Pension Board Meeting

I was unable to make the 3hr, 1 way trip to the Board Meeting yesterday.

Thanks to Retiree Dennis Ribaya for sharing his tape recording of that meeting with me.

Its amazing how smoothly the Pension Business has been running in the last 2 months . All the praise must go out to the Interim Administrator and the other 3 Staff employees for doing a job over and beyond !.

The Public can now fill out a form , prior to the meeting and speak at the beginning of the Board Meeting on any subject that is on the Agenda. this fulfills the new State Law that went into effect on Oct. 1, 2013 .

The interim Administrator found an error in the City of Tampa not deducting enough money from the overtime of many employees, to the tune of approx. 1 million and 1hundred twelve thousand dollars for Pension Contributions. The Pension Staff and the City people have been working very transparently in resolving this issue. The City has put eight hundred eighty eight thousand in the fund and is working very well with our Office Staff to correct this error, they will put the balance in soon and there is no serious issues , no drama and etc.

Divorced retirees will be getting a letter from the Pension Office , for an update on their death beneficiaries to comply with new state law.

The plan attorney said that we will be able to watch the Florida Supreme Court hear Oral Arguments , on the Parker Law suit on Feb. 5, 2014. It will be on the Live Stream Florida Supreme Court web site.

There was one important item that was NOT on the agenda. This was the lack of any discussion , of any kind, about the new Law requiring a second Actuary , prior to a 13th check being declared. The previous Administrator ALWAYS complained that it was an enormous strain on the Staff and every one involved to get the 13th check determined by May 30, each year. I wonder how this is going to affect the determination for the fiscal year ending Sept.30,2013?

In my opinion there should be a 13th check this year, and it could be determined at least by Feb. 2014 ( 3 months sooner ), but the Trustees refuse to address making a change on requiring a speedier actuary.

The fund was at 4.4% and 1 .829 billion .

Thanks !

Tampa Fire Rescue ( Ret. ) District Chief Fred Urbuteit

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