Item 5ACITY OF ATLANTIC BEACH
~„ CITY COMMISSION MEETING
STAFF REPORT
AGENDA ITEM: Police Employee's Pension Plan Board's Report.
SUBMITTED BY: George Foster, Human Resource Manager
AGENDA ITEM #SA
FEBRUARY 23, 2004
DATE: February 17, 2004
BACKGROUND: At the Commission meeting on August 26, 2002, the Mayor
requested that boards and committees make semi-annual reports to
the City Commission. This report, and a verbal report to be
provided to the Commissioners on February 23, 2004, is hereby
submitted by the Police Employee's Pension Board.
As of the last annual actuarial evaluation report dated 09/30/02,
there were 26 active members, 7 regular retirees, 2 disability
+~ retirees, and 3 separated vested members.
Today there are 25 active members, 8 regular retirees, 3 disability
retirees, and 4 separated vested members.
The City's October contribution rate changes each year based upon
"""' an actuarial evaluation and is based upon September 30th data
from the preceding year.
The current contribution rate, effective October 2003, is 13.31 % of
salary or $242,637. Contribution rates for the past five years were:
October 2003 13. 31% $242,637
October 2002 12. 44% $225,991
October 2001 11. 75% $224,812
October 2000 10. 33% $183,091
October 1999 10. 19% $180,019
RECOMMENDATION: None. This Staff Report is for information only.
ATTACHMENTS: 1. Pension Board members and professional services
2. Merrill Lynch December 31, 2003 Summary Report,
Page 2 and Page 6
CITY MANAGER:
~•
~.
CITY OF ATLANTIC BEACH
~. PENSION BOARDS
GENERAL EMPLOYEE'S PENSION BOARD OF TRUSTEES:
Elected Timothy Townsend (Tim) Chair
Elected J. Tom Wells Chair Pro-Tem
Commissioner Tony F. Downing Secretary
Commissioner Edward (Ed) L. Lipscomb Member
At Large Harry E. McNally Member
POLICE EMPLOYEE'S PENSION BOARD OF TRUSTEES:
Elected Henry Bartle Chair
Elected Dale Hatfield Chair Pro-Tem
Commissioner Tony F. Downing Secretary
Commissioner Edward (Ed) L. Lipscomb Member
At Large Harry E. McNally Member
PROFESSIONAL SERVICES -BOTH BOARDS:
Consultants & Actuaries
"~"' Gabriel, Roeder, Smith & Company
Legal
Sugarman & Susskind
Investment Managers
~ TRUSCO Capital Management
EuroPacific
~,,, Investment Advisor
Memll Lynch Consulting Services
AGENDA ITEM #SA
FEBRUARY 23, 2004
01/01/06
08/08/04
12/31/07
10/11/07
03/27/07
11/09/04
08/06/05
12/31/05
10/11/OS
03/27/05
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CITY OF ATLANTIC BEACH
~,,, CITY COMMISSION MEETING
STAFF REPORT
AGENDA ITEM: General Employee's Pension Plan Board's Report.
SUBMITTED BY: George Foster, Human Resource Manager
DATE: February 17, 2004
AGENDA ITEM #SA
FEBRUARY 23, 2004
BACKGROUND: At the Commission meeting on August 26, 2002, the Mayor
requested that boards and committees make semi-annual reports to
the City Commission. This report, and a verbal report to be
provided to the Commissioners on February 23, 2004, is hereby
submitted by the General Employee's Pension Board.
As of the last official evaluation report dated 09/30/02, there were
75 active members, 23 regular retirees, 2 beneficiaries, 2 disability
retirees, and 13 separated vested members.
Today there are 82 active members, 23 regular retirees, 4
+~ beneficiaries, 2 disability retirees, and 12 separated vested
members.
~""' The City's October contribution rate changes each year based upon
an actuarial evaluation and is based upon September 30th data
from the preceding year.
The current contribution rate, effective 10/01/03, is 12.71% of
salary or $381,518. Contribution rates for the past five years were:
October 2003 12.71% $381,518
October 2002 11.81 % $315,106
October 2001 11.41% $288,070
October 2000 11.24% $266,148
October 1999 11.58% $259,414
RECOMMENDATION: None. This Staff Report for information only.
ATTACHMENTS: 1. Pension Board members and professional services
2. Merrill Lynch December 31, 2003 Summary Report,
Page 2 and Page 6
CITY MANAGER:
AGENDA ITEM #SA
FEBRUARY 23, 2004
CITY OF ATLANTIC BEACH
PENSION BOARDS
GENERAL EMPLOYEE'S PENSION BOARD OF TRUSTEES:
Elected Timothy Townsend (Tim) Chair 01/01/06
Elected J. Tom Wells Chair Pro-Tem 08/08/04
Commissioner Tony F. Downing Secretary 12/31/07
Commissioner Edward (Ed) L. Lipscomb Member 10/11/07
At Large Harry E. McNally Member 03/27/07
POLICE EMPLOYEE'S PENSION BOARD OF TRUSTEES:
Elected Henry Bartle Chair 11/09/04
Elected Dale Hatfield Chair Pro-Tem 08/06/05
Commissioner Tony F. Downing Secretary 12/31/05
Commissioner Edward (Ed) L. Lipscomb Member 10/11/OS
At Large Harry E. McNally Member 03/27/05
PROFESSIONAL SERVICES -BOTH BOARDS:
Consultants & Actuaries
Gabriel, Roeder, Smith & Company
Legal
Sugarman & Susskind
Investment Managers
TRUSCO Capital Management
EuroPacific
Investment Advisor
Merrill Lynch Consulting Services
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