HomeMy WebLinkAboutRetirement Committee - Minutes - 09/28/1987• G E N E R A L E M P L O Y E E S
P E N S I O N B 0 A R D
MEETING MINUTES
September 28, 1987
Members Present: Angie Powell
Mollie Mercer
Dennis Sumner
Deb McClurkin
Alan Krcmarik
Also Present: Mike Powers
Donna Groves
Draft of Retirement Brochure
Mike Powers informed the board that the plan as it is written now does
not address service credit for employees eligible for disability under
Long Term Disability (non work related injuries) as being able to earn
service credit for retirement benefit calculations.
• Mike asked the board consider changing the plan so that both Workers
Compensation and Long Term Disability disabled personnel would earn
service credit.
Clarification was given for the difference between Long Term
Disability (LTD) and Workers Compensation (WC). When an employee is
disabled from a non work related accident it is terms LTD. When the
disability results from a work related accident it is terms WC. The
benefits for each are 2/3 salary, but the WC benefit also includes
medical coverage.
Mike Powers proposed that Employee Development make the change in the
draft of the booklet and also reflect the change in the plan. After
the exact language is put together an electronic vote could be taken
by all the board members. After this is completed, the board should
meet to discuss the draft prior to meeting with Mr. Mazanec. It was
agreed that this was the way the board would proceed. The Employee
Development office will coordinate with Mr. Mazanec for meeting.
Regular Meeting Schedule
Angie Powell asked for input from board members regarding the
scheduling of regular meeting dates. It was decided to meet according
to when the quarterly investment report was published, approximately
45 days after the end of the quarter.
• The next meeting will be Monday, November 16 at 1:30 in the Finance
conference room.
General Discussion
Dennis Sumner visited with Jerry Roth, an employee who is looking at
early retirement within the next three years. Mr. Roth was looking at
the various options of the retirement benefit and realized that be
including his wife in the joint and survivor benefit option, the
amount he would be receiving would be reduced by $200.00. He could
take that $200.00 each month a buy a some type of term life insurance
for his wife's protection and probably still be ahead a few dollars.
Mr. Roth suggested to Dennis that the it would be helpful if the City
were to look at offering something like this through their group
insurance carrier. Mike Powers added that the City is currently
looking at buying annuities for the Old Hire Police rollover and may
look at including something as a group. They City may want to look at
the Old Hire Fire and Police conversion as a model for this type of
situation. Dennis Sumner added that the board should be looking at
this as a broad picture, not just this one particular instance.
Angie Powell motioned for adjournment and Dennis Sumner seconded the
motion.