HomeMy WebLinkAboutDocumentation_Pension General_Tab 10_11/03/2008TEQUESTA GENERAL EMPLOYEES PENSION TRUST FUND
QUARTERLY BOARD OF TRUSTEES MEETING
AUGUST 4, 2008
PAGE 5
would stop losing money, and he felt five years was too long. He expressed his
opinion this was important for retention and recruiting.
Mr. Palmquist advised the figures would be much larger if the COLA started
sooner than five years, and that dividing by two would give the amount for 50/50
contribution. Mr. Palmquist indicated the trend was tha# employees were staying
with their jobs longer.
Mr. Palmquist advised that people underestimated how long they were going to
live and did not understand the term "life expentancy" (if 22 years that was not
the end-half the people would die before that and half after).
Mr. Palmquist was requested to cost one and three year delays before receiving
COLA benefits.
8. Cost of annual actuarial reports as requested by the Board at
their August 7, 2007 meeting
Mr. Palmquist advised if the reports were done annually, trends could be
identified earlier and boards seemed to get better educated regarding the liability
side of the plans. This plan was relatively small and new, and it was not
mandatory to be done every year.
MOTION:
Secretary Hansen moved to keep the actuarial evaluation report on a
biannual basis. Board Member Couzzo seconded the motion, which
carried by unanimous 4-0 vote.
VI1. CONSENT AGENDA
Secretary Hansen commented he believed the items listed for payment under
item 10 were shared with Public Safety and asked how that division was figured.
Response from staff was these payments were solely those incurred by the
General Employees Pension.
9. Ratification Of Invoices Paid Since Last Quarterly Meeting:
• Business Services Connection, Inc. -
Recording and minutes of 5.5.08 meeting $ 331.31
• Hanson, Perry & Jensen, P.A. $ 696.89
• Gabriel Roeder Smith & Company $ 1,509.00
Balance of fee for actuarial report