HomeMy WebLinkAbout1996 01 23 Board of Trustees Regular Minutes
MINUTES
BOARD OF TRUSTEES
WINTER SPRINGS PENSION PLAN
JANUARY 23, 1996 MEETING
1. Call to Order
Chairperson Hoffmann called the meeting to order at 7:35 p.m. in the conference room, city hall.
2. Roll Call
City Officials. present
Jim Ryan, present
Ralph Bowman, present
Si Berman, present
Brian Fricke, present
Art Hoffinann, Chairperson, present
Ron McLemore, City Manager
3. Approval of October 24. 1995 Minutes
Hoffmann asked for comments on the minutes of the October 24, 1995 meeting. There were no
comments. Minutes stand approved as presented.
Hoffmann announced that Commissioner Langellotti appointed a new member, Jim Ryan. Ryan
replaces Joel Berk.
4. Ouarterly Review of Trust Finances with Brian Bellaw ofST! Capital Management
This item was tabled.
5. Presentation by Attorney Lang regarding Pension Agreement Revisions
Attorney Lang was not present at the meeting. Hoffmann said that Attorney Lang faxed revised
copies of the 5th and 7th Amendments to him. Copies were distributed to all present. Hoffmann said
that in the 5th Amendment he found one grammatical error: the sixteenth line down of Paragraph
6.01, the word "elect" or "chose" should be inserted after the word "may". In the 7th Amendment,
Hoffinann suggested deleting the words "the later of' from the last line of Paragraph 6.05 (t). Berman
said that the board should get clarification from Attorney Lang. Brief discussion.
Hoffmann said he found out that the employees have not received their September Pension Plan
statements. Hoffmann checked with Ms. Garcia at Sun Trust, and she told him that they didn't
received the statement from the city until the 8th of December.
MINUTES
BOARD OF TRUSTEESIWINTER SPRINGS PENSION PLAN
JANUARY 23, 1996 MEETING
PAGE 2
Berman asked Fricke if 7% yield at market on the bonds and 2.6% yield at market on stocks was
correct. Fricke said that was average, and 5.7% for the Short Term is on course. The city uses the
60/40 mix.
Hoffmann said that he was not sure when or what the employees receive regarding the Pension
account. He distributed copies ofa summary which he tabulated. Fricke suggested that if the board
is going to disseminate that information then it should follow a standardized accounting formula.
SunTrust should be able to calculate it based on the AIMR performance. Hoffmann said that he
would contact SunTrust. McLemore said he did not see the purpose in providing the employees with
such a statement without a narrative explaining what the statement means to him/her. Fricke
explained that only annual notification is required by law. Hoffmann said that the board needs to see
what the employees receive now, decide on the type of report employees should be receiving; then
run it through the attorney. Discussion of how often employees should be notified.
Ryan asked how long the plan has been with SunTrust. Hoffmann said a year and a half The plan
was previously through the Florida League of Cities. The League used a firm out of Altanta. It was
difficult finding out what they were doing, and it took six or more months for them to come in and
report to us.
Hoffmann asked for copies of the "Employee Statement"to be mailed to all of the board members.
McLemore asked who would contact the attorney. Hoffmann said he would call Lang. McLemore
and Hoffinann agreed to prepare a memorandum to schedule the issue as an agenda item for the
Commission Meeting.
Motion: Accept the 5th Amendment with grammatical changes, and accept the 7th Amendment with
Attorney Lang's confirmation.
Motion by Berman. Second by Fricke.
Vote: Art Hoffmann, Aye
Si Berman, Aye
Ralph Bowman, Aye
Jim Ryan, Aye
Brian Fricke, Aye
Motion carried.
6. Unfinished Business
No comments.
7. New Business
No comments.
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BOARD OF TRUSTEES/WINTER SPRINGS PENSION PLAN
JANUARY 23, 1996 MEETING
PAGE 3
8. Adjournment
Hoffmann adjourned the meeting at 8:25 p.m.
APPROVED:
Art Hoffmann
Chairperson, Board of Trustees
attest:
Martha Jenkins, Deputy City Clerk