PB 03/04/2002 Minutes - Laserfiche WebLink

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Police Officers'/Firefighters' Pension Board of Trustees March 4, 2002 Page 3 VIII. Presentation by Bill Stark - Bogdahn Consulting Mr. Bill Stark, Bogdahan Consulting, presented the performance evaluation report of the investment manager, TRUSCO Capital Management. The investments by TRUSCO for the quarter ending December 31, 2002, were in compliance with the investment policy established by the board. The report was accepted by the board and is available for inspection with the City Clerk of the City of Casselberry. IX. Approval of Expenditure Report MOTION: Moved by Police Officer Larry Littrell to approve the Expenditure Report dated February 15, 2002 as presented. Motion was seconded by Mr. Dale Christensen and carried unanimously by voice vote. X. Proposed Ordinance Amending the City's Pension Plan Mr. Christiansen said this draft ordinance incorporates changes made by the board at the last meeting. He reviewed the other changes as follows: Section 1 - Accumulated Contributions - Provision allows buy back of credited service at no cost to the Plan. Section 2 - Change to Member Contribution Amount - This is the only provision that has a cost factor. The member contribution rate is reduced from 1 percent to %2 percent. Section 3 - Physical Examination Requirement - Allows the Board to require sworn statements and physician's statement, on an annual basis, from members who are on disability. Section 4 - Maximum limitation of annual retirement income payable to a member shall not exceed $160,000. This is an increase from $90,000. Section 5 - Compliance with Chapters 175 and 185, Florida Statutes - This compliance section is included to insure that State funding is not jeopardized under Chapters 175 and 185. Section 6 - Direct Transfers of Eligible Rollover Distributions - Allows transfers into the City's Plan from IRA's, 457 or military service from prior service. This is at no cost to the Plan.