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Firemen's Relief & Pension Board Minutes
January 7, 2014
Board Members present: Mayor Suzette Cooke, Councilmember Les Thomas, City
Clerk Ronald Moore, Sam Grubbs, Al Bond
Others present: Assistant Finance Director Paula Barry
Mayor Cooke called the meeting to order at 3:34 p.m.
Minutes of October 1, 2013. Sam Grubbs moved to approve the minutes of
October 1, 2013, as written, seconded by Al Bond. Motion carried 4-0.
Financial Transactions for September, October, and November 2013. Paula
Barry stated that revenues for the first eleven months decreased by about
$127,159 compared to the same period last year. This decrease is primarily due to
the fair market adjustment, she explained. She reviewed the reasons for the
variance and said that in 2012 there was a $764,000 investment and by November
it was worth $873,000 which is $109,000 in revenue. Mayor Cooke verified that the
investment will decrease because of demand and the market. However it is due to
mature in 2019. Barry continued and discussed the state pool. Grubbs discussed
the state pool balance and Barry communicated that the goal of the plan is to
continue to reduce the state pool balance until the plan is at zero and the last
pension fund member is gone. Barry continued and stated that the decrease in
expenditures is based on the repayment of the overpayment tht occurred last year.
She also noted that there wasn't any actuarial study in 2013, but there is one in
2014.
Mayor Cooke communicated that if the actuary is correct the plan will get to zero.
Sam Grubbs moved to accept the financials for September, October, and
November 2013, as presented, seconded by Al Bond. Motion carried 4-0.
Actuarial Study. Barry communicated the actuarial study must be done every two
years based on governmental standards. She noted that Milliman USA would
execute the study for $8,325.
Les Thomas moved to approve the actuarial study for 2014 in the amount
of $8,325, seconded by Sam Grubbs. Motion carried 4-0.
Cost of Living Allowance, Regional Fire Authority. Barry communicated that
the Regional Fire Authority hasn't negotiated a contract as of yet. She noted that
the pension amounts can't be revised until the contract is executed. Mayor Cooke
confirmed with Thomas that there is a meeting on January 15 and the contract will
be retroactive from the beginning of 2014. Grubbs confirmed that the proposed
contract will be for one-year.
Other Business. None.
Adiournment. The meeting adjourned at 3:45 p.m.
Ronald F. Moore, MMC
City Clerk
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