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<br />Police/Fire Pension Board Meeting <br />September 11,2008 <br />Page 4 <br />MOTION: Moved by Sgt. William Nas to authorize Mr. Scott Christiansen to <br />prepare a ballot for an election by the members to approve a Share <br />Plan. Motion was seconded by Firefighter William Jensen and <br />carried unanimously on a 3 - 0 voice vote. <br /> <br />The election will be conducted by the Finance Department and will be conducted on Monday, <br />November 3. <br /> <br />9 Old Business <br /> <br />· Multiplier Increase discussion - Finance Director Randy Newlon reported that a <br />Workshop was held for the City Commission on June 9, 2008. Guidance <br />received from the City Commission was that the City Commission was not <br />inclined to increase the pension multiplier at this time. <br />· DROP Plan Discussion - Finance Director Randy Newlon shared with the Board <br />that the City Commission was receptive to the DROP Plan but requested more <br />information. It was important that the DROP Plan not add significant cost to the <br />City. Concern was raised about the guarantee carried in the ordinance that was <br />submitted for review that contained a guarantee on invested funds of 8%. The <br />Plan overall had not historically been able to sustain an 8% return each year. <br /> <br />MOTION: Moved by Sergeant William Nas to redraft the DROP ordinance to provide <br />a return on investment equal to the Pension Plan Invested assets but should <br />not fall below zero. Firefighter William Jensen seconded and the motion <br />carried unanimously with a 3 - 0 voice vote. <br /> <br />10. New Business <br /> <br />John Pavlis will retire on September 30,2008 as Chief of Police for the City of <br />Casselberry. Chief Pavlis announced that he would not resign from the Pension <br />Board and would fmish his term as a volunteer civilian to December, 2009. <br /> <br />Information attached - 40th Annual Police Officers' and Firefighters' Conference <br />September 8th, 9th, and 10th, 2008. <br /> <br />11. Adjournment <br /> <br />The Chairman adj ourned the meeting at <br /> <br />12:58 6!m. <br />, <br /> <br />Jo <br /> <br /> <br />Submitted by: <br /> <br />)~{~- 4Lidw <br /> <br />Sue Maddox <br />Records Management Liaison Officer <br /> <br />s' and Firefighters' Board <br /> <br />Date <br />sm <br />