CCMtg10-30-95SM (2)MinLONG WOOD CITY COMMISSION
LONG\VOOD CITY COMMISSION CHAMBERS
1]5 W. WARNEN AVENUE;
LONG WOOD, FI.ORIUA
SPECIAL MEETING
OCTOHER 30, 1995 6'30 P. M. _
Present- Mayor Bill winzion
Depu y Mayor Jim Cnrriro
Commissioner Iris Benson
Cot m' Ran Snrgcn
Con cr Ann e Vnc
W. Slnehon Snitli. City Administrator
Geraldine D. `Lantbti. City Clerk
Richard S Taylor, Jr., City Attorney
CALL TO ORDER. Mayor Winston called a special meeting ~c order at 6.SO p.~n
2. SELECTION OE COMPANY TO PNOVIDE AI:I'ERNA'iIVE RGI~IREMENT
PLAN FOR CI I Y EMPLOYEES HIRED AS OF JANUARY 1. 1996.
Mr. Smith reverser: h is prior remntmenda~ion to select PENSCO. saying he had tried ~o get
information front PEBSO. n well es, ICMA wi~b regarA ~o providing the alternative plan
ompliance wish thesute law. He wu~inued.saying he was 90~sure they ennnoi dothe
defined beticft plan for police and fre reynired by the st With n infomiaiion
forthco ng Ero either mp2ny. Mr. Smith said he checked with the Floridn League and
ml
they agreed a defined ben •fii plan .vas required and they hnve the ability ~U provide.vhat
thesinte requires. Mr. Smith rvdvised that tie city nlerk h~nd worked upa rxlendar o[evena
implement die plan. He fiucher cvplninedthai ins~mnce loonies collected will probably
pay for die rys~ont for awhile- and ev unll~•, an overall savings o[ 89o io 109o will be
eallzed over wlint svonld hnve been pall into die sate, syatcm. Mr. S~nidi tewmmendecl
die City go with the pension plain provided by the Floridn League. The city clerk then
explxined the schedule for adoption of the plan.
Motion by Commissioner Vacca. seconded by Commissioner Benson than the
City respond to the op~ out provision by going .viih the Florida League of
Cities' Pension Plan
In response to Commissioner Sargen~'s logo try abom she plan provided ~a the teachers. Mr.
Smith rvdvised Ilia) Ihey would nog necessarily have what il~e stoic required doe to having
no special ask employees.
CC IU3U~95U]i
wnb reeam m me type me pmn meeer«i tm n,e general empmyees, n,e co~n,mrssinn .~a~
advised that the league would supply information will, regard to a defined benefit plan. and
t thereof, a defined oantnbution. and percent of contribution needed in older I'or tl,e
benefit paok»,ee w be similar t„ tl,e benefit package ved by einployu under the
to plan. At that time, tl,e Commission could decide wli <b plan d,ey would prefer ,r
pi ovide.
Morion earned by unm,imoux roll call Dote.
3. ADIOURN.
Motion by Commissioner Vacca, se onded by Commissioner Rcnson fa
adjo, the and to e nt 7:00 p.m. for the next n,ceting.
ling
Carried by unae,lmous mll emi~evo iaven jj'//'--''
v 5l/.~~N~¢~--
Willinm E. tVinston, Mayor
A"Il',FST:
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CC 1030-9iV'/4