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HomeMy WebLinkAboutDocumentation_Miscellaneous_Tab 03_09/29/1994 Y � ; VILLAGE OF TEQUESTA Post OfCce Box 3273 • 357 Tequesta Drive � '; Tequesta, F7orida 33469-0273 • (407) 575-6200 � � a Fax: (407) 575-6203 ; o e t f ��'� COUM� �QvESTA MuNten�� � � ����s PENSION TRUS'T FUND �oARD oF TxUS1'EES MEETiNG MA►X 23, 1994 I• C.�LL 'l�Q QRDffii al�iD ROI.L GlI.L The Tequesta Municipal Firetigh�sr�s Pension Trust Fund Board of Trustees held a regularly scheduled �teetinq at the Vi�laqa Hall, 357 Tequesta Drive, Tequesta, Florida, on Konday, Kay 23, �99;. The aeeting Was aalled to order at 9:�5 �•N• by acting Chairnan Thoaas G. Hradf�rd. 1► roll cal� was taken by Betty Laur, the Recording Secretary. Board nembers in attendance at the meetinq were: l�ctinq ChaiY Thanas G. Bzadford, Ron T. Maeka.�1, Bill Davis, and Roy 011iff. Vf].laqe Staf# present were: Lillaqe Clerk Joanr, Mainqaniel2o, Fire Chief James WeinanQ, and Village �ttorney John C. Randolph. z� . APPRO�9AI, OF �lGEND�! Boardmenber I�isackail �oved to approve the 1�genda. Board�enber Davis �econded the Aotion.. The vote on ttie motion vas: Thosas G. Hradford - for Ron r. xackail .. �� Bi�l Davis - ror � 011iff _ �p 4�hn sotion ras tderelore pnssea and �ted arnd t� Ayencia Was apprav�ad as subritted. Kecycled Paper Tequesta 1Kunicipal Firefighters Pension Trust Fund Board Meeting Minutes May 23, 1994 Paqe 2 ------------------------------- III• APPROVI�,L OF PREVIOIIS 1�ETING I�IINUTES (I�eeting l�iinutes of March 3, 1994) Boardmember Mackail moved to approve the minutes of the March 3, 1994 meeting of the Tequesta Municipal Firefighter's Pension Trust Fund Board of Trustees. The motion was seconded by Boardmember Davis. The vote on the motion was: Thomas G. Bradford - for Ron T. IKackai 1 - for Bill Davis - for Roy 011iff - for the motion was therefore passed and adopted. IV. STATUS REPORT ON THE FIREFIGATER�S PENSION TRUST FUND A. Bill C. Kascavelis, Finance Director, was not present at the meeting to present the status report on changes in finances since the ].a�t meeting. Boardmember Mackail reported from the written document that had been furnished by Finance Director Rascave2is that as of 2/28/94 the balance in the Fund was $39,402.45 of which the contribution from the Village was $27,342.45, the contribution from the Fire Department staff was $5,775.08, earnings on the fund were $396.29, and two distributions totaling 479.88 (including fee expense) had been made. Boardmember Mackail believed an error had been made in showing the earnings amount as a minus f igure . B. In the absence of Finance Director Kascavelis to verify employee changes since the last meeting, changes were believed to be none. Boardmember Mackail moved to approve the Status Report on the Firefighter's Pension Trust fund. The motion was seconded by Boardmember 011iff. The vote on the motion was: T�o��as G. Bradford - for Ron T. 1►tackail - for Bill Davis - for Roy 011iff - for Tequesta Municipal Firefighters Pension Trust Fund Board Meetinq Kinutes Mey 23, 1994 Page 3 ------------------------------- the motion was therefore passed and adopted. V. REVISW OF REQUESTED INFORM�iTION FROl�i THE FLORIDA LBAGUE OF CITIES Chairman Bradford stated at the last meeting on March 3, 1994, there had been several questions and followup to questions that had been brought up at the December Board meeting. Following the last meeting Chairman Bradford had written a memo to Finance Director Kascavelis that outlined questions for which the Board requested responses. Chairman Bradford read from the memo as follows: "Please secure the following information from the appropriate source: (1) Seek clarification of the FLC response, namely, that the Plan will receive an actuarial evaluation by the FLC actuary on an annual basis and that this actuarial evaluation is a part of the annual fees paid by the Plan to the FLC. (2) In writing, request the FLC to have their actuary provide a proposal to the Board of Trustees for the purpose of determining an amount of money to be deducted from current firefighter pay in order to allow retired firefighters to secure health insurance coverage from Tequesta at the same cost that will be charged to actively employed Tequesta firefighters. (3) In writing, request the FLC to: (a) Provide written comments on the feasibility of reducing the early retirement penalty from the current 5� to 3� per year. (b) Indicate the cost of undertaking an actuarial analysis of the impact to the Plan if such a reduction in the early retirement penalty is undertaken. Additionally, please be prepared to address the Board of Trustees via an agenda item that will request an update of the Plan Investment Summary, Plan Fund Balance and the name Tequesta Municipal Firefighters Pension Trust Fund Board Meetinq Minutes IKay 23, 1994 Paqe 4 ------------------------------- and age of all new hires within the Plan from December 8, 1993, to the date of issuance of the agenda for the next Board of Trustees Meeting, which I estimate to be in late April, 1994. Additionally, we would appreciate receiving a comparison of the actual ages of the employees of the Tequesta Fire-Rescue Department and the age assumptions used by the actuarial in establishing the Plan." (A) 2iruival Actuarial Evaluation Chairman Bradford stated in response to question (1), Tequesta's plan and Florida Statues both require actuarial evaluation every three years, but the Board of Trustees of the Fund requires an annual evaluation to protect the municipality since the municipality approves their budget annually and volatile conditions could cause major variations in projected pension costs. Therefore the answer to question (1) is yes, however the fee is not included but is a cost of $4,000 annually. It was suggested by Boardmember Mackail that another firm that would charge less might be used for the annual evaluation. It was decided to confirm whether the annual evaluation by FLC is a requirement as long as FLC administers the Plan, and or whether an option might be to have FLC do the evaluation every three years as required by law and use another firm for the interim annual evaluations. (B) Actuarial Proposal Regarding Health Insurance Coveraqe; (C) FLC Comments Regarding Reducing Early Retirement Penalty; and (D) Cost of Actuarial Analysis of Rarly Retire�ent Since no response was received to any of these questions, it was the consensus of the Board that Finance Director Kascavelis pursue these questions until an answer is obtained. (E) Na�e and Age of New Hires froi 12/08/93 Chairman Bradford verified with Boardmember Davis and Boardmember 011iff that the listing provided by Finance Director Kascavelis appeared to be correct. (F) Comparison of Assumed Ages vs. Actual Since this material had not been included in the Tequesta Municipal Firefighters Pension Trust Fund Board Meeting Minutes Nay 23, 1994 Paqe 5 ------------------------------- agenda packet, Boardmember Bradford stated for the record that this information is located in the fiie system of the Village with the information received from the Florida League of Cities when the Plan was created and he will provide this material to the Board. Boardmember Mackail moved to approve Agenda Item V with the request that the Board look into ways and means of reducing annual actuarial evaluation fees and follow up on replies requested for items (B), (C), and (D); and that Chairman Bradford provide the comparison of assumed ages vs. actual ages. The motion was seconded by Boardmember Davis. The vate on the motion was: Tho�as G. Bradford - for Ron T. Mackail - for Bill Davis - for Roy 011iff - for the �otion was therefore passed and adopted. VI . CONSIDffi2ATIOI�I OF APPOINZ?�i'P OF WILLIl�lii Iri. SHARPLESS, ESQ• . AS FIFTH 1�lBglt OF Tiig BpaRD OF TRIISTEES PURSUANT TO SBCTION 3, 1 OF THB pI,AN Village Attorney Randolph clarified that the procedure for appointment of a Board member would be that the Board recommend the proposed Board member to the Village Council and that the Village Council would appoint the Board member. Chairman Bradford stated Mr. Sharpless had exhibited an interest in serving on this Board and was qualified because of his occupation as an attorney and because of his background, and that he was willing to resign his position on the Code Enforcement Board in order to serve. Boardmember Mackail moved that the Tequesta Municipal Firefighter�s Pension Trust Fund Board of Trustees appoint and recommend to the Village Council that they appoint William M. Sharpless as the fifth member of the Board. Motion was seconded by Boardmember Davis, The vote on the motion was: Tho�as G. Bradford - for Ron T. Mackail. - for Tequesta Municipal Firefighters Pension Trust Fund Board Meeting Minutes May 23, 1994 Page 6 ------------------------------- Bill Davis - for Roy 011iff - for the motion was therefore passed and adopted. VII. ANY OTHER MATTERg Boardmember Davis reported Firefighter staff inembers had questioned why their contribution to their retirement program was changed from 3$ to 5�, and why they are the only department in the Village that is paying. Fire Chief Weinand commented the 5� was required by the plan adopted, which was a better plan than the one which required the 3� contribution. Bill C. Kascavelis, Finance Director, arrived at 9: 30 A.M. , and commented using pretax dollars brought the actual net figure closer to 3-1/2�. Chairman Bradford stated the reason other current employees do not pay is that under the Florida Retirement Plan rules and regulations the employer pays 100g of the contribution. Since the Fire- Rescue Department did not exist when the Village became a part of that plan, they are under a different system. The intent of the Village is that alI future employees will contribute toward their own retirement. Chairman Bradford stated communicatians fron citizens had been omitted from the agenda, and called for any comments from the public. iKr. Harold Hutchinson of Camellia Circle, Tequesta, suggested that since the Board is new to the actuariaZ evaluation study process that they might wait until after the first ane had been completed before considering doing a study more than every three years. Finance Director Kascavelis reported verbal response from the actuarial indicated that he was not aware of anyone employing the proposal regarding health insurance coverage but now he has been supplied numbers so that cost for this item may be provided. Mr. Kascavelis stated also that the legislature may change the Florida Retirement Plan to require contributions by all employees since the current 100$ empZoyer contribution places such a high cost on governments. In regard to why no response had been received to requested information from Florida League of Cities, Mr. Kascavelis reported the actuarial is only working on this part time and has not had sufficient time to respond. Mr. . Tequesta Municipal Firefighters Pension Trust Fund Board Meeting Minutes May 23, 1994 Paqe 7 ------------------------------- Bradford requested Mr. Kascavelis obtain the figures for the health insurance proposal and evidence that work is progressing on responses to our questions. VIII. ADJOLfRNMENT Boardmember Ziackail moved that the meeting be adjourned. Boardmember Davis seconded the iotion. The vote on the notion was: Thomas G. Bradford - for Ron T. Mackail - for Bill Davis - for Roy 011iff - for The motion was therefore passed and adopted and the meetinq was adjourned at 9:38 A.K. Respectfully submitted, Bett Lau Recording Secretary ATTEST: Joann Manganiello Village Clerk DATE APPROVED: