02/27/1995 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
February 27, 1995
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Monday, February 27, 1995 at 9:29 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
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
ITEM #2 - Minutes:
Trustee Berfield moved to approve the minutes of the February 13, 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) Jeffrey DiVincent
b) Steve Baginski
c) Scott Ballard
d) Steve Squillante
e) Pamela Wentz
f) Bryon Kelly
g) Daniel Alicea
h) Leonard W. Merritt, IV
i) Christopher White
j) Roy Heinz
k) Richard Nestor
l) Joseph Falcone
m) Antonio Hayes
n) Diane Hufford
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 Cynthia Angell, wife of Kenneth Angell, Jr. (deceased) be granted a survivor's pension under Section(s)
2.398 and/or 2.399 of the Employees' Pension Plan.
Kenneth Angell, Jr., was employed on August 27, 1984 and began participating in the Pension Plan on that date. He passed away on January 25, 1995.
Cynthia Angell, wife of Kenneth Angell, Jr., has applied for survivor's benefits under provisions of the Pension Plan.
Upon presentation of the appropriate documentaion, the PAC approved Mrs. Angell's request at its meeting of February 1, 1995. This pension will be effective on January 26, 1995, at
the beginning of the day.
Based on an average salary of approximately $22,200 over the past five years and the formula for computing survivor's benefits, Mrs. Angell's pension will approximate $5,772 annually.
Charts from Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension will be approximately $52,746. The estimated pension
cost (cash payout over the life of the pensioner and his spouse) is $141,416.
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 9:30 a.m.