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HomeMy WebLinkAboutMinutes Fire Pension 020712PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND MINUTES OF SPECIAL MEETING HELD FEBRUARY 7, 2012 A special meeting of the Board of Trustees was called to order at 2P.M. at Council Chambers, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES OTHERS Ed Morej on, Trustee Audrey Ross, Administrator Tom Murphy, Secretary Steve Gordon, Auditor 0 oined via teleconference) Donna Wisneski Pedro Herrera, Attorney (joined via teleconference) Mark Joyce Rick Rhodes APPROVAL OF REVISED SEPTEMBER 30, 2011 AUDITED FINANCIAL STATEMENTS The Trustees reviewed the revised financial statements that were provided by Mr. Gordon. Ms. Wisneski commented that she had some questions pertaining to the dates listed under the subsequent events disclosure footnote. She stated that the dates were incorrect because the subsequent events disclosure was dated after the financial statements where issued. Mr. Gordon stated that he will revise the subsequent events disclosure date to reflect either before the date of the when the Audit was issued or the exact date of it being issued. The Trustees reviewed and discussed the remainder of the financial statements and noted that they feel comfortable with approving them with the corrected date to the subsequent event disclosure, and also contingent on Ms. Wisneski's final review of the revised report. A motion was made by Rick Rhodes to approve the September 30, 2011 Audited Financial Statements with the noted date revision to the subsequent events disclosure, and also contingent on Donna Wisneski's review of the final report (as well as the Chair's final approval to release the document). The motion was seconded by Tom Murphy and carried 5 -0. OTHER BUSINESS Ms. Ross presented the board with the Fiduciary Liability Insurance renewal fee for the period of March 10, 2012 to March 10, 2013. She commented that the quoted fee this year was $6,327.13, which is $17.56 lower than expiring premium. The board discussed the current premium coverage which is $1M, and also asked Ms. Ross to obtain quotes for $2M, $3M, $4M and $5M for future reference. A motion was made by Rick Rhodes to bind coverage for the Plan's Fiduciary Liability Insurance coverage effective March 10, 2012 thru March 10, 213, at the quoted premium amount of $6,327.13. The motion was seconded by Donna Wisneski and carried 5 -0. Mr. Morejon explained that he received an email from Mr. Herrera regarding an active members pending divorce. Both the husband's and the wife's attorneys' are contacting Mr. Herrera requesting a conference call to be schedule with him. Mr. Herrera stated that he would like to get permission from the board as to whether or not he can hold such conference call, and if so then who would be responsible for the costs associated. Also 2 he commented that he would like to make some rules and /or policy regarding these types of situations for future reference. He also noted that he has already sent both parties copy the "divorce packet" which contains a lot of helpful information pertaining to the Plan and also divorces under this type of Plan. Mr. Herrera stated that if he were to hold the conference call then he will be billing at his hourly rate and he needs to know who will be responsible for that payment, the pension board or the member. The board discussed the situation and explained that they have reviewed a similar case like this in the past and agreed that they would continue in the same manner as before. The member is responsible for paying the cost for any additional documents, information, etc. that they may need and /or want and is not already provided in the divorce packet that they are furnished with. Mr. Morejon noted that this particular divorce case that Mr. Herrera was recently approached about were relatives of his. He commented that this does not change any of his perspectives on the board policies or regulations, but only that he wanted it documented so there is no conflict of interest going forward. A motion was made by Donna Wisneski approving that the Pension Plan will only incur expenses on behalf of individual members when they retire for benefit calculations and all other expenses and /or calculations will be paid for by the member. The motion was seconded by Rick Rhodes and carried 5 -0. Mr. Morej on reported that the most recent study GRS completed was incorrect. Ms. Ross stated that she has since asked the Actuary to revise the study and noted that there will be no additional charges for the revision. Ms. Ross notified the board that Mr. Morejon was reelected as Trustees by default. Lastly the Board of Trustees reselected the Chair and the Secretary. A motion was made by Rick Rhodes to select Tom Murphy as Secretary. The motion was seconded by Mark Joyce and carried 5 -0. A motion was made by Mark Joyce to select Rick Rhodes as Chairman. The motion was seconded by Tom Murphy and carried 5 -0. There being no further business, the meeting adjourned at 2:52PM. Respectfully submitted, Tom Murphy, Secretary