05/30/1989 (2)
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ITEM #5 - Amendment to Januarv 1. 1989 Actuarial Stud v
On July 5, 1988 the Trustees awarded a two year contract to Coopers &
Lybrand to perform actuarial valuations for January 1, 1988 and Janwary I, 1989
at fees of $13,000 and $12,000 respectively. Since that time, city staff has
been asked to review the possibility of converting some or all the current plan
liability to a 401(A) Defined Contribution Plan. In order to better determine
the feasibility and or advisability of such a move it would be beneficial to
have current plan liabilities broken down by bargaining units so that the
impact/benefits to each group can be addressed separately. Coopers and Lybrand
has agreed to provide this data in connection with their current study for an
additional fee not to exceed $1,000.
Trustee Regulski moved to approve the additional expenditure not to exceed,
$1,000 so that the January I, 1989 Actuarial study will provide pension liability
segregated by bargaining unit. The motion was duly seconded and carried
unanimously.
ITEM # 6 - Reauest of the Pension Advisorv Committee to authorize independent
leQal counsel.
John Nicholson, Chairman of the Pension Advisory Committee, stated that the
committee feels it needs independent legal counsel. Discussion ensued regarding
the need for independent counsel and which entity would be represented by the
attorney. Consensus of the Trustees was for the City Manager to investigate the
need, to produce a proposed scope of service and that the pros and cons be
provided by the City Manager and City Attorney.
Item #7 - Procedure to accept Current Employees over AQe 45 to Pension Plan
(Contd. from Mav IS. 1989)
A November 1988 referendum authorized a change to the Pension Plan which
would allow current employees who were over the age of 45 when hired to apply for
participation in the Pension Plan as new hires. Staff has been investigating
ways to implement this change and this item was discussed at the Trustees Meeting
of May IS, 1989 with direction for the Personnel Director to come back with
additional information. The Personnel Director indicated that there would be a
total of 169 employees that could opt to apply to participate in the plan. He
stated he has met with the City Attorney and that the ordinance provides that
they shall be admitted as ne~ participants and does not provide for
retroactivity. He further stdted that in response to the Commissions questions
he had found there is an agreement which provides that social security
participation ends upon acceptance into the Pension Plan for all employees. He
stated they have added 10 days to the six month time period which would allow an
individual to make the application within six months but allow an additional 10
days to schedule the physical required. He stated one other change being made to
the recommendations is that employees who apply within the six months but fail
the physical I be treated as all other new employees in that any time they are
able to pass the physical, they will be allowed into the plan. He stated that
general notice will be sent out to the employees notifying them of this
opportunity. In response to a question he indicated he did not feel that many of
the 169 eligible employees would apply to participate in the plan and that the
general notice will be dated 6/1/89.
Trustee Regulski moved to approve the procedures for current employees over
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AGENDA
Board of Trustees of the Employees' Pension Fun
May 30,1989
9:00 A.M.
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1.
Call to order
1.
9 :04 P .~I.
2.
Approval of Minutes
of May 15, 1989
2.
Approved as submitted.
3.
Request for acceptance
into membership:
3.
Accepted six (6) members.
1) William Bennett
2) Karen Backus
31 Karen Il1g
4 David Dornbusch
5 Ronald Griffin
6 Todd Voigt
4.
Pensions to be granted:
4.
Granted: James Ford
effective August 8, 1989.
e
James Ford
5.
Amendment
Actuarial
to January
Study.
1 ,
1989
5.
Amendment approved.
6.
Request of the Pension Advisory
Commi ttee to authori ze
independent legal counsel.
6.
Consensus for City Manager and
City Attorney to investigate
further and report to Trustees.
7.
Procedure to accept Current
Employees over 45 to Pension
Plan {Contd. from May 15, 1989)
7.
Procedure approved.
8.
Other Business:
8.
None
9.
Adjournment
9.
9:42 A.M.
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