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Home My WebLink About2002 10 30 Board of Trustees Regular Minutes CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING OCTOBER 30,2002 (ORIGINALLY SCHEDULED FOR OCTOBER 29,2002) I. CALL TO ORDER The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman Robert Nippes, on Wednesday, October 30, 2002 (Originally scheduled for October 29, 2002) at 7:35 p.m. in the West Conference Room of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairman Robert Nippes, present Vice Chairman Vernon Rozelle, present Board Member Vincent Giannoni, present Board Member Mark Queen, present II. CONSENT CONSENT A. Approval Of The July 30, 2002 Regular Meeting Minutes. CONSENT B. Approval Of The September 24, 2002 Special Meeting Minutes. CONSENT C. Approval Of The October 8, Special Meeting Minutes. Chairman Nippes requested a Motion to approve the Consent Agenda. MOTION BY BOARD MEMBER QUEEN. "I MOVE THAT WE APPROVE THE MINUTES - AS PUBLISHED." SECONDED BY VICE CHAIRMAN ROZELLE. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING - OCTOBER 30, 2002 (ORIGINALL Y SCHEDULED FOR OCTOBER 29, 2002) PAGE 2 OF 5 III. REGULAR REGULAR A. Review Of Trusco Capital Management Financial Statements With Representative Mr. Tim Nash. With consensus of the Board, it was agreed to defer this Agenda Item until the next Meeting. B. Review Of Revised Plan Document. Ms. Louise Frangoul, Finance Department Director introduced the Agenda Item, and explained that the Money Purchased Plan merged into the Defined Benefit Plan, and that each Member should have a Summary; that a Resolution needs to be adopted by the City Commission; and a "Marked-up" Defined Benefit Plan [September 5, 2002 version] was prepared by the Pension Attorney Jim Linn, of Lewis, Longman & Walker, P.A.. Ms. Frangoul reviewed the Summary by discussing the changes and where they have been incorporated into the documents. Ms. Sandy R. Turner, CPC QP A, Retirement Plan Specialists, Inc., 2 Lawn Street, Oviedo Florida: suggested that under 4) Benefit Formula of the Summary, that "The average compensation multiplied by years of services" should include "With a maximum of thirty (30) years." Discussion. Ms. Turner spoke of studies that have been prepared in the past few years; and noted additions to the Deferred Vested Pension [Section 8.01] by the Pension Attorney. City Manager Ronald W McLemore arrived at 7:51 p.m. Ms. Turner suggested that in Section 8.03 a) and b) the figure $5,000.00 should be $3,500.00, "To allow more people to get off the books." Next discussed was the Death Benefit and that the funds should be allocated to the beneficiary. Ms. Turner said, "I think leaving it if they die, everything in their account gets paid out to their beneficiaries is nice. That is what we kind of agreed upon. Does everybody agree with me on that one?" The Members of the Board agreed. The Board discussed whether all the $5,000.00 figures should be changed and Ms. Turner said, "I'll go through it tomorrow to make sure." Discussion. CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETlNG - OCTOBER 30, 2002 (ORIGINALLY SCHEDULED FOR OCTOBER 29, 2002) PAGE 3 OF 5 Chairman Nippes reiterated that the $5,000.00 figure must be reviewed and that the thirty (30) year limit needs to be corrected throughout the documents. The Resolution was reviewed and Ms. Frangoul said, "The only thing that I could add in this section at the very top here is where it says' Amending Section 4.03 of the Defined Benefit Plan,' I think that is a newly created section, it was all underlined." Chairman Nippers responded, "You would say adding right?" Ms. Frangoul replied, "Yes." Further discussion. Chairman Nippes said, "Call for a Motion to accept the revised Plan Document as amended. " "SO MOVED." MOTION BY BOARD MEMBER QUEEN. SECONDED BY VICE CHAIRMAN ROZELLE. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. City Manager McLemore left the Meeting at 8:06 p.m. REGULAR C. Review Of Draft Investment Contract. Ms. Frangoul spoke of having submitted the contract to the City Attorney and the City's Insurance Company for review and comments. Mr. Steven Alexander, CCM, Senior Managing Consultant, Public Financial Management, 201 South Orange Avenue, Suite 720, Orlando, Florida: explained to the Board that he is waiting for the comments from the City Attorney and the City Insurance Company regarding Section 9 of the Investment Advisory Agreement, the dollar amounts; that he would "Contact Trusco [Trusco Capital Management] in the next couple of days to investigate the fee schedule and report back to you"; and that he will be bringing back to the Board a copy of the Agreement once the previous actions have been completed. Brief discussion. Chairman Nippes inquired as to a time table addressing the document's completion. Ms. Frangoul replied, "The Commission actually gave us the approval, gave the City Manager the approval to go ahead and negotiate and sign the contract. So as soon as we can get them [City Attorney and Insurance Company] - on it and then you can - as long as you are comfortable with it then go ahead and have Ron [McLemore] sign it. In terms of the Pension Plan Amendment, I won't be able to go to the first Meeting in November but I CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING - OCTOBER 30, 2002 (ORIGINALL Y SCHEDULED FOR OCTOBER 29, 2002) PAGE40F5 believe the next Meeting is the November 25th and I'll be able to take that to them and get them to pass that Resolution." Discussion followed regarding whether an additional Meeting should be held to approve the documents. MOTION BY BOARD MEMBER QUEEN. "I MOVE THAT WE APPROVE THE INVESTMENT ADVISORY AGREEMENT PROVIDED CHANGES ARE MADE - PENDNG ANY LEGAL REVIEW OR COMMENTS." SECONDED BY BOARD MEMBER GIANNONI. DISCUSSION. CHAIRMAN NIPPES SAID, "WITH RESPECT OF ITEM NUMBER 9. AND ALSO ANY - FAVORABLE FEE NEGOTIATIONS, DO YOU [DEPUTY CITY CLERK DEBBIE GILLESPIE] WANT TO ADD THAT?" WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. .:. .:. AGENDA NOTE: WITH CONSENSUS OF THE COMMITTEE, REGULAR AGENDA ITEM "B" WAS DISCUSSED AGAIN. .:..:. B. Review Of Revised Plan Document. Ms. Turner spoke of discovering that "On the blue line that we sent up to the Attorney [Jim Linn] - they missed this whole section, on the eligibility section. And so I asked Ron [McLemore] if I can just throw it in there or whether not if I had to come back in to ask you about it. But for right now he is not limiting anybody who works less than twenty-nine (29) hours." Tape I/Side B Manager McLemore returned to the Meeting at 8:22 p.m. Discussion continued regarding items that need to be included in the Plan Document. Ms. Frangoul stated, "I don't think we can go forward with it until the document is reviewed and changes are incorporated." Ms. Turner said, "He [Pension Attorney] has not added in everything in here that I wanted in here. I thought he had." Board Member Mark Queen departed at the Meeting 8:27 p.m. Discussion followed regarding the previous Motion and whether a new Motion should be initiated. Manager McLemore said, "I think the Motion should say that - we not go forward to the Commission until we have an opportunity to review those amendments CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING - OCTOBER 30, 2002 (ORIGINALLY SCHEDULED FOR OCTOBER 29, 2002) PAGE50F5 which have been brought up to you that we believe were left out. And we will bring those back to you before we go forward to the Commission." "SO MOVED." MOTION BY VICE CHAIRMAN ROZELLE. SECONDED BY BOARD MEMBER GIONNANI. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. The Board agreed to hold a Special Meeting on Thursday, November 7, 2002 at 7:30 p.m.; and Ms. Frangoul agreed to contact Mr. Nash [Trusco Capital Management] to request his attendance at the Special Meeting. IV. FUTURE AGENDA ITEMS This Item was not discussed. V. REPORTS No Reports were given. VI. ADJOURNMENT MOTION BY BOARD MEMBER GIANNONI. "MOVE TO ADJOURN." SECONDED BY VICE CHAIRMAN ROZELLE. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. Chairman Nippes adjourned the Meeting at 8:34 p.m. Note: Due to technical difficulties portions of the audio tapes are not audible. RESPECTFULLY SUBMITTED: ~~ DEBBIE GILLESPIE DEPUTY CITY CLERK Boards and Committees\Board ofTrustees\aIll\MINUTES\1 03002 REGULAR(Originally scheduled 102902),doc NOTE: These Minutes were approved at the January 28, 2003 Board of Trustees-Pension Plan Meeting,