01/06/1997 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
January 6, 1997
The City Commission, meeting as the Board of Trustees of the Employees' Pension Fund, met in regular session at the Main Library, Monday, January 6, 1997 at 9:00 A.M., with the following
members present:
Rita Garvey Chairperson
J. B. Johnson Trustee
Robert Clark Trustee
Ed Hooper Trustee
Karen Seel Trustee
Also Present were:
Elizabeth M. Deptula City Manager
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
ITEM #2 - Minutes:
Trustee Hooper moved to approve the minutes of the December 2, 1996, 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) Will Moore
b) Jeffrey Harris
c) Arthur Sprague
d) John Fredere
e) Barbara Downs
f) Ronald Sciarretta
g) Jacqueline Meinhardt
h) Carol Richard
Trustee Johnson 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 J. Egger be granted a regular pension under Section(s) 2.393 and 2.397 of the Employees'
Pension Plan.
Michael J. Egger was employed on April 8, 1974, and his pension service credit is effective on that date. His pension will be effective on January 1, 1997.
Mr. Egger's pension was approved by the PAC on December 12, 1996. Section 2.393 (p) provides for normal retirement eligibility when a participant has completed twenty years of credited
service in a type of employment described as “hazardous duty” and further specifically defines service as a Police Captain as meeting the hazardous duty criteria.
Based on an average salary of approximately $58,140 per year over the past five years, the formula for computing regular pensions, and Mr. Egger’s selection of the 100% Joint & Survivor
Annuity, this pension will approximate $35,795 annually.
Trustee Clark 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 Charles Marsh be granted a regular pension under Section(s) 2.393 and 2.397 of the Employees' Pension
Plan.
Charles T. Marsh was employed on January 4, 1974, and his pension service credit is effective on that date. His pension will be effective on February 1, 1997.
Mr. Marsh's pension was approved by the PAC on December 12, 1996. Section 2.393 (p) defines normal retirement date as when a participant reaches age 55 and has completed twenty years
of credited service or when the participant has completed thirty years of credited service regardless of age. Mr. Marsh is eligible under the age 55 and twenty years of service criteria.
Based on an average salary of approximately $37,610 per year over the past five years, the formula for computing regular pensions, and Mr. Marsh’s selection of the 100% Joint & Survivor
Annuity, this pension will approximate $22,966 annually.
Trustee Hooper 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: - 9:01 a.m.