03/30/1992 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
March 30, 1992
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Monday, March 30, 1992 at 9:16 A.M., with the following members
present:
Rita Garvey Chairperson
Lee Regulski Trustee
William Nunamaker Trustee
Richard Fitzgerald Trustee
Sue Berfield Trustee
Also Present were:
Michael J. Wright City Manager
Milton A. Galbraith, Jr. City Attorney
Cynthia E. Goudeau City Clerk
ITEM #2 - Minutes:
Trustee Berfield moved to approve the minutes of the March 16, 1992, meeting and reapprove the March 2, 1992 minutes. The motion was duly seconded and carried unanimously.
ITEM #3 - Additional Expenditures Regarding Pension Plan Qualificatin Project
On November 18, 1991, the Trustees appointed Kalish & Ward, P.A., to assist the City in modifying the Pension Plan as necessary to achieve IRS "qualification" and "employer pick-up"
of employee contributions for a total fee not to exceed $15,000. In the course of reviewing the plan and IRS qualification requirements, Kalish & Ward has determined the City Supplemental
Plans for Police and Fire also need to be considered in determining overall compliance with maximum benefit limitations (IRS Section 415). They have recommended an actuarial analysis
to determine the potential impact of this new development. The City's current actuaries have proposed to perform the requested analysis for a fee not to exceed $1,750.
In addition to the $1,750 for this study, the City is requesting authority for the City Manager to spend up to $8,000 additional, as he deems necessary, for further work on this qualification
project. Even though the City is not presently aware of additional requirements, there may well be needs for subsequent smaller expenditures to provide specific information in the future.
Unlike City funds, where the Manager has spending authority up to $10,000, only the Trustees have authority to spend pension funds. It is for this reason staff is requesting additional
expenditure authority so the qualification project can proceed as expeditiously as possible.
Kathy Rice, Deputy City Manager, stated if the plan is qualified, employee contributions will be able to be made on a pre-tax basis.
The City Manager emphasized only additional studies required by the attorneys or the IRS will be done.
Trustee Fitzgerald moved to approve the appointment of Coopers & Lybrand to review the impact of the Police & Fire Supplemental Pension Plans on the current project to qualify the City's
Pension Plan, for a total fee not to exceed $1,750 and authorize the City Manager to spend up to $8,000 additional as he deems necessary for other work related to this project which
cannot be presently
foreseen. The motion was duly seconded and carried unanimously.
ITEM #4 - Other Business: None.
ITEM #5 - Adjournment:
The meeting adjourned at 9:20 a.m.