General Employee Pension Board - Regular Meeting

And that's a move that we're not proceeding with.

Good point. Is there a conflict of interest between the actuary and the administrator?

You're currently our actuary. Yes, now I know. And you take on the additional role of administrator. Does that create a conflict of interest?

You said something interesting. I believe it was a hospital in Tallahassee that dropped the plan. Could you explain why they dropped the plan?

problem you've got us on this display above you might want to just touch the see it's on the I think if you go up on the side and touch it'll go those those sounds that's just your display isn't in control there see what I mean it's a display side it's not from the laptop

You have to allow him to share on this side. Okay. All right. So you can see this now?

Which village, plan, city do you think is closest to us that you're doing right now? So what municipality that you're doing this for right now is closest to us?

You can read them. I can't on the screen.

What does it mean that we're giving them data as to payroll and they're using that? I don't understand what bookkeeping is in this.

Well, he's a bachelor. He would have thrown us out.

Comparable plans in this area that you're presently the TPA for?

And where are you folks physically located?

Some questions for you. First, you are much more exposed to this – than we are because you've been. Are any of the four of these disqualified because you think they're bad guys?

Any of them too big? No. My sense was that the first and last presentations were good. The middle two were terrible. the HYN asking us what we're looking for is in my book, Lunacy. Because I've interviewed hundreds of people. My sense is if we didn't have a decision from the police board, I think we would be looking carefully at the first and last resource center and Gabriel Roeder. But with the police board doing it, I think the of us to be able to do the accounting to feed to it, I think we're much better off with one for all of us. So my sense is that we should do Gabriel Rotary.

But they're really very different functionality. The actuary has to meet certain professional standards. I mean, an actuary is almost the same level of a lawyer in terms of just all of that.

And I feel strongly that a single one or both makes it easier from our side. And I think that's more important.

So what you're telling us is the plan administrator...

I actually asked this question about a year and a half ago. And my sense is that the manager and, in this case, the head of HR, should have addressed this. And I asked this question, and again, we're sitting here today without an answer to that. And I'm not sure the TPA is actually involved in as much as our internal processes. But to not have basic historical employee.

I'm sorry Mr. Scott isn't here today, but I would have began to address that. At the end of the day, he's the boss.

But he should have been able to, at least on a forensic basis, go back and recreate it.

I heard exactly that discussion like a year and a half, two years ago. I continue to ask the question. Maybe the record's got thrown out. God help us, it might happen. But from my point of view, the manager and the head of HR should be the ones pointing to that. If they come back and say, look, we just can't find it, it's gone, then it's going to need to be a reasonable... accommodation for that because something to do that maybe it's just more asking you what you think it is and saying okay we'll go with that

But it's pre-tax money, so therefore the benefit is paid. In the future, it's taxable.

So when she gets the 1099-MIS or whatever comes out on this, it's going to say that some of this is not taxed.

It's the mid-'90s. I can't remember exactly. The parallel is Roth versus IRA.

and they can do a reasonable number of the service and probably buy it.

Well, can we go back, though? And I understand exactly what you're saying, as I've been discussing this for a while. But maybe just by motion, I think that we should move ahead and hire GRS. I'll make that as a motion.

I would put it in. I'm just saying. But tell us now, we're saying, yes, go ahead and hire them, but the difference between Maybe I should be closer. What I'm saying is, though, that it's subject to contract, and who signs that contract for us?

I would hate them not to be parallel. That's the only thing that concerns me.

The call of it no more than 3%. Correct. Okay. That's why I was asking the question.

But again, if the police are not doing that, it leaves us with a slight difference in the contract.

I'm not sure anybody asked that question.

To the maximum extent possible to make them parallel.

They haven't passed that ordinance. Not yet. So we're still legal. Correct.

Let me ask a question. The appointment to this board, to any board, is done by the council. They're then going to DELEGATE AN APPOINTMENT TO THE BOARD ITSELF? YES. IS THAT LEGAL?

Question for you. Perhaps in a side letter, we might ask the... the incoming TPA to review historical documents related to this because it's very important. I mean, this is really the Roth versus IRA issue writ large, and I would hate to see long-term employees wind up double-taxed.

Yeah, I'm just saying that, you know, I've seen this issue at least a year and a half where it's, let's say, I'm going to be nice, unclear what the historical, you know, payroll was. And I really think they've got to go back and get this or at a minimum come up with a reasonable estimate that you can argue with the service about.

Well, they're leaving early. They've said they're leaving at the end of the year. Yeah, at the end of the year.

Yeah, they said they were leaving on December 31st. I'm sure they'd be a professional and healthy. They said they would. Yeah, I'm not worried. That doesn't worry me, but we're looking at it.

My question is more fundamental than that. I don't want to be an HR manager for the fifth slot.

Yeah, but I'm saying then that we wind up the hiring committee because we look at all of the resumes and stuff and got to try to tease out which of those would be the fifth person. I'd much rather dump that on the council.

Thanks for accommodating me. I really have an extremely...

I was going to say, how long have you missed that? Thanks again, everybody. I'll let you get out first, George. These chairs just are a little difficult.