2012-12-10 Regular session - Laserfiche WebLink

Home Browse Search

Mr. Price moved to approve the Sunday Liquor License for Olive Supermarket, 8041 Olive Boulevard, was seconded by Ms. Carr and the motion carried unanimously. 4. Reciprocal Golf Course Agreement with the City of Creve Coeur. The staff recommended approval of the Reciprocal Golf Course Agreement with the City of Creve Coeur. Ms. Carr moved to approve the Reciprocal Golf Course Agreement with the City of Creve Coeur, was seconded by Mr. Glickert and the motion carried unanimously. 5. Additional Employer’s Contribution to Non-Uniformed Retirement Plan. The staff recommended approval of Additional Employer’s Contribution to Non-Uniformed Retirement Plan. Mr. Price asked Mr. Carr as the Chairperson of the Pension Board to give a brief presentation on behalf of the Non-Uniformed Pension Board. Mr. Jim Carr, 7901 Gannon Avenue Mr. Carr stated he was speaking in the capacity as the Chairman of the Non-Uniformed Pension Board. He stated that Council had information in their packets plus the documents that he asked to be distributed showing everything that has occurred within the Pension Board regarding the motion that was passed on November 27, 2012, to have additional money ($100,000/month) which would be in addition to the annual contribution being made to the Non-Uniformed pension. Mr. Carr stated was available for any questions. Ms. Carr asked if the Pension Board discussed the funding level of other communities in the area for comparative purposes. Mr. Carr said no, they did not have database of what other communities were doing. He said they were just assured by the actuary that they were not alone in the under- funding level because most municipalities and corporations were under-funded to some extent. Ms. Carr asked if the Board consulted with the actuary on the necessity of this contribution because it was not clear in the minutes, to which Mr. Carr said no. Ms. Carr asked if the board had consulted with the actuary or any other experts on establishing an amount to which Mr. Carr said not to his recollection. Ms. Carr asked how the amount of $1.2 million was determined. Mr. Carr stated that it was estimated in various ways to arrive at a number that would bring the pension plan to an 80% funding level which would a little closer to parity with the Uniform Pension Plan, which has its’ own funding mechanism. Ms. Carr asked if other amounts were suggested. Mr. Carr stated that the Pension Board has discussions over a course of several meetings and he believed they discussed a range of ideas before deciding on a 4