09/05/1984
. ~,~.
1.1 J, h r '
';,. ~.. ,
" '
, '.,'
j'
'" ,
!~ \ :
tflt
; ,
, ,
" ,
" '
,,'
",
'1',:',
t'
t: .
t.
I
"r
,
[;;.'
:',<'
,~t:~.,:, '. '
1f::\,~"
~V';;,"
:tJf3",
~~:'\'~, " ';'. '
1> ".1 ,
li;:;:,:
t~~~Y,< "'~
}~:" ,,' .:;' ; :.
tfi.J,';!':
~"\'" "
f,r,~, ::
,~\::;,~~{', "
't\Y;:',',',' ;
JI\)i"'I. :'"
J~;0.;: '
,~~: :;): ':,' :':
);{:'';', "
;(~:: :u!, .:
&.,:.'
'~!~'i,'"
~~~FL '" :
I t~:~~~~~~" ': . ~1:.:
.~&.;;:i';
. ;,., ". ., '/';' ,: ,: ~{ :
.,.,' ;:,t.: h' I'
, . I.: ,; .,' ::. ~ J,
'j
'...'1,
",
,t,:,1
"I'
.: "
i) ~~
, .'
I'.c.:"
Proceedings of the Pension Advisory Committee Meeting held September 5. 1.984.
..L~~
~):
~ ;{
~i:' :~
':T,
.,.'
Ojl,
Present: Claude Zukowskit Chairman
Jay Lovct Member
Charlie Dunn, Member
Carole Grcinert Finance Department
Mike Laursen, Personnel Department
Cindy HenninR. Personnel Department
Steve Zimmerman. CWA Representative
; "
...
,"
:; ~l
/
i!~
.c'
; r,
..",
,,/j
,/':-e
<:~,
..I"
'<',~'.
, '
-j',
Absent: Nancy Degner, City Nurse
Jane Craig, Personnel Department
The Pension Advisory Committee meeting convened at 9:45 A.M. with members Jay Love and
Charles Dunn present. In the absence of Chairman Claude Zukowski, Jay Love commenced
the meeting. He noted that the Minutes of the last meeting should reflect that he did
not vote against the Committee recommendation to accept Gary Lutman into the Pension
Plan; he abstained from voting. He moved for approval of the Minutes with this correc-
tion to be noted. Motion was seconded by Charles Dunn and passed.
Jay Love inquired as to whether Peter Verhoeven, Firefighter had been notified of the
delay in the Pension Advisory Committee review of his pension date. Mr. Laursen
responded that notice was provided when it was determined that Mr. Alan Zimmet, Asst.
City Attorney, would be unable to attend the Pension Advisory Committee meeting and
advise the members of his legal opinion on the pension eligibility date of
Mr. Verhoeven. It was determined that Mr. Verhoeven and Mr. Zimmet would be invited
to the next regular meeting to review this matter.
Jay Love moved that the Pension Advisory Committee recommend acceptance of the following
employees into the Pension Plan by the Trustees based on their having passed a compre-
, hensive physical examination by the City's physician and their age being less than 45:
Name and
Job Class
Stephen Robedda, Storeskeeper
Veronica Bell, Clerk Typist II
Robert Batten~ Maint. Worker I
Wadine Shawen, Cust.Serv. Rep.
Gregor.y Turman, Copy/Print
Operator
Date Pension
Effective
8-27-84
8-13-84
7-30-84
8-27-84
Department-
Division
Public WorksjW.P.C.
Finance
Public Iyor!cs {Public Service
Utilities/Accounts
Seniority
Date
8-27-84
8-13-84
7-30-84
8-27-84
Central Services
8-13-84
8-13-84
Motion seconded by Charlie Dunn and motion carried.
Jay Love asked if there was any information on Mr. Alex Battle. Mr. Laursen advised that
Mr. Battle had been notified that he could take a pension physical to be considered
for pension. However, it waS not known whether the employee had yet availed himself
of such physical.
Jay Love questioned whether the Pension Advisory Committee had any say in the invest-
ments or management of pension monies. He expressed his opinion that the recent
recommendation of the Finance Director to the Pension Trustees regarding the appointment
of Florida National Bank as Joint Investment Manager with NCNB, without consultation
with the Pension Advisory Committee represented a radical change from previous precedent.
He questioned whether this ,was the intent of the Pension Ordinance (allowing the Trustees .
to have full authority over pension investments). He noted that the Pension Advisory
.I:"~ .:...
J ~. ;:. 1
:~. ~t':":'Y?N'<
"~;n':'~{,:!,ii??:>{(::'~;;;\:~'I!:. ,,~:':.[:;?:. ,;::'" ',' ': ,'.
',',,j ....'.. '" ':,", .,1: d, ",' .: "":, ,(. :",,- ..-!L,,(
,', .:, :>: (, "I ~~ i:: , ''i.:~;: ',: /.
I . .', ..... ....
. ~ I" .' .' ~ . > ,. ~..',. .
c;", \
,. '~.'
I" ' ~h-/~ ,'co,
1>1.",'
;': ~ :. .;
. '
,', '.'
II '. ~
...
"~'
'.;
:;""
" ".,
':',. .
l~' (c .:.
';
;.' : :
], ,
" '
J-.
.!,',
.
,"
,1.,'
:'. .,
~.'; "
~>' . : '.
;' ..".
; ,
, '
"
.,' ,
: :-q ,
",
" '
.,,'
';~'
,
J, ~.
.;r .~ :>
.~:~:\
.>:::,
'lj~:;;
.-); i::.i
~\ : ~ <
,':..,
~.~~...
.J.;":'c
~~,~/
~> .\' ::.
r~::3
' . . .
I.'. '.' ,',
~, ..
rc. ~:.~;/ :"
,~?\; / ..:.'~~
~;'<;~>~.: .:,~ :~..'
\@;;,~{,
~:..,. ,~ .
. " <
~.,',
'.;:~:
t"'., l~
~.7~;'c'
; 1 ',~
'~r:~~.
t:'~.~~
j: f,.~'
~'0:;;
~:~:(,
I .~ ~ .
~f.J;:
:;1;,
~>f..~ ...
':;'=r~
+:-~~~.~
;.~~\.:
. ..
r,~": . ,~~" / ':
1;;::. '~I::~\.;!:,'l'
'fn' '" ,
~l:~! ~:.. ~ '- '
;"C1' ':....i "<'.
(."" " ",'
't',..~. '.; . ~.
.~f:. .~~..:' .
':' ~>' >' ,
~,;>;':\ :
rr~':?" :};.',.
}:"/':~>
~ ~ ,. ; n '
.~.~. :' ;~. ,,' "
'ii~;.?<.:'. .
~U:":;"::" :"
:\'1'."'1""
It' ~,
'ft" " .
~~~i?:,.
t;~' .~ ::1'", ~ . ~
~~t:~!~~:'" ',:
~;;i
"'''\~.
~~;!?
"
.1. < ~..~
~!~'.i.\
!":;T
.:~\~.
/\:';.
'{ -'~:~
...,'.'.
[,;: '1
:..~r(
, .} ~ ~
'~'. \.
.:':'
: . ~,. \' . ..
< ,,', . , ~.....
.: ~ll :<; : ,~
- 2 -
Pension Advisory Committee Meeting
September 5, 19134
Committee llad participated in meetings in the past at which finnncial mattery were
discussed. Finance and Personnel Department staff advised chat the Pension Ordinance
established the specific responsibilities of the Trustee8, the Pension Advisory Committee,
and the Finance Director. They noted that former Finance Director/Assistant City Manage.r
Jeff Butler had initially extended the courtesy to the Pension Advisory Committee of
inviting them to attend meetings with City staff and the "money managers" employed to
invest and manage City pension funds. At SUCll meetings. Pension Advisory Committee
members bave bad the opportunity for input as to the performance of the money manngers
and discussion as to the best ways to cootinue to invest City pension moniea. The
recommendation of the Finance Director relative to the appointment of Florida National
Bank as joint investment manager with NCNB does not relate to the meetings held with
"money managersll at which Pension Advisory Committee members have participated. Jay Love
indicated his concern was with the fact that the Finance Director had made his recommenda-
tion to the Trustees on August 13 when a meeting was already scheduled with designated
money managers on August 17. Pension Advisory Committee members had been invited to the
August 17 meeting. Staff members noted that the Finance Director's memo of August 13
referenced the fact that the recommendation had previously been discussed with members
of the Pension Advisory Committee~ !his occurred after the last Pension Advisory Committee
meeting. Jay Love moved that a legal opinion be sought relative to the position of the
Pension Advisory Committee for contracts with the IImoney managers" and for investment of
our monies. Chairman Zukowski arrived at the meeting at this point and expressed his
opinion that the relationship with the Finance Department provided the Committee with
the opportunity for input into relevant matters. He noted that this past Spring. Pension
Advisory Committee members had attended a meeting with Mr. Willoughby. two gentlemen
from NCNB and "money managers" relative to future income. It was agreed that fixed
income was the best avenue to take for the next year; Committee members had concurred
with that position. The participation of the Pension Advisory Committee at such meetings
was a courtesy extended by the Finance Director to let the Committee know what is being
done with the pensi'on monies. Jay Love noted' that while it could be discussed for hours,
it seemed that the Pension Advisory Committee really had no say in the investment.
Claude Zukowski expressed that this was what the law provides. Charles Dunn indicated
that he had no problem with the system; he would have to assume that the Finance Director
was knowledgeable in his field; that the various parties (Trustees. PAC. Finance) had
to work as a team with each performing their duties and carrying out their responsi-
bilities.
Steve Zimme~man stated he would like to see the Pension Advisor.y Committee prpvided
with a copy of every agreement or contract relative to the Pension. It was noted that
such official documents are public record and available in the City Clerk's office.
Jay Love again noted that he was concerned with the Finance Director's recommendation
being presented to the Trustees four days prior to a meeting scheduled with the Pension
Advisory Committee. Staff noted that the meeting and recommendation of the Finance
Director were separate matters and the subject of the Finance Director's memo of
August 8 was previously discussed with Committee members. Jay Love withdrew his motion
at this time.
Charles Dunn asked why the City Nurse was not present at the meeting (having missed a
,previous meeting as well). Mr. Laursen agreed to contact the City Nurse to determine
why she was not present.
Chairman Zukowski advised he had two requests for pension based on years and seniority.
. . ~ ~l'.' ~.<
':; ::.-/,~,.,;, ,
; H)' < "
.. ~"") l .
r ~ L ~ 1-'
; ~. .
: ":::'~;:;',::,,;.,.',':'~!';,~.:,':,'~~~',:,,~'\S: '.'::;(:~ ,: }',;i.':"'., "'~ ',. ~~. ,'."'" :'
'" ,,; " .'/i':" ",",,:i',,{,,:':,i:.":' . ,;'l,:\,'
',:,' C '.' ~~ f,;' : ~,' ,: " 1"
> ;.. v ~ ~ ,c ] .'.
C.' ',}
! ,:..,.'t'
I.' ,
T ..,~.
.,' l::i,
I:', ,
',j. .'
" f'
'.~ ,: ~/ ',l; '; "
, .,' :.'
",:::<",: '
i '
.. .(
.t1......
':f'"
. L 'j~l
" ,
"', -'1 " ",:'\',1': ' ,/1... .,... "'''''!')'l'\''jt.'''~ :,~~l','~'J"II:"~..'~"\'''' _~..d,,~.f~"\i~'
",' ,./ ',",' ):,~>~::'.)':~>,',\:: ,,", >,<:::"~,:,~:}'::(;'~;;~,, '; 'i~,;,l,:,; ,:'~':<~,{;;,,~ ,: ::;' ~:..::",~',~~(;};,:;~'(:;:.::,: ;L;::~,~
~'. '.' ,"', 'i>l...;.ti.,..l~' )[l1'H,.td.l:': t' 1<\' ~.">:'~' ~ ,1. .' ",' I 'c;." "\':(~~I~J~l,,'
< '/ I ':: :,' !. ll;\j/;. t: ::~J'/:\: ~,' '. ':..~>./,~.::~:.~;.".<' ~~~': :.,';f.:~>..~: ',':' . ': " ll~ \, .:::., I: < ~ ~ (11~~~;J\:~~'\/;fS,
, ;\,)..,~, I' .,L" ., Ii', .," 1}" '\,] ..~ I t ,\ ,.~ " " ". .), "t..."l'\. .\
, ,::~; :":'~\ ,<'},: ,;',,', "'::;;"~:'\:;';:\;:,<:;;;'\\\;ii:;'~/':: " ", :~:,'/;" ,:," ;:: :",;~::~e;;.:/;
I:',
;"".1"1.
J, .,'.
i
:\'
,
, '
'I '
,~ '
'f" I.
.. h_ \.
.',1
';,""'1:',::'",
" ' " .
'. . .' ,{
.,;:
'.
(,
'.1."
, ..
,'/' '"
i' ~ . I' ,.
",
,,'
)~~;~
:Hr::
,:)~
:h
il~ :
~\~;.
;';~\;;I
1t~j~; ~;-:::;c': ," '.' ' """'1,,,,,..:;:,:,,,'", ,: ',,,; ,:" ":" ":, ..: ,I,;. ", ,...
" ',,, ,.... ", "',,,,,, ""."I" "".., "'" ',',.... "" , ,
~;l~~~~it:'::~';~f:!j;k!:':',~;f~j"~:/i~\ti\,'.';"~fji!!;;10;:\',";.:,~,:: '.," '" "
,,, .. ,<. , ..., l' '".", ,"" ",', "'.."...'" " ,
;;:;i:;~;:'.:.:~;:~::~;;'ii:";:; ?':, :. ,''':: ...'.. ':""\,X';;i,'!..',' '".,', " ",'
, '" ' '.,,,, .",,;.. "',
" ,
'. '.~: ~
"
~ . ~. "
I'
"
, "
'<' :'
1."
r" '
:'::"
~: I ;.
~': .
'f. <\
.( ;,' ~;'.
. ,j
'!,: .
;. .'
, ,
)'. 1.~ <
;. \
~.., :
;'j\/
'"
:g
)~',;':
, "A
::>.:
:~~;:r~
!~';.~t
't-1,
v.~
I~ . ~:;
~, -\
{ ~ :!.'l
\',1
:))'
{!L~
, ,.
..'1,
.".:,
,;:: ,
?,;~~
,:'<T,>
'; "fi!
. ~ l .I~
:: L
~;S.~~
" ~ I:
,i~,<l
,';1.1
:j/~~
f.~~~.~ ~'
~:;ir :
~;:;~'
'.~!:::~
I/'l
~ " 'f:
;".;~.
\'~".....
ur.
=~+>;.~
,:":T:~.,
{j1.. >. "\. ~ ,< "
!l-:'::'-:)" .
\,' , ,
:~':". ..' .
,!>,~: ,',
~~I.'~'<~" . .
~~r-:~.::. :.
~{.-.?'~::'.
~;:i;.r,''":'': '
i:' .'. ""', .~..
1:1'"
r'):' .'
Jr\.~ ';"
f..~~' :.! . .
...~ ;..' ,'., : . :". '~
:?>,; :
"t~.':; :.?:. ~.' ".:
~::::.::". : .
~~I' '..
,~;\.,>.:: .'-,
r'.'1;;" :"
J~ ,:,~
1.." ,-
~inY:>", ,
~~;;::',
\)" ,"',
'.' I,
i~1 .' - :' . .
'~~t;;..",
"> 1 ~. ~, 'f
;-:..:;. ':
:~?-;"
,,;).:
:.'}~ ~
\ ~ ~ ',.
't<,
: .(~
~~. ;
',:;l'1->
.,.;
"
,
,c,.. "
/'.,;. j,
. '~ ;~ \t
. :~.:
" ,
". )
- 3 -
;':'.1
" .' ~
"< ,~
: ,~ .. .
I. ~ .
(~ ~:
HI I
I".
Pension Advisory Committee McetJn~
September 5, 1984
I'"
,',',/
~}~;
The firs.t wos Wilbur A. Allen: Dute of Employment 1-3-55; resignation 9-7-84.
Charles Dunn mo'\(ed that Mr... Allen be recommended to the 'trustees for u pension based
on years and seniority., Seconded by Jay Love and motion passed unanimously.
I ~"i}':
< :~\.J~,
! ~l I
~!X,~.
The second pension request was from Ailene Lindsey who has completed 31 years of
8crvice~ Jay Love moved that Ailene Lindsey be recommended to the Trustees to receive
a pension based on years of service and seniority~ Seconded by Charles Dunn and motion
passed unBnimously~
~\ .{,
:;::::
., ~...
.:.: .
~. t;:
','
.::~~(\
..1.
'!"ii
i~:~:':~
T;~t
Charles Dunn moved that he would like to see a survey conducted by the Pension Advisory
Committee relative to raising the age participation level from 45 to 5S and on returning
100% of an employee~s contribution plus interest (less a penalty) for those who leave
the pension plan. Jay Love asked if the City had a mandatory retirement age. Mr. Laursen
noted that Civil Service Rules provided a mandatory retirement age of 70, however, he
related t~at tnis is negated by state law which prohibits age discrimination. Members
discussed what would happen if employees expressed the opinion that the changes being
discussed shou14 be made. "Stephen Zimmerman stated that there is a moral obligation
to let employees know how much the changes would cost when doing such a survey.
Mr. Laursen disagreed with this, indicating that he felt any actuarial study should not
be accomplished until changes that the Pension Advisory Committee might recommend be
determined. Charles Dunn revised his motion to the following: The Pension Advisory
Committee conduct a study on raising the pension age from 45 to 55 and a study on
receiving back not only your own personal contributions, but also interest, less a
penalty. Jay Love noted that such changes would require a referendum. Charles Dunn
noted that there seemed to be a reservation every time discussion was made relative to
changing any provision of the Ordinance about having to have a referendum; if a
referendum is what it takes, then that's what it takes. Members discussed whether a
specific or general survey should be considered. Jay Love noted that an across the
board increase, a percentage increase or cost of living increase could be considered for
retirees. Mr.. Laursen suggested that if any survey is considered, using the services
of some City staff, that the Pension Advisory Committee should submit a request to the
City Manager allowing such staff to participate, thus eliminating any conficts as to
what would be occurring. The motion was dropped with the request made that Payroll
provide to the Pension Advisory Committee the number of employees hired in the last five
years who were over the pension age, between ages 45 and 55. Following receipt of suc~,
information, the Pension Advisory Committee will hold work sessions to review the data.
The Payroll Supervisor agreed to provide the requested information.
~~3\i
:,.';
)1.' ~f
\".'.,::
:~ ~\
'I;
~. ",
, ~ ~'. :
.'~ i
',;:,
Charles Dunn stated that he had received several favorable comments regarding the
Minutes of the last meeting; that they provided sufficient information to let the
employees know what is going on at the Pension Advisory Committee meetings. He also
noted that he writes an article in the FOP newsletter as to pension meetings and actions~
Jay Love asked if the work sessions to be scheduled, following receipt of the informR-
tion requested by the Committee, could be held on his off-duty days since get~lng time
off when on duty was quite difficult.
There being no other business or discussion, the meeting was adjourned.
ersonnel Director
. c..f:. . " /~ .. ....." :
I '.':;: t.;':C ~',
"
::1,',1
. .'c~
. ~.. . ~ ,
c:
"":,,\,,:""::::H~r,::,,.,.:
' ,\',.1 ,:',' ::', ,',; , ,
'" .
.'.:,,' "":',':'::r'),,:;::::,.":, ";, ,,:,"::,., r:. ~
' , , "'\ "'" I .. '~h. ," '... ..J , , " " " """ '," ,
,',' ':,:::'. '.,!.. .;:~..:":~':;".~~~,,,v,;{,~:'gt: ....'): .,,:',' ,.,'';.'9',;:"i}'ri'(, "';':{:;~~j(;~;l)l:;t;i:;i
",.. . ". ,: ""...' ',.', ; ,," ""',, ,< ",'," ,',' '" ,.. "'," .' ',' ,,', ", .' ~'.,.I " fl' ',,' ':':,;,\; ::I,i;l"':<'~\'l;~'':j.'J'"
'c'.:. ,I.....:';: '::,.. ,',': ":',,'c J..,.:;;::;!,.' ", "1 "'......., ".,. ",'i", '. /'.:...",..,""'.;.".;,, ":""'"
". C', ''', '\'j" '. "'" "~I 'C':'", "'" ,';, '" , .\ ",< """I. ,j;'~',f'I, .'1..: '
' :: ; ":'" ' " ,,' r;""''''':'!''i",';,,,> ,I' ., .'", , '!/"",,;, : "#' "~~<>' .'r,' :<,.':., : , . ;:: ;':;',;'::;,..: t~, j':;~:'~,:{:i; :.,,<~:
I.... '.. d'."" ''OJ,,,, , ',"', " ".", ,..., ''''(''''\'' '''., "",1"
.' "",:';.;'.:?f";~;,\:.l{:1r;;}:.:t:~/",:., ,:<,,' ", :,',""::,; t' '.', <: ':"';"'i~:"1?iij{.:;!;/':::,";:~r\'!;',:
,', '. '.. '", ,,," ':""8"'''''' , ", ..I,.. ," ,: ." ., '
,:::' :?';}{,." :,,:;!::i. ," ., . ,
"" ,
. .' ~ .
. :.