01/19/1993 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
January 19, 1993
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Tuesday, January 19, 1993 at 9:04 A.M., with the following
members present:
Rita Garvey Chairperson
Richard Fitzgerald Trustee
Sue Berfield Trustee
Arthur X. Deegan, II Trustee
Mayme W. Hodges 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 January 4, 1993, 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 Kathleen Baird.
Trustee Berfield moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #4a - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Rose McClelland be granted a regular pension under Section 26.34 and/or 26.37 of the Employees'
Pension Plan.
Rose McClelland was employed on January 10, 1972 and began participating in the Pension Plan on July 10, 1972. Her retirement will be effective on August 6, 1993, at the end of the
day.
Ms. McClelland's pension was approved by the PAC at its meeting of January 6, 1993. Based on an average salary of approximately $21,107 over the past five years and the formula for
computing regular pensions, Ms. McClelland's pension will approximate $11,345 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present
value cost of
financing" this pension will be approximately $111,176.
Trustee Fitzgerald moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #4b - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Ramutis F. Kaminskas be granted a regular pension under Section 26.34 and/or 26.37 of the Employees'
Pension Plan.
Ramutis F. Kaminskas was employed by on November 20, 1972 and began participating in the Pension Plan on that date. His retirement will be effective on February 4, 1994, at the end
of the day.
Mr. Kaminskas' pension was approved by the PAC at its meeting of January 6, 1993. Based on an average salary of approximately $35,927 over the past five years and the formula for computing
regular pensions, Mr. Kaminskas' pension will approximate $17,963 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present value cost
of financing" this pension will be approximately $181,251.
The City Manager noted that Mr. Kaminskas will be on the City payroll until February 4, 1994 while he is working as Police Chief elsewhere.
Concerns were expressed regarding the City's liability if he is hurt on his current job. It was indicated this is an issue to be raised in pension discussions.
Trustee Fitzgerald moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Other Business: None.
ITEM #6 - Adjournment:
The meeting adjourned at 9:09 a.m.