HomeMy WebLinkAboutDocumentation_Pension General_Tab 02_09/18/2008TEQUESTA GENERAL EMPLOYEES PENSION TRUST FUND
QUARTERLY BOARD OF TRUSTEES MEETING
• AUGUST 4, 2008
PAGE 6
10.
11
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12.
Payments To Be Reviewed And Approved:
• Hanson, Perry & Jensen, P.A.
Through 7/15/08
• Bogdahn Consulting, LLC
• Dana Investment Advisors
• Gabriel Roeder Smith & Company
06/06/08 letter re: effect of investment
earnings on required Village contributions;/
6/5/08 supplemental actuarial valuation report
Re: cost of living adjustments;
Preparation of 2 schedules for Summary Plan
Description
$ 529.50
$ 1,125.00
$ 1,416.78
$ 2,478.00
Approval of new applicants for participation in Pension Plan:
Evelyn Shields Accounting Clerk II Hired 5/12/08
John D. Kupor Water Distribution Service Tech Trainee Hired 5/12/08
Approval of withdrawal of contributions:
Debra Espinosa Dispatcher (went to part-time) $1,279.22 Gross;
withholding $255.84; Net $1,023.38
Marsha Ragozzino Accounting Clerk 438.42 Gross; withholding
$87.68; Net $350.74
13. Statement of Activities
END OF CONSENT AGENDA
MOTION:
Secretary Hansen moved to approve the Consent Agenda. Board Member
Couzzo seconded the motion, which carried by unanimous 4-0 vote.
VIII. BUDGET REPORT
14. Transferring compensation for Betty Laur, Pension Board
Recording Secretary
• Pension Coordinator McWilliams explained that payment to Betty Laur for her
services for the pension board needed to be paid by the pension board instead of
TEQUESTA GENERAL EMPLOYEES PENSION TRUST FUND
QUARTERLY BOARD OF TRUSTEES MEETING
AUGUST 4, 2008
PAGE 7
by the Village Clerk. As of 10/1/08, $12,500 would be placed in the budget for
the 2008-2009 fiscal year for Ms. Laur's services, to be paid by the pension
boards, divided equally between the Public Safety Officers and the General
Employees pension funds. Ms. Laur would continue to do the agenda, imaging
of Public Safety documents, and the minutes during the day, which was reflected
in the budget. It was clarified the Board would no longer receive a separate
billing for minutes, only for attending the meetings. Attorney Jensen clarified this
would be an increase to the Board's expenses and an increase to the Village
contribution back to the pension fund; the Village ultimately reimbursed the
pension funds for these expenses.
MOTION:
Secretary Hansen moved to approve the transfer of compensation for Betty
Laur, Recording Secretary. Board Member Mayo seconded the motion,
which carried by unanimous 4-0 vote.
15. IRS Mileage Rate Increase
Attorney Jensen advised the new IRS mileage rate had increased from 50-1/2
cents to 58-1/2 cents effective July 1, 2008.
16. Review of Quarterly Budget Report and Two-Year History
Finance Director Forsythe reviewed budget projections for the coming fiscal year.
The following changes were made to the figures presented: One person had
been included for attendance at a trustee school; it was clarified the board had
already approved sending Board Member Mayo and Pension Coordinator
McWilliams, who would be going in February, and the Public Safety Board had
approved splitting the cost of Ms. McWilliams' attendance. Therefore, '/2 person
was added. Mr. Palmquist advised he did not know how much his fees would
be; it was agreed to insert $5,600 until the actual cost was known.
Board Member Couzzo asked that insurance coverage be checked for him
because he might already be covered for fiduciary liability, which could lower the
premium.
Discussion ensued regarding $10.00 bank wire transfer charges. Senior
Accountant Rahim explained that several bills were grouped each time payment
was needed so there would be only one $10.00 fee. Ways to avoid the wire
transfer fee were discussed-depositing contributions directly into the bank
• account or having the custodian pay the invoices; however, the custodian
charged $15.00 per transaction.
TEQUESTA GENERAL EMPLOYEES PENSION TRUST FUND
QUARTERLY BOARD OF TRUSTEES MEETING
• AUGUST 4, 2008
PAGE 8
Mr. West presented a fee increase proposal for Bogdahn Consulting which was
an 88% increase. It was clarified there had been no increase for four years, so
this would be the fifth year without an increase. The fee would include additional
services as shown on exhibit A of the fee proposal; those had been extra in the
past.
Mr. Hansen asked where the money came from to pay invoices; Ms. Forsythe
explained money was transferred from the custodian, Salem Trust, to Sun
American Bank, and checks were written. Mr. West confirmed their new fee
would be guaranteed for 3 years.
MOTION:
Board Member Couzzo moved approval of the proposed fee increase for
Bogdahn Consulting as submitted. Secretary Hansen seconded the
motion, which carried by unanimous 4-0 vote.
IX. NEW BUSINESS
17. Review Updated Summary Plan Description
• Attorney Jensen announced an updated Summary Plan Description was due
every two years, and noted the following changes: page 1 -credited services
had been clarified; page 4 -clarification on the early retirement provision; page 7
-the new change made to the benefit which was to refund members' contribution
with 3% interest; page 8 -anew forfeiture provision if one was convicted of
committing a crime against a child; and a claims review procedure if a member
wanted to challenge a decision of the Board; -page 10 -administration of the
plan would now allow a legal resident of the Village to serve as a trustee filling an
employee member position and elected by the employees; pages 12 and 13 -
she would insert financial and actuarial data obtained from the actuary to be
provided to the members. Attorney Jensen confirmed for Board Member Couzzo
that under the present definition in the plan, overtime and one-time bonuses
would not be included in the pension. Attorney Jensen was requested to email
to the Board the legacy document which existed prior to the present plan
document, in order to determine how this definition had been developed, and to
use for discussion at the next meeting.
MOTION:
Board Member Couzzo made a motion to table approval of the summary
plan description to the next meeting. Secretary Hansen seconded the
motion, which carried by unanimous 4-0 vote.
• 18. Recent Legislative Changes -Federal and State Legal Updates