PB 08/14/2012 Minutes - Laserfiche WebLink

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City of Casselberry Police Officers' and Firefighters' Pension Board of Trustees Minutes of August 14, 2012 Meeting F,O�age 4 of 5 Approve early retirement of Alan L ylon Amount receiving: $344.44. ® Member Matthew He r moved to approve the early retirement requests, as presented. Motion was seconded by Member James Strenth. Motion carried ® unanimously by voice vote 3-0. Discussion regarding actual vesting date for plan members determined that vesting occurs when the member has completed 6 years (72 months) of creditable service. Retirement calculations were determined to be allowable to members, however, the Fund will only provide two preliminary calculations, and one final. Ms. Bowman posed the question to the Board in regard to Galliard, and Salem Trust, Statement delivery options. Board members are able to have accounts set up to where they would receive a notification email stating that the statements were available to be accessed online. At this time, the statements are received in Finance, scanned, and emailed out to the Board members. In response to the question, the Board members decided to have accounts set up with Salem Trust and Galliard to access the statements online. 11. Attorney Report Mr. Christiansen discussed the change to the operating rule regarding actuarial studies and limiting the number of free calculations provided to members. Discussion-. Discussion ensued regarding the calculation of benefits, and the potential for multiple requests, and the costs regarding extra calculations to be charged to members upon request. If a member terminates employment after being vested, but before normal retirement date, calculations should be created with the early retirement eligible amount, or normal retirement date eligible amount. Consensus: Members will be allowed two preliminary actuarial study calculations, and one final, for a total of three actuarial studies, at no cost to them. The final calculation will be provided upon separation with the City of Casselberry for the early retirement and normal retirement date, amounts to be provided prior to the to of separation, Iif possible. Members are required to 'Inform the City of their election to defer, or take early retirement amount, within 30 days of receipt of the final benefit calculation. Mr. Christiansen discussed updating the Plan Summary. The update will be provided at the next meeting. MOTION: Member Matthew Hettler moved to approve Summary Plan update, as presented. a Motion was seconded by Member James Strenth. Motion carried unanimously by voice vote 3-0. Mr. Christiansen discussed the calculation of contributions for the actuarial calculations. Calculations can be determined by a flat dollar amount, or 61 of payroll. Percentage of payroll is recommended for a more