PB Minutes 08/14/1997 - Laserfiche WebLink

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Police Officers' and Firefighters Pension Board General Employees Pension Board August 14, 1997 Page 3 MOTION: Moved by Mr. John Fleischbein to approve the Investment Report for the General Employees Pension Board as presented. Seconded by Mr. Earl McMullen. Motion carried unanimously by voice vote. V. Approval of Expenditures MOTION: Moved by Officer McMullen to approve the Expenditures for the Police Officers' and Firefighters' Board as presented. Seconded by Firefighter Hayward. Motion carried unanimously by voice vote. MOTION: Moved by Mr. John Fleischbein to approve the Expenditures for the General Employees' Board as presented. Seconded by Mr. Earl McMullen. Motion carried unanimously by voice vote. VII. Approval of Proposed Provision to Plan Documents Mr. Christiansen rev; --wed the Pian D uments for each Board sInnul+ 1 L ,J P i' ^v^v �ai'ieoi.is�y. iTcie propose oiiee an U-1 Ls ire Plan has added language to bring into compliance with F.S. Chapter 175. In the General Employees' Plan part-time employees would be added to make the Plan compatible to the Florida Retirement System. Mr. Schluckebier said it was the intent of the City at the conception of the new plan to include part-time employees. Mr. Christiansen said he would bring back some language regarding the City Manager's recommendation of adding part-time employees to the General Employees' Plan and volunteers and/or reserves in the Police Officers' and Firefighters' Plan. Mr. Christiansen said the Board could be more restrictive in its Investment Policy Statement than the legal limits; most of the plans have limits between 40 to 65% in equities. The Board agreed that a maximum of 60% limitation be put into the ordinance, with the flexibility of a lower percentage if so agreed to by the Board. Mr. Christiansen said the Board would develop investment parameters before the hiring of an Investment Manager. International Securities are not allowed under F.S. 175 for Police Officers' and Firefighters; General Employees' investments would be restricted to a 15% limitation. The Board agreed to a 10% limitation for real estate on both Boards. Mr. Christiansen said he would also redraft language regarding the Workers' Compensation and Social Security offsets. This item with changes will be brought back to the Boards at the next meeting of November 18, 1997.