CITY OF
MINUTES
917B
The regular meeting of the City of
Present were: Mayor Bill Haslam, Mr. Kent Bates, Mr. Scott Calloway, Mr. Buddy Harrell, Mr. Stephen King, Mr. Christopher Kinney, Ms. Barbara Pelot, Mr. Michael Cherry and Attorney Rob Quillen.
CALL TO ORDER:
Mayor Haslam presided and called
the meeting to order at
Mr. Cherry introduced Rob Quillen, Attorney with Kennerly, Montgomery & Finley, who attended for Bud Gilbert.
APPROVAL OF REGULAR
MEETING MINUTES FOR
Motion: Mr. Harrell made a
motion to approve the
APPROVAL OF REVISED AGENDA:
Exhibit 1
The Revised Agenda was approved without objection.
CONTRACTS: None
ADMINISTRATIVE
MATTERS:
Charter Amendment List Discussion –
Exhibit 2
Mr. Cherry advised the Board that
each item on the list of suggested charter amendments for the 2006 referendum
needed to be reviewed and ready for discussion at the
Actuary Study – Retired Uniformed
Officers
Mr. Cherry informed the Board that
he had received a request from retired Fire Department uniformed employee, Mr.
Bill Warwick, for an actuary study regarding proposed items for uniformed
retirees. Mr. Cherry advised that the
Pension Board has not historically paid for actuarial studies to determine the
financial value of proposed benefit enhancements. He further indicated that he
would ask Mr. Gilbert to further advise the Board at their
Payment of Ophelia Martin’s funds including interest: Charter Section 1352.6
Mr. Cherry advised the Board that he had received the letter of conservatorship necessary to release benefit payments for Ophelia Martin. He recommended the pension board authorize the payment of one year’s interest.
Motion: Mr. Kinney made a motion
to pay benefits due of $38,137.33 as of
EXECUTIVE DIRECTOR
COMMENTS:
RREEF-DB Real Estate
Mr. Cherry advised the Board that RREEF owns no property in any of the states affected by hurricane Katrina.
ATTORNEY COMMENTS:
Glenda Fields Litigation
Attorney Quillen advised the Board that there was no change in the status on the Glenda Field’s litigation.
Global Crossing Bankruptcy Proceedings – Exhibit 3
Attorney Quillen distributed a memorandum to the Board regarding the Global Crossing Limited Adversary Proceedings. Attorney Quillen advised the Board that his firm was recommending that the Pension System join the Wilmer Group in their motion to dismiss, in the interest of litigation economy.
Motion: Mr. Kinney made a motion
that the Pension System join, and be represented by the Wilmer Group in the
Global Crossing Bankruptcy Proceedings and that Mr. Cherry be authorized to
execute and deliver an engagement agreement reflecting the terms of the Wilmer
Group proposal. Mr. Bates seconded the
motion. The motion carried unanimously
by the members present.
ENROLLMENTS:
The following General Government employees have filed applications to
become members of the Plan G1 pension system.
Buford Barnard
Ralph D. Branche
McKinley J. Goetz
Renee Kesler
Steven McGhee
Gary
B. Norman
David A. Young
Motion: Mr. Bates made a motion
to approve these applications for enrollment in the Plan G1 pension
system. Mr. Calloway seconded the
motion. The motion carried unanimously
by the members present.
The following Police Department – Uniformed employees, have filed
applications to become members of the Plan C pension system.
Dana E. Amazeen
James D. Campbell
Joshua E. Dykes
Lance G. Halseth
Travis M. Harvey
James A. Henley
Andrew J. Jurbergs
Patrick L. Klepper
Joseph N. Linger
Robert G. Lister
Jason A. Mills, Sr.
Craig B. Milne
Eric J. P’Simer
David L. Roncska
Tyler J. Wylie
Motion: Mr. Bates made a motion
to approve these applications for enrollment in the Plan C pension system. Mr. Calloway 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.
Rickey W. Bundren, General Government, G-1, Vested
James D. Clabough, General Government, G-1, Non-vested
Jennifer Coe, Police Department, Plan C, Non-vested
Kevin Dubose, General Government, G
-1, Non-vested
George D. Waller, General Government, G -1, Non-vested
Motion: Mr. Calloway made a
motion to approve these applications for withdrawal of employee
contributions. Mr. Harrell seconded the
motion. The motion carried unanimously
by the members present.
APPEALS:
RETIREMENTS:
APPLICATION FOR
INJURY IN LINE OF DUTY: PLAN G2 (BLUE TAB)
CHARTER SECTION 1360.22
Walter G. Brabston, Jr., General Government Option A-5
75% without reinstatement
Date of
birth,
Total credited service: 25 years 2 months 10 days**
*Computed as if 62 years of age
**Computed as if worked until 62 (31 years 10 months 26 days)
$1,519.46
pension effective
Motion: Mr. Kinney made a motion
to deny this application for an injury in line of duty retirement based on Dr.
Cooper’s letter and the medical reports.
Mr. Bates seconded the motion.
The motion to deny carried unanimously by the members present.
APPLICATION FOR
RETIREMENT: PLAN G2 – RULE OF 80
CHARTER SECTION
1371.4
Walter G. Brabston, Jr., General Government Option A-5
75% without reinstatement
Date of
birth,
Total credited service: 25 years 2 months 10 days
$1,282.21
pension effective
Motion: Mr. Kinney made a motion
to approve this application for a Rule of 80 retirement benefit payable under Option
A-5. Mr. Calloway seconded the
motion. The motion carried unanimously
by the members present.
APPLICATION FOR RETIREMENT: PLAN A
CHARTER
SECTION1360.12
JoAnn F. Beckley, Schools Non-Certified Option A-9
100% with reinstatement
Date of
birth,
Total credited service: 35 years 1 month (City & County combined)
Average base earnings for 3 years, $400.00 x .88% = $3.52
Average excess earnings for 3 years, $2,335.88 x 1.76% = $41.11
making a total of $44.63 benefit per year of service. $44.63 x 35.08333 =
$1,565.77 Total benefit
864.39 minus County benefit =
701.38. Ms. Beckley chose Option A-9 - 100% with reinstatement to Harold L. Gutridge, spouse. $701.38 x .7876 =
552.41 City pension effective
Motion: Mr. Harrell made a
motion to approve this application for retirement payable under Option A-9 with
reinstatement. Mr. Calloway seconded the
motion. The motion carried unanimously
by the members present.
Walter E. Blakley, General Government No Option
Date of
birth,
Total credited service: 13 years 4 months 2 days
Average base monthly salary for 2 years, $400.00 x .75% = $3.00
Average excess monthly earnings for 2 years, $1,402.36 x 1.50% = $21.04
making a total of $24.04 benefit per year of service. $24.04 x 13.3388 =
$320.66
pension effective
Motion: Mr. Harrell made a
motion to approve this application for retirement. Mr. Calloway seconded the motion. The motion carried unanimously by the members
present.
APPLICATION FOR EARLY
RETIREMENT: PLAN A
CHARTER SECTION
1360.17
Donald A. Graham, Schools Certified No Option
Date of birth,
Total credited service: 35 years
Last date of employment with City: June 1987
Last date of employment with County: June 2005
Average base earnings for 4 years, $400.00 x 75% = $3.00
Average excess earnings for 4 years, $1,502.00 x 1.50% = $22.53
making a total of $25.53 benefit per year of service. $25.53 x 17 =
$434.01 x ER factor .7513 =
$326.07
pension effective
The City benefit payment is determined by using City only salaries and City Service time. The City benefit does not include any County service.
The total amount of the combined City & County benefit is $2,371.33.
25 years required for Early retirement. Supreme Court ruling entitles retiree to combine City & County service.
Motion: Mr. Calloway made a
motion to approve this application for retirement. Mr. Harrell seconded the motion. The motion carried unanimously by the members
present.
APPLICATION FOR
PARTICIPATION IN THE DELAYED RETIREMENT OPTION PROGRAM (DROP): PURSUANT TO
CHARTER SECTION 1371.8 – PLAN G2.
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
Linda K. Duncan, General Government Option A-7
50% with reinstatement
Date of
birth,
Total credited service: 21 years 9 months 29 days
Average monthly salary for 2 highest – 12 month periods, $3,055.66 x 2.1% =
$64.17 x 21.82945 = $1,400.80. Ms. Duncan chose Option A-7 – 50% with reinstatement to Tom Duncan, spouse. $1,400.80 x .9185 =
$1,286.63
pension effective
DROP
complete
Motion: Mr. Bates made a motion
to approve this application for DROP retirement payable under Option A-7 with
reinstatement. Mr. Harrell seconded the
motion. The motion carried unanimously
by the members present.
Ms. Pelot arrived at
APPROVAL OF INVOICES FOR PROFESSIONAL SERVICES: (GREEN TAB)
Bryan, Pendleton, Swats & McAllister – Actuary (June 2005) $ 8,235.00
State Street Global – money manager (2nd Qtr. 2005) 4,214.68
INTECH – money manager (2nd Qtr. 2005) 92,912.64
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 system’s financial plan.
Motion: Mr. Bates made a motion
to approve payment of these bills. Mr.
Calloway seconded the motion. The motion
carried unanimously by the members present.
OTHER:
INVESTMENT MATTERS:
Final Investment Policy
Mr. Cherry advised the Board that
he had received information from investment consultant, Dan Holmes, on private
equities which would be incorporated into the investment policy. Mr. Cherry and the Board discussed the need
to finalize the investment policy revisions in October, in order to have the
revised Investment Policy ready for City Council after
PUBLIC COMMENTS: None
ADJOURNMENT:
There being no further business, the following motion was made:
Motion: Ms. Pelot made a motion
to adjourn the meeting at
____________________
Chair
____________________
Date
M:\Board\Agendas-attach
sheet\Agendas\2005\september.doc