HomeMy WebLinkAboutMinutes GEPF 020596CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEE PENSION FUND
February 5, 1996
The meeting was called to order at 3:15 P.M.. In attendance were
Win Weldon, Jack Hanson and Judy Fox; Scott Christiansen and Ward
Foster.
Win Weldon motioned that the minutes of the January 8, 1996
minutes be approved with the following amendments:
Investments earned 18.20 for the year ending 9/30/95 not the
quarter.
The fund earned 80,000 more than the actuarial assumption,
not 50,000.
Ward Foster submitted a revised Actuarial Report dated 1/22/96.
With regards to new pension dates for 12 members, the Cities
liability is reduced to 14.30 of total payroll from 18.2% in
October 1994. The Impact Statement shows that members contribu-
tions could be reduced to 4% and the City still have a savings of
$4,979 or a liability of 13.60 of payroll. Ward also had revised
individual Statements to be distributed to members.
It was decided that Scott Christiansen should send a letter to
Bobbie Herakovich, City Manager, with a copy to Kent Olson,
Finance Director, enclosing a copy of the Actuarial Report re-
questing a workshop with the City Council to present a revised
copy of the plan.
As a clarification of the last paragraph of SECTION IV in regards
to interest earned by withdrawing members, the Board determined
that the member would earn interest on his contributions until
his withdrawal date.
Win Weldon moved and Jack Hanson seconded the approval of Foster
and Foster's invoice dated 1/22/96 and Hal Chappel's December,
1995, invoice for $1187.75.
Jack Hanson motion that the Board approve disability benefits for
pension member Barbara Daniels beginning as soon as possible
following approval by the Social Security Administration. Win
Weldon seconded, all agreed. The monthly pay out to be deter-
mined by Foster & Foster, Inc., actuary.
A meeting was tentatively, scheduled for the first week of April
to look at SunTrust's figure's for the quarter ending March 30,
1996, to see if a new Fund Manager is required. Win will let
Judy Fox know the date.
Win Weldon moved that the meeting be adjourned at 5:20, Jack
Hanson seconded.
Respectively submitted,
Judy Fox, Secretary