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Police Officers' and Firefighters' Pension Board <br />March 26, 1998 <br />Page 9 <br />accrued amount they had in the defined benefit plan. This amounts to about $19,000. This gesture <br />would overcome any objections that may arise over the way the plan was phased out. <br />SCHLUCKEBIER: We want you to answer the board question about how we get to a quorum on <br />the General Employees? <br />CHRISTIANSEN: I think we will have to change the ordinance. You need to make the decision <br />as to whether you are going to keep the plan first. <br />SCHLUCKEBIER: Actually given that there is a difference of staff opinion that is a very difficult <br />one. <br />CHRISTIANSEN: You want me to do an ordinance changing the makeup of the board like right <br />away, that would be a one page ordinance and maybe have a quorum next time. <br />DREIER: The problem is we have new hires coming on, what do we do with them? <br />CHRISTIANSEN: They are going to have the choice and based upon your experience it sounds <br />like most of those people are going to opt for the defined contribution plan. <br />VIVO: My experience has been that everybody is very gun ho on the defined contribution plan in <br />this market, but if the market changes there would be an option, but if we lose the benefit plan, there <br />would not be an option available for the employees because once its lost its lost. <br />CHRISTIANSEN: But remember they are not going to be able to flip flop back and forth based <br />on how the market is doing. <br />VIVO: I definitely think that as far as a recruiting tool, we should keep the defined benefit plan; it <br />would give the employee an option. <br />MOSCHLER: I can see the Personnel Director's point, maybe it is not much of an option right now, <br />but five years from now if the market has gone down, you may have all these new employees that <br />want the defined benefit plan over the defined contribution. It is not going to help the people who <br />had their chance now and opted out. She is looking at it down the road as a benefit. I can also see <br />the Finance Director's point regarding paperwork to keep it open. <br />CHRISTIANSEN: The plan becomes more expensive if you have lower vesting. Do the <br />employees contribute to the defined contribution plan. <br />SCHLUCKEBIER: No <br />