01/17/1995 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
January 17, 1995
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Tuesday, January 17, 1995 at 9:23 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 Fitzgerald moved to approve the minutes of the January 3, 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) Judith Zachar
b) Mary Rebecca Park
c) Nancy K. Peckham
Trustee Thomas 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 Zane G. Cecil be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
Zane G. Cecil was employed on September 16, 1974, and began participating in the Pension Plan on that date. His retirement will be effective on March 1, 1995, at the beginning of the
day. Mr. Cecil's pension was approved by the PAC at its meeting of December 21, 1994.
Based on an average salary of approximately $21,420 over the past five years and the formula for computing regular pensions, this pension will approximate $10,978 annually. Charts
from Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension will be approximately $133,256. The estimated pension cost
(cash payout over the life of the pensioner and his spouse) is $279,939.
Trustee Deegan 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 George A. Leslie be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
George A. Leslie was employed on July 28, 1964, and began participating in the Pension Plan on that date. His retirement will be effective on January 2, 1995, at the beginning of the
day. Mr. Leslie's pension was approved by the PAC at its meeting of December 21, 1994.
Based on an average salary of approximately $35,333 over the past five years and the formula for computing regular pensions, this pension will approximate $26,942 annually. Charts
from Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension will be approximately $338,443. The estimated pension cost
(cash payout over the life of the pensioner and his spouse) is $754,376.
Trustee Fitzgerald 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 9:27 a.m.