03/13/1995 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
March 13, 1995
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Monday, March 13, 1995 at 1:18 P.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
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
ITEM #2 - Minutes:
Trustee Berfield moved to approve the minutes of the February 27, 1995, 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) Ruby Jackson
b) Linda Byars
c) Carol A. Richard
d) Joseph Fazio
e) Walter Keller II
f) Derrick Griggley
g) Freddie Hinson
h) Shirley Dawkins
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 Ruben Green be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
Ruben Green was employed on February 23, 1970, and began participating in the
Pension Plan on that date. His retirement will be effective on February 11, 1995, at the beginning of the day. Mr. Green's pension was approved by the PAC at its meeting of February
15, 1995.
Based on an average salary of approximately $24,031 over the past five years and the formula for computing regular pensions, this pension will approximate $15,019 annually. Charts from
Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension will be approximately $160,666. The estimated pension cost (cash
payout over the life of the pensioner and his spouse) is $285,366.
Trustee Berfield moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Robert Van Beveren be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
Robert Van Beveren was employed on February 24, 1971, and began participating in the Pension Plan on that date. His retirement will be effective on February 11, 1995, at the beginning
of the day. Mr. Van Beveren's pension was approved by the PAC at its meeting of February 15, 1995.
Based on an average salary of approximately $28,431 over the past five years and the formula for computing regular pensions, this pension will approximate $17,059 annually. Charts from
Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension will be approximately $202,386. The estimated pension cost (cash
payout over the life of the pensioner and his spouse) is $409,409.
Trustee Thomas moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #6 - Other Business: - None.
ITEM #7 - Adjournment:
The meeting adjourned at 1:20 p.m.