PB Minutes 12/01/2006 - Laserfiche WebLink

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Police/Fire Pension Board Meeting December Y, 2006 Page 4 The following item was added to the Agenda under Item #4: 4. Convert the Projection Method for the Actuarial Evaluation Re ort MOTION; Moved by Mr. Frank Schutte to add to the Agenda an item to "Change the Projection Method for the Actuarial Evaluation Report" and approve a method that would project the actuarial valuation results t`velve months in advance. Motion was seconded by Chief John Pavlis and carried on a 4 - 0 vote. Mr. Donlon stated that due to the State excess monies, a Benefit lmprovement Study is recommended for parity between the Florida Retirement System PIan and tlfe City's Plan. Chairman Harkins stated that he would,perfor•rn asurvey of the members of the City Plan to determine their expectations of the PIan and would present the resnlts to the Trustees at the next meeting, MOTION; Moved by Sgt. William Nas to atrtltorize the Actuary to pet•1'orm a Partial Benefit Improvement Study to increase the multiplier (minittttrm of 3 I/z%) with the State money and a 20 year opt provision with a multiplier. Motion was seconded by Chief John Pavlis and cat•riecl on a 4 - 0 vote. Mr. Donlon will present the results of this study at the next meeting, Mr. Frank Schutte left the meeting at 12:00 noon for another appoiratment, 5. Proposed Ordinance The Board Attorney presented a proposed ordinance that would amend Section tit, Article XXI, Police Officers' and Firefighters' Pension Plan. Section 62-2004 -Finances and Fund Management -Florida Statutes allows cities to enact an ordinance allows pension plans a broader scope of investments, i.e. co-mingled funds, real estate investrnerits and any fiduciary responsible investment, but cannot deviate from the maximum of l 0 percent with the exception that up to a maximum of 10 percent in international holdings. Tltis amendment will allotiv the Pension Plan more flexibility regarding irrvesttnents that was not previously perrrrissible, The Investment Policy will be updated to include these changes after the ordinance is adopted by the City Cornmissiorf. Sectiorf 62-2019 - (1)(A)(B} -Domestic Relations Orders (2) Retiree Directed Payments {3) Exemption fi~om Execution and Non-Assignability - Domestic Relations Orders addresses fire System's responsibility in connection with the payment of benefits of a retiree, member or retiree shall submit the proposed order to the Board for review to determine whether the System may legally horror the order. The rnernber or retiree will be required to reimburse the System for its expenses in connection with the order.