From:	Jerry Boop
Sent:	Thursday, January 08, 2009 2:33 PM
To:	Betty Richardson
Cc:	Jay Evans; Jakki Perry
Subject:	FW: Financial Impact



-----Original Message-----
From: Patrick Donlan [mailto:Patrick@Foster-Foster.com]
Sent: Tuesday, December 30, 2008 3:54 PM
To: Edward Smyth
Cc: Jerry Boop; Jay Evans
Subject: RE: Financial Impact

Dear Ed,

Currently none of the 4 below individuals would be entitled to benefits 
because they terminated employment prior to vesting.  If you were to allow 
those Members to fully vest in the plan and allow them to receive monthly 
benefits at age 65, the approximate monthly benefits would be as follows, with 
a total present value, determined as of January 1, 2009, as follows:
	
			Projected Mthly Ben	Current Full Present
Value

Rick Reed		$323				$20,850
Carlos Bosques	$109				$865
Adolph Armstrong	$71				$2,299
Keith Bowden	$162				$14,723

Grand Total						$38,738

The reason that Bowden and Reed have the highest present values is that they 
are the closest to age 65.

If you need any additional information please let me know.

Patrick T. Donlan
Foster & Foster, Inc.

-----Original Message-----
From: Edward Smyth [mailto:Edward.Smyth@leesburgflorida.gov]
Sent: Thursday, December 11, 2008 3:05 PM
To: Patrick Donlan
Cc: Jerry Boop; Jay Evans
Subject: Financial Impact

Patrick,

I left you a message this morning to call, but I can hopefully explain as well 
here.

At Monday night's meeting, the ordinance amendment to the GE plan was brought 
to the City Commission for action.  While only the first reading, the question 
arose: what is the cost for each of the 4 individuals that we proposed to vest 
in the plan.  To refresh your memory, the individuals are:

*       Rick Reed                                4 yrs 8 months
*       Carlos Bosques                      2 yrs 11 months
*       Adolph Armstrong                   1 yr 11 months
*       Keith Bowden                          1 yr 7 months

At least one member of the City Commission a lack of support for this 
ordinance without this information.  The second reading is scheduled for the 
meeting on December 22, 2008.  I would appreciate it if you could provide that 
information to me by next Friday at the latest, so that I will have time to 
discuss it with the City Manager before his Monday morning calls to the 
Commissioners.

Thank You,
Ed Smyth
Deputy City Manager
City of Leesburg
352-728-9704
edward.smyth@leesburgflorida.gov
ICMA Credentialed Manager, CPM



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