HomeMy WebLinkAboutMinutes Fire Pension 041714PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND
MINUTES OF THE SPECIAL MEETING HELD
APRIL 17, 2014
A meeting of the Board of Trustees was called to order at 2:06PM at Council Chambers,
Palm Beach Gardens, Florida. Those persons present were:
TRUSTEES OTHERS
Rick Rhodes, Chairman Audrey Ross, Administrator
Martin Cohen, Vice Chair Allan Owens, Finance Director
Ed Morejon
PUBLIC COMMENTS
N/A
APPROVAL OF THE 9/30/2013 AUDITED FINANCIAL STATEMENTS
The Trustees stated that the Auditor has previsouly attended a meeting to review the draft
of the audited financial statements. Now the final statements are avialable for the Board
to review and approve.
Mr. Cohen stated that he would like to see a footnote added into the report regarding the
actuarial assumptipon rate that was lowered and will impact future contribution rates.
The Trustees discussed and stated that the change happended after September 30, 2013 so
it would not automatically be included in this report, although it wouldn’t hurt to note it
in this years report for future reference. The Board asked that the auditor include a
transmittal letter regaridng loweing the Plan’s actuarial assumption rate with the audit.
Mr. Cohen also discussed the Chapter 175 money and how it is being catagorized in the
audit. He commetned that he thinks the Chapter 175 money should be recorded as a
liaiblity to the Plan becasue it is not the really the “Plans money”. Mr. Morejon stated
that he thinks this is something that would need to be discused with the Attonrey, Auditor
and the City. Mr. Owens explained that the DROP money is considered a liability
because the member is actually funding their own account with their own money, as the
Chapter 175 accounts are funded by the State money received in each year and not all
members are entitled to their Chapter 175 accounts. The Trustees stated that they will
keep the Chapter 175 money reflected as is in this years audit (not recorded as a liaiblity)
and then the Board can always discuss this situation with their auditor and any other
necessary parties next year.
A motion was made by Ed Morejon to accept and approve the September 30, 2013
audited financial statements as presented. The motion was seconded by Marty
Cohen and carried 3-0.
OTHER BUSINESS
Mr. Owens passed out a handout regarding the new GASB 68 requirements for the City.
He explained that due to the new disclosures that are required, he will need the Plan’s
investment return assumption target asset allocation. The Board directed Ms. Ross to
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send this memo from Mr. Owens to the Plan’s Investment Consultant to provide the
necessary information.
There being no further business, the meeting adjourned at 2:46PM.
Respectfully submitted,
Tom Murphy, Secretary