HomeMy WebLinkAbout2009-07-28 Police & Fire Pension Board Minutes RECEIVE
AUG 144009
BY:�_
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
July 28, 2009
Page 1 of 2
MINUTES
JULY 28, 2009
SPECIAL MEETING
I. CALL TO ORDER
The meeting was called to order by Chairman Rogers at 7:00 PM
MEMBERS PRESENT: MEMBERS ABSENT:
Larry Rogers Beulah Lair
Wardell Lee Vince Marlin
Roger Handevidt Todd Neal
Joseph Spongross Commissioner Bob Anton
Carolyn Jones
II. APPROVAL OF MINUTES
MOTION by Roger Handevidt to accept minutes from the July 20, 2009
meeting as submitted.
SECOND: Wardell Lee
PASSED UNANIMOUSLY
III. CONSENT AGENDA
No Items were listed on Consent Agenda
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July 28, 2009
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IV. OLD BUSINESS
4.1 CHAPTER 175 SUBSIDY
Chairman Rogers opened discussion with the Board regarding the Plan's
Chapter 175 Subsidy. The balance of the Chapter 175 subsidy is
$308,400 according to page 2 of the 9/30/2008 Actuarial Valuation
Report prepared by Stephen Palmquist of Gabriel, Roeder, Smith &
Company. The Plan paid $81,403.36 from the subsidy to the City
accounting for 1/3 retiree firefighter health insurance premium for year
October 1, 2008-September 30, 2009 leaving a balance of$226,996.64.
According to Section 18-42 (10) of the Dania Beach City Code the
remaining actuarial gain, as defined in this subsection, shall be paid to
the City of Dania Beach to subsidize the City of Dania Beach's cost of
providing one (1) year of retiree health insurance to such firefighter
retirees and survivors, which cost shall be two-thirds (2/3) of the
premium cost for such insurance. The 2/3 cost for October 1, 2008 to
September 30, 2009 is $168,806.72.
MOTION by Ted Spongross to pay the City of Dania Beach the two-
thirds (2/3) cost to City of$$162,806.72 for firefighter retirees and
survivors health insurance from the plan's Chapter 175 subsidy leaving a
balance in the subsidy of$64,189.92
SECOND: Carolyn Jones
PASSED UNANIMIOUSLY
VI. CORRESPONDENCE
VII. NEW EMPLOYEE APPLICATIONS
VIII. RETIREMENTS/TERMINATIONS
IX. OPEN DISCUSSION AND INFORMATION
X. ADJOURN
MOTION by Wardell Lee to adjourn meeting
SECOND: by Roger Handevidt
Meeting adjourned at 7:10 PM