08/14/1995 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
August 14, 1995
The City Commission, meeting as the Board of Trustees of the Employees' Pension Fund, met in regular session at City Hall, Monday, August 14, 1995 at 1:22 P.M., with the following members
present:
Rita Garvey Chairperson
Sue Berfield Trustee
Fred Thomas Trustee
J. B. Johnson Trustee
William Justice Trustee
Also Present were:
Elizabeth M. Deptula City Manager
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
ITEM #2 - Minutes:
Trustee Thomas moved to approve the minutes of the July 17, 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) David Bell
b) Crystal Brandon
c) Christine Brown
d) Patricia Cooke
e) Vicki Dettenwanger
f) Cindy Jones
g) Don McCarty
h) Gene Repetowski
i) Jean Ross
j) Robert Testa
k) William Wilson
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 Jesse J. Dawsey be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
Jesse J. Dawsey was employed on September 19, 1961, and began participating in the Pension Plan on that date. His retirement will be effective on July 1, 1995, at the beginning of the
day.
Mr. Dawsey's pension was approved by the PAC at its meeting of July 19, 1995.
Based on an average salary of approximately $33,532 over the past five years and the formula for computing regular pensions, this pension will approximate $28,335 annually. Charts from
Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension will be approximately $330,373. The estimated pension cost (cash
payout over the life of the pensioner and his spouse) is $651,702.
Trustee Thomas 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 1:23 p.m.