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Home My WebLink About2009-05-11 Police & Fire Pension Board Minutes City of Dania Beach 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 May 11, 2009 Page 1 of 4 MINUTES MAY 11, 2009 REGULAR MEETING I. CALL TO ORDER The meeting was called to order by Chairman Rogers at 7:35 PM MEMBERS PRESENT: MEMBERS ABSENT: Larry Rogers Joseph Spongross Beulah Lair Vince Marlin Todd Neal Carolyn Jones Wardell Lee Roger Handevidt Commissioner Bob Anton ALSO PRESENT: Attorney Bob Sugarman — Sugarman & Susskind, PA Attorney Pedro Herrera — Sugarman & Susskind, PA Attorney Tom Ansbro — City of Dania Beach Mary McDonald — Director of Human Resources & Risk Management — City of Dania Beach Mike Welker—The Bogdahn Group Mike Brown II. FIRE APPOINTMENTS The two following fire fighter/paramedics were voted unanimously to the Board during a Caucus held on May 1, 2009 by the fire fighter/paramedics. TED SPONGROSS TODD NEAL May 11, 2009 Page 2 of 4 III. APPROVAL OF MINUTES MOTION by Beulah Lair to accept minutes from the April 20, 2009 meeting as submitted. SECOND: Roger Handevidt PASSED UNANIMOUSLY IV. CONSENT AGENDA No Items were listed on Consent Agenda V. OLD BUSINESS 5.1 CHESTER BOLTON HEALTH INSURANCE Chester Bolton's health insurance has been covered by the City as family coverage. Each year he has sent the open enrollment form back showing no changes with a dependent noted on the form. The Plan has been Paying Single Health Insurance premiums from the Chapter 175 Reserve Benefit. The City is requesting payment for the difference in premiums. Avmed will not reimburse the City as the time period is too long. Discussion took place with Attorney Ansbro, Mary McDonald, Attorney Sugarman and the Board regarding reimbursement for the difference the City paid which was family coverage and the amount the City was reimbursed for. The City overpaid $7,887.39 in health insurance premiums for Chester Bolton between December 2005 and now. The Board discussed reimbursement of insurance premiums paid by the City in error due to conflicting health plan elections upon retirement. The City claims that under the applicable ordinance the Fund is responsible for"supplemental benefit" and therefore Fund should pay for family election made by Bolton. Reimbursement will then be recouped from Bolton for the overpayment. The Board reaffirmed their decision from the previous meeting citing that the Retirement System was not liable for the difference in premiums as they provided accurate billing from the information they were given and that the City should have realized the error. The Board elected to work with the City in recouping monies by having member authorize pension Fund to deduct agreed upon installment payments from future pension checks until balance is satisfied. May 11, 2009 Page 3 of 4 MOTION by Commissioner Anton that the system is not responsible for the overpayments in health insurance premiums and that the system will work with the City to recover the $7,887.39 from Chester Bolton. SECOND: Carolyn Jones PASSED UNANIMOUSLY VI. NEW BUSINESS 6.1 THE BOGDAHN GROUP-15T OTR 2009 PERFORMANCE Mike Welker then reviewed the Fund's total performance summary for the quarter ending March 31, 2009. The return for quarter ending March 31, 2009 is -6.67 %( net of fees). The Total Fund Policy is -7.97 with the difference a positive 1.30. The funds negative earnings were due to the rockiness of the stock market and the overweight to domestic equities. The funds investment in Barings International Fund begins on June 1, 2009. The international allocation will be split between Barings and ICC. ICC currently manages the portfolio and the Board is moving some money away from ICC due to recent performance issues. The Board is going to continue monitoring ICC performance. VII. CORRESPONDENCE VIII. NEW EMPLOYEE APPLICATIONS IX. RETIREMENTS / TERMINATIONS X. OPEN DISCUSSION AND INFORMATION 10.1 Attorneys Report Attorney Sugarman and Attorney Herrera discussed with the Board the passage of Senate Bill 538 in the legislature and its affect on the fund. May 11, 2009 Page 4 of 4 10.2 Mike Brown Chairman Rogers opened discussion with the board and Mike Brown regarding the fund not having paid out a COLA in many years. MOTION by Wardell Lee for Mike Brown to sit with Attorney Sugarman and Actuary Steve Palmquist to fix the COLA problem and authorize the funds Attorney Sugarman to take a closer look at the COLA. There would be no cost to the fund for this work as it is covered under our retainer agreement according to Attorney Herrera. There may be Costs associated if GRS is asked to perform studies, calculations or Impact statements regarding the COLA provision. Any such costs would First be brought to the Board for approval prior to engaging GRS to Begin work. SECOND: Carolyn Jones 10.3 55th Annual Conference International Foundation Chairman Rogers opened discussion with the Board regarding the 55th Annual Conference of the International Foundation to be held in November 2009 in Orlando, Florida. Attorney Sugarman informed the Board that the International Foundation is very informative and that the annual conference hasn't been here in over 10 years. MOTION by Wardell Lee to join the International Foundation and Attend the 55`h Annual Conference in Orlando Florida as set forth in The Trustee Travel Guidelines. SECOND: Carolyn Jones XI. ADJOURN MOTION by Roger Handevidt to adjourn meeting SECOND: Beulah Lair Meeting adjourned at 9:20 PM