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HomeMy WebLinkAboutDocumentation_Regular_Tab 09D_03/14/2002 � � � ��� �. � ��� €j �? '1 � a � � � � ���3��� �.�C r ��a�� r .�O��� � �'o>c �Jf�'ice k3ox 3273 ° 254 Tetjis�sca Driv: m Suite 34t3 I � �'� '� fc Uf_SI2 Flnric�a 334G9-0?73 > � q (Slil) �75-G20Q `�� a �ax: {jCi 11 5�j-6�^.c13 � q � � 'TEQIJEST°A I'U�I,IC SA�E�'Y OFFI�ERS PEIeTSI�l� T'FdUST FUND �OARD �F T�US°I°EES MEETIN� 1��t��.�� �4, 2002 a. c�,� �� o��� ��r� �o�.�. c�.�.. The Tequesta Public Safety Officers' 1'ension Trust Fund Board of Trustees held a regular rneeting at the Tequesta Recreation Center, 399 Seabrook IZoad, Tequesta, Florida, on Thursday, January 24, 2002. The meeting was called to order at 10:36 a.m. A roll caIl was taken by Mary Wolcott, Village Clerk. Boardmernbers in attendance were Chair James We�nand, Cieraldine Genco, and Secretary of the Board Micha�l R. Couzzo. Boardmember Nlark Minus arrived at 10:44 a.m. Also in attendance were Finance Director JoAnn Forsythe, Finance Department representative TDan Gallagher, and Human Resources Director I�im Bodinizzo. IIe �PItOi�AL O� A�ENDA Vice Chair Genco made a motion to approve the age�da as submitt�da Secretary Couzzo seconded the motion, which car�ied by iananiaiaous 3-0 vot�, III. APPROVAL OF MINUTES A) Tequesta Public Safety Off'icers' Pension Trust Fund Board of �ra�stees 1VIee�iea� Minutes of Novemtrer 27, 2001 Vice Chair Genco made a motion to approve the minutes of the Tequesta Public Safety Officer�' Peaasi�n Trust Fund �oard of'I'rustees Me�ting of leiov�anb�r 27, 2UOlv Secretary Couzzo seconded the motion, which carriecl by unanimoaas 3-0 v�t�. Rc.ycled Paper BOARD OF TRUS'TEES 'I'EQUES'I"t� Pi7BLIC SAFE°I'Y OFFICEIaS° PENSIC�2I� 'TRLTST �LJND 1l�iEE°I`IlVG MIN[J°I'ES Ja��� 24, 2002 PAGE 2 �.�.�.�.....,�.,,�_�_�_____________......��.�..,,...�_._.��_..�,.��.._.�_��.....,, IV. STt�NDING ItEPORTS A) Approval of New Applicants for Participahon in Pen�ion Plan (November 8z Decexnber 2001 and Januat°y 2002): 1) �rian Yaungblood Date of Hire 1/2/02 Z) Raymond Gilbin Date of Hire 1/7/02 Secretary Couz�o made a motion to approve ne� appdQCants Br�an Yc�ungbtc�ad and Raymond (xilbi�n f�r participation in th� Pension Pl�n. Chair Genco seconded the motion, wh6ch carried by unanimmus 3-0 votem B) Approval of Seneficiary Cha�►ges Plan (Nov�mber � December 2001 and January 2002): 1) None � C� Request for Withdraw�l of Contributions (empioyees terminating eanployrrae�t with Village of Tequesta Plan (�lovember & De�e�ber 2001 �nd Januar� Z002): 1) David Greenstein Termination date 11/20!O1 $367.75 - Finance Department Representative Dan Gallagher advised that payout had been made with two signatures as required. Secretary Couz�o made a moti�n to ratify payout of �ontributions to IDavid Greenstein in the amount of $367.75. Vic� Chair Genco s�co�ded the mata�n, which carried by nnanimaus 3-0 vote. V. 1�1EW BUSINESS a) Actuariai Revi�w by Stephen Palmquist Mr. Palmquist commented he had also been asked to provide figures for 6-year BC�ARD OF 'I'RUS'T�ES TEQUESTA PIJ�I.IC S.A�k'ETY OFFICEItS' PENSI(JI�T T'RUST F�T�T� MEE'TIloTT� I�TU'TES J��u�.� 24, 2002 PA�E 3 ^.._��.�^.^__.���....,�.�.,_�_��,�._,_,�,____._,�.�.._.._�.�.,__�.,.,_r^,.�_.^-._ vesting. During review of the actuarial report, Mr. Paltnquist advised that the bottorrt line for what the Village had to pay under the plan was: for golice afficers, zero percent of pay and far fire�ghters 3.14% of pay; and State revenue and employee contributions made up the rest of the cost of the plan for Police and Fire. There was a significant redu�tion in the cost for all of the groups in the plans, mostly due to better investment earnings than anticipated between the two evaluation date�. Mr. Falmquist advised that the cost for fire�ghters had been b.77% of payroll pr�viously, and in the 2000 report was 3.14%. Mr. Palmquast noted he had mentioned at the previous meeting of the General Employees Pension Trust Board that in the case of Police officers, while the current Village cost was zero percent of pay, he would anticipate that would not last very long because the Police payroll would increase faster than the State revenue, so the Village would probably have to start contributing. for Palice officers. Chair Weinand confirmed with Mr. Palmquist that he was reporting as of October l, Z000 so that any changes to the plan before Octobec 1, 2t}00 would have been included in the actuarial report. Chair Weinand asked if the changes in May, 2001, would affect this report. Mr. Palmquist inquired what those . changes were, to which Secretary Couzzo responded those would be provided and that the previous Board was looking at accelerating the next actuarial report due October 2002, which this Board might also want to consider. Mr. Palmquist clarified that this report was as of October 1, 2000 and that it indicated the required cantributions for the follovving two year�—fisca101 and fiscal Q2. Boardmember Mark Mintus arrived at this point, at 10:44 a.m. - Chair Weinand commented in the report it had been noted the report had been prepared based on inforznation received from the Finance Departrnent. Mr. Palmquist verified his firm did not audit the informatian, but that they performed same tests on the information. One of the tests was if soraaeone's pay increased by more than 10% or if someone's pay decreased, they followed up to make sure they had the correct information. They also compared the dates of hire, dates of birth, etc., to previous data to see if there were any changes. Chair Weinand commented Mr. Gallagher had spent a lot of time going back and reconciling the accounts, and asked if he was comfortable with the information received by Mr. Palmquast. Mr. Gallagher reported the employer's contributions had not yet been completely reviewed, and would be �nished in the next couple of weeks. Chair Weinand noted in the actuarial study the expenses of the Board had been shown a.s $7,OOU; which did not even pay for the money manager. Mr. Palmquist responded that on page 15 af �o�� o� �aus��s �QIJES'�'A PI.J�LI� S.�,FE� O�ICE�BS' �EI�TSIOl�T '�i7�'I' Fi.T1�TI7 1�E�� 1VI�TCT�S J����� �4, 2002 ���� � ,�.�.....�.....___� ......................�..___._�_�,__�.^,..�...�.....�,__.,�,___ the report it showed the investment related experase for fiscal 2�00, w�ach would be for the money rnanager, r�as �13,148, and that other adra�inistrative expens� was $7,199. Chair Weinand adv��ed the Board they should be cognizant of the amourat paid to the money manager, since they were required to do an annual performance audit �f the money manager. Vice Chair CJ�nco responded that could be done �n- house or doz�e by an out�ide person. lvlr. Pai�nquist corrimented that under State i,avv for Police arcd F'ire plans there was a requirement that at least once every three years there must be an outside evaluation of the money manag�r. Vice Chair Genco commented that in the interirn the �Iillage could do it themselves. Chair Weinand responded it had never been d�ne. Secretary Couzzo recornmended the plan come into compiiance. �ice Chair Cpen�o requested a copy of the statute. Chair Weinand asked if Mr. Palrnquist's firrn performed that service, since at the previous meeting. Vice Chair Genco had stated she had confidence in his firm. Mr. Palmqui�t responded that they did that type of �ervice through their division called GI�S Asset Consulting Group, but because they were geared towards funds of $20 million or so they had a high minimum fee, which might be too high for this fund. Vice Chaar Genco commented Mr. Van �euren had quoted the wrong stat�ate and she would like to see the correct statute. �hair Weinand indicated the stat�te was 175.071. Vice Chair Genco read ihat statute, which seemed to be the wrong statute. Mr. Ct�uzzo indicated that the correct statute would be faund. Mr. Palmquist reparted the results of changing the vesting schedule froan lE) to 6 years. Vice Chair Genco asked if the union contract would have to be changed. Chair Weinand reported there was no union contract for the Fire I)epartment. - �ecretary Ct�uzzo indicated that there was a union contract for the Police Dep�rrtment, which would need to be changed. Vice Chair Genco commented an the �a�eeting of the Board for the General Employees this had been discu�sed and it had been decided to table action until closer to the time for negotiating the union contract. Vice �Chair Genco comznented that because the funds were co-mingled, the vesting schedule could not be changed for one group without changing it for both. Chair Vdeinand commented that he was not sure he agreed with that, since in the pensic�n plan �dopted by the Village of Tequesta the plan specified amounis for (ieneral, for Police, and for F'ire; and asked N�r. Palmquist for the figures for his own infaranation. 1VIr. Palmquist reported the required annual contribution would increase les� than $40U and since the 5tate revenue exceeded that a�nount, State revenue would cover the entire cost. 1VIr. Palmquist indicated the cost increase would be frorri 9.4U to 9.59, o� .19 °lo of payroil, to change the ve�ting for Police. iVlr. Palanquist indicated the �OARI) OF 'I'I�US'Y�ES 'I'EQ�JJES°Tt� PLJBI,IC SAF'E°I"Y O�I�ERS° PEl�TSI(�l� °I'ItI7SB' FYJIot� 14IEETII�TG l�iI1�T�J'TE� January 24, 2002 PAGE 5 ..^.,..._.._..�..._...,_�„__�.�..,__,,..�.�_,��,_.�.,,,.,__�.�__.�_...,�...__�__ cost increase would be froan 7.90 to 8.14, tar .24 % o� payroll, to change th� vesting for �ire, and State revenue for Fire was not enough to cover the whole cost, so the Village would need to increase their contribution by $1800 annually. Therefore, the increase in cost would be nominal. 1d�OTI�1V �ecretary Cmuz�m made a motioa� to accept th� actuarial repo� of O�tober 1, 2000. Vice Cha�r Genco seconded the motion, which caa ried by unaaim�us 4-0 vote. b) Status oa► P'remium Tax Monies from State for 2000 – Annual R�port Vice Chair Genco reported slie had received notification the annual report had been approved and the premium would be paid. Chair Weinand requested a copy of the annual report be provided to each member of the Board. Vice Chair C'aenco a�ad Secretary Couzzo expressed appreciation to the Finance Department for all of their hard work on this item. Chair Weinand aiso expressed his appreciation. Chair Weinand asked if interest should be paid to the Village on the premium tax monies, to which Mr. Palmquist responded the State never paid interest. Therefore, this became a moot point. Chair Weinand commented that at the last raeeting, separation of funds had been discussed, and it was his understanding any funds over 1998 contributions had to be - accounted for separately and were not involved in the fund. Finance Director Forsythe responded the State had sent the Village a report of the agnount involved and that had never been put aside as a reserve. She had called Mr. Palmquist and he had expressed his opinion that there did not need to be a separate fund for that rnoney, but it needed to be tracked on a bookkeeping basis, and that had been done in his report and he believed that was all that had to be done. Vice Chair Genco commented that it was her understanding the reason this whole thing came about was because when the Village elected to apply for those funds they had to say what was going to happen with those funds—whether they were to be co-mingled with the other funds or used only for the benefit of the firefighter--and they elected that the funcis would be used only for the benefit of the firefighters, over and above what the plan spelled out. Knowing that, it created some concern as to how to not co-mingle those assets and how to mai�tain track of what those assets grow to, because you ��J�$I3 O� 'I'R�.IS'�'EE5 'I'EQiJES'I'A P�L�C S�E'�I'� O�CER�' �E1�TSI�1�T ��J�T° ��1I� l�E'I`�1G �� Januaa-� 24D 20�2 I'.AGE 6 ..�.�___,..,�__.,,_.�«,.�,�_,��_.��,_�.�,_.,.^ ...............�,,,...._�__�._,.�_ were dealing with pooled fund�, and the asse�s wer� pooled with the investrnent. �%[r. Palmquist res�onded the State did not requ�re interest on these re�erves, �o if your base was �50,000 and next year you got $52,000, all you needed tc� kmow was that $2,Q00 was available to sp�nd on additional benefits for �refighter�. Vice Chair (Benco asked �rhat type of benefits were generally deri�ed from t�aat, tm which 1�Ir. Palrrbquis� responded—raising the multiplier, lowering the retirement age, putting in COLt�s,or all flc�nds of things. i�ice Chair taenco stat�d, but it could only go for benefit to the firefighter� and not the police. Mr. Palmqui�t added that it could not be used as a credit against the Village's contribution, and verified that when the charts were done for the actuarial report he would adjust that based on the segregated funds, and startin� with the 2001 report there was a new page in the report, page 6A, that his �rm had to fill out and whi�h showed any exc;ess monies and vvhat the amounts were,. which would be another way to keep track. Chair VVeinand cornmented, so whether the funds were in ar out of the plan they rnust go for supplemental benefits, which I6�r. Palmquist confirrned. Chair i�einand asked who d�termined the �upplement�fl benefits, to which Mr. Palmquist responded it could be pretty complicated but the �oard could make recommendataon�, and since the Village had collective bargaining units they had to be included in the pr�cess, so the Baard, the collective bargaining units, and the `lillage together had to make a decision, and if there was money available it was supposed to be spent for whichevex group it applzed. Vice Chair Caenco asked for the amount. Finance Darectmr Forsythe resporaded with th� following exarnple: if the base year was 1997, reported in 1998, and if there was $SO,OOU in 1998 and the next year you got $52,000, $50,000 could go into t�e plan to be used for anything and it was only the $2,000 that wa� for supplemental. It was - reported the firefighters amount was below the base and the police amount wa� over the base. Mr. Gallagher explained that the base year amount for the firefighters wa� $36,341.16. In the following two years they received $35,118.60 and $31,246.8t) respectively, therefore, they had nothing in excess of the base year. NIr. Gallagher reported the base year amount for the police was $25,134.19 and the following y�ar vvas $29,795.11, and the next year was $42,177.00, so they now had $21,0OO.�t�. Vice Chair Genco commented she would suggest to the police that they decide vvhat they would like changed and present that to the Board, and it would be easier to spen� the money than try to iceep track. Chair �tJeinand c�rnrnented tha� iooking at the actuarial statement of 6-year vestin�, the I'olice I)epartment could use a portion of that money to do a 6-year ves�ing as an extra benefit. Mr. Palmquist verifi�d tk�at could be dmne ar�d paid for out of the supplemental fund and would not affect the contribution. Vice Chair Genc� cornrnented the only is�ues vvere the union contra.cts ]�t�A.RD OF °I'RUS7['EES °I°EQ�S'�"A►. I'UBLIC S�"T'Y O�ICE�tS' I'E1vTSI�1�T °I'R�[JS'I' F�J1�1I.) MEE°I'�TG MI�TLJ°I'ES Ja�nuary 24, 2002 I'A.GE 7 _..�._�_�_,_.__..__.,� ...............,.�.,�_�_.-,..��.___,_.:,..�.,.�.��___�.�_^._ and the sarne thflng had to be done for both, and asked for someone to corne back to the Bs�ard with a way to utili�� the availabl� fund�. VIio �1Y OTHEIZ 1l�I�1�'TEIZS Chair �Veinand req�ested followup of the discu�sion at the last rneeting that there be a cash flow evaluation for calendar year 2001. Mr. C'rallagher advised it had been �ncluded in the pack�ts and covered October, Novetnber, and IDecember 2001. �ice Chair Cenco asked far the cash flow evaluation for the whole year 2001. Chair Weinand asked if someone was designated °an the Villa�e to be plan admYnistrator. �1ice Chair Genco responded it was the Village of Tequesta. Chags Weinand questioned who the contact person was, to which Vice Chair Ge�co responded either Mr. Gallagher or Ms. Forsythe. `lice Chair Genco advised that the General Employees had decided to go to a de�ned contribution plan, which wauld take approximately 6-9 months, and about that tiyne union contract negotiations would began, and the Board could then look at a tianetable if thzs plan decided to go to defined �ontribution. Vice Chair (�enco commented that hopefully, an outside administrator would be obtained for the Genera� Employees, and after that process wa� completed, this fund could decide if they wanted to go de�ned contribution, because it was too big a job to do both fund� at once. Vice Chair Genco advised that right now the Village was the administrator and Mr. Gallagher and Ms. Forsythe had done unbelievable catch-up work, and the - report she had received from Mr. Gallagher covered items that had not been done before, and she d'ad not understand how no one had addressed these items in prior years. Vice Chair (ienco reported it took awhile to get up to speed, the monies were being accrued, and were okay, and while the rate of return was good, everyone mu�t understand that it wauld be improved but that this year it had been like starting frorr� scratch even thaugh the plan had been in existence. Vice Chair Genco cocnmented she was speaking both as a member of this Board and as a rnemher of the Village Council, and asking for a little patience, and the plan and the trust document needed to be re-stated to have something more concise and easier to read than the current plan documents and a half-dozen resolutions that all disagreed with each other, making understanding difficult. Vice Chair Genco commented she looked at the l�st resolution that Mr. �1an Beuren drew up which was for Police and Fire and was sent to the state, a�d the title s�id, General Employees Fund, v�hich w�s a mistake. There ���i�.� �� �$U�`��� 1'EQiJES'I'A ��LIC ��°� O�FICEgtS' PEl�TSIOIoT 'I'13ZIJS'T �LJI� NI�E'TIlVG 1l�I�J'I'1;� J�Iflld�l� 2q's 2��2 ���� � �.,.�..,,�...�.............,,.,,......,�.....�,...,.,.._�,,,�„�,.,,,,...,�,,...,�............... were inconsistencie� in the fiducia.a�y respon�ibilities, and there were things in the Plan docuarient that belonged in the trust document. Chair V�einand corr�mented a plan sumrnary was supposed to be given to every egnployee every two years, and he did nc�t kz���sr if there t�ras �ne. I�urnan Resources Director Kirra �odinizzo responded there was a. pla� �umrnary and it wa,s given to new hires as part of the new hare arientation. 1V�s. Bodinizzo indieated she would grovide a�opy to Chair Vileinand. Vice Chair fienc� noted quarterly staternents were not beang received. Chair �Veinand cornmented this �oard could only adrninister the plan as approved by the �lillage Council, that the Council's original intent wa..� ta rrr�ake the plan as close to the ff�lorida Retirement Plan as possible but it had gone off track, and commented he believed thi� Board had an obligation to let the Village Council know benefit� were slipping compared with other plans, resulting in problems in retaining or hiring personnel. Vice Chair Cenco questioned if the plan was competitive. M�. �odinizzo expressed her opinion that the plan was not competitive, that it had been competitive when it was set up in 1996, and the intent had been to make the plan like the Florida Retirement Plan. Ms. Bodinizzo reported the Florida R�tirement Plan had changed their vesting to 6 years, and it was that component, plus the cost of living allowance component that Florida Retirement Plan had and the �/illage did r�o� have, and the fact that no interest was earned on contributions made by the ernployees that were problems. �Iice Chair Genco cominented th� plan did allow interest to be paid, it was simply a matter of determaning the amount. 1o�Is. Badini�zo suggested that the attorney could help with that determination. Vice Chair �aenco requested that Ms. Bodinizzo report back to ihis Board regarding what in t�e plan - was not competitive, so the Board would have something to loak at for the next meeting, and if the Board saw the plan was not competitive then it could go to legal counsel and a decision might be made at that time to have sorneone re-draft the documents. Then submittal to the union for their revievv could be rnade. After everyone had reviewed and approved the re-draft, it could be presented to the Village Council for approval. Chair Weinand asked if the Board or the Village Council should start that process, to which Vice Chair Genco responded this Board had the responsibility to manage the assets and if the Board felt �omething needed to be done . they had the authority to proceed and start the process. VVhen they had something to bring before the Council on which action was needed, that was the time to involve the Village Council. Boardmember Mintus advised that one of the reasons people considering working f�r the 'Tequesta Police Department did not de�ide to come to 'Tequesta was the retirernent, because they wanted �tate retirement or sornething B�JARD OF T]E�USTEES T]EQUES'I'A PU�LIC SA�E'I°�.' �F'�ICERS° PENSYOI� TRL7ST FL7I�TlD I�IEETING MINU'1 ES January 24, 2002 PAGE 9 �,,,,.....,�_� ................�.�.,�.,��.�.�^.....�.,.^.,.,_..�.,�__.__��_...,... comparabl�, and a lot of good pe�ple had left the departraaent f�r thas reasc�n. 1VIUTION Vi�e Chair Genco made a aa'ohon that this BoaY°d have Ms. Bad�nizzo look at other plans to see what was competitive and make a report to this Board at their Feb�°uax;� 2002 meeting< Boardreaember Mi�ttus seconded the motaon, whach carried by unanimous 4m0 vote, 1dIOTION S�cretary Couzzm aaa�de � motion to accept th� resignatfon of Boaa°dmeat�bea° Edward Res�ik, Effective January 4, 2002. Vice Chair Genco secmnded the motion, which carried by unanfmous 4�0 vate. Chair Weinand indicated a new boardmeanber would be needed. 1lVir. Palanquist verified this Board would choose a fifth memb�r, which wouId be ratified by the Village Council. Vice Chair Genco requested resumes frorn interested parties be presented at the next meeting so that the Board could apgoint a boardmear�ber and the Village Council could ratify the appoiactment at their next subsequent rneetir��. Vice Chair Genco indacated she was not totally satisfied with present legal counsel and suggested looking for other legal counsel. MI�TION Vice Chair Genco made a motion to evatuate potential legal counsel for the - purposes of providing the Board wath advice, and drafting new plan d�cuments �nd trust documents. Boardmemlber Mintus seconded the motton, which carried by unanimous 4-0 vote. Chair Weinand expressed his opinion this was long overdue and that many of the Board's questions were th� result of not getting information they should have been told. Chair Weinand indicated that Attorney McCracken was to have provided the investment policy with the changes, which had not been done, so he could not distr�bute that, but did dastribute Florida Statu�e 112.661 which the plan was supposed to follow, and was what the plan needed to be updated to. Vice Chair Genco questioned if there was duplication within the Florida Statutes, to which l��ir. Palmquist responded F.S.112.661 was not a duplica.tion but had been added a couple of year� ago and stated the rr�inimum requirements. Mr. Palmquist advised one of �(�ARI) O� �'gtIJS'I�ES 19i��JLJTCL �VU+H.Y!✓ S[�1'II:3 S ��Y'R6.��eE�� 1 �I�ISI�I°l �6.151 �VLrL lYll:� 1 il�l \7 1V1AAal V A 1:s7 Jam�a�y Zq' 2002 PAGE 10 -___„_,�_..._,.�.._,�...����_�.,_.��._...�...,^._....�.._._..,.,_„ ............. the minirnurn requirement� was that the Eoard was supposed to adopt a policy on education of trustees. Vice Chair C'8enco com�aente� this would be tabled as an inforynation itera� until the Board wa� ready to re-state the plan docuznents. Chair tA/e�nand recornrnended this be brought back to the next meeting to begin work, a�d noted the Villag� ordinance required following F.S. 112.661. 1Vir. Gallagher reported he had recently learned the a�caunt at Prudential was �. �orrianand account, which issues checks, platinc�m vis�s, atm cards, etc. l�r. C'aallagher indicated he was pursuing where this occuned and what action should be taken by �he Board. 1VIr. Gallagher reported he had reviewed �11 the staternents and found no charges that would indicate use of a visa or atm. Ghair jlVeinand connmented that the first action should be to find out if card� had been issued. i/ice. Chair Genco reported that almost all the banks had converted all their account in 1996 after changes in the law allowed them to do sa, but that created a margin for error that could not be allowed in this type of account. Vice Chair Genco questioned if a checking account would be useful in keeping funds separated. Mr. Gallagher responded if someone left, their check could be written internally. Chair Weinand commented when there was a retiree, monthly checks would have to be done. dice Chair Genca indicated she would like the checking aspect, but not the visa. 1VIr. Falmquist advised that most Boards did not use brokerage accaunts and the �Iillage should pay no rnore than ten cents a share. Chair Weinand indacated he believed trades were a flat rate of $55 per trade. Vice Chair Genco indicated the real markup was not known and suggested looking at Bank of America since ft was local. Mr. Palmquist stated he could provide a list of banks. Vice Chair Genco commented - many of the banks would also provide administration, which on tap of the �ustodial would be very nice, especially if the employees later decided to go to defined contribution. Vice Chair Genco indicated Mr. Palmquist should prr�vide the list of banks to Mr. Gallagher. 1VIs. Bodinizzo reported the liability insurance had been increased to $2 million�. Chair Weinand indicated the name of the fund should be corrected on the application. Chair i�Veinand commented he knew according to the plan that records were to be kept on people coming into and leaving the plan, and asked if there should be an application approved by the Board for people coming into the plan. Ms. Bodinizzo explained that employees did not fill out an application but just designated a beneficiary. Mz. Couzzo cammented he executed those fozrns. Vice Chair Genco BOARD OF 'TRUSTEES TEQUESTA IPUBI,IC SAFET`� OFFICE][tS' PEI�TSIO�T 'TRLTS'A' F�.J1oTD MEE'TIleTG MINU'TES Januaxy 24, 2002 PAGE 11 ,,,.�.��...,_�.�_,__.�,�_._.�..�_��..�,_-____,_,��_.,�__.�.�..,.�_,�.._�-,���„_.� commented she would not like personal information to coane to the Baard beca,azse then i� was public information. Mr. Couzzo indicated a list of al1 the people an the plan as of the beginning of the fiscal year could be provided. Chair VVeinand commented his main concera� was only that somebody was tracking it, and he did not want to get to a point where there was a problem and sorr�eone's be�eficiary was not known. Mr. Couzzo indicated it was being tracked. VIII. COMlOjIUNI��iTI�NS FROM CITIZENS There were no comnaunications from citizens. IXa ADJOU1tN1VIENT 1VdOTION Vice Ch�ir Genco made a anotion to adjourn the meetango Secret�ry Couzzo seconded the mation, which carried by un�nimous �-0 vote. The motion was therefore passed and adopted, and the meeting was ac�jourixed at 11:31 a.<ra. Respectfully subm�tted, � � � " Mary Wolc t Village Clerk DATE APPROVED: � �°� . �' 1 c: �.