01/03/1994 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
January 3, 1994
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Monday, January 3, 1994 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:
Elizabeth M. Deptula Interim 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 November 29, 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) Diane C. Hashil
b) James A. Paul
c) Thomas J. Shaffer
Trustee Berfield 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 Richard Stahl be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
Richard Stahl was employed on September 24, 1973 and began participating in the Pension Plan on March 25, 1974. His retirement will be effective on April 6, 1994, at the beginning
of the day.
Mr. Stahl's pension was approved by the PAC at their meeting of November 17, 1993. Based on an average salary of approximately $39,791 over the past five years and the formula for
computing regular pensions, Mr. Stahl's pension will approximate $19,895 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present value
cost of financing" this pension will be approximately $215,478.
Trustee Berfield moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Other Business:
Trustee Thomas stated federal regulations require review of all pension funds and questioned what the City has done in this regard.
The Interim City Manager responded that an actuary study is done every year and all assumptions are to be reviewed this year. The Interim City Manager stated interest has exceeded
expectations.
ITEM #6 - Adjournment:
The meeting adjourned at 9:03 a.m.