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HomeMy WebLinkAboutDocumentation_Regular_Tab 6A_1/11/1996 ,arc TLA VILLAGE OF TEQUESTA Post Office Box 3273 • 357 Tequesta Drive �, Tequesta,Florida 33469-0273 • (407)575.6200 � --/ Fax:(407)575-6203 $ y l� ; •'INN.` 0 TEQUESTA MUNICIPAL FIREFIGHTER'S PENSION TRUST FUND BOARD OF TRUSTEES MEETING SEPTEMBER 25, 1995 I. CALL TO ORDBR AND ROLL CALL The Tequesta Municipal Firefighters Pension Trust Fund Board of Trustees held a regularly scheduled meeting at the Village Hall, 357 Tequesta Drive, Tequesta, Florida, on Monday, September 25, 1995. The meeting was called to order at 9:12 A.M. by Chairman Ron Mackail. A roll call was taken by Betty Laur, the Recording Secretary. Boardmembers in attendance at the meeting were: Chairman Ron T. Mackail, Bill Davis, and Bill Sharpless. Also in attendance were Village Attorney John C. Randolph and Finance Director Bill Kascavelis. Boardmember Thomas G. Bradford arrived at 9:23 A.M. Boardmember John Flint was absent from the meeting. II. APPROVAL OP ADIDA Boardmember ber Sharpless moved to approve the Agenda as submitted. Boardmember Davis seconded the motion. The vote on the motion was: Ron T. Mackail - for Bill Davis - for Bill Sharpless - for the motion was therefore passed and adopted and the Agenda Recycled Paper Firefighters Pension Trust Fund Board of Trustees Meeting September 25, 1995 Page 2 was approved as submitted. III. APPROVAL OF PREVIOUS MEETING MINUTES (Westing Minutes of June 28, 1995) Boardmember Davis moved to approve the minutes of the June 28, 1995 meeting of the Tequesta Municipal Firefighter's Pension Trust Fund Board of Trustees as submitted. The motion was seconded by Boardmember Sharpies'. The vote on the motion was: Ron T. Mackail - for Bill Davis - for Bill Sharpleas - for the motion was therefore passed and adopted and the minutes were approved as submitted. IV. STATUS REPORT OM THE FIREFIGHTER'S PENSION TRUST FUND A) Financial Report (NationsBank) Bill C. Kascavelis, Finance Director, presented the status report on changes in finances since the last meeting and stated that as of 7/31/95 the total assets of the Fund were $183,097.25. Mt. Kascavelis had not yet received the August report and stated he would forward it to the Boardmembers when received; and would also forward the financial statement, which he would finalize after the end of September. Boardmember Sharpless commented that the monthly report did not contain all of the information which the Board needed, and that a quarterly report was needed. Finance Director Kascavelis stated that the League of Cities Firefighters Pension Trust Fund Board of Trustees Meeting September 25, 1995 Page 3 Board of Trustees for all the funds met quarterly with the money manager, but did not distribute quarterly reports to the members. Boardmember Sharpless requested that Finance Director Kascavelis request copies of the quarterly reports. Boardmember Sharpless also suggested that Board meetings could be scheduled differently so that the meetings would be timed after receipt of the quarterly reports, and requested that be considered in the future, since the monthly report was not helpful at all in evaluating the performance of the manager. Finance Director Kascavelis stated that he would check to see when the report for the current quarter would be available and would request a copy of the report for the quarter ended 9/95 and for each quarter thereafter, and would forward a copy to the Boardmembers when received. Boardmember Sharpless inquired whether a report had been received of the prior year' s audit, to which Finance Director Kascavelis responded he would get a copy for Mt. Sharpless. Boardmember Sharpless stated that the auditor' s footnotes were needed so that the Board could better understand the trust accounting. S. Report of Contributions (Roployees/Inployer) Finance Director Kascavelis reported that sine, July, and August contributions by the village were in the $6,000 - $6, 500 range monthly. C. ployee Changes Finance Director Kascavelis reported that as of the close of business on September 30, 1995 there were 15 employees in the Tequesta Fire Rescue Department, and that no changes had occurred since the last report. Boardmember Sharpless inquired whether all contributions Firefighters Pension Trust Fund Board of Trustees Meeting September 25, 1995 Page 4 by the Village were at 14.4t. Finance Director Kascavelis replied that any appropriations not expended as a result of receiving revenue from the insurance premium tax were funded in order to avoid a liability for the future, so that the Village actually contributed 14.4t, which should result in an approximate $14, 000 surplus for the year. Finance Director Kascavelis stated that the Village was funding in excess of requirements. Boardmember Davis moved to approve the Status Report on the Firefighter's Pension Trust Fund, which included the Financial Report, the Report of Contributions, and the employee Changes Report. The motion was seconded by Boardmember Sharpies'. The vote on the motion was: Ron T. Mackail - for Bill Davis - for Bill Sharpies' - for the motion was therefore passed and adopted. V. RRVIM OF IUFORMMTION REQUBSTBD BT THE BOARD OF TRUSTERS AT TER JUNi 28, 1995 MUTING A) Letter from Joyce Case, Florida League of Cities, Administrator, Firefighter's Pension Trust Fund in response to: 1) The Feasibility of Purchasing Long-Term Disability Insurance for Pension Plan employees (E. Boggs, Actuary) Boardmember Bradford arrived at this point in the meeting at 9:23 A.M. Finance Director Kascavelis reported that a written Firefighters Pension Trust Fund Board of Trustees Meeting September 25, 1995 • Page 5 response had not yet been received, however, in his conversation with Ms. Case she had indicated that she had spoken with the actuary and his opinion was that Tequesta' s plan was quite liberal, since under Section 175.191 provision for disability benefits before vesting was not necessary. The actuary had suggested that if they desired, the Board could review its plan, compare it to the requirements of 175 if this was a concern during the infant stages of the plan, and modify the plan if they desired. Finance Director Kascavelis provided a handout which provided dollar amounts that would be needed annually in case of a disability retirement or a death before retirement, based on current salaries. The highest figure was $14, 600. Finance Director Kascavelis verified that the actuary had taken the risk into account in his original computations for the pension contributions and solvency of the plan. Chairman Mackail questioned whether under Florida Statute 175 that the Board was the ultimate authority in regard to disability and/or benefit payout and whether there was specific criteria that the Board must follow. Finance Director Kascavelis responded that this Board would make an award based upon conditions in the Plan, and that Ms. Case and Mr. Boggs were saying that Statute 175 sets forth minimum requirements and that the Tequesta Plan exceeds those requirements. Finance Director Kascavelis stated that he was in process of obtaining insurance quotes. Boardmember Sharpless commented that notwithstanding the opinion of the actuary that if a disability or death occurred that the contribution would have to increase considerably in order to fund the plan annually, and insurance might be a cheaper alternative. Finance Director Kascavelis stated Firefighters Pension Trust Fund Board of Trustees Nesting September 25, 1995 Page 6 that he would follow through with obtaining insurance quotes. VII. ANY OTHER MATTERS There were no other matters to be brought before the Board. VIII. ADJOURNMENT Boardmember Davis moved that the meeting be adjourned. Boardmember Sharpless seconded the motion. The vote on the motion was: Ron T. Mackail - for . Thomas G. Bradford - for Bill Davis - for Bill Sharpless - for The motion was therefore passed and adopted and the meeting was adjourned at 9:30 A.M. Respectfully submitted, ��c " - Betty Laur Recording Secretary ATTEST: Joann Manganiello Village Clerk DATE APPROVED: