09/05/1995 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
September 5, 1995
The City Commission, meeting as the Board of Trustees of the Employees' Pension Fund, met in regular session at City Hall, Tuesday, September 5, 1995 at 9:33 A.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 August 14, 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) William Fry
b) Gregory Owen
c) James Pierre III
d) Sharon Touchton
e) Maria Wciorka
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 Michael T. Murphy be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
Michael T. Murphy was employed on March 25, 1974, and began participating in the Pension Plan on September 25, 1974. His retirement will be effective on February 9, 1996, at the beginning
of the day.
Mr. Murphy's pension was approved by the PAC at its meeting of August 16, 1995.
Based on an average salary of approximately $39,843 over the past five years and the formula for computing regular pensions, this pension will approximate $21,316 annually. Charts from
Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension will be approximately $291,075. The estimated pension cost (cash
payout over the life of the pensioner and his spouse) is $810,008.
When Mr. Murphy was originally employed, pension deductions were not taken for the first six months and employees contributed to Social Security. When employees were given an option
to buy back their first six months of service, Mr. Murphy chose not to exercise such option.
Trustee Berfield 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 9:35 a.m.