TOWN OF EASTON, MARYLAND
FOP with Council
August 15, 2005
Councilmember Maureen Scott-Taylor
Councilmember Scott R. Jensen
Also in attendance were Town Clerk Robert Karge and Major David Spencer, Detective George Paugh, PFC Frank Creegan, Patrolman Brian Doyle.
At 6:00 p.m., the President of the Council called the meeting to order.
MEETING
Detective Paugh stated that there have been meetings about the current retirement system and the retirement system they would like to go into which is the Law Enforcement Officer’s Pension System. He discussed medical retirement with the new system versus the long term disability in place with the current system.
Ms. Sherlynn Matesky, Deputy Director, Legislation and Research, State Retirement and Pension System of Maryland was present to explain the Law Enforcement Officers’ Pension System. She stated that she is the designated coordinator for municipalities in the system. She stated that the system is a 31.5 billion dollar system and is a defined benefit system. Ms. Matesky discussed their medical disability versus the Town of Easton’s long term disability. She discussed monthly death benefits to the spouse and dependent children. Ms. Matesky discussed contributions and rates determined by the actuary.
Ms. Matesky stated that this would have to be a legislative decision. She stated that the first step is the preliminary valuation which is a good faith estimate.
Detective Paugh asked if the Council would approve the actuary study. Ms. Matesky stated that the preliminary actuarial study must be completed by their actuary. She stated that they need a letter to begin signed and dated by the Mayor stating that they will pay $5,350 for the study.
ADJOURNMENT
The President of the Council adjourned the meeting at 6:30 p.m.
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Town Clerk