HomeMy WebLinkAboutMinutes GEPF 040494Ilk
GENERAL EMPLOYEES PENSION FUND
BOARD OF DIRECTORS MEETING
APRIL 4, 1994
�eatinn was cailed to a-der at 4:30 P.M. Attending were Win
weldor, _om Thomas, J:d} Fox and Scott Chri,!Aa-ser,
Gudy Fcx passed out copies of the minutes from the March 7th
meeLing. Tom Thomas moved that the reading be waived and the
minutes approved as presented, Judy Fox seconded, all approved.
Judy Fox presented a letter from The Travelers stating that the
cost of the annuity purchased for William SickIer's retirement in
September of 1993 was not deducted from the funds turned over to
Sur Bank and that they would like a refund in the amount of
It was also stated that they have been paying disa-
paymerts to Jackie Joyce and would like a refund for Janu-
a,\ 1994 through April 1994 totaling .
Win Weldon authorized Judy Fox to contact Sun Bank and set up
monthly payments to William Sickler and Jackie Joyce starting
May l, 1994. It was discussed that The Travelers could "undo"
the annuity, but nothing was settled in regard to a reimburse-
ment.
The rest of the meeting consisted of going through the proposed
Persion Plan and making the following changes:
Page 1, earn interest
at the rate of 4% per annum.
1/12t
Aver��� Final means h
of the average Salary of the a best
consecutive years of the years
of Credited Service.
Page 3, Salary means the total compensation report-
able on the Members W-2 form plus all tax deferred
or tax exempt items of income less any vacation .
and or sick leave aay gut.
POW - 11M 2�
Page 4, #1, B. All outure new General Employees MAY be
required to complete a medical e.amination as
prescribed by the City.
SEC.�D]Yj 3 BOAf!D OF TRUSTEES.
Page 6, #2, The Trustees shall, b jority vote, elect a
Chairman, Vice Secretary.
4, 1994 Minutes
Gereral Employees Pension Board
S{EQ71{3N 6i. BENEFIT AY1I}UN[Si AND ELIGIBILITY.
Page 13, #1. Normal Retir2MQ.Date.
Age 60 withl 20 years of service
#2^ Nor1mii B�llefjt�^
Page 14, The monthly retirement benefit shall equal
2% of Average Final Compensation
for each year of Credited Service.
SECTION 3�. EAfU=Y DAll�^
Page 14, Age 55 and the completion of 15 years
of Credited Service.
Page 16, Monthly pension equal to 2% of his
Average Final Compensation multiplied by his
total years of Credited Service.
SECTI Q 25= TD
Page 46, #4. The maximum credit under this Section
shall be :5 years.
Before the meeting adjourned, Scott Christiansen stated his rate
would be increasing effective after this meeting. Win Weldon
moved to accept the increase for this meeting, all agreed.
The next meeting will be at 2:00 P.M. on May 9, 1994 in the City
Council Chambers with Hal Chappel and Sun Bank giving their First
Quarterly report.
7�e ne^t regular meaticg will be at 4:00 P.M. on June 6, 1994 in
we City Council Chambers.
Respectfully submitted:,
Judy Fox
TheTravelers" j
The Travelers Companies
One Tower Square 7MS -C
Hartford, CT 06183 -6030
Telephone: 203 277 -7670
or 1 800 842 -9491
FAX: 203 954 -2472
Ms. Holly Luzader
City of Palm Beach Gardens, Florida
10500 North Military Trail
Palm Beach Gardens, Florida 33410
Dear Ms. Luzader:
Catherine E. Arendt, CEBS
Director
Asset Management &
Pension Services Department
March 15, 1994
Retirement Plan for General Employees
Group Annuity Contract GR -1329A
Confirming our conversation yesterday, as a result of an internal audit we discovered that the
retirement annuity for William Sickler was not deducted and disability payments for
Jacqueline Joyce were not stopped when the lump sum settlement was determined and paid on
December 31, 1993. Enclosed is a fund report for the 1993 calendar year which will confirm that
the premium necessary to purchase Mr. Sickler's monthly benefit was not deducted and that we
were making monthly disability payment to Ms. Joyce.
If we are to continue payments, the Pension Board will need to transfer to us $115,204.56, plus
$56.34 for each month after April 1, 1994 that we continue disability payments. The
$115,204.56 assumes payment by March 21st and represents the premium for Mr. Sickler's
retirement of $115,035.54 as of November 1, 1993 and the cost for the disability payments of
$56.34 to Ms. Joyce for January, February and March 1994. .
[Err
We are also willing to work with you to make arrangements to transition the disability payments
for Ms. Joyce to your new benefit payment agency. If you would like us to continue her
payment for April 1, 1994, we will need to agree on the details of the transition to your new
benefit payment agency by March 21 st .
I will call you on March 18th to discuss in greater details the payment and the transition
arrangements. If you have any questions in the interim, please call me.
Sincerely,
Catherine E. Arendt
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1 he lravelersT
NAG AMPS 1PB 1
\1 TOWER SQUARE
HARTFORD, CT 06183 -6035
A- 133 - PEN - 000540157- GR001329A -0416
WILLIAM SICKLER
4311 W TERRACE DR
WEST PALM BEACH
FL 33407
CONTRACT /ACCOUNT GR001329A
TheTravelers j
Disbursement
Processing
FORMAT:
DATE :
PAYEE
CHECK NUMBER
CHECK AMOUNT
005
11/01/93
PEN - 000540157
46199052
$ * * * * * ** *785.44 * * * *'
ATTACHED IS A CHECK IN THE AMOUNT OF $785.44, PAYABLE TO WILLIAM
SICKLER, REPRESENTING THEIR FIRST ANNUITY PAYMENT FOR NOVEMBER 1,
1993. NO FEDERAL INCOME TAX HAS BEEN WITHHELD FROM THIS PAYMENT
AS REQUESTED OR BECAUSE THE AMOUNT OF PAYMENT DOES NOT WARRANT
WITHHOLDING.
SUBSEQUENT MONTHLY CHECKS WILL BE SENT DIRECTLY TO THE
ANNUITANT'S ADDRESS.
Charlene Nardi 2 -5132
THE TRAVELERS COMPANIES
ONE TOWER SQ, AMPS - BPS -IPB
HARTFORD, CT 06183 -6035
TOLL FREE 1- 800 - 521 -3099
DETACH HERE
AA. THIS CHECK HAS A RED BACKGROUND
TheTravelersi 51 -44
A- 133 - PEN - 000540157- GR001329A -0416 19
Shawmut Bank Connecticut, N.A.
150 Windsor Street
Hartford, CT 06120 -2992
SEVEN HUNDRED EIGHTY FIVE AND 44/100
PAY DOLLARS * * * * * * * * * * * * * * * * * * * * * * * * * * * * **
PAY
To THE WILLIAM SICKLER
ORDER OF 4311 W TERRACE DR
WEST PALM BEACH FL 33407
THIS CHECK REQUIRES THE PERSONAL ENDORSEMENT
OF THE PAYEE, OR LEGAL REPRESENTATIVE OF PAYEE.
043C
DETACH HERE
CHECK NUMBER 46199052
FORMAT 005
NOT VALID BEFORE 11 /01 /93
PLEASE CASH WITHIN 60 DAYS
$ * * * * * ** *785.44* * * * * **
THE TRAVELERS
INSURANCE COMPANY
.ut r 10❑r'1C 3 u■ .•n L LQflrl1- l -C:1'_ 1 17 Su'
AUTHORIZED SIGNATURE
FOSTER & FOSTER, INC.
� Zy,- �2e"A Womj&A�
6201 PRESIDENTIAL COURT, S.W., SUITE 203
TELEPHONE FORT MYERS, FLORIDA 33919
(813) 433 -5500
April 11, 1994
Charles Slavin, Actuary
Bureau of Program Services
Cedars Executive Center, Bldg. C
2639 North Monroe Street
Tallahassee, Florida 32399 -1560
Re: City of Palm Beach Gardens
General Employees' Pension Plan
Dear CA ICL 165
FACSIMILE
(813) 481 -0634
This letter is in response to yours of December 3, 1993 (copy
attached) regarding your questions and comments concerning the
funding of the referenced retirement program for the period from
7/1/89 through 9/30/93.
The enclosed letter and attachment from Ms. Jacqueline M. Bou-
dreau of The Travelers indicates that the deposits made by the
City from 7/13/89 to 1/20/93 satisfy the minimum funding stand-
ards through the plan year ended 9/30/92 provided a portion
($36,935) of the 1/20/93 deposit of $49,149 is allocated to the
"gap" from 7/1/90 to 9/30/90 when the plan year was changed to
coincide with the fiscal year.
This means that only $12,214 of the 1/20/93 deposit is allocable
to the 9/30/93 plan /fiscal year. In the October 1, 1992 valua-
tion prepared by The Travelers, the required sponsor contribution
for the year ended September 30, 1993, adjusted with interest to
mid fiscal year, is $201,563. In consideration of the actual
deposits made through the plan /fiscal year, the funding shortfall
as of September 30, 1993, is $41,902. Details of the derivation
are as follows:
1/20/93
4/16/93
7/22/93
9/24/93
Total 9/30 Deposits
9/30 Required w /int
9/30 Funding Shortfall
$ 12,214
49,149
49,149
49,149
159,661
(201,563)
(41,902)
[ `7
Mr. Charles Slavin
April 11, 1994
Page Two
Accordingly, by a copy of this letter to the Finance Director,
Kent Olson, we are recommending that the City deposit $41,902,
along with interest at the rate of 8% per year from October 1,
1993 to the date of deposit to cover the funding shortfall.
If you have any questions, please contact us.
Sincerely,
A�u
Ward V. Foster, Jr.
WVF /ksb
cc: Win Weldon, Chairman
Kent Olson, Finance Director
Enclosures
.ti
I)F ARTMEATf nr A'LWAGt:J1t:Nt'
SERV;.I.CES
UeC u.'�J 11 _� rlu,V�JI r,U�
LAWTON CHII r.s DIVISION OF R .11RENIENI' \V11 .i.1.1\1 11. LINDNVR
GOVEkNoli
Cedes Exccutivr Ccntcr. Building C • 2639 North Alonme Sri ccr • Ta1aha7scc, FL 32399 -1500
December 3, 1993
Ms. Bobbi Herakovich
City Manager
City of Palm Beach Gardens
10500 N. Military Trail
Palm Beach Gardens, Florida 33410
RE: City of Palm Beach Gardens General Employees', Firemen and Police
Officers` Pension Plans
Dear Ms. Herakovich: I
Your November 22 letter states that the fire plan has no contribution
deficiency for the period ended September 30, 1990 and also that the fire board
teas informed us of their plan's actuarial soundness. Your letter also comments
regarding the general employees' and police officers' contribution
deficiencies.
As of this date no information has been provided us regarding the city's
payment for any of the contribution deficiencies for each of the three plans
for the period ended September 30, 1990. Additionally, ve do not have a
response to our June 3 letter to city clerk Linda Kosier regarding the lump sum
payments for unused accumulated leave time. Our May 19, 1993 letter (copy
enclosed) to Ms. Kosier stated that the actuarial reports prepared as of
October 1, 1990 and 1991 for each of the three employee groups have been
determined to be not state accepted. We will not reverse these determinations
or review the May 8, 1992 actuarial impact statements nor any subsequent
actuarial reports until the contribution deficiency and lump sum payment issues
are resolved.
We are of the opinion that enough time has elapsed for these issues to have
been settled. Your cooperation in bringing this to a prompt conclusion would
be appreciated.
Should you have any questions, please do not hesitate to contact us at (904)
488 -2784 (Suncom 278 - 2784).
Sincerely,
Charles Slavin, Actuary
Bureau of Program Services
CS /1c /rlv /js
Enclosures
cc: Bonni S. Jensen
H. Lee Dehner
Patricia Shoemaker
u 9 1993