HomeMy WebLinkAboutMinutes GEPF 060694~�
CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEES PENSION FUND
BOARD OF DIRECTORS MEETING
June 6, 1994
Meeting was called to order at 4:15 P.M. Attending were Win
Weldon, Tom Thomas, Judy Fox and Scott Christiansen.
Judy Fox passed out copies of the minutes from the April 4tho.
meeting' Tcm Tnomas moved the minutes be approved as presented,
Judy Fox seconded, all approved.
Win Weldon presented Foster & Foster's last invoice for .
Tom Thomas moved to approve the invoice for payment, Judy Fo,,i;
seconded.
The rest of the meeting consisted of going through the May 5th
draft of the proposed Pension Plan and making the following
changes:
SECTION 5. CONTRIBUTIONS
Page 13, #1 Member Contributions
Win Weldon moved that 4% should be inserted into paragraph A, so
that it reads "Each Member of the System shall be required to
make regular contributions to the Fund in the amount of four
percent (4%) of his Salary. Tom Thomas seconded, motion passed.
SECTION 6= BENEFIT AMOUNTS AN
Page 14, #1 Normal Retirement Date.
Win Weldon moved that paragraph A read "A Member's normal
retire date shall be the first day of the month coincident with
or next following attainment of age sixty-five (65), regardless
of years of Credited Service or attainment of age sixty two (62)
and completion of twenty (20) years of Credited Service. Para-
graph B is to be deleted' Tom Thomas seconded, motion passed'
SECTION 7.. DEATH.
Page 16, #2. M�[Zi�� ��i V sted^
Paragraphs A. & B' were deleted and #3 became #2 anc; renamed
Vested or Eligible for Retirement.
SECT3{}N 8^� DISABILITY.
Page 21, #5 Benefit Offset.
The following was inserted in the first sentence after ^all
sources" and preceding "exceed 100%": (fifty percent (50%) of
Social Security Benefits).
page 2.
The Meeting adjourned at 7:00 P.M. without Sc, eduIing the nex�
meeting.
Respectfully submitted,
Judy Fox