02/01/1993 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
February 1, 1993
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Monday, February 1, 1993 at 9:00 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 Deegan moved to approve the minutes of the January 19, 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 Barbara R. Erdelac.
Trustee Fitzgerald 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 William Plennert be granted a regular pension under Section 26.34 and/or 26.37 of the Employees'
Pension Plan.
Mr. Plennert was employed on July 6, 1971 and began participating in the Pension Plan on January 6, 1972. His retirement will be effective on January 29, 1993, at the end of the day.
Mr. Plennert's pension was approved by the PAC at its meeting of January 20, 1993. Based on an average salary of approximately $36,323 over the past five years and the formula for
computing regular pensions, Mr. Plennert's pension will approximate $19,070 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present
value cost of financing" this pension will be approximately $203,298.
For a number of years prior to and at the time Officer Plennert was employed by the City, the Pension Plan was interpreted to provide that employees did not participate in the plan
during their first six months of employment. A Circuit Court ruling on November 2, 1972, changed that interpretation and provided employees hired prior to the Court's ruling the opportunity
to "make up" the initial six-month period by payment of an amount equal to the pension deduction that would have been withheld during that time of non-participation plus interest. Officer
Plennert did not exercise the option to "make up" the initial six months of time for pension service credit; thus, there is a difference in his date of hire and pension service date.
Trustee Berfield 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 9:01 a.m.