PB 04/12/1999 Minutes - Laserfiche WebLink

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Police Officers' & Firefighters' Pension Board April 12, 1999 Page 3 Miscellaneous - Dissolution/Disbursement of General Employees Benefit Plan Mr. Jeffrey Dreier reported that SunTrust would be disbursing checks to employees that would close out the General Employees Benefit Plan due to the dissolution of the plan by the employees. Approximately $103,000 will be reimbursed to the employees that were a part of the plan after administrative fees are deducted for SunTrust. This item was for informational purposes only, no action needed by the Police/Fire Board. Attorney Comments Mr. Christiansen reported that legislation that had been pending for several years regarding changes in Florida Statutes 175 and 185 passed and signed into law by the Governor. He said the new legislation sets a new minimum benefit level and the City's Plan has to be at least equal to or more than the minimum level. He said any changes that are made to the Plan would not have an immediate funding impact to the City. The City's Plan currently meets and in some instances exceeds the minimum benefit requirements of Chapter 175 and 185. He said some changes in language may be needed in the Plan specifically in the investment section. He said the Plan would be an item for the next quarterly meeting. The Summary Plan will be distributed to all employees in the Plan. Mr. Christiansen said letters should be sent to all parties that deal with the Plan, i.e. SunTrust, Foster & Foster, to insure that they are Y -2K compliant. Mr. Christiansen also stated that new legislation requires performance monitoring of a Pension Plan at least every three years. He recommended the Board require monitoring yearly. He said he would send out request for proposals for the Board to consider at the next quarterly meeting. Submitted to the Secretary by: Thelma McPherson, City Clerk City of Casselberry Approved by the Police Officers' and Firefighters Board Thomas E. Embree, Chairman 1�C,