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<br />Meeting minutes of the Board of Trustees for the University City Public Library for October 12, <br />2011 <br /> <br />Attendance <br />Members Present: <br /> Luise Hoffman, Joy Lieberman, Larry Nolan, Susan Glassman, Beth <br />Ostroff <br /> <br />Members Absent: <br />Deborah A. Arbogast (excused), David Stokes (excused), T. Serena Jones <br /> <br />(excused), William Baldwin <br /> <br />City Council Liaison: <br />Steve Kraft <br /> <br />Library Staff: <br />Patrick Wall-Director, Christa Van Herreweghe <br /> <br />___________________________________________________________________________ <br /> <br />The meeting of the University City Public Library was called to order at 5:17 PM by Larry <br />Nolan, President <br /> <br />Minutes <br />The minutes from the September meeting were approved with corrections. <br /> <br />Pension Plan <br />Janet Watson was present to review the employee pension plan. The city has two separate <br />pension plans, one for police and fire fighters and the other for non-uniformed employees. In the <br />past the non-uniformed plan was fully funded and no payment was required into the plan. That <br />has changed in recent years and the libr <br />6.5 % from January 1 until paid. There is an annual actuarial valuation as required by law. The <br />library has 16 full time employees with an annual compensation of $648,000. Annual benefits <br />payable for 2 retirees is $21,000 per year and for 2 terminated vested employees $13,000 per <br />year. <br />The pension board researched the conversion of the plan from a defined benefit plan to a defined <br />contribution plan, as in a 401(a). The report to the city council reviewed the current plan, <br />including history and changes that occurred as a result of the economic downturn, and <br />information on further determination of important items to consider in deciding to convert the <br />pension plans. No decision was made by the pension board. <br />The pension board has issued an RFP for an investment consultation as it is looking into <br />changing financial advisors. There have been recent changes in the board membership. A <br />pension plans description, the report of the pension board regarding conversion of pension plans, <br />history of non-uniformed pension liability and contributions and the Non-Uniformed Employees <br />Retirement Plan is attached. <br /> <br />Correspondence <br />Operation Food Search thank you letter was received. <br />U City in Bloom thank you letter from Linda Ballard was received. <br />Letter received from a patron suggesting battery recycling take place at the library. <br /> <br />