PB 08/16/2011 Minutes - Laserfiche WebLink

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Police/Fife Pension Board Meeting June 14, 2011 Page 3 • Galliard Capital Management/Wells Fargo — April 22, 2011, $1,623.43 ® Foster & Foster — May 10, 2011, $1,718.00 ® City of Casselberry — May 31, 2011, $407.83 ® Christiansen & Dehner, P.A — May 31, 2011, $32.50 ® City of Casselberry — June 3, 2011,$561.64 ® Manning & Napier — June 9, 2011, $9,045.84 ® City of Casselberry — June 14, 2011, $51.35 ® City of Casselberry — June 22, 2011, $9.17 ® The Bogdahn Group — June 24, 2011, $3,875.00 ® City of Casselberry — June 24, 2011, $257.00 MOTION: Moved by Mr. Hettler to approve the Consent Agenda as presented in the letter dated July S, 2011 from the Finance Director. Motion was seconded by Mr. Stewart and carried unanimously on 4-0 voice vote. 8. Miscellaneous New members are: Police Capt David Del Rosso — Effective April 14, 2011 Firefighter Scott Ketcham - Effective August 1, 2011 Police Officer Jim Day — August 29, 2011 Firefighter Freddy Altemose has left the City & is requesting a distribution from the plan which must be approved by the Board at the next meeting. 9. Attorney's Report — Scott Christiansen Everyone has completed the financial disclosure form except Mr. Strenth. His name was not on the web site, but Mr. Strenth verified that he did indeed complete & mail the form. The effective date of the current legislative changes will be two different effective dates — one for police & one for fire since the City have two unions. The changes are effective 7/1/11 or the next contract date if in negotiations. The Fire department is in currently in contract negotiations. The police completed their contract last year. The change in the statute means that going forward from the contract effective date, the definition of salary will no longer include lump sum sick or vacation pay or more than 300 hours of overtime, As a result, the individual will not receive get pension credit on that pay. Anything accrued as of the effective dates will get credit. Christiansen & Delmer will distribute a memo suggesting how to handle the changes and ultimately change the ordinance. The City, police and fire unions, and the pension board will have to come to an agreement as to the method of calculating the overtime accrued as of the effective dates. Patricia Shoemalcer, Department of Retirement Services, is okay with fire departments' built-in overtime because of the Fair Labor Standards Act. The normal overtime that is paid to firefighters that is inherent in their work schedule will not be included in the overtime limitation of 300 hours. Mrs. Shoemalcer also suggested that the definition and methodology of overtime should be included in each of the union contracts and also pension plan. State contributions to the pension plan for police will be $138,288 for 2011, last year it was $144,336. Fire contributions will be $129,390 for 2011, last year it was $135,926. Contributions have decreased for both plans. 10. Discussion Items A. Foster & Foster sent a letter in July to raise their fees. The contract has been in force since 2007 with a fixed fee basis. Their 10% price increases are due to additional work that must be done for the actuarial report because of legislative changes. The plan