William Penn Life, 1982 (17. évfolyam, 1-4. szám)

1982-07-01 / 3. szám

20) Secretary of the Board, Frank J. Radvany, read the Minutes of Monday's meeting. It was moved, seconded and accepted as corrected.

21) Mr. Charles hoped everyone enjoyed the visit to the project site for a new Home Office and felt it was most beneficial for all of the Board Members to inspect this property. He welcomed the members to Penn Scenic View and wished each one a great and fruitful day.

22) The Board Members proceeded to make comments concerning the purchase of a site for a new Home Office asking a variety of questions pertaining to this property. The property is owned by the City of Pittsburgh, located on Delafield Avenue, near Route 28.

The property consists of about 2 acres and is located in a very desirable area, in the City of Pittsburgh, on the border of Aspinwall and Fox Chapel. The projected cost of this parcel of land would amount to about $180,000.00. There is a house on this property which has about 3500 to 4000 square feet of floor space. The Board ensued a lengthy discussion regarding this property. After hearing answers to their many varied questions, it was moved, seconded and the Board of Directors adopted to purchase this property without any reservations or contingencies, to be used as the site for a new Home Office. A roll call was requested.

Following a roll call vote, the Board of Directors unanimously approved the purchase of this property.

President Charles thanked the Board of Directors for the confidence it has placed in the Finance Committee by approving the purchase of this property for a new Home Office.

The Executive Committee requested a cost projection for constructing 8 cabins housing 1 6 persons in each, for the Youth Camp. Competitive bids indicated the cost of each cabin at $34,000, stated Mr. Szalai. The cost of operating the camp was also reviewed, which was proposed by Mr. Kemp.

A discussion commenced by various Board members questioning the feasibility of spending so much money into a Youth Camp. The Chairman then stated he would close discussion on this topic at this time until a more feasible plan is submitted at a future date.

23) Chairman Charles recessed the meeting at 5:1 5 P.M. until 9:00 A.M. Wednesday.

24) Chairman Charles reconvened the meeting at 9:00 A.M. and same are present.

25) Secretary of the Board, Frank J. Radvany, read the Minutes of Tuesday's meeting. It was moved, seconded and accepted as corrected.

26) The Board of Directors acknowledged receipt of letter from the Hungarian Reformed Federation whereby they terminated negotiations for the consolidation with the William Penn Association. The Board of Directors requested the National President to reply to this letter expressing our regrets for the action taken by the Board of Directors of the Hungarian Reformed Federation and hopefully they will reconsider the Consolidation.

27) The Board of Directors ensued on a lengthy discussion of our Field Operation. They received the operations of the Ron Abels Agency, Homestead, Pa. The Chairman informed the Board that Mr. Richard Smith is presently organizing an agency operation in Cleveland, Ohio and hopefully one in Detroit, Michigan. The Board is very pleased with the fine performance of Mr. Richard Smith's effort to recruit, train, supervise and to increase our production in the field.

Director Albert J. Stelkovics read a report from our Actuary, Bruce & Bruce Company regarding Agency Fringe Benefit Program. Following a discussion of this matter, it was moved, seconded and the following Resolution was adopted:

RESOLUTION

WHEREAS, it is the desire of the Association to establish an Agency Fringe Benefit Program, and

WHEREAS, our Actuary, Robert E. Bruce, projected ways and means and cost in a report dated June 1,

1982, and

WHEREAS, said report was reviewed by the Board of Directors,

THEREFORE, BE IT RESOLVED that the report be adopted in principal and that the Executive Committee together with Richard P. Smith, our Agency Consultant, work out final details and present same to the Board at the September meeting for adoption, effective January 1,

1983.

28) Director Albert J. Stelkovics read a report from Bruce & Bruce Co.

regarding the Employee Pension Plan. Following a discussion of this matter, it was moved, seconded and the following resolution was adopted:

RESOLUTION

WHEREAS, Robert E. Bruce, Actuary, submitted a report on the Employee Pension Plan dated May 20, 1982 and,

WHEREAS, same was reviewed by the members of the Board, and

WHEREAS, several recommendations should be adopted and the bylaw accordingly amended,

NOW THEREFORE, BE IT RESOLVED BY THE BOARD that the Employee Pension Plan be revised and adjusted in the following respects:

1. Provide a cost of living adjustment after retirement with increases based on recommendations of the Actuary recognizing some standard index.

2. Provide that postponed retirement benefits be computed based on actual service and compensation and establish the funding for same.

3. That the pension plan be vested 50% after 5 years of service and an additional 10% vesting be added for each year of service, thereafter, up to 100% vesting after 10 years of service.

BE IT FURTHER RESOLVED THAT, the Association's actuary is authorized to prepare the necessary amendment to the Pension Plan and file it with the Internal Revenue Service with the listed changes and institute the benefits retroactive to June 1, 1982.

ADOPTED THIS 14th DAY OF JUNE, 1982.

29) It was moved, seconded and adopted by the Board that effective July 1, 1 982, the Association will pay the premium for the spouses portion of the Blue Cross Major Medical coverage for those presently enrolled in the program.

30) The Board of Directors adopted Point 1 9 and Point 20, Page 8, Minutes of the Executive Committee meeting held on April 29, 1 982, pertaining to Directors Benefit Program.

31) Each Director, Auditing Committee Member, National Officer, appointed Officer and full-time Home Office employee are covered for

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