September 29, 2010 - Special Committee to consider the 'New Pension Plan'

The first meeting of the Special Committee to consider the 'New Pension Plan' proposed by Mayor Peyton for new Members of the Jacksonville Police and Fire Pension Fund was held on September 29th in conjunction with a Special Board Meeting. Peter Sleiman, Chair of the Special Committee of the Board of Trustees established to review the 'New Pension Plan', welcomed the Board Members and special guest Mayor John Peyton and Chief Administrative Officer Kerri Stewart.

'Due to the fiscal situation caused by worldwide economic issues; meltdown of the domestic stock market; credit crisis; record unemployment; historic decline in property values; and tax receipts, the Trustees recognize the concept of meaningful modifications to the pension funding and benefit structure for new members will be forthcoming upon the conclusion of this process', Sleiman said in his introductory remarks.

According to Chairman Sleiman, any proposed modifications to the current pension benefit structure 'shall not otherwise alter the Settlement Agreement previously executed between the Fund and the CIty and authorized by the City Council'. The Special Committee will not submit any recommendations that could jeopardize the continued receipt of Chapter Funds to the City which currently provides nearly $9 million in annual funding to the Fund', the Chairman noted.

In his comments to the Board Members, Mayor Peyton said 'we are going forward, together, thanks to the cooperation of the Board'. Mayor Peyton also said 'the risk of failing to act is too great to ignore projected future costs any longer'. Chief Administrator Officer Kerri Stewart thanked the Board Members for their dedication.

All Board Members have agreed to participate in this important task. Each Trustee will have one or more sub-committee assignments. The Administrative Staff will support the Committee work on a 'top priority basis'. 'The 'New Pension Plan' is the most important item to come before our Board in the last 20 years', Chairman Sleiman said.

(L-R) Mayor John Peyton and Peter Sleiman, Chair of the Special Committee of the Board of Trustees established to review the 'New Pension Plan'

(L-R) Chief Administrative Officer Kerri Stewart and Mayor John Peyton at the Special Pension Committee Meeting

(L-R) Pension Fund Board of Trustees - (Back row) Board Chair Asst. Chief Bobby Deal, Nat Glover, Lt. Richard Tuten, Dick Cohee, Deputy Executive Director - Asst. Administrator of the Police and Fire Pension Fund. (Front Row) Barbara Jaffe