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Documentation_Regular_Tab 09C_03/14/2002
� � � -- � ��e���i.$�:o �� ����.r���� �, Fost Ofl'ice �cr� 3273 a 25fl'I'��aest� I3rive, Seaiee 300 \,"� 'Tequ�sr�, Flo�ida 3346J-(3273 m (Sc51) 575-62�0 a ' �';�zx: (�Gl) s79-62�3 T'EQIJES'TA GEI�TEl�i, Eli�IPL�iYE�S PEl�tSION TRUST FIJ�D �OA OF TRUST'EES MEETIl�TG JAlaTLTAItY 24, 2002 z. c��,� °r� or��� �irrID ��i,�, �A�,L �ie Tequesta �en�r� Employ�es' Pensioaa Trus� Fu.nd �aa� �f T�xstees held a ragiala� meetirag at the Teques�a I�e� Center, 399 Se�,brook Rmad, T'equesta, �'lorida, on Janua,r�i 24, 2002. Th� meetiaig vvas called �o order at 9: l� a.rn. t� r.oll call was tak�� by Mary Wolco�t, Village �lerk. Boa,rdmembers in attenda.�ce at the meeting w�re: Vic� Chair Gerald'ane �eaaco, Boardanember Michael Estok arad V'�llage Mana.gea R. Couzzo, Secr�ary of the Bo�d. �o�sdmember J�ffNewell �rxived at 9:21 a..in. Also in attend�.nce vv�re F�naab�e Dire�tor JoAnn �orsythe; F�na�� l��pa�i� repre.�atat�ve D�a Gallagher; and I�im �odAni�zo, I�uana.n l��s�urces. IIm Al'PI�dDVAL �I+' AGEIV�►A �oardan�ffi�ea° Estok ��.de ��a�taon to �pprov� t�c agend�. �� sub�a��da S�s°e� Coe�zo seca�aad�d tl�e nxotivaa, wl�ich �arriecl by unanannoa�s 3-0 v�t�a ffi. - �SIGNt��TON O� CHAI�t E�llTD �LECTIOl� O&' 11TEi�V CH.�BIt Secretary Cou�zo anade a cnotion �o accep� th� resi�n�tYOaa of C�a�a° Ed��rd lt�nal� ��ard�rernb�r Estok s�coaaat�d t�n� motaon, �vinac� c�eci b� unania�ou� ��0 vo��m ���.r.rdmernb�r Estok noaninat� �o�rd��aaib�a° Gerald°azat ��c� a5 Ch���°e ���rd�araemb�r G��ac� wa� �Iectea� Chaia° by a vot� �f 3-Om �o�rd�eanber E���� n���ated �oard�aeaa�6�a° Jeff l��w�Il a� Co�Ch�a�°m �oard�ae�ab�r I�Tewel� was e��cted Co-Ch�,aa° by � v�t� of ��. Recyeizd F3ger �O �� `Y'�TJSTE� �� 6J lete7l Y��4B:ad�1 �1�[9�n 8's17A�Se���ts� �.GA`� �P.�d''� S 1\�l a7� liSrs� l.dl'�l OJ 191 ta �� - -���-�0�2 �L��� 2 IV. t�iPPROV.t�L OIC+ '1'E5 A) Tequest� E�apdoy�' P�nsa��a T'raes� ��aaad ����i o�T�as�� l�eet�ag Ma�e�t�s �f Nov��tb�r �7, 2001, Bo�rdan�anber Coeez�o naa�De a�ota�n to appa°ove tl�e ��u�� of tlat Tequ�s� E�ploy�es' P�nsi�n Trust Fund �oarsl of Z°rroa�t��s 10'�eetaa� of Nmv�ar►6�r 27, Z0�1 � submatte�a �o�a°dffieenber �stok secoocl� �e �o#i�n, w�ach ��11�y eananainous 3m0 v�te. �Ia S'TAI�L�TG I�P�IgTS 1) Elpproval c�f new applic�ts for p��apati�n ar� Perisi�n Plan �I��eanb�r �d Decernber 2001 and Januar� 2002) l�Tazne I�a.te of Fiir� ltene� IBeb�cchi 12/3/O1 S�ott C�rraham 12/10/�1 16�Iarlc 1l�cC'ara� 1/7/02 CCreg C�rbatt 1/14/02 �os�rd�aeffib��° Co�azzo mad� a ffiotio�m to appr��� tl�e f�aar n�� �ppl��a�t�� �.� submitt�id. �oaa°dmereiber Estok se�ooded the �otimn, wlaich caa°raed by u�aan�noans 3-0 vot� 2) Appr��ra1 of ��n��aa�r �ha.ta�es (I�Tov�arab�r �sad I)eceanber 20� 1 and ���y 2002) l�one 3) I�equ�st for v►rithdg°�.wa1 of cont�b�.tic�ns ��mpl�yees t���aaat�n� �p���ent �th �"�lage of'T�quest�.) �Tovernber and d3�c�rnb�r 200� a.nd Jaxau�,ry 2002} °Thoma.s I��ch T°errgaina�ed 11/3Q/O1 $79�.26 �� �Y�' °�'I�iT��� �Q��T'� ��TE�I� ��'L���' ���SgOl�i �'1t�,T�T FIJI�TD 1VdE G 1� J�u� 24� 2�0� PAG� � �a�aa°d�effi��r C�a�o a�aaie � aa��t�oat �� �pp�°ov� tlat wat�d�°aw� �f �79�.26 t� T�n���� I{�c�na ���rdffieanb�r E��ok s�o�d�l t�ae ffi���n� whacl� �.�°n°ncd by a���a��a�� ��0 ���eo �a F°�i'�GIAI. �P�RTS A} �rdad��� S�&�es, In�., C���diafl �rok�°, A�c�um �t�t���� (l�Towe�ab�° aa�d D�cc�a�ber 24�1) ���d P. I�e��y T'fl�'S$ �iC� P%°�SI(��31'k m In���e�ts, �si�ta,ga� ���.��Y°� �h�° ��o req��sted thag I�r. I��a�y be advised that th� �o�rd �ould lil�� him to a.ttergd an�in�s a.t a axua�aan�am of on� ��etin� a y� to �ve � over�evv. �o�,rdm�b�r Je� l�T�ell aar�ved �t this g���t iafl t�ie an��g a.t 9:21 a.an., �� �c�pted th� appc��ent � Co-Chai� Chaar �nco r�vdew�d �the Pnad��a1 �ecbaritges �t�.t�n���s �r��h �adi�,�ed appr�ax�ta�elq S3a,000 had b�eri a.d�e�l to #�e ft�d, �d th�� h�.d b�n a sla�ht de�liaae in th� rnaa°ket v�iu� �f the �av���►eiat�. Ch�.ir ��� req�ae��d r�s�.r�� �t� wh���r gnv��i�nt into sh�rt-t� � w� all��red ���� fund, a�ad i� so #� sta.g�� 3 e�r 4 b�nds, tc� �ca°ea.s� yi��d. Chaar ��� core�a�ri��ted fih�t t�wards the �d �f th� p� th� shoirld b� �ou�h iri the fi�a�d to l�k foa° � m���y �an��r fcrr �th�s pe�sio�a p��. Co�r��nsaa� a�f �h� ���a°c! vv� t� ha�e ��flf fl��k �t anv��a�aat obj���i�� �a�� the - fiand �� be ewaalu�g�d 6y tl�� ���rd �� ats n�rt �a�ti�a�m �Y. PA I�TS �'O �E 1�"V��4'ED A� APP�.tO'i�D �� �usi�a�ss S�r�ri��s �oa�ecti�n - �123.b2 {a�e�orc�aia� �ervdces) Se��'t� Cc�e��a� �.d� a. mo�amn t� appr�ve �ae pa�e�t �f �123.62 t� ��.si�aess Servi�s C�s��t�ean. ���d��an�O�r Est�k s�cond� t�e rn��csn, w�ch ��.rried by ���us 4-0 vot�. �� O� �T� �Q T1� G�I� � ���� � ��T���I� ��J�� �d�E � M S �� ��.� ���� � �AQ�E t� 2� 7one�, F�st�, �oh���n �i S�azbbs - �. �.11 �° r�p��e� �a� �vo��e �a.� be�� r����r�d. �t w�.� cl ° � �hat th�e �t��rn�y had b��n told b�r th� ���d �� a��n� �he m���� �a�y �r��nx �equ��ted. ��a ord�a n�t to in�ax�° ����s��y �x��e. � I��� ��7��3ES� A� C�n�aai�r��n��a o� c���a�� na�t��� �� �u�c�°°fly ��� �� ��pr��r� a�� s�9a�e�Il� d�t�s ���ret� Co�� r���d�d that the m�g� b� �h�a��i to a qu�e� ba.s��. �h�ia' ��c� r�r���ded ttae �e��� b� heid a.�� r��apt of the q��erl� �t�.���t�, �vhich fc�r I��c�ab�r �vo�d b� r�e�veed as°oa,a�d J�uary � 5. �n��f�re, m�tirt�s vv��ld be h�ld at tlie end of �anaa�}', AP�iI, �c., �ad at th� �d �f �ch qua,rt�� tber�er, f��lo��a�� �. catch-u� ���t�a� in F�r��y, �����ly f�llo� t�e Paablic Saf�y �cer�= P����� �oarc� �a��g. It w� ���d �at spec�� r��ags ��id b� �.11ed flf nec�s�afly. Ch�.ia� �co � �ha.t ��s,x�ta� Cou�� prep�'� � s�h�dul� �af fu�eare ffi��s. �) C�c��nd�r��aoaa �f a��ept�rt�� �f �h� O��b�� 1, 2�80� ti�ten��.a°s� Y�ea�ta�an 1����� Stepfl�e�a P�qaa��t, �ath Ga.briel, I�o��, S�th, r��ed th� CJ�ob�° �, 2�0� report, �ad a�epa�rt�d his co�sxp�y h�d a.� agreern�nt �th both thas ��ard and the I'aabfi� ��.f�ty �ffic���' I'�a�ion ���d to g�r�p�� a a��p�� c��a� every �� y��s. Thn� - report h�,d ��t b�n c�mpl��d un�al J�e, 2001, aa�d rnnui���e �pies h�.d b�en ax��d to th� V'���. '�'�a� a�o�t ia�portant fiaa�c�o� o� th� r��� �s to dete�e the a,mo�� �� V'�1��� an�a� pa� nnto the p�aasi�n finnds. In a defi��i benefit pl� Y.�� ea�aplo��e con�°b�ao�a -- �w� f�ed b�at the `''illage ��nta�ab�ion ��,ri�ed ���srd�� tc� �h� �per��s� o� th� pl�. �s r�port had d�era��d �at th� requ��d �''ill��� �n�bda't�oaa �� �.�9% of c�vet�ed pa.�ol�. 'T���re �.d b� �0 p�cip�ts a� th� ���°� Empl�y�s' plan f�r the r�po�t p�riod. �he V'�l�e's fi�a�ded ra.tflcs �a.� �v�r 100%, �a��g f.h.e a.ss� �f �� pl� �x��ded #h� p�at��an c�f a�l fiature b�efits ��a�d �� the �v�lu���n �a��, w�c� w� t� �� report�d � the �,�au�1 ��g� �i� �.t��t. �� pre�.��� �I�11�� c�� ���i ��en 7.�9% �� ��yi �d b�a�ase �f fa��r�fl� �v���nt� �he ra�� ha,d be�n reduc�d. ��.d�at��cn t� th� re��at, � �aplc�y�� b�n��i� ��, �a.� pr�p�°ed f�r e��h m�an�� �£f�a� pl� �l��h ���w�d wh� t,���+ �a��ld z��.�la �acsr��.l r�°em�t d�t�, �he �c��a�at ������ p�nsi�n �f � ��p��ye� by th� �l�ll�� a�� th�t d�.��, a�ae ��un� �a��d so ��a a,�d t�ae ���n�t �f �� �� ��.T���� g P�a� �� �8 �.lV.11�lSe� II l�'o1�a� � r,���A�B �d � 41 �.�"e���.8`�� AJ.¢i�lV �� �� ���� ���� � t�� ac�m��.��. c����ut��n� t� the pla.�. ���b�r I, ��02 ��� �h� �e�t sch�dul�d �'�p�a� date. 1�. �a.�riq�a�� i�d��te� h� �rc�ul� b� ���. go �a��p � th� �pioy��� �.��d��l �o �� �� � d�fin�� ��nt�a�uta��a p�a.a�, �sad ��pl��d �k�at �as fir�aae s a�a�,in btasiness w� �c�v��.��n��,l r�°e��t fu�c�s, a�d has �� h�d�ed �v� 70 p�c�n ��a�� �o�.��out �h� �te, �ad the co�xap�y 1�and��d b�ve� 400�� 00 �ds izn 3�D �a.te�. �. P��ui� cl�fied t�ae report cov�ed brsth o�the �T'�lla,��' � pla,� ba� �hey v��e split fo� �oc�kk�P�� P���es. �h� �� ��a�ent�d. th�t ��w t�e pl�� ��r� �n �e�°ent �ds, �v��� vvoa�d ��a�n�� th� r�a�.�r of revaeva f�r �ae ne� a�aa�� r�poat, a.rld ���a� �ha� this fia�d c�id n�t ha.v� a s� °�a.� a.�� �ua.�i�n °rt wa,s �i�r �.t�d�� ° th� �at� �a.tu�� ��wed l���a,y �� d�er�r�e w�eth�r �r ��t ��.�z��.l.l ass�ss��t wa..s ��a��d, i�c°. Pala���.�t a��port�d a�a �.�taaa�a�i ��r�ua,�.on rnu� b� doa�� � l�� �n� ���gr tha y�s no ����° �he �o�� of �se�s, b�t � sep�a.te ��dit mi�t n�� b� r�qun� Chaaa° �n� �,�k�d t�t �. Pala�q�� pr��d� �t �tation t� �. �,ll��r to be pa°es���d a.t the ne�t an�a�g. Ch�r �a�co cl��d t�t e�� qu�st�� t�ae ff�za�d a°°�rat�r w� r�q��d to pro�rid� �� e�� p���p�nt the ��un� of t��ar �a�r�t ����butg�n. I�r. �I er report�d the l��rs had no� b�n sen� oaat b�cau�e Va�la.�� f g�es dfld not a�aat�h t&s� fi���� � th� a.�� �ady �d h� r�a.s w�r�cin� ��a re��n��� t�e fi�es. �°. P�rnc�a�s� �dic���d �� tas�k app� � v�e�1� to pr�p�re � a��a�,l rt a��° they ����v�� t�e da,�a. S� �o�o r�que��d �� d�llaz v��� bet���n th� f���° �n�1 pre�t "V'�1�� con�b�a���n, t� wY��h Mx. P�qu�� �espond�si �t ��� appro��,teflq �6,3t90.00, or 5.09% f�r tfi� �ne� E�zploy�e �¢ �d it ��s �er�a� for each group. �a respo�� �o qu��o� fr�m ��a,nc� I�aa�e���r F��sytt�e, I�. P�lanqui�t ad��ed tha� if a�a ���s i�1 repor� w� �a�y done o�ce ev� �� ��s _ th� co�t� woanld not ��r�e da due t� p�p1e ha.�� r��ed, 8�� ��ild i�� d�a� �� ott��° f�ctors, �ac��ad�g tha,� �a�a�����t r wea�e 1��� th� �xp��d, pa.y in�°���s mc�r� t�� ea�p�t��, c�r � l�� �a£ d��abil����s. l�s°. P�qua�t r�ported a�aaa�ial �°�port� he w�.s n�w doar�� h�d t�bY� �ve�m�nt r�t� �d �h�fl� ci��t�' �sts w�� a�acre�.�i�ag fc�� t�aa� r�o�a. I� w� c��� th�.t �a� V°slp�e �ad ��ntracted ��r � a�a�a� report every �o y�s. S��r�t�r C��� co��t�d �'� th� V�la.g� had lost �. �i�.b�r of lon�� eanploy��� tha,t w�e n� flon�er gncla�d� is� the retirea�ent �.l��ala�i�ns; t��r�fo�°e, th� �pa,�t on th� pl� would be less b�,u�e the t�a� fi�e w�ss �r�t� �n� b� �v�.� i�t���s��� �ax �;�e�v s�dy �o �ee t�� ���� by �he t�n� �mpl�gr�s th�,� ���e � the p��. �°. ���� ��q�e�� that Yh� ��s� ��n�id�fl at a fix�°e d.�:t� �a�� � a��w �dy d��� � oxd� to s�e t�� �pa� of ch����� d�� the p�t ��n� �nd �o ��� � n�� �fi�,����� �or ����a ��l�y��. P���ibly �l��n� �r��� ��� d�������. l�. Pa,�mq�� ���mer���d th� Vil��,�� �� �aot n�� ��arta�bu�� £or p�fi�e �.plvy�e� b��a��� �h� ���.t� r�v�n�� �va,s so ��h i� �� �� ����� �Q °�A G ��0��� �����i�T ��.TS°� MEE�� M S J�n �4, 2��2 �A�E 6 ��v�a �e ��s� �f �a�Yr b�nefits, ��t �. p��t ���d be �°�ched �rh� �� 'V'�Ila�e ��uld need $c� c��ta�but�. C�,ir c� ask�d wh�� s���es l�. P�la�qugs�'� f� p���d��, t� w���n I� ���uist r�sp�n�ed �h� a�e�a�fl�a �er�c�s we� th� bi-a�u� r�po� a.�ad �pl�yee b��fit st�.tem�ts a,�d �, ���g t� r��a�r� �ha,t, and in addi�ion th�y cal�azla.t�d b�n�fi#� for th�� e�ploy�s eli�`b1� fc�r a v�h� they lei�, a� well �� the �ptgoa�a� a�a.i�able �der t�e plas�, a�d provided adana���°atgon for la��e �a°oups. 19/�. Y�a.l�qu�� �.d.�sed tha.� he h�c� b�n r�qazested to pro�ade the �st mf �ha.ngin� th� vest�� fr�m 10 to 6 y�a.rs, axad h� ha.d br�ug�t �hat with hi�a. l�. ��aqu��t �d°a�at�d he cc�uld pr�v�de th� �aas�e af a p�r�n vaho admi��t��d p�aon pl�s f�� small ga��up�; �a� she vv�a�4c�d ��t o� her h�an� �d ��s v� good.. l� P�q�n� i�adfl�.ted h� ha� ca�canl�.ted t�e �o� o�ch��� ve� for �h �a and for the �a�ra1 Emm�pl�y�es t�ie �f�ect �ra� so a�s�or tha,� i� i�� the pr�s�t value of future b�a�a�fit� oxily by $200, which d�d �o� ch��e #�� 5.09%. 111i�°. ��qa�as� expla.n�ed �at �rheri th��e �v�e eanployee con�ribaa�aons foa� �� �� fe�rr y�rs, the �rraploye� contribut�o� t�nded to be wor� more thari the accrued pea�si�n, and c�a,��g the a�ves�i�t s�h�dule vva� a. ver� �o� ���t item. 1�. I'�q��t cl�ed that �he �1��aa�e �aa ees�r� w�uld not apply t� anyo�ae n�a loaa�er �rraiploy�d, bu� �voaald apply to everymne still �ployed; for exara�pl� af ve�ing w�s ch�ged t� 5 yeaxs, a c�en� employ� �th 4 y�ar� s��� �vould ��y n�d o�e an�re yea,� to be fi�.11lly v�s�ed. Chaa�° �a�co r�quest�d a.� c�st e' te �°ceari �. P�mq�a�s# fcsr the �e� a,���,1 study as of Octobe� l, 2002, t� wh�ch 1VI�°. Pal�raqu�st re�ponded h� ava�d s�ad a letter pro�ding a��t es�ate. �. Palmq�� �d��ted �h� pres�art ve��� sched�ale �ras cla�v���, gra�a�ag � employee was at z�ro uaatil th� final y�, �d he axatacipa�ed th� chan�ed vesting to � be t�ia.t typ� of vesting, r�r��h vv� �e way the gx�.t �ajority of gov�eaatal v��iri� va� don�. S�a°�arg� Co�� inc�a�red � _ to lii1P. Palnnqui�t's expera��ace �nth oth�r pla.c�s �th �ploy� �on�ribu���s as t� what eaaiplay��s r��eiv�d wh�n th�y l�ft �plc�y��t. 1�. Palrnq�� r�spond�d th�t typg�ally �ap��y�s re���ved wha,t #h�y had �t�mt�abu��d plus �ome n��na� ��sa��t of int�est, saach as 3-4-5%. l�da°. �o�� requ�sted that be laoked �.t � ve�tin� wer� ch��ed, sin�e aaow �aplr�y� o�ly � �hat th�y ��,d �,�.a�lly �o�triba�t�d �th ra� �tesest. C�� ���o ��a�nted the pres�nt plaa� do�ument all�vved pa.yan�t �f �tere�, �d th� pl�,�n r�lly coufld not �.f�ord to pay much mor� tha,� 3%. �P� �� �reed �hat could be ev�llua.t�d. l�. P�q�aa� advised that would very sl��tly �n�g�ease ��e cost. �. ��po� �aa E�a���y� ��e��n� f�o� J�aa�°y 17� 2��➢� �um� �e�our��� �3�r�tor I�m ��d°a�� �°�port�d tl�� G�n�a Emp�o�ee� ha� m� on J�aua�y 17, 20�Z, �� that sh�, ��nance �°���� �d S��r�a� Co�o �� OI' TItiT��� ��'6A.�a471.C� � �'eA�1A He��9`a� ��A'� A7��d�41 V 67 Y S�.1A�I � 1�.�.8:e �}i Adl .Ix�lIIi�l��' �Q. 2�0� �.1��'a� � had b�n pre�ent. � open discussi�� h�.d b�n held regaxd°ang th� di�er�aces b��n defaned benef�t �d de�ed c�n�b�i�n pl�s. �rls. B�d�o expfla��i that the �ploy�s ha.d �k�d a lot of que�imaa� a.�ad it h�d be�a a produ�av� aneetia��.1Vd�. �oda�ia�� r�port�d �h�e were 2 fl rneayabers ira the �ner� Etnploy�' plau. E1 surv� askiaig if the eanpfloy�es �vere intere�ed in pursuing �oa�vea�sion from a ciefined b�xefit plan t� a defined contrib�.ti�� plan ha.d sesutted in 1 S y�s �nd 2 no out of ZQ wh� v�ted. Cha.ir (ienco asked �f 100% �reeanent was n�ded, which vva.s not krae�r�. 1��. �odia�zzo �d°a�ated the two who vo�ed no had not attended the me��rag but t�a�� had beeta ad�is�d �f what had happened a� th� aneet�g �d the �ptsons. �m �J �I) �gJ3IN�SS t�� SY�.taas of Ret�inan� � Adffi�e��°�tor Ch�Y' CCe�ac� �d°acated she be��ved it vv�s t�e to �t� shoppaa�� �or �a o�sis�e provid�r for the defiaged c�ntributi�n pla.�, a,gad sh� �uld provide n�es of people who co�afld eoane azad m�e pres�ntations. 1l�Ls. �odani�zo indi�ated that was o�ae option, �aother was to re-ogt into the Flor�da It�i�em�t SysY�m and n�va ma�t be a ��od �e for li�r. Falmqu�st to do a study to s�e �rha,t �ont��ut�on ra,tes would g� up t� iai order to corr�pare with the hagher ra.tes requnr�d by �lorida R�tia��ent Sy�em. Ch�sa G�cv sta.ted in her estim�ta�n the V'Yllage c�ex�d n�t afford the Florida It�t� Systeaaz rates, but there wese outside v�ndoa that could b� ret�,ar�ed. l�. �odini�o ��nmented th� thi�d op�on was to imprave the e�isting defiaied b�aefit pla.n by chaza��g the vesting period, adding cost of liv�axg allowance, aa�ad pay�ri� _ iarterest. Ivls. Bod°uuzzo indica.ted soaxie�aae needed t� do �. fin�a�aa..l.. �xa.lysas �f the t�ee op�ons. Chair Genc� re�ponded tha.t the 3% anterest issu� wo�ld be �o�t �a defined conta�bution plan �ras �hosea�, �.nd she d�d not thia�k a finan��a�l aa��.lysa� was ne�ded but what was needed dvas to do a.n �Y' and ha.ve 2-3 v�adors �aa,ke a submassioaa. Chaar G�n� explained that each venndc�r w� required by �.�aate t� provide the sa�e �foamati�n�, which could� be put onto a sprea,dshee� and th� vend�rs paciced �� Yn�..ke pres�ta.tions. If the �ployees liked one of th�rn, tha.t one vv�uld be chos�n. Cha.� Geaico expressed her s�p�ion there v�er� two th�nngs to consid�r: fund adrr�nistr�.tive ��t �d per°'rorm��e. Cha�r Caen� �xpre���dd her opi��n tbag the �neral Ea�ployees fiznd did not hav� en�u� r�a���q t� hi�e as� o�at�id� ccs�ulta.�t t� do a stead;y �en vendors �rea°� r�qu�ed by lavv to presvide $h�r inf�rma.�c�n in �.s�y �ad�rsto�d l�gaa�,��. 1�i1�. ��diiai�� ��a���ted �aat a. �tudy would a.fl�o �av�flv� the l�ab�ac Safety ��fi�ers p�s�on pt�a, so th�y �uld split t�ae co�t �sf a sta.idy. Ch��° Geaa�� r�spc�nd�d Y.�a� pla.a�a w�.s ti�d ts� a ur�ion ��nta �d c��xld not b� �han��d �OAIZI) �F ��JS�ES 1°EQiJ�T1� GE1VE1�3L E1VdPI.O'�E�� P�TSY�1� �LTST �iJ1�D 1VIEE1'II�TG 11�INiJ'�ES J'dllil� 2t�. 2�02 ���� � tant�l that c�ntra�t was �.p �caa renevval, th�efot�, changiaag th� plaxa for th� Gener�.l E�ployees shoufld be pur�ued �d that would rn�ke nt ��,sier t� �on�ra� the Publac Safet� �ployees t� ch�a�e thear pla,n a� the fixtu�e aaid also iaaalce the job c�f admir�stration easier by p�asuag the cha.nge in the plans. 1VIr°. Cou�o �eeed v�th sending out at� RFP for vendors to provide a defined contribution plan, whfl�h he comme�ted would save a, l�t of money, and h� andicated it vvo�ald be good if th� ernployees contribtrted 5% a,i�d the V'�la�e 5% to a defi�ed contx�bution plaaa. Cl�r Cpenco commented P�ter �Iaaa Beaxrren vvas a1Y°eady hired as money raila.nager foa th� Pa.ablic 5afety O�°icers plan �.aad the a�a�o��ion received from vendors for a defiaaed contribution pl� c�uld be giver� to hk�aa to evaluat�. 10�Is. Bodisvzzo commented it s�unded lake the dec��ioa� had b�n made, and tha.t pr�vgously sta,� had not kno�ua� what direction to pursue. 1Vdr. Couzzo inquired hovv the existing amount would be re- alloca.ted a�ong the participants wh�n the plan was chaaaged, to whi�h l�+ir. Pal�qaaast responded that would be calcuiated and there were di#�erent w�ys of doing i�, for exampl� according to y� of ser�rice. This would provide an additaonal sum. for e�h �rrflplo�e� ix� the pl�,n that they did not pres�ntly ha.v�. Chair Genco asked that Ms. Bodin�o be auth�rized to find a�aaria�um of t�ire� pro�riders, tha.t ��ne iraforrnan�n be provided to Northsta.� Cagital Managemern faa� their revi�w, �d then another presentat�on anad� to the Board, aft�r vvl�ch,tt�ere would be �other meeting of tlne eanployees. Mr. Couzzo agreed. It was clarified that an I� was not need�; tha.t this wa� only a solic�#atiora. Chaia° �nco cla.r�fied �t the vendors did not need to ma,ke their preseiatations to the Board, b� that 11�Is. Bodin�zo could report to the Board and then Northstar Capital co�d provide a.� �verview t� the Board. Chair (Benco �xglauaed that this Board h�d tfli� fiduc�a�r _ responsib�ity so if they felt this was � good thing they could pr�s�t a� to t.�� eanployees. If the �oard felt the choices vvere not go�d, the� could ask 1l�s. Bodia�zzo to obta.i� ir►forma.tion from other v�ndors or �.ke a,aiother d�sior�. I�r. Palmqui�t ind�cated he could help an obta.nHUn� �eaidors. � AleTY 07.'HElt MATTEI� In response to questions froin Fin��e I��ect�r �'orsythe ,10�Ir. Co�o responded t�.t a11 costs �ssoci�.tecl vvi�h the pt� shc�u�d be charg�d �o �he pl�a. Ch� Cenco requested �&aat wh� chaaiges vver� made to the pla� that �e�v trust pfla,ns be est�.blislaed because th� ex�st�g pflan docuanent� were not cl�r, a�d �l�ty was unport�at so if�e adm�ni�°a��a oa° �affiplo���s had question� the answ� �ould be �sifly f�aa�d, a.nd now �sw� �u1d n�t be f�iaatd to soane thangs. BOA1tD OF T'IZiTSTE� �QU�T,A GEI1TEItAL �+I1�Iat)'3��' P�TSIOleT °T`IZ�TST b ME�1'I11TG lVd�TiJ�.°ES .1�1l.u� 2Q.� 2tie� IsA.GrE � Ms. Bodia�zo report�d �th�e had be�z ta,flk at previous m�t�aigs c�f r�is�g 9:he li�bilaty ira�a.araas'ce c�wera�� iFrom �1 �llion tc� $2 milfion, ag�d tlaat had been dane. � C�1�IIVIUNICATIOI�TS F1tOM CI'TIZENS Th��e wer� no �oa�n�catio� fro�a ci�ens. �. A�J(D�T.It�TMEi�T ���lmenaber Coe�o aa���e a mo�on to adj�u� tt�e m�g. Bo�rta�r�TTmeea°loT�d9 ��concl�d ti�� �o�io�, �vhi�h ca�ri�l by una�toaas 4�-0 vmt� 1'�a� ��tion �as t6�refore p�ss� amd �.dopted, and the �neet�g w�.s �djourn�d at 10:20 a.mm �tespectfully� su�b�att�d, i '' R �'�'�'�'� �'��`� t"°°r`; ��t�gr I,aa�r lz�rding Secr�r DA� APPI�OVED: �� / �., _� 1 �'`'`� ' 3! ` G �,`"._ r