PB 11/15/2011 Minutes - Laserfiche WebLink

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Police/Fire Pension Board Meeting November 11, 2011 Page 5 10. Discussion Items I. Actuarial Data Share Plan Information Mr. Newlon stated that the Human Resources Department is working on a collective bargaining negotiations with the Fire Department. The City has employed an independent actuary, Gabriel, Rhoeder, & Smith to calculate the impact of different plan changes. Mr. Newlon asked permission for the board to authorize communication between the pension board's actuary and the City's employed actuary. The City will pay any costs associated with the communication and analysis between the two actuaries. The police department has a contract in place until 2013, the fire department is still in the negotiation process with their contract. Mr. Christensen requested that the board approve a motion to allow Foster & Foster, plan actuary, to share information with the City's actuary. MOTION: Motion was made by Mr. Stewart authorizing the pension plans' actuary to share information with the City's actuary & the City will incur any additional costs. Motion was seconded by Mr. Glancy and carried unanimously on 4-0 voice vote. II. Future Pension Board Meeting Dates Meeting dates for 2012 were presented. Meeting dates suggested by Mr. Christensen are as follows: 2/14, 5/15, 8/14, 11/13. All meetings will be at 10:00AM on their respective dates. MOTION: Motion was made by Mr. Strenth to accept the meeting dates as presented by Mr. Christensen. Motion was seconded by Mr. Stewart and carried unanimously on 4-0 voice vote. III. Benefit Calculation Issues: As a result of last year's legislation, going forward after the next effective contract date, sick and vacation pay will not be included in final compensation calculations for plan payouts. Overtime hours up to 300 hours can be included in salary. The City and the unions need to agree on the transition calculation of how overtime will be calculated. Members can get credit for hours on the books as of effective date or get the lesser of overtime that was recorded when the effective date took place or what the member actually got paid. The pension board is waiting on what the City Commission and the unions decide. The decision will result in a change to the ordinance. There may be two separate ordinances due to the fact that there is an existing collective bargaining contract for the police department, and the fire department has not engaged in a new contract yet. The law reads that the change is effective 7/1/11 or, for the bargaining units, when the next contract that is signed after 7/1/11. The effective date for fire department plan members will be when a new contract is signed after 7/1/11; police department plan members' effective date will be in 2013 or when they agree on another contract. The time limit to decide on the overtime calculation is to have something in place when the new contract becomes effective. The unions, negotiators, and the City are the factors influencing when the ordinance will be formulated and adopted.