PB 05/19/2009 Minutes - Laserfiche WebLink

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Police / ire Pension Board Meeting February 17, 2009 11 -7,'age 3 7® Attorney's Report ® Scott Christiansen Mr. Christiansen began the report by reminding the Board that Financial Disclosure forms will need to be filed by each member before July 1, 2009. He then confirmed that the Annual Report for the Pension Plan had been filed. The Board was informed about the impact of legislation passed in _the -re-c-ent-session-that affects 175/185 plans. Pension plans are now allowed under State law to permit the "buyback" of time serve in another police or fire service agency but it only pertains to agencies within the State of Florida. The Pension Plan could allow buy back of time served with agencies outside of the State if the City passed an ordinance to authorize it. The- terms of trustees can be changed-ftom two years to four years. This is optional The plan has been limited to placing no more than 10% • its investments into international securities. That threshold has been raised to 25% if an ordinance authorizes The plan is now prohibited from owning securities that have investments in Iran or Sudan in their 1�.lortfolios. The Pension Plan has until September, 2010 to divest. Termination provisions have changed. At this time if the City was to terminate the Pension Plan all members would become 100% vested no matter how many years of service have accrued. The City is obligated to see that all members are paid out an amount equal to their accrued benefits. If plan assets are insufficient the City is obligated to contribute sufficient funds to pay all accrued benefits. New member of the plan — Katrina Spiak, as of April 13, 2009 The results of the third election of members on the question of whether to approve the addition of a benefit enhancement called a "Share Plan" were discussed. All eligible members returned ballots. The ballots returned were 49 — Yes and 17 — No. The benefit enhancement was passed by the members. It must now be forwarded to the City Commission in the form of an ordinance with the request that the ordinance • adopted. An ordinance has already been prepared by Mr. Christiansen for the purpose of adopting a DRO plan which has already been approved by members. It would also serve to modify the plan to conform to changes within the -Internal Revenue Code and Florida Statutes. I