09/05/1995 (2)
, "~, ':" ,.',', '",:,',::' ", ...+->,..~.'"'~.~'~.....:.,.:'......'r" ,: ~..' I',', :,:. :"" ';',', , "", ':~ .' ',' ',' ,'. ,':,
~
,
, "
\,
. r
,,' '
. , ,
',' ' .
..'>/::",;,:1:: .~.': '\ ',:. ~I":~\'::i~~~:~~,;),~ii~:~~';\~,~:\'~~',>.~;.. ':> ", :',.
. " ,H~'.
!I
;;~.-i
i
PENSION
(TRUSTEES)
Board of Trustees of the Employees'
Pension Fund
Minutes
i' .
tjg()
l, "..
___ !. ~ III........,...........' .~,
,:', ':.--' ,.., , ":"','" . "u'., " :".~ .' ,',\,.., ,:,,:'" :,: "":"'\"" ,: . .',,\"', ".',,:'
, " ." '. -' ....' '. 0' - ~, ,I ,. " "
\ . '. ," I I 1 I ,I' I . "
, " . ' 'I,,'. ' ''... . " ',' \' "
, ,: ", ~,," ',: l '.I'h"""'~"'" ,:, ,"...,,',',',.~, '," '",',.. l ,,' ' ",' ',' \ , ' I , ': ' ' ': :~. . .", ,
t'
.
"
, '. \' ,. .:' " !',' >. ' ' , '-I' ' "! .:'.. ~' I
",' ',,",:,'('f;:~(t~;.~~;~,5;~~!;;IJ;,f?,'~;,):/., ,,', ,.', .,', ,;:;',W,n'f;,i; ",,", .,' ,", '
!: .
.' .
.l\': '. ,:
",;.' '
'.t
, \, :~,
" ': ,
1~f;Yt
"
ACTION AGENDA
Board of Trustees of the Employees' Pension Fund
Tuesday, September 5, 1995
'"
'0"
, ,
~~-:--"f'~..wu,..j,~J~~f~;I.i~~1.Iq'li~ti~:I;,;-V:;~',',~:,;,,:,;:,~:~;"i;':'\";,;.:V''<{::i':>'':;'~,;./.);..':'i :',;,;' / . .',: :,' u (:.,",' ,: ,.';.'::, ;,:" ".,'..' ';':,:'.. :.>,:'
. ,'. ,'.,. . . "...~.'l>I~I~mr,H'I.,"~":.,:\~j,'..;Ir.i\,.Ll.:,(.'t\'.d" ,'c, ;' ". I ' , . ." ", ,,, . ,,/.J "', ''"''., ".:,),u.', , '
.:.- " . . ;' . .,'. " ' , ' ,'. ~".!.If~~l:\(i~Df\'i"kJ1- '1'110"1 I "\,:';~i '.'. ,,',~'" ,.', ',", '\"', " ,;t,: ,;) " ,. .. '''..' -r.';:: " t-,.I:<:lJ ~<~"'" '..,.'\1l1
~,'>., '.~' " ' :", ". >' > ' e~ '" ' n"1111~;~i~t~li~~;r{f:~\J}r}.'d~~'n~~';1..~~i~i;~~";i#~~};~:~;;"~'''~''. 'il..'.: : ~f~ ,~~,(t'~t'~~:'lt".~M~~I~~~~~':.:'~l~{':';'~'L~'~ l,
.'
, .
't, 'I
, ' ,
, , t';, ' " '.
'; :,;' '~"'" ~':"/ . :..,,"}..,.'.<' :>~i"<,':",
:';';1 ':i,: :'~:' .
> /:,.
~~:~~ .,1,
'"
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
September 5, 1995
The City Commission, meeting as the Board of Trustees of the Employees' Pension
Fund, met in regular session at City HaU, Tuesday, September 5, 1995 at 9:33 A.M., with
the following members present:
Rita Garvey
Sue Berfield
Fred Thomas
J. B. Johnson
William Justice
Chairperson
Trustee
Trustee
Trustee
Trustee
Also Present were:
Elizabeth M. Deptula
Pamela K. Akin
Cynthia E. Goudeau
City Manager
City Attorney
City Clerk
ITEM #2 - Minutes:
(1~
'v~
Trustee Thomas mO,ved to approve the minutes of the August 14, 1995, meeting.
The motion was duly seconded and carried unanimously.
J:rEM #3 w Request for Acceptance into Membership:
The City Manager presented the recommendation of the Pension Advisory
Committee to approve membership for the employee(s) listed below:
a) William Fry
b) Gregory Owen
cJ James Plerre III
d) Sharon Touchton
e) Maria Wciorka
Trustee Berfield moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #4 w Request for Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that Michael T. Murphy be granted a regular pension under Section 2.396 of
the Employees' Pension Plan.
o
mPF09 .95
1
9/5/95
:::'~'>'>'!:"_"'::';':';:""';" ",,"," ... ."e"" ,..', .'.''' ,:..., '" ,'.' "" ",: .',' "..'...', I:, ....:,' , ",',,':... I' ',', . ,,' :,'
....\~..:,i,:..,\,:,\: ,',.','.~,:.,f :,~., , ' ,,' OJ " ,~' ,~' ,': ,,:,"':, " I' I" ,~'~'I ",,' '. .',' '" :". " ,:':" ""
'",' ";" ' .' ;" ".' ' , " 1-. " 1.'."...... " . ,- ::. " ," ., " , ' , '
,'..,I' '.,1' " ,. ,', ,J\, " ]', . , 1.a...J.'....t...I ,", 'j: ,:', ,I,..,~, 0':,' ,
, "
" '" ;,:;': Y'<;ii;{~ i>::\'
. '
, ~ ~ .
, , .
, ,,\.,.
~ .' r ,
" ~,' ,
i,
r
il'? "
~
Michael T. Murphy was employed on March 25, 1974, and began participating in
the Pension Plan on September 25, 1974. His retirement will be effective on February 9,
1996, at the beginning of the day.
Mr. Murphy's pension was approved by the PAC at its meeting of August 16, ,1995.
Based on an average salary of approximately $39.843 over the past five years and
the formula for computing regular pensions, this pension will approximate $21,316
annually. Charts from Finance which take into consideration mortality rates and age reflect
the "present value cost of financing" this pension will be approximately $291,075. The
estimated pension cost (cash payout over the life of the pensioner and his spouse) is
$810,008.
When Mr. Murphy was originally employed, pension deductions were not taken for
the first six months and employees contributed to Social Security. When employees were
given an option to buy back their first six months of service, Mr. Murphy chose not to
exercise such option.
Trustee Berfield moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #5 ~ Other Business: ~ None.
.
ITEM #6 ~ Adjournment:
The me~ting adjourned at 9:35 a.m.
ATTEST:
~
Ci ; Clerk
'I
0'
mPF09 .95
2
9/5/95
~~, .:' / -t ;..
" , '. '
',,'" ,.,,'