CC - 12-15-81 - Study Session MeetingAPPROVED
CITY OF FOSENMAD
PATE a - 4 -8/
1:Y .T
MINUTES OF THE STUDY SESSION as¢
ROSEMEAD CITY COUNCIL
DECEMBER 15, 1981 AT 8:00 P. M.
Mayor Imperial called the Study Session of the Rosemead
City Council to order at 8:04 p. m., in the Conference Room
of City Hall, 8838 E. Valley Blvd., Rosemead, California.
The Pledge to the Flag was led by Councilman Cichy.
The Invocation was delivered by Councilman Taylor.
ROLL CALL OF OFFICERS:
Present: Councilmen Cichy, Taylor, Tury and Mayor Imperial
Absent: None
Mayor Imperial stated that the Study Session was primarily
to review the Retirement System of the City of Rosemead.
Frank G. Tripepi, City Manager, stated that there were a
number of things that have since come to light since the Council
Meeting of December 8, 1981, and these items were discussed with
the City Council.
Hugh Foutz, City Treasurer, commented on some of the ques
tions asked, but felt that the Pension Department of the Los
Angeles Office of Equitable should be contacted for in-depth
answers.
Peter Zebot, Pension Services Manager, commented that the
actuarial approval can be obtained by funding one year; the.fis-
cal year 1980/81, to allow for certification so that the projec-
tions for the fiscal year 1981/82 can be made by a certified
actuary to determine the liability for the Retirement Plan for
eligible employees.
Councilman Taylor requested that a.statement be placed on
the record that prior to the meeting he had asked the City Mana-
ger and the City Clerk to see the correspondence file from the
Equitable Life Assurance Society and he found it incredible that
in a period of eleven years that there was only one letter dated
September 28, 1977. In that file was a Contract Agreement and
the one letter.
Councilman Taylor inquired who was in charge of administer-
ing this plan.
Hugh;Foutz, City Treasurer, stated he had been asked to set
up the program and he did, and Miss Glickman has been the person
who has handled the paper work.
Councilman Cichy commented that he felt that ;ohatever_pro-
blem there is should be corrected,and later at.budget.time the
City Manager can present alternative proposals and a decision
can be made at that time.
Councilman Taylor stated that he would be in agreement with
having an Actuary Report prepared on the entire fund, but he would
not be inifavor of payouts until that report is received.
Councilman Tury inquired if that would include the $16,000
funding for the calendar year.
Councilman Taylor stated that it would,if necessary, but he
did not want payments made until the entire report was brought
back.
Study Session
Page #1
F)
Mr. Zebot suggested that a letter be written to Equitable
requesting the true market value there is in the account if we
were to terminate at this time, and also the value if termina-
tion is not considered.
Councilman Tury suggested that option be given to the ter-
minated employees to see if they would want their compensation
or have it deferred to their retirement age.
After much discussion, it was consensus of the Council
that an.Actuarial deport be prepared, a letter be sent to Equitable
inquiring what the'W;erminated benefit would be and to fund for
the 1980/81 year in the amount of $16,000.
The other item that-was discussed was the Violent Crime Program.
The,City"Manager stated that last Thursday night South El Monte
dropped out of the'Violent Crime Program, and there was discussion
as to what the Rosemead City Council would want to do.
Captain John Butler presented.three proposals that the Council
might consider.
The Council seemed to be pleased with the results of the
Gang Investigators and although it would be an additional cost
to the City of Rosemead to keep on with it without the.partici-
pation of the City of South E1 Monte,it was the consensus of the
Council that it would be worth the additional cost. It was
suggested that John Butler present his proposal at the next
Council Meeting and that proposal #3 seemed to be most advan-
tageous to the City._
There being no further business to be discussed at this
Study Session it was adjourned to the next regular meeting of
December 22, 1981 at 8:00 p. m.
Respectfully submitted:
City C rk
APPROVED
M OR
Study Session
Page #2