HomeMy WebLinkAboutPension & Audit Committee August 16, 2016
PENSION & AUDIT CONFERENCE ROOM 291
COMMITTEE August 16, 2016
PRESENT: Hons. Hardie Davis, Jr., Mayor; Grady Smith, Mayor Pro Tem; Wayne
Guilfoyle, Finance Committee Chairman; Janice Jackson, Administrator; Donna Williams,
Finance Dept. Director; M. Williams and Hasan, Commissioners; Jody Smitherman, Staff
Attorney; Tim Schroer, Deputy Finance Director; Nancy Morawski, Deputy Clerk of Commission.
1.Adopt amendment to GMEBS Master Defined Benefit Retirement Plan Document
(Master Plan) to incorporate provisions requested by the Internal Revenue Service.
Resolution and correspondence from GMA is attached.
Ms. Williams: This is no change to the plan document, the level of benefits or the
coverages. It is just an administrative resolution that needs to be adopted for us to be in compliance
with the IRS. This was forwarded to us by GMEBS through GMA.
Mr. Guilfoyle: I move it be approved.
Mr. Smith: Second.
Motion carries 5-0.
2.Receive actuarial reports for the Richmond County 1945 and Augusta 1949 Defined
Benefit Pension Plans as of January 1, 2016 from M. William Karbon, CBIZ Benefits
Services.
Ms. Williams: Mr. Karbon was unable to be here today so Mr. Steve Borg will be doing
the presentation.
Mr. Borg made a presentation regarding the actuarial reports and post-employment
benefits.
Mr. Guilfoyle: I move that we receive this as information.
Mr. Smith: Second.
Motion carries 5-0.
3.Presentation of portfolio reports for the 1945 and 1949 plans as of July 31, 2016 from
Charles May, Morgan Stanley.
Mr. May made a presentation regarding the status of the 1945 and 1949 Pension Plans.
Mr. Guilfoyle: I move that we receive this as information.
Ms. Williams: Second.
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Motion carries 5-0.
Mr. Lester Newsome, representative for the retirees of the 1945 Pension Plan, asked that
the committee consider an additional appropriation of $250 per month for the members of that
plan.
The Mayor stated that this matter would be discussed in the upcoming budget discussions
and hopefully by the end of the year the committee would have a plan of action to present.
ADJOURNMENT: There being no further business, the meeting was adjourned.
Nancy W. Morawski
Deputy Clerk of Commission
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