PB 07/29/1999 Minutes - Laserfiche WebLink

Home Browse Search

Police Officers' and Firefighters' Pension Board Meeting' July 29, 1999 Page 2 IV. Approval of Investment Report - SunTrust The Board requested that SunTrust be in attendance at each quarterly meeting. Mr. Jeffrey Dreier presented the Investment Report which reflected a balance of $260,035.25 for the period ending June 30, 1999. This amount did not include the State Premium Tax monies received by the City in the amount of $150,000. This amount will be reflected on the next quarterly report. MOTION: Moved by Officer Jason McMullen, seconded by Mrs. Mary Moschler to approve the Investment Report as submitted. Motion carried unanimously by voice vote. The Board requested that SunTrust be present at the next scheduled meeting of the Board. V. Approval of Expenditure Report Officer McMullen asked why attorney expenses for the elimination of the General Employees Pension Board were listed under the Police Officers and Firefighters expenses. Mr. Dreier said the Actuary, Foster & Foster, recommended that expenses be paid by the City and not charged to the pension fund. Mr. Christiansen stated that expenses could be paid for out of the pension plan but at the end of the year the actuary would determine all of the administrative expenses for the previous year and to determine the amount the City has to pay for the following year. These administrative expenses for the previous year are added to the required City contribution to reimburse the fund for those administrative expenses. MOTION: Moved by Officer Jason McMullen, seconded by Mrs. Mary Moschler to approve the Expenditure Report as submitted. Motion carried unanimously by voice vote. VI. Approval of Summary Plan Document Mr. Christiansen said this was an update of the document that was approved October 1996. This document is required to be updated every two years. The plan document does not include any substantive changes but the language has been restated for clarity and it is consistent with City Code. Chairman Embree noted one correction on page 6, last paragraph, last line, should read "is" withheld.... MOTION: Moved by Chief Marty LaBrusciano, seconded by Officer McMullen to approve the Summary Plan Document as corrected. Motion carried unanimously by voice vote.