HomeMy WebLinkAboutPension General_Documentation_Tab 09_02/05/2007 ILLAGE OF TEQUESTA LUMP SUM BENEFIT PAYMENT AUTHORIZATION
t~General Employees Pension Trust Fund ^ Rollover
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Amount of Rollover AUTHORIZATION SIGNATURES:
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ILL--~OE OF TEQUESTA LUMP SUM BENEFIT PAYMENT AUTHORIZATION
general Employees Pension Trust Fund
^ Public Safety Officers Pension Trust Fund
^ Rollover
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E DATA Tax Form Address ^ (same as mailing
address}
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Payee Name (Last, First, Middle) ,- _ Address
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City Reason for separation of service:
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Amount of Rollover AUTHORIZATION SIGNATURES:
Employer: Employee:
Total: )r f r'_.
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(Name of Participant) Financ rector Date
Account number: ry Board of Trustees- ~. Date
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1/mployee Signature Date
ILLAGE OF TEQUESTA LUMP SUM BENEFIT PAYMENT AUTHORIZATION
','.General Employees Pension Trust Fund ^ Rollover
• ^ Public Safety Officers Pension Trust Fund ,~-Distribution ~~
PAYEE DATA Taz Form Address ^ (same as mailing
address)
Mail check to: ~-Pa ee ^ Financial Institution/Direct De sit O Check if a ee is a beneficia
Payee Name (Last, First, Midd e) Address
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Date of birth.:
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°w 0 Death benefit from the account of:
Date of entry. Date of separation of service:
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Direct rollover Participant has elected a direct rollover ^ Disability retirement
Direct rollover to I1tA
Infom~ation If yes, answer the following: ^ Yes ^ No ^ Direct rollover to qualified plan
G Other
Amount of Rollover AUTHORIZATION SIGNATURES:
Employer: Employee:
Total:
- /~ / // ~~
FBO (Name of Participant) o Date
r2- ~-~
cco~at number. Bard of Tru .__s 1~ate
/z /~ a~
Address of fuiancial institution: Board of Trustees Date
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Benefits Em to er Em to ee Total
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Non-taxable
Total gross ~ I D ~/~ ~ / ~ ~~
20% mandatory
withholding ~~. ~ ~~ '
Total check amount
~ Finance to verify bank balance amount ~~G~.~,,.._
~~ >/ D ~
Employee Signature
ILLAGE OF TEQUESTA LUMP SUM BENEFIT PAYMENT AUTHORIZATION
~eneral Employees Pension Trust Fund ~ Rollover
^ Public Safety Officers Pension Trust Fund ;~-Distribution '
~ ~`. ~
PAYEE DATA Tax Form Address ^ (same as mailing
address)
Mail check to: Pa ee ^ Financial Institution/Direct De osit ^ Check if a ee is a beneficia
Payee Name (Last, First, Middle) ,.~
~ Address
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Date of birth : ~ Date of hire: ~ f
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^ Direct rollover to IRA
Information If yes, answer the following: 0 Yes =~ No ^ Direct rollover to qualified plan
Other
Amount of Rollover AUTPORIZAT70N SIGNATURES:
Employer: Employee:
Total:
(Name of Participant) .Finance Director Date
Account number: Secretary Board of Trustees Date
Address of financial institution: Board of Trust s Date
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Di~,i ion ~nformat~on prepared b~:
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Distribution In orma tion
Benefits Em to er Em to ee "° otal
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Total gross
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20% mandatory
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withholding ~
Total check amount
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Employee Signature Date
~~
Robbie Russo
From: Merlene Reid [mreid@tequesta.org]
~t: Friday, January 05, 2007 1:20 PM
Russo, Robbie
Cc: Couzzo, Michael; Laur, Betty
Subject: RE: RUSSELL WHITE -Refund from general pension fund
Robbie
The amount contributed by Russell White to the General pension plan in error
has been confirmed by Finance as $2,377.63. Please proceed with the refund
of contributions. Thanks
Merlene
-----Original Message-----
From: Merlene Reid [mailto:mreid@tequesta.org)
Sent: Friday, January 05, 2007 9:20 AM
To: Russo, Robbie
Cc: Couzzo, Michael; Forsythe, JoAnn; Monaco, Patrice; Rahim, Monica;
Laur, Betty; McWilliams, Lori
Subject: RUSSELL WHITE - Refund from general pension fund
Robbie:
Russell White was not eligible to be a member of the General Employees
Pension fund as he did not terminate from the FRS and currently remains a
member in their DROP Plan. Attorney Bonnie Jensen has advised that we can
request the refund and have this action ratified at the next Pension Board
ting, so please use this letter as your authority to request refund of
contributions made. We have never had a case like this, so let's follow
a similar process for when someone terminates.
Betty:
Please put this item on the Agenda for the next meeting of the General
Pension Board. The details with the amounts due will follow. Thanks
Merlene
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Merlene Reid
F om: Bonni S. Jensen [bsjensen@hpjlaw.com]
~: Monday, December 04, 2006 11:38 AM
Merlene Reid
Cc: Karen Amenita; Betty Laur; Bob Garlo; Joann Forsythe; Steve Palmquist
Subject: Re: TEQUESTA RETIREES -WHITE, MORRILL & GARLO
?Jrlene,
L_ answer to your questions:
_. I believe that the General Employees fund makes refunds of
contributions based upon the Village's records and then ratifies the
refunds at the following meeting. Betty and/or Patrice should be able
to tell you the specific policy of the Board.
2. The Village should request that the Board either:
a. .Account for the over-contributions in the normal course
of the Fund's actuarial valuations. The removal of liability for the
participants should result in an actuarial gain to the pension funds
This gain car. then be part of the next actuarial valuation which can be
used to offset losses in the fund or will reduce the village's
contribution.
b. Determine the amount of over contribution for each
employee, develop that amount as an o~.~er-contribution reserve and offset
the Village's contribution in the current year.
The IRS has a procedure for the "refund for contributions made
.mistake," however, that procedure does not apply to this situation.
3. I would reeommen,d setting a special meeting, if the Village
warts to have action. by the Board of Trustees before February.
9. From the PE'nsion Fund perspective there is no action that the
village Council needs to address. However, the Board of Trustees may
want to consider some procedures to consider "new" participants to the
Fund - specifically to determine whether they are eligible tc
participate.
If you have any questions or concerns, please contact me.
On Thu, 30 Nov 2006 12:21:40 -0500
"Merlene Reid" <mreid@tequesta.org> wrote:
> Hi Bonnie:
> 'T'hanks for the information on the FRS contribution rates. See effic.ial email
> below from the FRS re the 3 employees involved.
1
> As discussed, the situation facing the Village is that we have 3 employees
> who were not properly terminated from the FRS pension plan and were not
~~ eligible to join the General and the Public Safety Pension plans. Two have
> resigned effective 11/27 (Bob Garlo - General Pension and Mike Morrill -
> Public Safety Pension) and will automatically have their contributions
> refunded to them in the normal way. I will also stop all future
> contributions by Russell White who is currently in the General Pension plan.
spoke to Steven Palmquist who does not anticipate any complications from
is end and expects the next valuation to reflect the associated costs.
> However, I still have a few questions for you:
1
> ]. Can Russell White's contributions be refunded based on a memo from me
> stating that he was not eligibi.e to oin the General plan, or does he have
to wait until t;~e next meeting in Feb 200~~ for board apprcval?
~. What's the procedure recommended to request credit for the Village's
contribution to date in these pension plans for these individuals?
Would you recommend a special meeting of the board to resolve all issues
ssociated with this matter, bearing in mind that Tequesta needs to
re'~rieve/offset the ccntri.butions in order to pay the FRS?
> 9. Finally, Betty suggested that I also ask your advice whether any action
> needs to be taken by the Council members in respect of these errors that
have come to li ght, specifically as it relates to the pension plans.
> I am a.1so welcoming any further suggestions that you :nay have in this
> ,natter.
> Merlene Reid
> Human Resources Manager
> Village of Tequesta
> 395 Tequesta Drive
> Tequesta, FL 33969
Tel (561)575-6200
Fax (561)575-6203
-----Original Message-----
> From: Snuags, Andy [mailto:Andy.Snuggs~dms.myflorida.coml
> Sent: Tuesday, November 28, 2006 11:06 AM
To: Mer.lene Reid
> Subject: RF: TEQ[7ESTA RETIREES - WRITE, MORRILL & GARLO
> Dear Ms. Reid:
> 'Phis is in reference our phone conversation regarding the three
~ m.plcyees
~obert Carlo, Michael Morril, and Russell White) of the Village of
equesta who commenced receiving Florida Retirement System benefits
> without terminating their. employment.
> To receive retirement benefits under the Florida Retirement System (FRS)
> a member must be terminated from all FRS employment for a full calendar
> month. If a member returns to work for any FRS employer in any capacity
> during the first calendar month cf retirement, a member will not be
> considered to have retired. The member's application will be voided and
> the member must repay all retirement benefits received by the member.
> After reviewing the facts of this situation, the Division of Retirement
> has determined that these members may enroll in DROP re~roactive to
their initial retirement dates. To accomplish this the Division will
require the Village submit a Form DP-ELE for eacl-i member. These forms
shou'_d be faxed to Doug Cherry at 850-410-2072. In addition. the Village
> will need to submit monthly payroll adjustments under retirement plan
> code DP for each individual. If you have any questions regarding the
> submission of these adjustments, please contact the Retirement
> Contributions Section at 877-377-1266.
> The members will not be required to return any retirement benefits
> received through November 30, 2006. Once the members terminate
employment, they will be eligible to commence receiving their FRS
> benefits plus any benefits in their DROP accounts. If any of the members
> involved in this situation terminate 11/3G/2006 and remain off all FRS
> employment through December 31, 2006, the members will be eligible to
> receive a December retirement check and any benefits in the DROP
ccount. These members can participate in DROP for up to 60 months form
~eir initial retirement date.
> If you have any questions, please call me at 850-414-7055.
>
2
-----Original Message-----
? rrom: Merlene Reid imailto:mrei.d@tequesta.org]
> Sent: Tuesday, November 0?, 2006 c: 1C PM
>~o: Snuggs, Andy
~bject: 'I'EQOESTA RETIREES - WHITE, MORRILL & GARLO
Near Mr. Smaggs:
It seems that we keep missing each other. I was tryir:g to get an update
= your division's determination ir. respect of the above-named employees.
:~ Please advise on any additional information that you have since we last
spoke.
> Sincerely,
> Merlene Reid
> Human Resources Manager
> village of Tequesta
> 250 Tequesta Dr, St. 300
> Tequesta, FL 33469
> Tel (561)575-6200
> Fax (561)575-6203
Bonni S. Jensen <bsjensen@hpjlaw.com>
Hanson, Perry & Jensen, P.A.
400 Executive Center Drive, Suite 207
West Palm Beach, Florida 33401
Telephone: (561)686-6550
Facsimile: (561)686-2802
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