CITY OF
MINUTES
917B
The regular meeting of the City of
Present were: Mayor Bill Haslam, Mr. Kent Bates, Mr. Scott Calloway, Ms. Brenda Hankins, Mr. Buddy Harrell, Mr. Christopher Kinney, Ms. Carol Mahler, Mr. Barbara Pelot, Attorney C. C. “Bud” Gilbert and Mr. Michael Cherry.
Also present: Mr. Fred
Hunter, retired Fire Department, Plan F member.
CALL TO ORDER:
Mayor Haslam presided and called
the meeting to order at
APPROVAL OF REGULAR
MEETING MINUTES FOR
Motion: Mr. Harrell made a motion
to approve the
APPROVAL OF REVISED AGENDA: Exhibit 1
Motion: Mr. Harrell made a motion
to approve and substitute the Revised Agenda. Mr. Bates seconded the motion. The motion carried unanimously by the members
present.
CONTRACTS:
State Street Global Advisors
Mr. Cherry reported to the Board that
a transfer of assets of approximately $40,900,000 was made this month from the
SSGA S & P 500 Index Fund to the SSGA S & P 500 Provisional Index Fund. Mr. Cherry advised the Board that the transfer
was recommended by State Street Global Advisors to their clients. Mr. Cherry
discussed the matter with investment consultant,
ADMINISTRATIVE MATTERS:
None
EXECUTIVE DIRECTOR COMMENTS:
None
ATTORNEY COMMENTS:
Re-employment of Retired Member – Administrative Rules - Exhibit 2
Attorney Gilbert reviewed for the
Board the change in the “Pension Board Rules for Calculation of Pension Benefits
for Reemployed Retirees” regarding reemployed retired members who become disabled
in item 3 section E, on page two which was approved at the August 12, 2004 pension
board meeting.
ENROLLMENTS:
The following General Government employee has filed application to become
a member of the Plan G1 pension system.
David Dyer
Kelly S. Harbin
Motion: Ms. Pelot made a motion
to approve these applications for enrollment in the Plan G1 pension system.
Mr. Harrell seconded the motion. The
motion carried unanimously by the members present.
WITHDRAWALS:
The following employee(s) have filed applications to withdraw employee
pension contributions plus 4% interest and the supplemental retirement account
as applicable in Plan G Option 1.
Becky Acuff, General Government,
G1 – Vested (supplemental
retirement account only)
Scott Freiburger, Police Department, Plan C – Non-Vested
Bryan L. Merritt, General Government, G1 – Non-Vested
Heather Sumpter-Blakemore, General Government, G1 – Non-Vested
Motion: Mr. Harrell made a motion to approve these applications for withdrawal
of employee contributions. Ms. Mahler
seconded the motion. The motion carried
unanimously by the members present.
APPEALS: None
RETIREMENTS:
APPLICATION FOR DISABILITY
NOT IN LINE OF DUTY RETIREMENT: PLAN
A
CHARTER SECTION 1360.20
Michael Jones, General Government Option B-12
15 Year Certain & Life
Date of birth,
(computed as if 62 years of age)
Total credited service: 24 years 4 months
Average base earnings for 3 years, $400.00 x .75% = $3.00
Average excess earnings for 3 years, $1,407.09 x 1.50% = $21.11
making a total of $24.11 benefit pr year of service. $24.10635 x 24.3333 = $586.59
Mr. Jones chose Option B-12 0 15 Year Certain & Life. $586.59 x = .9164 =
$537.55
pension effective
Motion: Mr. Harrell made a motion
to approve this disability, not in line of duty retirement payable under Option
B-12. Ms. Pelot seconded the motion.
The motion carried unanimously by the members present.
APPLICATION FOR EARLY
RETIREMENT: PLAN A
CHARTER SECTION 1360.17
Jerry L. Akin, Schools Non-Certified Option A-9
100% with reinstatement
Date of birth,
Total credited service: 41 years 1 month
Average base earnings for 3 years, $400.00 x 75% = $3.00
Average excess earnings for 3 years, $2,859.83 x 1.50% = $42.90
making a total of $45.90 benefit per year of service. $45.90 x 41.08333 =
$1,885.72. Total benefit
834.04 minus County benefit =
1,051.68 Mr. Akin chose Option A-9 – 100% with reinstatement to Brenda K. Akin, spouse. $1,051.68 x .8029 =
$844.39 pension effective
Motion: Mr. Harrell made a motion
to approve this application for retirement payable under Option A-9.
Ms. Hankins seconded the motion. The
motion carried unanimously by the members present.
Michael D. Zukowski, Schools Certified No Option
Date of birth,
Total credited service: 32 years 6 months
Last date of employment with City: June 1987
Last date of employment with County: May 2002
Average base earnings for 4 years, $400.00 x 75% = $3.00
Average excess earnings for 4 years, $1,735.12 x 1.50% = $26.03
making a total of $29.03 benefit per year of service. $29.03 x 17.50 =
$508.03 x ER Factor .6260 =
$318.03 pension effective
The City benefit is determined using City only salaries and City service time.
The City benefit does not include any County service.
The total amount of the combined City and County benefit is $1,040.04.
25 years required for Early retirement. Supreme Court ruling entitles retiree to combine City & County credited service.
Motion: Mr. Harrell made a motion
to approve this application for early retirement. Ms. Hankins seconded the motion. The motion carried unanimously by the members
present.
APPLICATION FOR DEFERRED
RETIREMENT: PLAN A
CHARTER SECTION 1360.28
Gail Bristow, Schools Non -Certified No Option
Date of birth,
No County service
Total credited service: 10 years 5 months
Average base earnings for 3 years, $400.00 x .88% = $3.52
Average excess earnings for 3 years, $341.26 x 1.76% = $6.01
making a total benefit of $9.53 benefit per year of service. $9.52618 x 10.41667 =
$99.23
pension effective
Motion: Ms. Pelot made a motion
to approve this application for a deferred retirement. Ms. Hankins seconded the motion. The motion carried unanimously by the members
present.
APPLICATION FOR RETIREMENT:
PLAN C
CHARTER SECTION 1390.6
Pat Edward Cureton, Fire Uniformed Option A-6
100% without reinstatement
Date of birth,
Total credited service: 37 years 11 months
$4,113.92 pension effective
Calculation in accordance with the
Pension Board Rules for calculation of pension benefits for reemployed retirees
adopted on
Motion: Mr. Calloway made a motion
to approve this application for retirement payable under Option A-6 – 100% without
reinstatement. Mr. Bates seconded the
motion. The motion carried unanimously
by the members present.
APPLICATION FOR PARTICIPATION
IN THE DELALYED RETIREMENT OPTION PROGRAM (DROP): PURSUANT TO CHARTER SECTION
1390.22 – PLAN C.
The following employee
has chosen a Delayed Retirement Option and will receive a one-time payment of
the accumulated monthly benefits on termination of employment with the City
of
Lynn E. Kirby, Fire Department Uniformed Option A-9
100% with reinstatement
Date of birth,
Total credited service: 33 years 8 months
Average monthly salary for 2 highest 12 month periods, $3,850.73 x 2.5% =
$96.27 x 30 = $2,888.10. Mr. Kirby chose Option A-9 – 100% with reinstatement to Veda Kirby, spouse. $2,888.10 x .9017 =
$2,604.20
pension effective
DROP complete
Motion: Mr. Calloway made a motion
to approve this application for DROP retirement payable under Option A-9.
Ms. Pelot seconded the motion. The motion carried unanimously by the members
present.
APPLICATION FOR LEAVE
OF ABSENCE FOR MILITARY SERVICE: CHARTER
SECTION 1390.20(B)
Jeffrey Shane Conner, General Government:
Motion: Mr. Calloway made a motion
to approve this application for leave of absence for military service. Mr. Bates seconded the motion. The motion carried unanimously by the members
present.
APPROVAL OF INVOICES
FOR PROFESSIONAL SERVICES:
Bryan, Pendleton, Swats & McAllister – Actuary (July) 4,110.00
State Street – Trustee (July 2004) 3,508.56
State Street – Custodial (June 2004) 21,947.10
State Street – Custodial (July 2004) 14,597.00
State Street Global Advisors (money manager) 4,767.23
Summit Strategies Group – investment consultant 31,250.00
INTECH – money manager 81,713.89
Mr. Cherry, Executive Director, has reviewed the bills and certifies that they are consistent with the services provided and are within the budgeted figures of the FY 2005 financial plan.
Motion: Mr. Bates made a motion
to pay these invoices. Ms. Mahler seconded
the motion. The motion carried unanimously
by the members present.
OTHER:
Cost of Living Adjustments – Education
Employees
Ms. Hankins asked the Board to consider
extending the enhanced COLA adjustments
for City A teachers who continued to work for the County after June 1987.
Mr. Cherry advised the Board that the charter provision for the present
calculation for the COLA’s would expire on
INVESTMENT MATTERS:
Mr. Cherry reviewed with the Board
the performance update and presentation materials supplied by money managers,
Sterling Johnston and Oechsle.
PUBLIC COMMENTS:
Mr. Fred Hunter, a retired, Fire Department
Plan F member addressed the Board again, as at the Pension Board Meeting in
August, regarding the 2004 Cost of Living Adjustment (COLA). Mr. Cherry had prepared a spreadsheet for Mr.
Hunter detailing the adjustment, but Mr. Hunter has asked for further clarification.
Mayor Haslam suggested that Mr. Hunter might benefit from explanation
from another Plan F member. The Board members all concurred that Mr. Cherry
was performing the calculation and paying the benefits in accordance with Plan
F provisions.
ADJOURNMENT:
There being no further business, the following motion was made:
Motion: Mr. Bates made a motion
to adjourn the meeting at
________________________
Chair
_________________________
Date
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