HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 17_08/03/2009Laur, Betty
From: Bonni S. Jensen [bsjensen@perryjensenlaw.com]
Sent: Tuesday, July 14, 2009 12:52 PM
Tp: McWilliams, Lori
Cc: Angela Twomey; Karen Armenita; Ray Giblin; Giblin, Raymond; Laur, Betty; Telfrin, Debra;
Couzzo, Michael
Subject: Re: Public Safety Pension -175 Money
Lori,
There is no current legislation reducing the 175/185 money if the Fund is fully funded -unless the plan has been
terminated and is operating as a frozen/closed plan. The current 175/185 money is needed to fund parts of the ongoing
annual normal cost of the plan. Additional 175/185 money which over the amount needed to fund those parts, is to be
used to provide extra benefits.
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Bonni S. Jensen <bsjensen@perryjensenlaw.com>
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McWilliams, Lori wrote:
Bonni,
Board Member Ray Giblin called me today with a question that we believe would need to be answered by you. He has
heard there is possibly new legislation that states if your fund is 100% funded (he believes the VOT PSO was 107%
funded) then they would not receive 175 funds any longer.
Can you please advise? Also, I am going to have Betty place this on the August agenda for you to provide and update to
the Board on updated legislation.
If you need to reach Ray he is available at 561-707-3933; please copy any responses to me as well.
Thank you,
1
Lori
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