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<br />Police/Fire Pension Board Meeting <br />May 20, 2008 <br />Page 4 <br /> <br />A J.r)++~.. C1-1-n.+:~1T +1-,.0 o",.,.o..n+o...-I ...nl-o. .n..f' ...0'+U1I4.... ,ll,:1I ho. -fn.1I911.1I.10.....-lLlo..-1 .;.^ rhn.....ILloIt:' ~JQ"i..... ,:..,ith fh~ <br />~ ."'.........1 ~l.a..AuEi ........ .....Ap..........L......U .II"L...... V.l ......LU. II. 1'''... U...... ..v. 1'1'U.U......... LV '-...-JlJlIU..JI.....0.3 UJI......"JI.. "Y.LJIJI ...a...... <br /> <br />Florida State Division of Retirement. <br /> <br />Mr. Christiansen also stated that Financial Disclosure must be fiJed by July 1,2008. There <br />will be a $25.00 fine per day if sent in late. <br /> <br />11. Old Business <br /> <br />. Status Report on Proposed Ordinance - Increase Benefit Accrual Rate to 3.5% <br />Multiplier - The City Manager stated that she would not be supporting the 3.5% <br />multiplier. (See letter attached to these Minutes.) <br /> <br />.. Status Report on Proposed Ordinance - Entry into the Defened Retirement <br />Option Plan (DROP) Barbara Lipscomb recommends approvaLand wilL present <br />to the City Commission for their Consideration. <br /> <br />Randy Newlon, Finance Director, presented a power point presentation regarding proposed <br />benefit enhancements to the pension plan which included increase of the multiplier from 3.0% to <br />3.5% (recommended denial by the City Manager) and the creation of a drop benefit <br />(recommended approval by the City Manager). The power point presentation as submitted by <br />Mr. Newlon is attached to and made a part of these Minutes. <br /> <br />. Letters to the State in Compliance with Florida Statutes 119.071(5) Regarding <br />Social Security Numbers - Letters were submitted per Statutes. (Copy of letters <br />attached to and made a part of these Minutes). <br /> <br />12. New Business <br /> <br />. Fiduciary Liability Insurance from Travelers Insurance Co. through Florida <br />League of Cities has been paid in the amount of $3,078.93 and is in effect until <br />March 24,2009. The above amount will be reimbursed to the City by Salem <br />Trust. <br /> <br />MOTION: <br /> <br />Moved by William Nas to approve the payment of the insurance <br />premium made to Travelers for $125.00 for Fiduciary Liability. <br />This was paid out of the pension plan by the City of Casselberry. <br />Motion was seconded by Bill Jensen on a 5-0 voice vote. <br /> <br />. Next Pension Board Meeting is at 10:00 a.Ill. on August 19,2008. <br /> <br />13. Adiournment <br /> <br />The Chairman adjoumed the meeting at 11 :54 a.Ill. <br />