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HomeMy WebLinkAboutMinutes Police Pension Special Meeting 060811City of Pa in Beach Gardens Po ice Officers' Pension Fund Minutes of the Special Meeting Held June 8, 2011 The special meeting of the Board of Trustees of the City of Palm Beach Gardens Police Officers' Pension Fund was called to order at 9:05 AM by Chairman Jay Spencer in the Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail, Palm Beach Gardens, Florida. TRUSTEES PRESENT OTHERS PRESENT Jay Spencer, Chair Audrey Ross (Resource Centers) David Pierson, Trustee Bonni Jensen (Law Offices of Perry & Jensen) Brad Seidensticker, Trustee Donna Cannon (PBG Clerk's Office) Jules Barone, Trustee City of PBG Police Officers Wayne Sidey, Trustee Mr. Spencer explained that the purpose of today's special meeting was to briefly review Senate Bill 1128 that just recently passed, and also to review the recent City Council presentation. SENATE BILL 1128 UPDATE /REVIEW The Law Offices of Perry & Jensen, LLC — Presented by Bonni Jensen Ms. Jensen stated that SB 1128 has not been presented to the Governor at this time. It is currently at the Legislative office, so therefore it is not in effect yet. Ms. Jensen reviewed the changes that were in SB1128, and highlighted the changes that would affect this pension plan. She explained that all changes were effective either when the next Police collective bargaining agreement expired, or if there was no Union in affect then all changes would be effective July 1, 2011. Some of the changes in SB11128 that will affect this plan include: • Overtime, accrued vacation and sick leave payments for pension purposes are capped at 300 hours. • The makeup of the board of Trustees • Employee contributions can increase without having to provide greater benefits. Ms. Jensen took various questions from the members in the audience. CITY COUNCIL PRESENTATION The Law Offices of Perry & Jensen, LLC — Presented by Bonni Jensen Ms. Jensen explained that the City Council has ideas in mind that they are trying to accomplish. She reviewed some of the items that the City proposed in their presentation and commented that eventually the Chapter 175 & 185 plans would close if these proposals were put into effect. Most of the changes would opt them out of the Chapter 175 & 185 guidelines, which also means they will no longer receive the State money. In addition the plan then would be subject to the Chapter 112 rules, which is a similar comparison to the General Employees Fund. Lastly Ms. Jensen noted that if the City were to close this pension fund, then everyone would become vested in the Plan at that time no matter how many years of service you have. Ms. Jensen took some questions from the members in the audience. Minutes 6 -8 -11 (SM).doc Page 1 of 2 AJOURN There being no further business, and the future meetings are scheduled for the 3rd Thursday of the first month proceeding the quarter. The next regular meeting was scheduled for Thursday July 21, 2011 at 9AM; the Trustees officially adjourned the meeting at 9:51AM. Respectfully submitted, DAVID PIERSON, Secretary Minutes 6 -8 -11 (SM).doc Page 2of2