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Home My WebLink AboutMinutes_Miscellaneous_03/03/1994VILLAGE OF TEQUESTA Post Office Box 3273 - 357 Tequesu Drive Teclucsta, Florida 31469-0273 - (407) 575-6200 Fax: (407) 575-6203 rL A* T E Q U E S T P A E N M S U I M 0 1 N C I T P R A U L S T F I F R U E N F D I G H T E R S B 0 A R D 0 F T R U S T E E S M E E T I N G M I N U T E S M A R C H 3 1 9 9 4 1. CALL TO ORDER AND ROLL CALL The Board of Trustees of the Tequesta Firefighters Pension and Trust Fund held its regularly scheduled meeting at the Village Hall, 357 Tequesta Drive, Tequesta, Florida, on Thursday, March 3, 1994. The meeting was called to order by village Manager Thomas G. Bradford at 9:02 A.M. A roll call was taken by Cheryl Mayer, the Recording Secretary. In attendance at the meeting were: Thomas G. Bradford, Ron T. Mackail, Bill Davis, Roy 011iff, Village Attorney John C. Randolph, Village Clerk Joann Manganiello, and Fire Chief James M. Weinand. II. APPROVAL OF AGENDA Mr. Bradford moved to approve the Agenda. Lt. Davis seconded motion. The vote on the motion was: Thomas G. Bradford - for Ron T. Mackail - for Bill Davis - for Roy 011iff - for the motion was tharefore passed and adopted and the Agenda was approved as submitted. III. APPROVAL OF MINUTES Chief Weinand had a question as to whether Mr. Bradford and Mr. Mackail were appointed by name rather than title. Mr. Bradford asked Ms. Manganiello to retrieve the Resolution that addresses this issue. In the meantime, Mr. Bradford asked if there were any other questions regarding the minutes, and there were none. Mr. Mackail moved to approve the Minutes of December 8, 1993. Mr. 011iff seconded the motion. The vote on the motion was: Firefighters Pension Board Page 2 -------------------------- Thomas G. Bradford - for Ron T. Mackail - for Bill Davis - for Roy 011iff - for the motion was therefore passed and adopted. IV. REVIEW OF REQUESTED INFORMATION FROM THE FLORIDA LEAGUE OF CITIES Pursuant to Mr. Bradford's request at the December 8th meeting, Agenda backup information is included in the Agreement Between the Florida League of Cities and the investment firm handling the portfolio of the Pension Trust Fund (Exhibit I), and the Municipal Trust Fund Booklet which outlines the provisions (Exhibit II). He also had asked for clarification regarding the actuarials being done every two years vs. a statement about an evaluation of the Plan every three years in the adopting ordinance. Mr. Bradford feels the League's response was vague in their letter of January 27. Mr. Randolph thinks they are advising that the actuarial report be done once a year rather than every three years, but also felt the response was somewhat nebulous. Chief Weinand asked what the cost was of an actuarial study, and Mr. Bradford replied that it was $3,500. Chief Weinand asked what age the actuarial was based on, and Mr. Bradford said the ages were fairly close to the actual ages of the firefighters. Mr. Mackail said it is required that an actuarial study be done every three years, but that it can be done more often if the Board so desires, at a cost to the Trust Fund. Mr. Bradford was not sure this was accurate, as he feels those costs were a part of the administrative costs of the Municipal Pension Trust. Mr. Randolph concurred. Mr. Mackail feels the Board is in a good position with the League, unless they decide down the road they want another carrier. Mr. Randolph and Mr. Bradf ord f elt there needs to be clarif ication f rom Mr. Kascavelis whether the Fund conducts the actuarial relative to Tequestals particular Plan, and if they do, is that part of the service fees that were paid to the League, and how often it is done. Information was received on how to nominate someone as a member to the Municipal Trust Fund. The nominee must be an elected official. Mr. 011iff expressed his concern about health care coverage upon retirement. Joyce Case refers to the COBRA law in her letter. Mr. Bradford clarified that what Mr. 011iff is asking FF Pension Board Page 3 ---------------- is whether extra monies can be deducted today to pay for health care upon retirement at a cost equal to what working firefighters pay at that time. Further discussion took place regarding this subject and the drafting of a letter to Joyce Case being more specific. At this point in the meeting, Mr. Kascavelis arrived and was briefed on the subject at hand. Mr. Kascavelis said Ms. Case indicated there was no such provision for health care at this point in time, but that it could be done. He was concerned, along with the auditors, about Florida Statute Section 175-162, regarding no more than 3 percent reduction for early retirement. In Tequestals plan, the percentage is 5 percent. He asked for clarification, and Ms. Case responded that since Tequesta is a local plan, they are not required to meet this 3 percent requirement. Mr. Kascavelis feels that this needs to be studied further due to possible violation. Mr. Mackail suggested drafting a letter to the League showing compliance with the State of Florida relative to Sec. 175-162, getting a response in writing only. V. DISCUSSION OF APPOINTMENT OF FIFTH MEMBER OF THE BOARD OF TRUSTEES PURSUANT TO SECTION 3, 1 Mr. Bradford discussed making a decision as to the Chair and Vice -Chair and that they would wait until an appointment of the f if th member of the Board was made. Mr. Mackail had a response from an attorney, Mr. William Sharpless, who presently serves on the Code Enforcement Board, and who has indicated he would resign from that Board to serve on the Pension Board. Mr. Mackail indicated Mr. Sharpless was semi- retired and has a background in pensions. It was agreed by the Board that Mr. Mackail would contact Mr. Sharpless and ask him for a resume for review by the Board. VI. ANY OTHER MATTERS The Village Clerk retrieved the Ordinance wherein it indicates the Manager and Mayor are selected by name, and the minutes are technically correct. Mr. Bradford said the Police and Fire Pension Fund Office are interested in having someone from Tequesta attend the Trustee's School Program in Tallahassee on March 15 and 16, and -asked if anyone was interested in going. No one indicated any interest at this time. Mr. Bradford informed Ms. Manganiello to make arrangements for Fran Bitters to cover next Pension Board Meeting, which will be held more formally at the dias. Pension Board Meeting Page 4 --------------------- Mr. Bradford mentioned that at other Board Meetings, they have reports of new hires under the Plan, current fund balances, etc., and suggested this Board have the same. Mr. Randolph agreed that a report should be provided. Mr. Mackail suggested it include the fund balance, the portfolio of investments, return on investments, new participants, etc. Mr. Kascavelis indicated he has quarterly reports and will distribute same for each meeting showing investment summary. Mr. Bradford -said this should be made an Agenda Item. VII. COMMUNICATIONS FROM THE PUBLIC Mr. Wade Griest asked how often the meetings would be held, and who the members of the Board were, and Mr. Bradford responded that the meetings would be held quarterly unless needed more often, and gave him the name of the members. Mr. Griest then asked the average age of the firefighters, and was told late 20's to early 301s. Mr. Hal Hutchinson brought up the 3% vs. 5% issue, and indicated that 3% is the norm. Mr. Mackail thought the Village was using the 5% figure because they had brought the age of retirement down to 52 vs. 55. Mr. 011iff asked if someone left early, would they get their contribution back with interest, and Mr. Kascavelis said they would just get back their contribution if they left before ten years, but will look into this further. Mr. Hutchinson asked if their funds were transferrable to another plan, and Mr. Bradford said they were not. Mr. Bradford said the next meeting would be held the second quarter of 1994 unless something of urgency comes up that should be attended to before then. Mr. Hutchinson suggested they have a special meeting to appoint the fifth member, and Mr. Bradford agreed that could be beneficial. VIII. ADJOURNMENT Mr. Bradford moved to adjourn the' meeting. Mr. 011iff seconded the motion. The vote on the motion was: Thomas G. Bradford — for Ron T. Mackail — for Bill Davis — for Roy 011iff — for Pension Board Meeting Page 5 --------------------- the motion was therefore passed and adopted and the meeting was adjourned at 10:03 A.M. Respectfully submitted, Cheryl Mayer Admin. Secy. ATTEST: Joann Manganiello Village Clerk DATE APPROVED: