06/01/1993 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
June 1, 1993
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at the East Library, Tuesday, June 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
Fred Thomas 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 May 17, 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 the employee(s) listed below:
a) Alethea Licata-Hearin
b) Angela K. Pierce
c) Susan D. Horne
d) Robert Hallett
Trustee Deegan 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 David F. Perez be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
David F. Perez was employed on June 4, 1973 and began participating in the Pension Plan on December 5, 1973. His retirement will be effective on March 24, 1994, at the end of the day.
Mr. Perez' pension was approved by the PAC at their meeting of May 5, 1993. Based on an
average salary of approximately $34,305 over the past five years and the formula for computing regular pensions, Mr. Perez' pension will approximate $17,367 annually. Charts from Finance
which take into consideration mortality rates and age reflect the "present value cost of financing" this pension will be approximately $176,949.
Note: For a number of years prior to and at the time Mr. Perez 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. Mr.
Perez 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 9:02 a.m.