HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 05_02/14/2006• BOARD OF TRUSTEES
TEQUFSTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND
MEETING MINUTES
November S, 2005
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ad an in-house administrator, but were now outsourcing. She had researc CeSO a but tcould
h
to see if there was software to look at, and found two, but did not have pre y
continue. Chair Sabin favored continuing if it would help the Finance Department's work
load. Board member Genco commented it would bean audi hthere would be an soda
contributions could be computerized and when there was se where the
trail. Board member Genco commented that if the software had a dual fourpo er a portion
Village could use it for Human Resources as welalnthee X11 ~e~~e ~e information so that
of it or all of it, and she felt it would be a big ad tag
a clerk could do input rather than hang the filiancial officers do routine work. Consensus of
the board was that Finance Director Forsythe would to continue to look for software and
report to the board anything promising.
11. Discussion of House Bi111159 permitting Fire Departments who provide all of
the fire protection services to another municipality through an Interlocal agreement to
collect premium taz from the other municipality
Attorney Bonni Jensen advised the board had discussed this, and there had been
• unication to her, which she had appazently misunderstood, and she had sent a letter to
comet
Jupiter Inlet Colony. The new law was effective October a left a had been sere tared auti~onn
under it would be the end of March, 2006. At tlu po _
document prepazed for Jupiter Inlet Colony to impleme~ntke aCchaon. Boazd membere Genco
Attorney Jensen that Jupiter Inlet Colony was required to
commented she had hoped one of the board members w h re shad been no lawg ui t filed or
to them with sensitivity so they would understand t be affected
threatened where they had said the FS Oase m~ ~an a pensio problem and needed to be
by a postal zip code problem. Tlu
handled really tactfully. Board member Genco comet lnatre ~~ th su Boazd member Genco
be the right person, and Chief Weinand was very fame
cautioned that the persons attending should be prepared to answer questions. Poems to
Coordinator Carlisle reported she had called Jupiter Inlet Colony the previous ~ at this as a
Joann Manganiello but had had no reply, so she didn't know if they were looking ~ to go to
legal problem. Boazd member Genco advised if she was available she wo ed on, the Village
the meeting with Secretary Giblin. Chair Sabin commented if this dragg
would be providing services but not getting the money. AttorneydJonnseVeadvi ~ yould
had no authority, but it was their obligatio ecoe ~ Gib 11 n commented the more y would be
to get the assets into the pension plan. S ~Y
oing to the State instead of the pension plan. Chair Sabin t ggthis ouldsbe presen d as
g.
attending a meeting. Pension Coordinator Carlisle agreed, stn g
• ublic comment in front of the Jupiter Inlet Colony Council Colon had a very high total tax
P
agenda. Board member Genco commented that Jupiter Inlet y
• BOARD OF~'T ~~ S ~.Y O~CERS PENSION TRUST FUND
'I'EQUEST
MEETING MThfUTFS
November 8, Zoos
PAGE 7 --..-w_ --------------------
~~~- should be a lot of money for the pension. Attorney .Jensen commented
assessment, and t~s taxes, and ~ many municipalities there had been
the firefighters benefited from proPem' benefit for Jupiter
tremendous benefit. Board member Nielson asked re ~ ~y ~a ~~g ~e ~~ but it was
Secretary Giblin responded th y
Inlet Colony. litical rather than economic, and asked
go~,g to the State. Chair Sabin noted it sounded Po iter Inlet Colony
Ms. Cazlisle to advise all of the members of theme fi d ~~ how up n inform. Secretary
Board member Genco suggested the gh
meeting. an Interlocal agreemant• Attorney Jensen advised that the
Giblin explained there was already had to pass an
went would not suffice for this matter--Jupiter Inlet Colony
interlocal agree rovision passed this Year.
ordinance--this "~ a new p
13. Renewal of Fiduciary Liability Coverage mending
er, Risk Manager, was reco
Pension Coordinator Carlisle advised that ean~ 03,961. The General Employees Board
Travelers with $2 million coverage and a p a $3,218-approvals were
a $743 and Public Safety Officers Board would p y
• would p y
needed from both boards.
MpTION: went of this board's pro..rated
Board member Genco made a motion to approve pay Lability coverage
onion of the premium of $3,961 to Travhelers Insurance for fiduciary
General Employees Board decided an no
P
in the amount of $2 million, and t
Officers board would pay 100% of the premium.
coverage then the Public Safety
ecreta Giblin seconded the motion, which carried by unanimous vote.
S rY
14. Discussion of whether a full audibot ssazhdO~lanb a o doas h dole for audits so that i~t
pension Coordinator Carlisle asked if the uestion. Fuianci
would be known `W'hen an audit would be done ano thane audit every y ar. Last Yeaz they had
Director Forsythe advised that actually the board g
a stand alone audit. Ms. Forsythe advised she believed there had for this
requested
misunderstanding, and she had spoken to ad advised no that most funds were included in
board to have a stand alone audit andfinancial statements that were not a part of the CAFR
the CAFR-if they were just issuing
ce t those. Chair Sabin commented he was the od-he knew it was of
Bey would not ac p
up after attending the trustee school and he had not misun ersto
e stood up in one of the classes and advised if the boazd acceWeie not
ey
required. An attorn y ented
CAFR that had other financial information and was es.eB azd memberlGenco comet
getting an audit for protection for the board of trus it was part of the CAFR. Chair
• she thought the board ~'as given a separate one even though
HANSON, PERRY ~ JENSEN, P.A.
400 EXECUTIVE CENTER DRIVE, SUITE 2O7 -WEST PALM BEACH, FLORIDA 33401-2922
ILL HANSON*
Jhanson~hpjlaw.com
ANN H. PERRY
aperry~hpjlaw.com
BONNI SPATARA JENSEN
bsjensen ®hpjlaw.com
TELEPHONE
FACSIMILE
(561) 686-6550
(561) 686-2802
'A~soAorairreowN.Y. September 12, 2405
Joann Manganiello, Town Clerk
Town of Jupiter Inlet Colony
1 Colony Road
Jupiter Inlet Colony, Florida 33469-3507
Re
Tequesta Public Safety Pension Fund
House Bill 1159
Dear Ms. Manganiello:
• This year the Florida Legislature passed House Bill 1159 which permits municipal
fire departments who provide all of the fire protection services to another municipality
through an interlocal agreement to collect the Florida Statute Chapter 175 premium tax
monies for the other municipality.
The Tequesta Fire Department provides all of the Fire services for the Town of
Jupiter Inlet Colony. HB 1159 makes the Tequesta Public Safety Pension Fund eligible
for the Florida Statute Chapter 175 excise tax that is already paid by your residents.
Currently, these funds are retained in Tallahassee for use by the State. The law is
effective October 1, 2005. Attached is a copy of the law. The pertinent provisions are on
page 6 at lines 143 through 157 and page 8 at line 215 through page 9 line 224.
Enclosed, for your consideration, is a draft of a municipal Ordinance which would
place a reporting requirement on the insurers selling insurance within the municipal limits
of Jupiter Inlet Colony. The insurers would report the excise taxes paid within Jupiter Inlet
Colony which could then be remitted to the Tequesta Public Safety Pension Fund to fund
retirement benefits for firefighters.
This ordinance does not affect your residents in any way. Residents already pay
the tax as a part of their current insurance premiums. This legislation allows the Town to
place a reporting requirement on the insurers within the municipal limits.
• On behalf of the Pension Fund, I am requesting that the Town of Jupiter Inlet Colony
13
Joann Manganiello, Town Clerk
• Town of Jupiter Inlet Colony
September 12, 2005
Page 2
enact the draft Ordinance into law.
If you have any questions, the Pension Fund~~would be happy to meet with you to
discuss this matter further. Please contact me to arrange a meeting.
Sincerely yours,
n
~~• ,
Bonni S. Jensen
Copy to: Chairman and Secretary
Gwen Carlisle
Betty Laur
Chief James Weinand
BSJ/ka
H:1Tequesta PS 1011\Chapter 17511tr to Jupiter inlet colony.wpd
•
•
HANSON~ PERRY ~ JENSEN~ P.A.
4OO EXECUTIVE CENTER DRIVE, SUITE 207 -WEST PALM BEACH, FLORIDA 33401-2922
ILL HANSON*
jhanson®hpjlaw.com
ANN H. PERRY
aperry®hpjlaw.com
BONNISPATARAJENSEN
bsJensen ®hpJlaw.com
'also AoMrrrEO w N.Y.
To:
From
Subject
Date:
MEMORANDUM
Board of Trustees
Tequesta Public Safety Pension Fund
Bonni S. Jensen, Esquire
Hanson, Perry & Jensen, P.A.
House Bill 1159
July, 2005
TELEPHONE (561)686-6550
FACSIMILE (561) 686-2802
HB 1159, which was passed into law during the 2005 legislative session, permits
municipal fire departments, who provide all of the fire protection services to another
municipality through an interlocal agreement, to collect the Chapter 175 premium tax
• monies from the other municipality. The law is effective October 1, 2005.
Attached is a copy of the law. The pertinent provisions are on page 6 at lines 143
through 157 and page 8 at line 215 through page 9 line 224.
PLAN OF ACTION
Determine whether your Fire Department provides all of the fire protection
services for another municipality.
2. If so, obtain a copy of the interlocal agreement to be provided to the
Municipal Police Officers' & Firefighters' Retirement Trust Funds Office
("M P F").
3. Additionally, your municipality and the Board should jointly contact the
municipality that receives your fire protection services. To qualify for the
Chapter 175 money from the other municipality, the receiving municipality
must enact an ordinance levying the tax provided for in Florida Statutes
§175.101. (attached is a copy of a sample levying ordinance from MPF).
Upon passage of the ordinance, a copy must be provided to MPF.
Please add this item to your next meeting agenda for discussion.
• BSJ/ka
H:1All MiscellaneousVlLL BDSlmrgd FF 8 PSO HB 1159.wpd
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A bill to be entitled
An act relating to the Florida Retirement System; amending
s. 121.055, F.S.; during a specified period of time,
permitting local government employees who are members of
the Senior Management Service Class, who have withdrawn
from the Florida Retirement System, to elect membership in
the defined benefit program or the public employee
optional retirement program of the system; prescribing
requirements in making such election; providing for
payment of the costs of such membership; amending s.
175.041, F.S.; providing that any municipality that
provides fire protection services to another municipality
under an interlocal agreement is eligible to receive
premium taxes; authorizing the municipality that receives
the fire protection services to enact an ordinance levying
the tax; authorizing the Division of Retirement within the
Department of Management Services to distribute the
premium taxes; amending s. 175.101, F.S.; authorizing any
municipality that has entered into an interlocal agreement
for fire protection services with another municipality to
impose an excise tax on entities that are engaged in the
business of property insurance; providing an effective
date.
Be It Enacted by the Legislature of the State of Florida:
Section 1. Paragraph (b) of subsection (1) of section
121.055, Florida Statutes, is amended to read:
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121.055 Senior Management Service Class.--There is hereby
established a separate class of membership within the Florida
Retirement System to be known as the "Senior Management Service
Class," which shall become effective February 1, 1987.
(1)
(b)1. Except as provided in subparagraph 2., effective
January 1, 1990, participation in the Senior Management Service
Class shall be compulsory for the president of each community
college, the manager of each participating city or county, and
all appointed district school superintendents. Effective
January 1, 1994, additional positions may be designated for
inclusion in the Senior Management Service Class of the Florida
Retirement System, provided that:
a. Positions to be included in the class shall.be
designated by the local agency employer. Notice of intent to
designate positions for inclusion in the class shall be
published once a week for 2 consecutive weeks in a newspaper of
general circulation published in the county or counties
affected, as provided in chapter 50.
b. Up to 10 nonelective full-time positions may be
designated for each local agency employer reporting to the
ement Services; for local agencies with 100
Department of Manag
or more regularly established positions, additional nonelective
full-time positions may be designated, not to exceed 1 percent
of the regularly established positions within the agency.
c. Each position added to the class must be a managerial
or policymaking position filled by an employee who is not
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subject to continuing contract and serves at the pleasure of the
local agency employer without civil service protection, and who:
(I) Heads an organizational unit; or
(II) Has responsibility to effect or recommend personnel,
budget, expenditure, or policy decisions in his or her areas of
responsibility.
2. In lieu of participation in the Senior Management
Service Class, members of the Senior Management Service Class
pursuant to the provisions of subparagraph 1. may withdraw from
the Florida Retirement System altogether. The decision to
withdraw from the Florida Retirement System shall be irrevocable
for as long as the employee holds such a position. Any service
creditable under the Senior Management Service Class shall be
retained after the member withdraws from the Florida Retirement
System; however, additional service credit in the Senior
Management Service Class shall not be earned after such
withdrawal. Such members shall not be eligible to participate
in the Senior Management Service Optional Annuity Program.
3 Effective January 1, 2006, through June 30, 2006, an
em loyee who has withdrawn from the Florida Retirement System
under subparagraph 2 has one opportunity to elect to
participate in either the defined benefit program or the Public
Employee O tional Retirement Program of the Florida Retirement
System.
a If the employee elects to partici ap to in the Public
Employee Optional Retirement Program, membership shall be
prospective, and the applicable provisions of s. 121.4501(4)
shall govern the election.
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84 b. If the em to ee elects to artici ate in the defined
85 benefit ro ram of the Florida Retirement S stem, the em to ee
86 shall, u on a ent to the s stem trust fund of the amount
receive service
87 calculated under sub-sub-sub ara ra h (zt•me durin which the
• 8s credit for rior service based u on the i
8g Amnloyee had withdrawn from the system.
90 (I) The cost for such credit shall be an amount
91 re resentin the actuarial accrued liabilit for tin athected
92 eriod of service. The cost shall be calculated us
93 discount rate and other relevant actuarial assuined benefit wlan
94 used to value the Florida Retirement Saltvalaation. The
95 liabilities in the most recent actuar
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97 the defined benefit lan in addition to the eriod
al. The actuarial accrued liability attributable to an
gg withdraw
gg service alread maintained under the defined beneflfromathehall
100 be a plied as a credit to the total cost resultin
101 calculation. The division shall ensure that the transfan sum is
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(II) The em to ee must transfer a sum re resenting
cost owed for the actuarial accrued liabilitr~e ofsuch
sub ara ra h (I) immediatel following the
movement, determined assumin that attained service e als the
sum of service in the defined benefit rogram and the eriod of
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111 withdrawal. Florida
Section 2. Subsection (3) of section 175.041,
Statutes, is amended to read:
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175.041 Firefighters' Pension Trust Fund created;
applicability of provisions.--For any municipality, special fire
control district, chapter plan, local law municipality, local
law special fire control district, or local law plan under this
chapter:
(3) The provisions of this chapter shall apply only to
municipalities organized and established pursuant to the laws of
the state and to special fire control districts, and said
provisions shall not apply to the unincorporated areas of any
county or counties except with respect to special fire control
districts that include unincorporated areas, nor shall the
provisions hereof apply to any governmental entity whose
firefighters are eligible to participate in the Florida
Retirement System..
(a) Special fire control districts that include, or
consist exclusively of, unincorporated areas of one or more
counties may levy and impose the tax and participate in the
retirement programs enabled by this chapter.
(b) With respect to the distribution of premium taxes, a
single consolidated government consisting of a former county and
one or more municipalities, consolidated pursuant to s. 3 or s.
6(e) rte, Art. VIII of the State Constitution, is also
eligible to participate under this chapter. The consolidated
government shall notify the division when it has entered into an
interlocal agreement to provide fire services to a municipality
within its boundaries. The municipality may enact an ordinance
levying the tax as provided in s. 175.101. Upon being provided
copies of the interlocal agreement and the municipal ordinance
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levying the tax, the division may distribute any premium taxes
reported for the municipality to the consolidated government as
long as the interlocal agreement is in effect.
(c) An munici alit that has entered into an interlocal
agreement to provide fire protection services to any other
_incorporated municipality, in its entirety, for a period of 12
months or more may be eligible to receive the premium taxes
reported for such other-municipality. In order to be eligible
for such premium taxes, the municipality providing the fire
services must notif the division that it has entered into an
interlocal agreement with another municipality. The municipality
receiving the fire services may enact an ordinance levying the
tax as provided in s 175 101 Upon being provided copies of the
interlocal agreement and the municipal ordinance levying the
tax, the division may distribute any premium taxes reported for
the municipality receiving the fire services to the
artici atin municipalit providing the fire services as long
as the interlocal agreement is in effect.
Section 3. Section 175.101, Florida Statutes, is amended
159 to read:
160 175.101 State excise tax on property insurance premiums
161 authorized; procedure.--For any municipality, special fire
162 control district, chapter plan, local law municipality, local
163 law special fire control district, or local law plan under this
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165 (1) Each municipality or special fire control district in
166 this state described and classified in s. 175.041, having a
167 lawfully established firefighters' pension trust fund or
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municipal fund or special fire control district fund, by
whatever name known, providing pension benefits to firefighters
as provided under this chapter, may assess and impose on every
insurance company, corporation, or other insurer now engaged in
or carrying on, or who shall hereinafter engage in or carry on,
the business of property insurance as shown by the records of
the Office of Insurance Regulation of the Financial Services
Commission an excise tax in addition to any lawful license or
excise tax now levied by each of the municipalities or special
fire control districts, respectively, amounting to 1.85 percent
of the gross amount of receipts of premiums from policyholders
on all premiums collected on property insurance policies
covering property within the corporate limits of such
municipalities or within the legally defined boundaries of
special fire control districts, respectively. Whenever the
boundaries of a special fire control district that has lawfully
established a firefighters' pension trust fund encompass a
portion of the corporate territory of a municipality that has
also lawfully established a firefighters' pension trust fund,
that portion of the tax receipts attributable to insurance
policies covering property situated both within the municipality
and the special fire control district shall be given to the fire
service provider. The agent shall identify the fire service
provider on the property owner's application for insurance.
Remaining revenues collected pursuant to this chapter shall be
distributed to the municipality or special fire control district
according to the location of the insured property.
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(2) In the case of multiple peril policies with a single
premium for both the property and casualty coverages in such
policies, 70 percent of such premium shall be used as the basis
for the 1.85-percent tax.
(3) This excise tax shall be payable annually on March 1
of each year after the passage of an ordinance, in the case of a
municipality, or resolution, in the case of a special fire
control district, assessing and imposing the tax authorized by
this section. Installments of taxes shall be paid according to
the provision of s. 624.5092(2)(a), (b), and (c).
This section also applies to any municipality consisting of a
single consolidated government which is made up of a former
county and one or more municipalities, consolidated pursuant to
the authority in s. 3 or s. 6(e), Art. VIII of the State
Constitution, and to property insurance policies covering
property within the boundaries of the consolidated government,
regardless of whether the properties are located within one or
more separately incorporated areas within the consolidated
government, provided the properties are being provided fire
protection services by the consolidated government. This section
also applies to any municipality, as provided in s.
175.041(3)(c), which has entered into an interlocal agreement to
receive fire protection services from another municipality
participating under chapter 175 The excise tax may be levied on
all premiums collected on property insurance policies coveri~
roperty located within the corporate limits of the municipality
receivin the fire protection services, but will be available
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for distribution to the municipality providing the fire
protection services.
Section 4. This act shall take effect October 1, 2005.
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ORDINANCE/RESOLUTION NO
AN ORDINANCE LEVYING AND IMPOSING UPON ALL INSURERS, NOW OR
• HEREAFTER ENGAGING IN OR CARRYING ON THE BUSINESS OF
INSURING WITH RESPECT TO PROPERTY INSURANCE, AN EXCISE OR
LICENSE TAX IN ADDITION TO ANY TAX NOW LEVIED, OF 1.85% OF THE
GROSS AMOUNT OF RECEIPTS OF ALL PREMIUMS COLLECTED FROM
PROPERTY INSURANCE POLICIES INSURING PROPERTY WITHIN THE
CORPORATE LIMITS OF THE (MUNICIPALITY) OR LEGALLY DEFINED
BOUNDARIES) OF THE (SPECIAL DISTRICT) OF
,AND PROVIDING WHEN SAID
TAX SHALL BE DUE AND PAYABLE.
WHEREAS, the Legislature of the State of Florida, by Chapter 19112, Laws of Florida, 1939, created a Special
Fund known as the "Firefighters' Pension Trust Fund" and thereby authorized Municipalities falling within the
purview of said act, to levy a tax upon such insurance companies designated in said act. The said proceeds from tax
to be used in partial support of said fund, and,
WHEREAS, it is the desire of the Municipality/Special Fire Control District of
• to put into full force and effect the provisions of said Chapter 19112 in said
municipality BE IT ENACTED BY THE (governmental entity as the charter
may require) of
Section 1. That there is hereby assessed, imposed and levied on every insurance company, corporation or other
insurer now engaging in or carrying on, or which shall hereafter engage in or carry on the business of insuring with
respect to property insurance, as shown by the records of the Department of Insurance, an excise or license tax in
addition to any license tax or excise now levied by the Municipality/Special Fire Control District of
which said tax shall be in the amount of 1.85% of the gross amount of receipts
of premiums from policy holders on all premiums collected on property insurance policies, covering property within the
corporate limits of the City or legally defined boundaries of the Special Fire Control District of
Section 2. That the license or excise tax herein levied shall be due and payable annually on the first day of July
~ach year hereafter.
Section 3. This Ordinance shall take effect
SUGGESTED SAMPLE FORM-PLEASE CONSULT YOUR ATTORNEY
VILLAGE OF TEQUESTA
Finance Department
250 Tequesta Dr., Suite 304
Tequesta, FL 33469-0273
561-575-6206 Fax:561-575-6232
January 18, 2006
G. Jerry Chiocca, CPA
Rachlin Cohen & Holtz LLP
One Southeast Third Avenue, l0a` Floor
Miami, Florida 33131
Re: Separate Audit Report for the Public Safety Pension Trust
Jenry,
As we discussed briefly at the Government Symposium yesterday, the Board of Trustees of the
Village of Tequesta's Public Safety Pension Trust, at their last meeting, asked me to contact you
regarding the issuance of a separate audit report for the Public Safety Pension Trust for the year
• ending September 30, 2005. Some question they had concerning the report are:
1. The cost to issue a separate report.
2. If, rather then issuing a separate report, your firm could issue an attestation letter
addressed to them based upon the audit work completed with the audit of the V illage's
financial statements.
a. The cost to write the letter.
Last year I asked Jan Smith, audit supervisor, if issuing a separate report would require expanding
the scope of the audit performed on the PensionTrust's financial statements or require additional
testing and was told that with the exception of the additional disclosure in Management's
Disclosure and Analysis (NID&A), there was no additional work performed. If there are
additional disclosures or reasons why it would benefit the Trust to have a separate audit report
issued please let me know so that I can report to the Trustees. As fiduciaries they would like to
be assured that they are protecting themselves as well as the Pension trust assets in the
performance of their duties.
Sincerely,
JoAnn Forsythe, CPA
Village of Tequesta
• Finance Director
561-575-6207
jforsythe@tequesta.org