[00:00:00] Speaker 1 · Unclear audio
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Flag: a language review questioned the wording · 00:00:00–00:00:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:01] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
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[00:00:03] Speaker 2 + overlapping voice
Yeah, I mean, I'll have to look at it and I'll take a look at it. Okay.
[00:00:11] Speaker 1
And we'll, if you would, you know, send a draft or a letter maybe before it goes out so we can, like we did on the 13th chapter letter.
[00:00:19] Speaker 2
Yeah. Yeah, absolutely. No problem.
[00:00:22] Speaker 1 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:00:22–00:00:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:23] Speaker 3 · Unclear audio
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[00:00:27] Speaker 3
‸ on the same page. So right now I'm eligible to retire.
[00:00:31] Attribution uncertain
I
[00:00:31] Speaker 3
can retire, you know, two weeks notice.
[00:00:36] No voice detected
I,
[00:00:36] Speaker 3
whether I retire or not, I should be able to elect my beneficiary election now because I'm already eligible to retire instead of waiting until I physically retire.
[00:00:50] Speaker 3 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:00:50–00:00:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:51] Attribution uncertain · Unclear audio
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[00:00:51] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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[00:00:59] Speaker 3 + overlapping voice · overlapping voices
I decide what I
[00:01:00] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:00] Speaker 3
to do, I should be able to elect that now because I'm eligible for
[00:01:04] No voice detected
retirement today.
[00:01:06] Speaker 2
Right. I mean, you can name your beneficiary now, but if you,
[00:01:09] Attribution uncertain
you
[00:01:09] Speaker 2
know, God forbid, were to, you know, pre-discriminate your retirement, it's, I mean, the beneficiary is going to be clear, but it's a benefit. The option is going to be whatever the pre-retirement death benefit is. You're not going to be able to select like a 100% joint and survivor annuity.
[00:01:28] Speaker 1 + overlapping voice · overlapping voices
And that's the
[00:01:29] Speaker 2 + overlapping voice · overlapping voices
reason for the change in the death benefit. That's why we want to change the death benefit to provide a benefit for the life of the beneficiary.
[00:01:37] Speaker 1 · Unclear audio
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Flag: a language review questioned the wording · 00:01:37–00:01:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:01:40] Speaker 1
a
[00:01:40] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:40] Speaker 1
bit before the meeting, just, just he and I, just to be sure, assuming that we're able to change the ordinance so that we have, you know, options. I think what Pat was asking me, and correct me if I'm on Pat, was if we get that change in, can he do like an advanced directive? And I don't think you can because you don't yet know what the benefit is even, you know.
[00:02:02] Speaker 2
No, you could, so I've done it in other plans where you could select, you know, whatever would be the highest amount payable to the beneficiary, which would probably be 100% joint and survivor benefit.
[00:02:17] Speaker 3
Right, and that's what it kind of says in the fire one here.
[00:02:21] Speaker 2 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:02:21–00:02:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:22] No voice detected · Unclear audio
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[00:02:25] Speaker 1 · Unclear audio
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Flag: a language review questioned the wording · 00:02:25–00:02:28 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:28] Speaker 3
Well, there's the.
[00:02:29] Speaker 1 + overlapping voice · overlapping voices
There are ordinances.
[00:02:30] Attribution uncertain
The
[00:02:30] Speaker 3 + overlapping voice · overlapping voices
supplement you handed out. Okay. Yeah, and it's like section C1, basically. If you die. Okay,
[00:02:38] Speaker 1 + overlapping voice · overlapping voices
no, but this is death and longer duty.
[00:02:40] Speaker 1 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:02:40–00:02:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:42] Speaker 1 + overlapping voice
The part about deceased employees ‸ eligible for retirement is what we're talking about. That somebody like you who from an age and or service or a 25 and out person.
[00:02:53] Speaker 1 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:02:53–00:02:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:57] Speaker 1 + overlapping voice
all we have is a 10-year benefit to the survivor.
[00:03:01] Speaker 3 + overlapping voice · overlapping voices
So this, this, that in the line of view. That's a
[00:03:04] Speaker 1 + overlapping voice · overlapping voices
separate, that's a separate thing. We ‸ have, we have provisions on that. Yeah.
[00:03:09] Speaker 3 + overlapping voice · overlapping voices
Yeah. So, so basically what, and I think Steve knows what I'm trying to say. Yeah. So I would designate what my benefit would be now. I don't think you can do that.
[00:03:21] Speaker 3 + overlapping voice · Unclear audio
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Flag: the recognizer flagged its own output · 00:03:21–00:03:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:03:22] Speaker 3 + overlapping voice · overlapping voices
Yeah, no,
[00:03:23] Speaker 2 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:03:23–00:03:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:03:24] Speaker 2 + overlapping voice · overlapping voices
You could do it. You could certainly do it. I mean, you don't know what the amount's going to be. Even though you
[00:03:29] Speaker 1
wouldn't know the amounts?
[00:03:30] No voice detected
You
[00:03:30] Speaker 3 + overlapping voice · overlapping voices
would do the maximum or whatever. If I was single right now, ‸ I would say.
[00:03:36] Attribution uncertain
Leave
[00:03:36] Speaker 3 + overlapping voice · overlapping voices
it to me. Right.
[00:03:37] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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Flag: the recognizer flagged its own output; a language review questioned the wording · 00:03:37–00:03:39 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:03:39] Speaker 1 + overlapping voice · overlapping voices
Any survivor. But can you, can you, is there any question about having made in the, or the, the survivor, if heaven forbid he passed, not having the ability to make an informed decision, let's say it's his wife on her part, once she's got the actual numbers? Isn't there an issue? Yeah.
[00:03:58] Speaker 2
I mean, you could allow the survivor to select the option as well.
[00:04:04] Speaker 3
Because if you go to the drop, you have that option. But you'll be tired when you're living.
[00:04:09] Speaker 2
Drop, yeah, you're considered
[00:04:10] Speaker 2 · Machine re-recognized
retired
Flag: words were replaced by a machine repair · 00:04:10–00:04:11 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:04:11] Speaker 2
if you drop. So, I mean, the fire, the fire death benefit, Sheila, that just passed in October of 2021, the change to the fire death
[00:04:21] Speaker 1 + overlapping voice · overlapping voices
benefit.
[00:04:21] Attribution uncertain
Well, if
[00:04:21] Speaker 1 + overlapping voice · overlapping voices
you look back, I'm looking at B, and it says deceased employees eligible for retirement. And that was, that was affected back in 99. I was thinking that Tammy had said it was new. No, this has been in their plan for a long time. So, yeah, otherwise payable. In other words,
[00:04:38] Speaker 1 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:04:38–00:04:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:04:42] Speaker 1 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:04:42–00:04:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:04:45] Speaker 1 + overlapping voice
I'm just concerned that do we create some problem if he does an advanced directive? And his surviving spouse says, well, no, I don't want that now that I look at the numbers. But you could write it that that person could still have an option to select, like, instead of joint and survivor, they could select, you know, life with tenure certain or something.
[00:05:07] Speaker 2
Yes, yes.
[00:05:08] Speaker 1
Okay.
[00:05:08] Attribution uncertain
So
[00:05:08] Speaker 1
it could be that.
[00:05:09] Speaker 2
Yep.
[00:05:10] Speaker 1
Okay. But, yeah, that's where I was saying I think I misspoke to you. They've had this benefit in there for a long time.
[00:05:20] Speaker 1 · Unclear audio
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Flag: a language review questioned the wording · 00:05:20–00:05:23 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:24] Speaker 2
Yeah. All right. Let me take a crack at drafting the ordinance. And I'll, you know, we'll pass that around as well for comments prior to going forward.
[00:05:33] Speaker 1
Okay. If we could then, Stu, it would be a motion to authorize you to draft a proposed ordinance with review by the trustees and to have the actuary prepare a letter of no impact?
[00:05:47] Speaker 2 + overlapping voice · overlapping voices
Yes. All right. Very good. And then just a third item on the agenda is just to notify you that we're going to just be updating summary plan descriptions. Really not much to update, but we do have to update it and distribute it every two years. So it's time to do that. So we'll have it for the next meeting. Other than that, nothing further. It's afternoon.
[00:06:31] Speaker 1 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:06:31–00:06:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:06:31] Speaker 3 + overlapping voice · overlapping voices
You
[00:06:32] Speaker 2 + overlapping voice · overlapping voices
got it. Yeah, absolutely.
[00:06:33] Speaker 1 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:06:33–00:06:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:06:38] Speaker 1
I have sent you the fall school, the FPPTA school, and the Division of Retirement. Their free school is going to be over in Orlando. So if anyone, you know, is going to attend, just get with me and we'll get it taken care of. The Division of Retirement one is actually at the end of September, and the FPPTA is early October, also in Orlando. Let's see here. We don't have anybody's terms expiring because of the four-year terms, so we don't have to do anything on that.
[00:07:17] Speaker 1 · Unclear audio
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Flag: a language review questioned the wording · 00:07:17–00:07:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:07:21] Speaker 3
Maybe Stu can answer this.
[00:07:23] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:07:23–00:07:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:07:25] Speaker 3
The governor made an actual statute preventing any government agency from paying any type of ransom for, like, a cyber attack. Does that affect us at all, Stu? Or is that just...
[00:07:43] Speaker 2
I would need to take a look at it. This is the first time I'm actually hearing about it, so...
[00:07:48] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:07:48–00:07:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:07:54] Speaker 3
ransom.
[00:07:56] Speaker 2
Yeah, I'll have to look and see if that's applicable to just state agencies or whether it goes down to municipal agencies as well. So, I'll take a look, but, yeah, I had not heard that.
[00:08:07] Speaker 1 + overlapping voice · overlapping voices
But we'll still be, you know, trying to get the insurance. And as you may... Yeah,
[00:08:12] Speaker 2
and...
[00:08:14] Speaker 1 + overlapping voice · overlapping voices
Go
[00:08:14] Attribution uncertain
ahead.
[00:08:14] Speaker 1 + overlapping voice · overlapping voices
Yeah, and
[00:08:14] Speaker 2 + overlapping voice · overlapping voices
if it's not needed, if it's... Well, yeah, I mean, we're still going to need it, regardless of whether we could pay a ransom.
[00:08:21] Speaker 1 · Unclear audio
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Flag: a language review questioned the wording · 00:08:21–00:08:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:24] Speaker 1
get it renewed. I'm getting sort of some of the same comments from the agent, but I have been in touch with them. As a matter of fact, just on Monday, and I'll be submitting the applications. So, we'll see.
[00:08:38] Speaker 2
Okay, let me know. I have not seen the same rise in premiums as we did last year.
[00:08:44] Speaker 1 + overlapping voice · overlapping voices
Yeah, they didn't really talk about the premiums just so much as that that market is tightened up. And, like, ‸ the application last year was much less... I mean, it was much shorter and many fewer questions than this year.
[00:09:00] Speaker 1 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:09:00–00:09:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:04] Speaker 1 + overlapping voice · overlapping voices
the existing and shop the market. So, ‸ I'm working on it now. I have to have ‸ later this month.
[00:09:11] Speaker 2
All right. Let me know if you need assistance.
[00:09:14] Attribution uncertain · Unclear audio
[unclear audio]
Flag: words only one machine reading has (possibly not said) · 00:09:14–00:09:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:14] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
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[00:09:15] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:09:16] Attribution uncertain · Unclear audio
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[00:09:16] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:09:19] Speaker 1 + overlapping voice
We have under new business... This is our annual administrative budget. As you know, this has been a statutory requirement since 2015. We prepare it. It's not an appropriations budget like the city has, you know. But we do that and then we submit it to the city as our plan sponsor and we'll send it to the chairman to distribute via your internal system for the members. And that has to be done and sent out before October 1. It's for next year... next fiscal year. And then, as you may recall, after the end of this fiscal year, then we do what's called a detail of what our actual expenses were. So, the action that we do is that the board, if you accept it, is that you approve that budget and you provide for distribution as noted to the city and to the
[00:10:29] Speaker 1 + overlapping voice · Machine re-recognized
numbers
Flag: words were replaced by a machine repair · 00:10:29–00:10:29 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:10:29] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:10:29–00:10:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:31] Speaker 1 + overlapping voice
be amended on a line item basis, but only if exceeded in the aggregate. Which we've never had to do.
[00:10:39] Attribution uncertain · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:10:39–00:10:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:39] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:10:43] Speaker 3
Is it the motion that we've proposed...
[00:10:47] Speaker 1 + overlapping voice · overlapping voices
Yes. And for distribution and amendment only if exceeded in the aggregate.
[00:10:53] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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Flag: a language review questioned the wording · 00:10:53–00:10:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:56] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:10:56–00:10:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:58] Speaker 3
I...
[00:10:58] Speaker 1
Okay. ‸ Okay, thank you. And then, um... I have all of our disbursements, etc. that are there for ratification by the board.
[00:11:18] Speaker 3
Okay.
[00:11:27] Speaker 1 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:11:27–00:11:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:11:29] Speaker 1
Okay, thank you. That was all I had.
[00:11:45] No voice detected
Okay.
[00:11:48] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:11:48–00:11:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:11:50] Speaker 1 · Unclear audio
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Flag: a language review questioned the wording · 00:11:50–00:11:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:11:53] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:11:53–00:11:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:11:58] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:11:58–00:12:13 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:02] Speaker 2 · Unclear audio
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[00:12:02] Attribution uncertain · Unclear audio
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[00:12:12] No voice detected · Unclear audio
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