01/06/1997 (2)
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PENSION
(TRUSTEES)
Board of Trustees of the Employees'
Pension Fund
Minutes
,Date
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ACTION AGENDA
Board of Trustees of the Employees' Pension Fund
January 6, 1 997
1. Call to order 1. 9:00 a.m.
2. Approval of Minutes 2. Approved as submitted.
of 12/2/96
3. Request for acceptance 3. Approved.
into membership:
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a) Will Moore
b) Jeffrey Harris
c) Arthur Sprague
d} John Freders
e) Barbara Downs
f) Ronald Sciarretta
g) Jacqueline Meinhardt
h) Carol Richard
4. Regular Pension to be, granted: 4. Granted.
0 Michael J. Egger
5. Regular Pension to be granted: 5. Granted.
Charles Marsh
6. Other Business: 6. None.
7. Adjournment: 7. 9:01 a.m.
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
January 6, 1997
The City Commission, meeting as the Board of Trustees of the Employees' Pension
Fund, met in regular session at the Main Library, Monday, January 6, 1997 at 9:00 A.M.,
with the following members present:
Rita Garvey
J. B. Johnson
Robert Clark
Ed Hooper
Karen Seel
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:
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Trustee Hooper moved to approve the minutes of the December 2, 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) Will Moore
b) Jeffrey Harris
c) Arthur Sprague
d) John Fredere
e) Barbara Downs
f) Ronald Sciarretta
g) Jacqueline Meinhardt
h) Carol Richard
Trustee Johnson moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #4 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that Michael J. Egger be granted a regular pension under Section(s) 2.393 and
2.397 of the Employees' Pension Plan.
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Michael J. Egger was employed on April 8, 1974, and his pension service credit is
effective on that date. His pension will be effective on January 1, 1997.
Mr. Egger's pension was approved by the PAC on December 12, 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 Police Captain as meeting the hazardous duty
criteria.
Based on an average salary of approximately $58,140 per year over the past five
years, the formula for computing regular pensions, and Mr. Egger's selection of the 100%
Joint & Survivor Annuity, this pension will approximate $35,795 annually.
Trustee Clark moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - ReQuest for Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that Charles Marsh be granted a regular pension under Section(s) 2.393 and
2.397 of the Employees' Pension Plan.
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Charles T. Marsh was employed on January 4, 1974, and his pension service credit
is effective on that date. His pension will be effective on February 1, 1997.
Mr. Marshls pension was approved by the PAC on December 12,' 1996. Section
2.393 (pi defines normal retirement date as when a participant reaches age 55 and has
completed twenty years of creditod service or when the participant has completed thirty
years of credited service regardless of age. Mr. Marsh is eligible under the age 55 and
twenty years of service criteria.
Based on an average salary of approximately $37,610 per year over the past five
years, the formula for computing regular pensions, and Mr. Marsh's selection of the 100%
Joint & Survivor Annuity, this pension will approximate $22,966 annually.
Trustee Hooper moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #6 - Other Business: - None.
ITEM #7 - Adiournment: - 9:01 a.m.
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ATTEST: r1f~t 1i..Jl.-_
City Clerk
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