02/12/1996 (2)
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PENSION
..... (TRUSTEES)
, Board of Trustees of the Employees'
Pension Fund
Minutes
Date
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
February 12, 1996
The City Commission, meeting as the Board of Trustees of the Employees' Pension
Fund, met in regular session at City Hall, Monday, February 12, 1996 at 1 :40 P.M., with
the following members present:
Rita Garvey
Sue Berfield
Fred Thomas
J. B. Johnson
Robert Clark
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:
':)
Trustee Thomas moved to approve the minutes of the January 29, 1996, meeting.
The motion was duly seconded and carried unanimously.
ITEM #3 - 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) Kim Jackson
b) Linda McPerson
c) Lynne Priester
d) John Schauder
e) Jack Bryant
f) Steven Cook
g) William Glenn
h) Brenda McLaughlin
Trustee Thomas moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
l.If.M#4 ~ Request for Pension:
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The City Manager presented the recommendation of-the Pension Advisory
Committee that Robert G. Hink be granted a regular pension under Section(s) 2.393 and
2.397 of the Employees' Pension Plan.
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ITEM #5 - Request for Pension:
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Robert G. Hink was employed on January 15, 1973, and his pension service credit
is effective on May 28, 1973. At the time of Mr. Hink's employment, pension deductions
for employees were not immediately commenced. Subsequently, when employees were
provided an opportunity to make up pension contributions, he did not elect to do so, His
retirement was effective on January 19, 1996.
Mr. Hink's pension was approved by the PAC on January 25, 1996. Section 2.393
(p) provides for normal retirement eligibility when a participant has completed twenty years
of credited service in a type of employment described as "hazardous duty" and further
specifically defines service as a firefighter as meeting the hazardous duty criteria.
Based on an average salary of approximately $38,404,85 over the past five years,
the formula for computing regular pensions, and Mr. Hink's selection of the 75% Joint &
Survivor Annuity, this pension will approximate $24,001.08 annually. Charts from Finance
which take into consideration mortality rates and age reflect the "present value cost of
financing" this pension will be approximately $312,988.65. The estimated pension cost
(cash payout over the life of the pensioner and his spouse) is $762,034.
Trustee Thomas moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
I.~I~
_~ The City Manager presented the recommendation of the Pension Advisory
Committee that Fred C. Ratley be granted a regular pension under Section(sl 2.393 and
2.397 of the Employees' Pension Plan.
Fred C. Ratley was employed on February 9, 1966, and began participating as a full
time employee in the Pension Plan on that date. His retirement will be effective on
February 16, 1996.
Mr. Ratley's pension was approved by the PAC on January 25, 1996. Section
2.393 (p) provides for normal retirement date as when a participant reaches age 55 and
has completed twenty years of credited sE'rvice or when the participant has completed
thirty years of credited service regardless of age. Mr. Ratley is eligible under either criteria,
Based on an average salary of approximately $35,843.99 over the past five years,
the formula for computing regular pensions, and Mr. Ratley's selection of the 100% Joint
& Survivor Annuity, this pension will approximate $29,139.48 annually. Charts from
Finance which take into consideration mortality rates and age reflect the "present value
cost of financing" this pension will be approximately $387,668.72. The estimated pension
cost (cash payout over the life of the pensioner and his spouse) is $990,742.
Trustee Clark moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
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ITEM #7 - Other Business: - None.
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ITEM #6 - ReQuest for Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that Richard N. Valentine be granted a reguJar pension under Section(s) 2.393
and 2.397 of the Employees' Pension Plan.
Richard N. Valentine was employed on February 28, 1972, and his pension service
credit is effective that date. His retirement was effective on January 19, 1996.
Officer Valentine's pension was approved by the PAC on January 25, 1996.
Section 2.393 (p) provides for normal retirement eligibility when a participant has
completed twenty years of credited service in a type of employment described as
"hazardous duty" and further specifically defines service as a sworn police officer as
meeting the hazardous duty criteria.
Based on an average salary of approximately $46,168.54 over the past five years,
the formula for computing regular pensions, and Officer Valentine's selection of the 100%
Joint & Survivor Annuity, this pension will approximate $29,903.64 annually. Charts from
Finance which take into consideration mortality rates and age reflect the "present value
cost of financing" this pension will be approximately $394,733.21. The estimated pension
cost (cash payout over the life of the pensioner and his spouse) is $986,820,
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Trustee Thomas moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
Chairperson Garvey questioned regular pension requests coming to the Trustees.
The City Attorney is to respond.
ITEM #8 - Adjournment:
The meeting adjourned at 1 :42 p.m.
ATTEST:~i~~' 0."_
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Chairperson
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