01/21/1997 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
January 21, 1997
The City Commission, meeting as the Board of Trustees of the Employees' Pension Fund, met in regular session at the Municipal Services Building, Tuesday, January 21, 1997 at 9:15 A.M.,
with the following members present:
Rita Garvey Chairperson
J. B. Johnson Trustee
Robert Clark Trustee
Ed Hooper Trustee
Absent:
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 Clark moved to approve the minutes of the January 6, 1997, 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) Nat O. Medlin
b) David Sharpe
c) Mary Jo Fox
d) Pamela McGarry
e) Deborah J. Mobley
Trustee Hooper 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 Sandy L. Stevens be granted a regular pension under Section(s) 2.393 and 2.397 of the Employees'
Pension Plan.
Sandy L. Stevens was employed on June 4, 1973, and his pension service credit is effective on that date. His pension will be effective on February 1, 1997.
Mr. Stevens' pension was approved by the PAC on January 9, 1997. 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 Officer as meeting the hazardous duty criteria.
Based on an average salary of approximately $42,855 per year over the past five years, the formula for computing regular pensions, and Mr. Stevens’ selection of the 100% Joint & Survivor
Annuity, this pension will approximate $27,481 annually.
Trustee Hooper 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 Richard A. Trombly be granted a regular pension under Section(s) 2.393 and 2.397 of the Employees'
Pension Plan.
Richard A. Trombly was employed on June 3, 1974, and his pension service credit is effective on that date. His pension will be effective on February 1, 1997.
Mr. Trombly’s pension was approved by the PAC on January 9, 1997. 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 Officer as meeting the hazardous duty criteria.
Based on an average salary of approximately $51,467 per year over the past five years, the formula for computing regular pensions, and Mr. Trombly’s selection of the 100% Joint & Survivor
Annuity, this pension will approximate $32,075 annually.
Trustee Clark moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #6 - Request to Vest Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Cindy Trombly be approved to vest her pension under Section(s) 2.397 and 2.398 of the Employees'
Pension Plan.
Cindy Trombly was employed on August 27, 1979, and her pension service credit is effective on that date. Ms. Trombly resigned from City employment effective January 10, 1997. As of
her resignation in January, Ms. Trombly had approximately 17 years of service and pension participation.
The Employees’ Pension Plan provides that should an employee cease to be an employee after completing 10 or more years of creditable service (pension participation), then such employee
shall acquire a vested interest in the retirement benefits. Vested pension payments commence at the time the employee normally would have been eligible for retirement. Ms. Trombly
would have completed 20 years of service on August 31, 2001, in a hazardous duty position. Her request to vest her pension was approved by the PAC on January 9, 1997, and will be effective
September 1, 2001.
Trustee Hooper moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #7 - Request to Vest Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Christine Papandreas be approved to vest her pension under Section(s) 2.397 and 2.398 of the Employees'
Pension Plan.
Christine Papandreas was employed on December 16, 1974, and her pension service credit is effective on that date. Ms. Papandreas resigned from City employment effective December 4,
1992. As of her resignation in December, Ms. Papandreas had approximately 18 years of service and pension participation.
The Employees’ Pension Plan provides that should an employee cease to be an employee after completing 10 or more years of creditable service (pension participation), then such employee
shall acquire a vested interest in the retirement benefits. Vested pension payments commence at the time the employee normally would have been eligible for retirement. Ms. Papandreas
would have completed 20 years of service and turned age 55 on September 20, 2002. Her request to vest her pension was approved by the PAC on January 9, 1997, and will be effective September
21, 2002.
Trustee Johnson moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #8 - Other Business: - None.
ITEM #9 - Adjournment: - 9:16 a.m.