PB 12/02/2002 Minutes - Laserfiche WebLink

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Police/Fire Pension Board of Trustees Meeting December 2, 2002 Page 2 II. Excuse Absence of Hank Giffen MOTION: Moved by Firefighter Theresa Krebs to excuse the absence of Mr. Hank Giffin from the December 2, 2002 Pension Board Meeting. Motion was seconded by Officer Robbin Lilly and carried unanimously by voice vote. III. Approval of Minutes -September 5, 2002 MOTION: Moved by Firefighter Theresa Krebs to approve the minutes of September 5, 2002 Police Officers' and Firefighters' Pension Board Meeting as distributed. Motion was seconded by Mr. Dale Christensen and carried unanimously by voice vote. IV. Approval of Actuarial Report - Foster & Foster Mr. Ward Foster, Foster & Foster, Inc., presented the Actuarial Impact Statement dated November 25, 2002 for Fiscal Year Ended September 30, 2003. The Actuarial assets for the past fiscal year increased from $989, 000 to $1,232,000. Mr. Foster addressed the change to the Plan and the cost impact of the change regarding the reduction of member contribution rate to the Plan from 1.0% of salary to 0.5% of salary. He said the change was in compliance with Part VII, Chapter 112, Florida Statutes and Section 14, Article X of the State Constitution. A copy of the Actuarial Report presented by Mr. Foster is available for inspection with the City Clerk of the City of Casselberry. MOTION: Moved by Firefighter Theresa Krebs to accept the Actuarial Report from Foster & Foster, Inc. as presented by Mr. Ward Foster. Motion was seconded by Mr. Dale Christensen and carried unanimously by voice vote. Mr. Foster stated that after approval of the Actuarial report, the Board needs to declare by motion the percent of expected return of the fund investment over the next year and the next several years and over the long term. A letter stating the expected return has to be sent to Tallahassee to Mr. Charles Slavin.