01/21/1997 (2)
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PENSION
(TRUSTEES)
Board of Trustees of the Employees'
Pension Fund
Minutes
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. ACTION AGENDA
Board of Trustees of the Employees' PensIon Fund
. January 21, 1997
1. Call to order 1. 9:15 a.m.
2. Approval of Minutes 2. Approved as submitted.
of 1/6/97
3. . Request for acceptance 3. Approved.
into membership:
a) Nat O. Medlin
b) David Sharpe
c) Mary Jo Fox
d} Pamela McGarry
e) Deborah J. Mobley
4. Regular Pension to be granted: 4. Granted.
Sandy L. Stevens
~:} 5. Regular Pension to be granted: 5. Granted.
Richard A. Trombly
6. Pension to be vested: Cindy 6. Approved.
Trombly
7. Pension to be vested: Christine 7. Approved.
Papandreas
8. ' Other .Business: 8. None.
9. Adjournment: 9. 9:16 a.m.
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Elizabeth M. Deptula
Pamela K. Akin
Cynthia E. Goudeau
City Manager
City Attorney
City Clerk
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
January 21, 1 997
The City Commission, meeting as the Board of Trustees of the Employees' Pension
Fund, met in regular session at the Municipal Services Building, Tuesday, January 21, 1997
at 9: 15 A.M., with the following members present:
Rita Garvey
J. B. Johnson
Robert Clark
Ed Hooper
Chairperson
Trustee
Trustee
Trustee
Absent:
Karen Seel
Trustee
Also Present were:
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ITEM #2 - Minutes:
Trustee Clark moved to approve the minutes of the January 6, 1997, 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) Nat O. Medlin
b) David Sharpe
c) Mary Jo Fox
d) Pamela McGarry
e) Deborah J. Mobley
Trustee Hooper moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #4 - Request ~or Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that Sandy L. Stevens be granted a regular pension under Section(s) 2.393 and
2.397 of the Employees' Pension Plan.
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Sandy L. Stevens was employed on June 4, 1973, and his pension service credit is
effective on that date. His pension will be effective on February 1, 1997.
Mr. Stevens' pension was approved by the PAC on January 9, 1997. Section 2.393
(pI 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 Officer as meeting the hazardous duty criteria.
Based on an average salary of approximately $42,855 per year over the past five
years, the formula for computing regular pensions, and Mr. Stevens' selection of the 100%
Joint & Survivor Annuity, this pension will approximate $27,481 annually.
Trustee Hooper 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 Richard A. Trombly be granted a regular pension under Section(s) 2.393
and 2.397 of the Employees' Pension Plan.
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Richard A. Trombly was employed on June 3, 1974, and his pension service credit
is effective on that date. His pension will be effective on February 1, 1997.
Mr. Trombly's pension was approved by the PAC on January 9, 1997. 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 Officer as meeting the hazardous duty
criteria.
Based on an average salary of approximately $51,467 per year over the past five
years, the formula for computing regular pensions, and Mr. Trombly's selection of the
100% Joint & Survivor Annuity, this pension will approximate $32,075 annually.
Trustee Clark moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #6 - ReQuest to Vest Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that Cindy Trombly be approved to vest her pension under Section(s) 2.397 and
2.398 of the Employees' Pension Plan.
Cindy Trombly was employed on August 27, 1979, and her pension service credit is
effective on that date. Ms. Trombly resigned from City employment effective January 10,
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1997. As of her resignation in January, Ms. Trombly had approximately 17 years of
service and pension participation.
The Employees' Pension Plan provides that should an employee cease to be an
employee after completing 1 0 or more years of creditable service (pension participation),
then such employee shall acquire a vested interest in the retirement benefits. Vested
pension payments commence at the time the employee normally would have been eligible
for retirement. Ms. Trombly would have completed 20 years of service on August 31 ,
2001, in a hazardous duty position. Her request to vest her pension was approved by the
PAC on January 9, 1997, and will be effective September 1, 2001.
Trustee Hooper nl~'!ed to accept the recommendation of the Pension Advisory
Committee. The motion was dUly ~econded and carried unanimously.
ITEM #7 - ReQuest to Vest Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that Christine Papandreas be approved to vest her pension under Section(s)
2.397 and 2.398 of the Employees' Pension Plan.
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Christine Papandreas was employed on December 16, 1974, and her pension
service credit is effective on that date. Ms. Papandreas resigned from City employment
effective December 4, 1992. As of her resignation in December, Ms. Papandreas had
approximately 18 years of service and pension participation.
The Employees' Pension Plan provides that should an employee cease to be an
employee after completing 10 or more years of creditable service (pension participation),
then such employee shall acquire a vested interest in the retirement benefits. Vested
pension payments commence at the time the employee normally would have' been eligible
for retirement. Ms. Papandreas would have completed 20 years of service and turned age
55 on September 20, 2002. Her request to vest her pension was approved by the PAC on
January 9, 1997, and will be effective September 21, 2002.
Trustee Johnson moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #8 - Other Business: - None.
ITEM #9 - Adjournment: - 9: 16 a.m.
ATTEST:~?:. }j~ dl-=.
City Clerk
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