PB Minutes 09/11/2008 - Laserfiche WebLink

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Police/Fire Pension Board Meeting September 11,2008 Page 3 7. Return of Contributions For the Period ended September 11,2008 there were no individuals who both terminated and requested the refund of Pension contributions paid into the plan. Police Officer Vilay Khouniphixay had terminated from the City of Casselberry Police Department. He requested and received a refund of his pension contribution. On August 11,2008 Officer Khouniphixay returned to the City of Casselberry and rejoined the plan. Officer Khouniphixay requested that he be allowed to buy back creditable service by returning his pension contributions with interest. Actuaries Foster and Foster provided the payment amount needed and Officer Khouniphixay timely paid the plan $757.91. MOTION: Moved by Sgt. William Nas to approve the return of contributions and restore creditable service to Officer Vilay Khouniphixay as presented in a memo dated August 19, 2008 from the Finance Director. Motion was seconded by Firefighter William Jensen and carried unanimously on a 3 - 0 voice vote. 8 Attorney's Report - Scott Christiansen Mr. Christiansen stated that Pension Letter #1 needed to be sent out as a "Declaration of Investment Return" to Charles Slavin (Actuary for the Florida Division of Retirement. The expected rate of return will disclose 0% for Fiscal Year 2009 and 8% thereafter. The Term for Sergeant William Nas will end January 1,2009. An election will need to be held. Finance Director Randy Newlon stated that an election was planned for November 3,2008. If there are no other nominations from the Police Department and Sergeant Nas wishes to serve another term he will be reappointed by acclimation. Mr. Christiansen is preparing an ordinance to reflect changes in the Internal Revenue Code and State law. Maximum benefit allowed is now $160,000 per year under IRC Section 415. Florida Chapter 112 has been modified to state that if a Police Officer or Fire Fighter is convicted of a crime where the victim is a minor that pension benefits will be forfeited. Mr. Christiansen discussed the Share Plan as a benefit enhancement. · Share Plan Discussion -. The share plan is not in the Florida Retirement System. The excess reserve money that the plan receives each year from insurance premiums would be applied to a share fund. A formula based on creditable service is used to allocate state money into individual share accounts. The accounts grow until retirement when the accumulated balance is distributed to the member. The member can accept a lump sum, roll the balance over into an IRA or use it to purchase an annuity. The City would benefit because the State money would be fully committed. The members will need to vote on whether to pursue the enhancement. If a majority vote is returned in favor then a draft ordinance can be created. Mr. Christiansen offer to prepare the ballot with an explanation of the plan included.