HomeMy WebLinkAbout2009-06-15 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
June 15, 2009
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MINUTES
June 15, 2009
REGULAR MEETING
I. CALL TO ORDER
The meeting was called to order by Vice Chairman Spongross at 7:40 PM
MEMBERS PRESENT: MEMBERS ABSENT
Todd Neal Chairman Larry Rogers
Carolyn Jones Beulah Lair
Wardell Lee
Roger Handevidt
Commissioner Bob Anton
Vince Marlin
Joseph Spongross
ALSO PRESENT:
Attorney Ken Harrison — Sugarman & Susskind, PA
Attorney Pedro Herrera — Sugarman 7 Susskind, PA
Steve Palmquist— (GRS) Gabriel, Roeder, Smith & Company
June 15, 2009
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II. APPROVAL OF MINUTES
MOTION by Roger Handevidt to accept minutes from the May 11, 2009
meeting as submitted.
SECOND: Carolyn Jones
PASSED UNANIMOUSLY
III. CONSENT AGENDA
No Items were listed on Consent Agenda
IV. OLD BUSINESS
4.1 Pop-Up Provision
Steve Palmquist discussed with the Board the cost of changing the
Pop-Up benefit if the retirees spouse dies from Ten Year Certain and Life
Annuity (normal form of a benefit) to a Life Annuity. This item was
tabled at the Board's February 16, 2009 meeting. Discussion took
place with Attorney Ken Harrison and Ted Spongross and the board.
Ted will speak to the retirees interested in this option and the board
will discuss this again at a later meeting.
VI. NEW BUSINESS
5.1 STEVE PALMQUIST/GRS-SETP 30, 2008 ACTUARIAL REPORT
Mr. Stephen Palmquist of Gabriel, Roeder, Smith & Company reviewed
and distributed in writing the highlights of the actuarial valuation
performed by his firm on the Plan for fiscal year ending
September 30, 2008. Mr. Palmquist then reviewed with the Board the
Chapter 175 benefit reserve. There were no COLA's available this year.
This item was tabled due to the actuarial reports not received at pension
office and not available for trustees to reference during review with
Steve Palmquist.
June 15, 2009
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5.2 STEVE PALMOUIST/GRS—SPECIAL REPORT
Steve Palmquist of Gabriel, Roeder, Smith & Company distributed to the
Board a Special Report on the future costs of the plan and reviewed the
Report with the Board.
MOTION by Roger Handevidt to accept the report as prepared by
Steve Palmquist of Gabriel, Roeder, Smith & Company
SECOND: Vince Marlin
PASSED UNANIMIOUSLY
5.3 AUTHORIZATION TO PAY GRS
Authorization to pay Gabriel, Roeder, Smith & Company $11,259 that
includes $9,969.00 for the plans September 30, 3008 Actuarial Report
and $1,290.00 for the Special Report that was presented in item 5.2
MOTION by Vince Marlin to pay Gabriel, Roeder, Smith & Company
$11,259.00 that includes $9,969.00 for the plan's September 30, 2008
Actuarial Report and $1,290.00 for their Special Report
SECOND: Wardell Lee
PASSED UNANIMIOUSLY
5.4 FIDUCIARY LIABILITY INSURANCE RENEWAL
The plan's fiduciary liability insurance from Ulico Casualty with Hudson
Insurance Company is due for renewal July 1, 2009. The annual
premium for the 2009-2010 term is $6,879.37, which is about $37.00
higher than last year's premium.
MOTION by Vince Marlin to renew the plan's fiduciary liability insurance
from Ulico Casualty with Hudson Insurance and pay the premium of
$6,879.37
SECOND by Carolyn Jones
PASSED UNANIMIOUSLY
June 15, 2009
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VI. CORRESPONDENCE
VII. NEW EMPLOYEE APPLICATIONS
VIII. RETIREMENTS/TERMINATIONS
IX. OPEN DISCUSSION AND INFORMATION
9.1 ATTORNEYS REPORT
Attorney Herrera discussed various issues with the Board including
a new proposed Ordinance relating to the police and firefighters
retirement system in compliance with the recently enacted
F.S. Ch. 2009-97 which would amend section 18-46 providing for four
year term limits; and amend sections 18-47 and 18-48, of the Code
of Ordinances; providing for a savings clause; providing for a repealer;
and providing for an effective date.
9.2 INTERNATIONAL FOUNDATION NOVEMBER 2009 CONFERENCE
Discussion took place regarding the November 2009 Conference.
X. ADJOURN
MOTION by Roger Handevidt to adjourn meeting
SECOND: by Carolyn Jones
Meeting adjourned at 9:15 PM