M, in an amount to be calculated at a later
date.
Hobert Douglas, Utilities Service Technician II, Gas Division, effective
August 29, 1988, at the beginning of the day, in an amount to be calculated
at a later date.
John H. McNeilly, Police Sergeant, Police Department, effective December
21, 1988, at the beginning of the day, in an amount to be calculated at a later
da t e.
Commissioner Berfield moved to accept the recommendation of the Advisory
Committee. Motion was duly seconded and carried unanimously.
ITEM 115
Request for widow's pension.
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The City Manager presented the recommendation of the Advisory Committee,
General Employees' Pension Fund that the individual listed below be granted a
widow's pension under Section 26.36 and/or 26.37 of the Employees' Pension
Plan.
Sherrill Wargin, widow of William D. Wargin, Police Officer, Police
Department, effective May 10, 1988, at an amount to be calculated at a later
da t e .
Commissioner Regulski moved to accept the recommendation of the Advisory
Committee. Motion was duly seconded and carried unanimously.
ITEM 116
Appointment of Coopers & Lybrand as Pension Plan Actuaries
On April ~, 1988,
perform the January 1,
the trustees authorized staff to request proposals to
1988 actuarial valuation.
A review committee consisting of the Finance Director, Assistant Finance
Director, Cash & Investments Manager, Payroll Services Manager, and a
representative from the Pension Advisory Committee independently reviewed and
ranked all proposals. This original review produced a tie between Coopers &
Lybrand and Ogle & Waters, both of whom were invited to make a presentation
to the committee. Following the presentations, the committee unanimously voted
to recommend Coopers & Lybrand for approval.
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Book 2
162.
07/05/88
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Coopers &: Lybrand is a "big eight"
a separate division devoted exclusively to actuarial services.
to pension actuarial services, they provide insurance actuarial
employee benefit consultation. Their actuarial client list includes many
Fortune 500 companies, such as Exxon, Texaco, and 3M.
extensive experience with Florida municipalities, their national municipal
client list includes New York City, San Francisco, and Washington, D.C.
committee was impressed with their enthusiasm and depth of knowledge, especially
their familiarit~ with the new disclosure requirements mandated this year by
the Governmental Accounting Standards Board (GASB). When they were informed
that we intend to have annual valuations, they agreed to provide two such annual
valuations for a fee of $25,000, to be allocated $13,000 for year one and
$12,000 for year two. They have also agreed to complete the initial valuation
within 60 days or the contract approval.
accounting firm which also operates
In addition
services and
While they have not
had
The
The committee is pleased to recommend
to perform the January 1,
total fee of $25,000' as
1988 and January
indicated.
the appointment of Coopers & Lybrand
1, 1989 actuarial valuations for a
In response to questions, the Finance Director indicated due to the service
provided by Ogle &: Waters, previous actuaries, not being completely
satisfactory, the City went out for requests for proposals.
Commissioner Winner moved to approve the appointment of Coopers & Lybrand
to perform the actuarial valuations for the pension plan as of January 1, 1988
and January 1, 1989, for fees not to exceed $13,000 and $12,000, respectively.
Motion was duly seconded and carried unanimously.
()
ITEM n
Other Business.
None
ITEM 118
Meeting adjourned at 9:11 a.m.
ATTEST:
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Book 2
163.
07/05/88
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