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Police Officers' and Firefighters' <br />Pension Board Meeting' <br />July 29, 1999 <br />Page 4 <br />VIII. Miscellaneous <br />Procedure for Termination of Employment Pension Fund <br />Mr. Christiansen said there was apparently some confusion about what procedure to follow when an <br />employee leaves employment with the City with respect to contributions made to the fund during <br />employment. The options are (1) leaving the money in or (2) taking the money out of the plan, which <br />options must be requested on a required special tax notice (IRS) regarding certain plan payments. Mr. <br />Christiansen said the Board should give the Finance Director authority to authorize SunTrust to return the <br />contributions made to the fund after all appropriate paper work has been completed <br />MOTION: Moved by Mrs. Mary Moschler, seconded by Officer <br />McMullen to authorize the Finance Director on <br />behalf of the Board to arrange and authorize the <br />return of member contributions for those leaving <br />membership in the Plan with appropriate <br />paperwork. Motion carried unanimously by voice <br />vote. <br />The return of contributions will be presented to the Board quarterly for approval by the Finance Director. <br />IX. Attorney port - Scott Christiansen <br />Mr Christiansen said Chapter 99.01 was the legislation that was adopted by the Florida Legislature in the <br />last session and signed into law by Governor Bush. He asked the Board to authorize him to do an <br />ordinance to amend the pension plan to make changes that are required to be made pursuant to the new <br />legislation. These changes are necessary in order for the City to qualify for the State premium tax <br />monies. This ordinance will be considered by the Board at the next quarterly meeting. <br />MOTION: Moved by Chief Marty LaBrusciano, seconded by <br />Officer McMullen to authorize the Board Attorney to <br />draft an ordinance to change the Pension Plan to <br />bring into compliance with new legislation in F.S. <br />Chapter 175 and 185. Motion carried unanimously <br />by voice vote. <br />Mr. Christiansen stated that the Board needs to authorize an analysis by the Actuary to determine the <br />funding levels to the Police Officers'/Firefighters' Pension Plan and the General Employees' by the City. <br />Also the appropriateness of the use of State premium tax monies as it relates to benefits for the Police <br />Officers' and Firefighters. <br />