PB Minutes 02/14/2006 - Laserfiche WebLink

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Police/Fire Perrsiorr Boar•rl of Trrrstee.~ Meefirrg Febrrrmy 14, 2006 Prrge 3 6. Attoe•tte,~Re > Mr•• Christiansen addressed the following issues: • The Summary Plan Description that vas approved ast the last Pension Board Meeting vas distributed to each member of the Police Officers'/Pirefightet•s' Plan. • Requested that the t•ene~val for Fiduciary Insurance for the Board of Trustces included a waiver of recourse. • Ordinance that vas approved to extend the opt in provision to the Plan for the Police Chief needs to be forward to Charles Stavin and Patricia Shoerttaker with a letter from our Actuary indicating no cost to the Plan. • Federal Legislation approved a change with regard to the distribtrtiotts front DROP Plans, tivhich states that if you leave employment prior to age 55 and you have finished yout• DROP, yoLl must pay taxes and a 10% penalty for early ~vithdra~val . The Legislation reduces the age for DROP front 55 to SO far Police Officers and Firefighters. The saute legislation also makes a change to allow Police Officers and Firefighters to pay premiums for health insurance and extended care ort a pretax basis up to a ma~inuttn of $S,MO a year. Working on an Ordinance with IRS changes that is being sent to the City Manager. Working on the ne~v Contract with Bogddahrt Consulting, tEtat vas approved at the last Pension Board meeting. 7. Miscellatteotrs The Board requested the Pittance Director correspond tivith the Actuary regat•ding the State monies and the ~1% multiplier of members to ascertain if there is sufficient monies to fintd enhancements. 'l~lte Pension Board indicated there vas $591,000 itt the excess reserve fund that is not being used by the City to fund the Plan and these monies can only be used for additional benefits for Police Officers and PEI-eflghtel'S. The consensus of the Board vas to authorize Chief Harkins to reseat•clt the additional benefits issue and make a list of potential enhancements and range of options to the Plan that would ultimately be for•~var•ded to the Actuary for a cast analysis. The Police Officers' and Firefighters' Pension Conference will he held in Tallahassee May 14 -17, 2006. The next Pension Board of Trustees' Meeting will be May i 6, 2006 at i 0;30 a•m. in the Casselberry City Commission Cltantbers•