HomeMy WebLinkAbout2008-06-03 Police & Fire Pension Board Minutes FI 'ED
AU6 -42008
City of Dania Beach 1 3Y:
Police and Fire Fighters Retirement System
113 S.W. 1 Street
Dania Beach, Florida 33004
Phone: (954) 921-0404 Fax: (954) 921-1403
E-mail: PFPENS@bellsouth.net
MINUTES Page 1 of 3
JUNE 3rd, 2008
REGULAR MEETING
I. CALL TO ORDER
The meeting was called to order by Chairman Rogers at 7:30 pm
MEMBERS PRESENT: MEMBERS ABSENT:
Chairman Larry Rogers
Secretary Beulah Lair
Vice Chairman Ted Spongross
Carolyn Jones
John Williamson
Commissioner John Bertino
Roger Handevidt
Wardell Lee
Vince Marlin
ALSO PRESENT:
Ken Harrison —Sugarman &Susskind, PA
Mike Welker— Bogdahn Consulting by conference call at 8:15 pm
Steve Palmquist-Gabriel, Roeder &Smith
II. APPROVAL OF MINUTES
MOTION: by Beulah Lair to accept minutes from the May 19, 2008
meeting as submitted.
SECOND: Ted Spongross
PASSED UNANIMOUSLY
June 3, 2008
III. CONSENT AGENDA Page 2 of 2
No items listed on the Consent Agenda
IV. OLD BUSINESS
V. NEW BUSINESS
5.1 ICC Capital &Conference call with Mike Welker
Mike Welker of Bogdahn Consulting LLC called at 8:15 pm
for a conference call with the Board of Trustees regarding
the international portion of the plan. This item was tabled
until the Board's next meeting on July 21, 2008
5.2 Richard Rueth Drop Account
Chairman Rogers opened discussion with the Board regarding
Richard Rueth's default in payment of his DROP loan. His last
check received by this office was on January 8, 2008 for December 2007
payment. The Board attorney, Ken Harrison and the Board discussed
his DROP loan balance due of$9,636.66 and the legal and IRS issues
involved. The Board discussed the option of deducting the balance due
from his next 2 monthly Drop payments or deduct proportional payments
from DROP payments for the duration of the ban in order to pay the
loan off. This item was tabled until the next Board meeting after
consultation with Richard Rueth.
5.3 Steve Palmouist&Retirement System
Chairman Rogers opened discussion with the Plan's actuary Steve Palmquist of
Gabriel, Roeder and Smith; the Plan's attorney Ken Harrison and
the Board regarding the Plan. Trustees discussed different options
for the Plan.
MOTION: by Ted Spongross for the plan's actuary, Steve Palmquist to
prepare a study to project future estimated savings by tiering the
plan or if tiering the plan is an option at all limiting the cost to $5,000.00
SECOND by Beulah Lair
PASSED UNANIMIOUSLY
MOTION: by Vince Marlin to split the cost of the study with the Union,
with the Union paying 1/2 or $2,500.00
SECOND by Carolyn Jones
PASSED UNANIMIOUSLY
June 3, 2008
Page 3 of 3
VI. CORRESPONDENCE
VII. NEW EMPLOYEE APPLICATIONS
There were no new employees hired during this time
VIII. RETIREMENTS / TERMINATIONS
There are no retirements of terminations at this time.
IX. OPEN DISCUSSION AND INFORMATION
X. ADJOURN
MOTION by Beulah Lair to adjourn meeting
SECOND: by Roger Handevidt
Meeting adjourned at 9:35 PM