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Home My WebLink AboutDocumentation_Pension Joint_Tab 04_02/24/2009Laur, Betty ..,_-... From: McWilliams, Lori Sent: Tuesday, February 10, 2009 9:40 AM To: Gload, Michelle; Laur, Betty Cc: Forsythe, Jody; Reid, Merlene; Debbie Telfrin (E-mail); Michael Couzzo (E-mail) Subject: RE: Public Safety Minutes -Total Cash Remuneration Yes. Betty; please add this. to the Special Meeting that we will be holding (:Ym working on scheduling 'rt) -that way this issue can. be fu-lly put to rest. When placed on the agenda, the backup should include the minutes from the 5/5/08 Pension Meeting and the email below. Thank you. Lori From: Gload, Michelle Sent: Tuesday, February 10, 2009 8:43 AM To: McWilliams, Lori Subject: FW: Public Safety Minutes -Total Cash Remuneration Good morning, Since this issue began, a new payment has been established pursuant to the agreement between the Village and the PBA Union, that is not included in the Public Safety Board's original determination. The current contract created a "Career Service Benefit" (Article 29) which is based on the years of service of each police officer. Can we bring this before the board for n determination? Thonk you, Michelle From: Forsythe, Jody Sent: Monday, February 09, 2009 4:10 PM To: Gload, Michelle Subject: RE: Public Safety Minutes -Total Cash Remuneration Michelle, This would be the same as the original issue. According to the pension attorney, Bonni Jensen, this determination belongs to the pension board. -Jody Jo,4v~.w ~orsl~the, CPS Finance Director Village of Tequesta 561-575-6207, ext. 270 j forsythe@tequesta.or~; www~.Tequesta.or~ Please note: Florida has a very broad public records law. Most written communications to or from state or local off cials regarding state or local business are considered to be public records and will be made available to the public and the media upon request. Therefore, your a-mail message may be subject to public disclosure. From: Gload, Michelle Sent: Monday, February 09, 2009 3:32 PM To: Forsythe, Jody Subject: RE: Public Safety Minutes -Total Cash Remuneration Jody, Since this issue began, a new payment has been estnblished pursuant to the agreement between the Village and the PBA, that is not included in the Public Safety Board's original determination. The current contract created n "Career Service Benefit" (Article 29) which is based on the years of service of each police officer. Please advise. Thank you, Michelle From: Forsythe, Jody Sent: Monday, February 09, 2009 2:45 PM To: McWilliams, Lori; Gload, Michelle; Reid, Merlene Cc: Couzzo, Michael; 'Bonni S. Jensen' Subject: FW: Public Safety Minutes -Total Cash Remuneration Per the email below from the Village Manager and various phone conversations the Village Manager and myself have had today with Bonni Jensen, attorney for the pension trusts, in which she identified that the interpretation of total remuneration bef'ongs to the Pension Board,. we witi. perform. pension contribution calculations based.: upon the determination of the Public Safety Pension Board an May 5, 2008. -Jody Jo.4ww ~orsl~ttie, Cp.4 Finance Director Village of "Tequesta 561-575-6207, ext. 270 j forsythe(a~tequesta.org ~rrww.Tequesta.org Please note: Florida has a very broad public records law. Most written communications to or from state or local officials regarding state or local business are considered to be public records and will be made available to the public and the media upon request. Therefore, your a-mail message may be subject to public disclosure. From: Couzzo, Michael Sent: Monday, February 09, 2009 2:25 PM To: Forsythe, Jody Subject: RE: Public Safety Minutes -Total Cash Remuneration I think that's the way to go. mike From: Forsythe, Jody Sent: Monday, February 09, 2009 2:22 PM To: McWilliams, Lori; Reid, Merlene; Couzzo, Michael; Gload, Michelle Subject: Public Safety Minutes -Total Cash Remuneration Mike, Since items were not specifically mentioned in the ordinance, as Bonnie advised, can we use the items as determined by the Public Safety Pension Board? Thanks, Jody Jo~4ww 1=orsl~the, CP/k Finance Director Village of Tequesta 561-575-6207, ext. 270 j forsythe(u~tequesta.org www.Tequesta.org Please note: Florida has a very broad public records law. Most written communications to or from state or local officials regarding state or local business are considered to be public records and will be made available to the public and the media upon request, Therefore, your e-mail message may be subject to public disclosure. From: McWilliams, Lori Sent: Monday, February 09, 2009 1:22 PM To: Reid, Merlene; Forsythe, Jody; Couzzo, Michael Cc: Gload, Michelle Subject: Public Safety Minutes -Total Cash Remuneration Merlene, Jody, Michelle and Michael, Please see the attached synopsis of the minutes where the Public Safety Pension Board were advised by Attorney Jensen that it was "this board's responsibility to interpret total cash remuneration, and the items should be specifically mentioned in the ordinance." The Ordinance was then brought before Council for approval with the items "specifically" mentioned in the Ordinance. The Ordinance was approved by Council with the "old" language - "Salary means the total cash remuneration paid to a police officer or firefighter for services rendered." So, in my opinion the Pension Board has made their determination based upon Bonni's recommendation. ,~ .mow, e.Me `Ui~acge (Dice - 561-575-6200 erxt. 244 sacx - 561-575-6203 www.tequesta.org BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES MAY 5, 2008 PAGE 3 V. UNFINISHED BUSINESS 5. Status Report regarding reducing Firefighters' contribution back to 5% Secretary Ray Giblin reported this item was still in union negotiations. 6. Clarification for HR of exact language to be added to plan document regarding what is included in "total cash remuneration for services rendered as a Firefighter or Police Officer" -Tabled from last meeting Human Resources Director Merlene Reid reported car, boot, and clothing had not been applied as pensionable salary in the past; everything else had been included. The board requested a list of all pensionable items. VI. STANDING REPORTS (INFORMATION ITEMS) 7. New applicants for participation in Pension Plan -none 8. Beneficiary and Name Change -none 9. Request for withdrawal of contributions (employees terminating employment with Village of Tequesta) -Ratification of withdrawals made since the fast meeting on 2 signature basis -none 10. Statement of Activities -there were no questions 11. Budget Report -there were no questions VII. PAYMENTS TO BE RATIFIED (PAYMENTS MADE SINCE LAST MEETING) MOTION Secretary Giblin made a motion to ratify the following payments as listed on the agenda. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. Therefore the following items were approved for payment: 12. Hanson, Perry & Jensen, P.A. Public Safety Officers Pension Trust Regular Quarterly Board Meeting August 4, 2008 Page 3 David West, Bogdahn Consulting LLC, reviewed the attribution supplement report which showed positive stock selections during the quarter ended 6/30/08. Mr. West explained how the current investment policy limited types of investments, such as mutual funds and others that could be desirable as the fund grew; the objective was to reduce risk and lower the cost. Chair Nielson expressed concern regarding performance, shown in both the Rockwood and Bogdahn reports, since inception as 8.8% return on investment; and for the 3-year period as 6.7% return. Chair Nielson pointed out that because inception was 38 months ago, in the 2-month period before the start of the 3-year period there was a significant difference in the amount of annualized return on investment. He requested Mr. West look at the difference in annualized return on investment for those 2+ months; Mr. West agreed he would come back with that information. MOTION: Board Member Sabin made a motion to approve the consultants' reports made by Rockwood Capital Advisors LLC and Bogdahn Consulting, LLC. Board Member Cooper seconded the motion, which carried by unanimous 4-0 vote. VI. UNFINISHED BUSINESS 6. Status Report regarding reducing Firefighters' contribution back to 5% Secretary Giblin reported on 7/10/08 the contract with the IAFF and the Village had been passed. The contract contained an article which reduced the contribution for firefighters from 6.1 % to 5%, and Attorney Jensen had prepared a draft ordinance reflecting that change. MOTION: Secretary Giblin moved to pass the draft ordinance along to the Village Council for their consideration to enact the change reducing the firefighters contribution from 6.1% to 5% Board Member Cooper seconded the motion, which carried by unanimous 4-0 vote. 7. Pensionable items list -requested by the board at their 5/5/08 quarterly meeting Attorney Jensen explained sick leave payout upon termination was included in salary, from which pension contributions were being taken. There were three items of salary that did not have pension contributions taken from them: car allowance, clothing allowance, and shoe/boot allowance, reported as W-2 wages, and therefore were part of the police and firefighters' total cash remuneration. Public Safety Ofi:tcers Pension Trust Regular Quarterly Board Meeting August 4, 2008 Page 4 Attorney Jensen explained it was this board's responsibility to interpret total cash remuneration, and the items should be specifically mentioned in the ordinance. MOTION: Board Member Sabin made a motion to acknowledge that the pensionable items list as provided by the Human Resources and Finance Departments was acceptable under the interpretation of compensation salary for the this pension group. Secretary Giblin seconded the motion, which carried by unanimous 4-0 vote. Therefore, the accepted list is as follows: Public Safety Employees Com ensation/Benefits Included in Pensionable Income 1. Base Pay Yes 2. Bonuses Yes 3. Incentives Yes 4. Sick Leave Payout on termination Yes 5. Sick-Leave Buy-Back Yes 6. Holiday Pay Yes 7. Overtime Yes 8. Straight Time Yes 9. Car Allowance No 10. Clothing Allowance No 11. Shoe/Boot Allowance No VII. STANDING REPORTS (INFORMATION ITEMS) 8. New applicants for participation in Pension Plan Gerald F. Pitocchelli Police Officer -Hired 5/12/08 Consensus of the board was to omit employee forms as backup in the future to avoid possibility of mistakenly including social security numbers. 9. Beneficiary and Name Change None 10. Request for withdrawal of contributions (employees terminating employment with Village of Tequesta) -Ratification