06/14/1994 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
June 14, 1994
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Tuesday, June 14, 1994 at 10:06 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 City Manager
Cynthia E. Goudeau City Clerk
ITEM #2 - Minutes:
Trustee Thomas moved to approve the minutes of the May 31, 1994, 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) Martha Pages
b) Doris Guffey
c) Jon C. Marcin
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 John C. Dean be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
John C. Dean was employed by the City on September 30, 1974, and began participating in the Pension Plan on that date. His retirement will be effective on October 1, 1994, at the beginning
of the day.
Mr. Dean's pension was approved by the PAC at its meeting of May 18, 1994. Based on an average salary of approximately $37,381 over the past five years and the formula for computing
regular pensions, Mr. Dean's pension will approximate $18,691 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present value cost of
financing" this pension will be approximately $193,956.
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 10:07 a.m.