HomeMy WebLinkAboutMinutes Police Pension 081611City of Palm Beach Gardens Po /ice Officers'
Pension Fund
Minutes of the Special Meeting Held
August 16, 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 8:08 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
Ms. Jensen explained to the Trustees' the purpose of the special meeting. She
stated that she was asked by the Union to have some costs prepared by GRS
regarding the negations they are about to enter with the City. In addition she has
also received a couple requests from the City and the Union to have a couple items
priced out. Both parties would like the studies to be completed by the Pension
Fund's Actuary (GRS), therefore the Pension fund needs to make that approval. The
Trustees' discussed what parties would foot the Actuary's bill relating to these
studies. Ms. Jensen suggested to either put a cap on how much the pension fund
will pay towards these studies, or to approve a range of costs.
MOTION: Mr. Seidensticker made a motion to approve and authorize GRS
to do an Actuarial cost impact studies relating to the
negotiations between the City and the Union, but not to exceed
$20K.
SECOND: Mr. Barone seconded the motion.
CARRIED: The motion carried unanimously 5 -0.
Ms. Jensen noted that she will work closely with the City, the Union, and the Actuary
to make sure the studies are completed in a timely manner.
OTHER BUSINESS
Mr. Barone discussed the buyback policy and the change that occurred when the
board voted not to allow buybacks count towards vesting. The Trustees' discussed
and commented that they had good intentions when the change was made, but that
clause will now affect many people if the City imposes any changes on the pension
fund. A couple active Palm Beach Gardens Police Officers' spoke up regarding the
change and how it will and has affected them. The members had some concerns
over this change and gave some recommendations as to what they think could be a
better solution. The Trustees' discussed different numbers of vesting and stated that
they could get these items priced out as well along with the other studies.
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A]OURN
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 October 20, 2011 at 9AM; the Trustees officially adjourned
the meeting at 10:12.
Respectfully submitted,
DAVID PIERSON, Secretary
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