PB 11/13/2007 Minutes - Laserfiche WebLink

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Police/Fij~e Pe~asiori Borrj~d of Ti•rrstees Noveaaabea~ 13, 2007 Page 5 1.5. Old Business o Report ott Eieclion re BenefEt Enhancements A Notice was sent to all Pension Plan Members, both 1'alice and Fire outlining the two proposed potential enhancements to the Casse]bet•ry's Police Of#icers' at~d Itit•efighters' Pension Plan. The State Legislature estab]is}ted a requirement that a certain portion of State monies, "frozen" State contribution, had to be used for impeoved benefit enhancements. An Election was held ott November 1, 2007 asking the members to choose behveen the following two options. Option #1 j•eceived 40 Votes - "Should the Benefit Rate Multiplier credited for each year of service be increased f~•om 3 percent to 3.5 percent fo~• each year of credited service?" Optiota #2 t•eceived 7 Votes - "Should the Normal Retiret~ient time be reduced ft•om 25 years to 21 years a member n-tust work before being able to receive an tutreduced normal retirement benefit before age SS? MOTION: Moved by Mr. Daniel Glat[c}' to direct the Board Attorney to prepare an Ordinance to increase the Benefit Rafe Multiplier ft•om 3 percent to 3.5 percent and fot•ward to the City Mauaget• along ~-vith actuarial information for consideration by the City COmn]183IOI1. Motion was seconded by Firefighter William Jensen an[l carried nnanintot[sly nn a 5 ~ 0 voice vote. The ballots for the election were tabulated at a Special Meeting on Friday Morning, November 9, 2007 at 9:00 a•ni. Present at the meeting were Chairman Jolm Pavlis, Fir•e0ghtet• Theresa Krebs, Randy Netivlon, Donna Gardner and Thelttla McPherson, ® Information Regarding Pattial Lump Sum Option (PLOP) Mt•, Christiansen gave a presentation regarding the Partial Lump Sum Option (PLOP} which is similar to the Florida State Retirement's Deferred Retirement Option Plan (DROP), Tl3e Cify's Plan currently does not have this type of option in the plan. Mr. Christiansen stated that if the Board chooses, he could incorporate a PLOPIDROP provision in the benefits ordinance that he is preparing regarding the 3•S% multiplier or it could be a separate ordinance. The incorporation of this provision ~vauld be at no additional cost. MOTION: Moved by Sgt. William Nos to anthos•ize the Board Attorney to draft att ordinance it[carpot•atittg a 1'LOPfDROP Option into the Pension Plan for diset[ssion vy the Boarcl at the next quarterly meeting. Motion `vas secotulecl by Mr. lla~tiel Glancy and carried ituanituously ott a S - 0 voice vote.