11-11-96 Joint Mtg with PBOT MINUTES OF THE JOINT MEETING OF ATLANTIC BEACH CITY COMMISSION AND
PENSION BOARD OF TRUSTEES HELD IN COMMISSION CHAMBERS, CITY HALL, 800
SEMINOLE ROAD, AT 6:30 PM ON MONDAY, NOVEMBER 11, 1996
City Commission Members Present:
Lyman T. Fletcher, Mayor
John Meserve, City Commissioner
Tim Reed, City Commissioner(Arrived 6:45 PM)
Steve Rosenbloom, City Commissioner
Suzanne Shaughnessy, City Commissioner
Pension Board Members Present:
Stuart K. Hicks, Chairman
John Fletcher
Don Ford
Jared I. Smith
Chip Tousey
Also: James R. Jarboe, City Manager
Alan C. Jensen, City Attorney
Maureen King, City Clerk
Mayor Fletcher called the meeting to order and explained that the meeting had been called to clarify
any questions the Pension Board members had regarding the responsibilities of the board and invited
the board members for their comments.
Stuart Hicks indicated that there was a difference of opinion between the employee representatives
and the other board members regarding the role and responsibilities of the board. He indicated that
the specific matter which brought about this difference was the recent request for a 3% cost of living
increase for retirees. Mr. Hicks indicated he felt this was a policy decision which should be decided
by the City Commission. Don Ford, General Employees' representative to the board, however, felt
that retirees had no other avenue available to them through which to request an increase. Mr. Ford
indicated that historically, the board had reviewed requests for pension enhancements and make
recommendations the City Commission based on actuarial reports. Mr. Hicks, however, felt that the
board should make recommendations only if directed to do so by the City Commission.
Discussion ensued and the City Attorney indicated that while the ordinance did not require the board
to make recommendations,they could do so if they chose, or they could make recommendations on
matters referred to them by the City Commission. It was felt, however, that the language in the
pension ordinance was vague and should be rewritten. However, the Mayor felt the matter of a
COLA for retirees needed to be resolved as quickly as possible. Mr. Hicks pointed out that a meeting
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Minutes of Joint Meeting
November 11, 1996
of the Pension Board was scheduled for the following evening at which time the board would
consider hiring their own legal advisor. The City Manager, however, pointed out that only a limited
amount of money had been budgeted for that purpose.
Commissioner Rosenbloom inquired whether the fund was over funded and Mr. Hicks indicated that
the plan had done extremely well with the investments. However, he indicated that the fund had gone
from being over funded to being under funded based on recent changes in the market. Finance
Director Ann Meuse indicated that in her opinion the fund was not under funded but that there was
a change in accounting principals which changed the method of evaluating the fund and while the fund
may appear to be under funded, this was on paper only.
Following further discussion it was consensus that the pension ordinance should be updated and that
the question of the COLA for retirees should be resolved as quickly as possible.
There being no further discussion, the meeting was adjourned at 7:15 PM.
Maureen King
City Clerk