07/05/1988 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
July 5, 1988
The City Commission, meeting as the Board of Trustees of the Employees
Pension Fund, met in regular session at the City Hall, Tuesday, July 5, 1988, at 9:06 a.m., with the following members present:
Rita Garvey Mayor/Commissioner
James Berfield Vice Mayor/Commissioner
Lee Regulski Commissioner
Don Winner Commissioner
William Nunamaker Commissioner
Also Present were:
Ron H. Rabun City Manager
Milton A. Galbraith, Jr. City Attorney
Cynthia Goudeau City Clerk
ITEM #2 Minutes Commissioner Winner moved to approve the minutes of the
June 13, 1988, meeting. Motion was duly seconded and carried unanimously.
ITEM #3 Request for Acceptance into Membership
The City Manager presented the recommendation of the Advisory Committee
to approve membership for nineteen (19) employees listed below:
`Name` `Classification` `Department`
Joseph Young Police Recruit I Police
Robert Kochen Police Recruit I Police
Matthew Peters Police Recruit I Police
Mark Trulock Police Recruit I Police
Francis Wilson Tradeworker I Cent. Ser./Bldg. & Maint.
Kevin McQuoid Parks Worker Parks & Rec.
John Coppersmith Accounting Clerk I Police
William Fairchild Wtr. Dis. Ser. Wkr. I Util./Water
Freddie Jones Maint. Worker I Parks & Rec.
Diane FitzGerald Office Asst. II Cent. Ser./Purch.
Deborah Lutz Office Asst. I Police
William Phillips Min. Housing Insp. Building
William New WWTP Operator Trainee Pub. Wks./WPC
Antonia Babski E O Investigator PUDD
Becky Smith Pol. Com. Oper. II Police
James Betts Gas Dist. Pipefitter Hlpr. Util./Gas
Timothy Evans Drafting Tech. I Util./Gas
Raymond Jung Police Officer Police
Jeffrey Voss Sr. Electrician Traffic Eng.
Commissioner Regulski moved to accept the recommendation of the Advisory Committee. Motion was duly seconded and carried unanimously.
ITEM #4 Request for Regular Pension
The City Manager presented the recommendation of the Advisory Committee, General Employees' Pension Fund that the employees listed below be granted a regular pension under Section 26.34
and/or 26.37 of the Employees' Pension Plan.
Anton D. Grandic, Wastewater Treatment Plan Lead Operator, Water Pollution Control Division, effective May 31, 1988, at the end of the day, at an amount to be calculated at a later
date.
Gilbert L. Poinsett, Sanitation Equipment Operator, Sanitation Division, effective July 8, 1988, at 3:30 P.M, in an amount to be calculated at a later date.
Hobert Douglas, Utilities Service Technician II, Gas Division, effective August 29, 1988, at the beginning of the day, in an amount to be calculated at a later date.
John H. McNeilly, Police Sergeant, Police Department, effective December 21, 1988, at the beginning of the day, in an amount to be calculated at a later date.
Commissioner Berfield moved to accept the recommendation of the Advisory Committee. Motion was duly seconded and carried unanimously.
ITEM #5 Request for widow's pension.
The City Manager presented the recommendation of the Advisory Committee, General Employees' Pension Fund that the individual listed below be granted a widow's pension under Section
26.36 and/or 26.37 of the Employees' Pension Plan.
Sherrill Wargin, widow of William D. Wargin, Police Officer, Police Department, effective May 10, 1988, at an amount to be calculated at a later date.
Commissioner Regulski moved to accept the recommendation of the Advisory Committee. Motion was duly seconded and carried unanimously.
ITEM #6 Appointment of Coopers & Lybrand as Pension Plan Actuaries
On April 4, 1988, the trustees authorized staff to request proposals to perform the January 1, 1988 actuarial valuation.
A review committee consisting of the Finance Director, Assistant Finance Director, Cash & Investments Manager, Payroll Services Manager, and a representative from the Pension Advisory
Committee independently reviewed and ranked all proposals. This original review produced a tie between Coopers & Lybrand and Ogle & Waters, both of whom were invited to make a presentation
to the committee. Following the presentations, the committee unanimously voted to recommend Coopers & Lybrand for approval.
Coopers & Lybrand is a "big eight" accounting firm which also operates a separate division devoted exclusively to actuarial services. In addition to pension actuarial services, they
provide insurance actuarial services and employee benefit consultation. Their actuarial client list includes many Fortune 500 companies, such as Exxon, Texaco, and 3M. While they have
not had extensive experience with Florida municipalities, their national municipal client list includes New York City, San Francisco, and Washington, D.C. The committee was impressed
with their enthusiasm and depth of knowledge, especially their familiarity with the new disclosure requirements mandated this year by the Governmental Accounting Standards Board (GASB).
When they were informed that we intend to have annual valuations, they agreed to provide two such annual valuations for a fee of $25,000, to be allocated $13,000 for year one and $12,000
for year two. They have also agreed to complete the initial valuation within 60 days of the contract approval.
The committee is pleased to recommend the appointment of Coopers & Lybrand to perform the January 1, 1988 and January 1, 1989 actuarial valuations for a total fee of $25,000 as indicated.
In response to questions, the Finance Director indicated due to the service provided by Ogle & Waters, previous actuaries, not being completely satisfactory, the City went out for requests
for proposals.
Commissioner Winner moved to approve the appointment of Coopers & Lybrand to perform the actuarial valuations for the pension plan as of January 1, 1988 and January 1, 1989, for fees
not to exceed $13,000 and $12,000, respectively. Motion was duly seconded and carried unanimously.
ITEM #7 Other Business - None
ITEM #8 Meeting adjourned at 9:11 a.m.