HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 04/02/2013 (3) 1 KENT
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Firemen's Relief & Pension Board
April 2, 2013
Board Members Present: Suzette Cooke, Sam Grubbs, Al Bond, Les Thomas
Others Present: Paula Barry, Susanne Shaw, Barbara Lopez, Mary Simmons
Mayor Cooke called the meeting to order at 3:30 p.m.
Minutes of January 2, 2013. Sam Grubbs moved to approve the minutes of
January 2, 2013, as written. Al Bond seconded and the motion carried.
Financial Transactions for December 2012, January and February 2013.
Paula Barry, Assistant Financial Director, gave a brief overview of the year-end
for 2012. She noted that ultimately the net loss for 2012 was $66,000. Barry
stated that there was no summary for January. She explained that the revenues
for the first two months of 2013 have increased as compared to the same period
in 2012, and that interest income has decreased by 83% as compared to last
year. This decrease is the result of a REFCORP investment that matured last
year and the City received $3,000 interest income in 2012. The increase in fair
market value adjustments through February 2013 was $2,600. Pension
distribution and benefits are running a little below last year. Barry mentioned
that a check has been issued to Mr. Mikelson for $2,500 for the years he had
gotten 2% below CPI. Barry answered Sam Grubbs question regarding the
actuarial study by Milliman, which recommended that the amount provided for
retiree benefits of $200,000 be reduced by $3,000 to $197,000 per year.
Sam Grubbs moved to approve the financials for December 2012, and January/
February 2013. Al Bond seconded and the motion carried.
Cost of Living Allowance. Suzanne Shaw, Senior Financial Analyst reported
receiving notice that the LEOFF benefit went up 2.5%, when that happens our
obligation goes down and the pensioners get approximately the same amount.
Board Position No. 2 Election. It was noted that the Board position currently
held by Al Bond will expire this year and an election must be held to fill this
position.
Other Business. Barbara Lopez noted that a policy and procedures manual is
done and spreadsheets have been revamped for the financials. The next Board
meeting is July 2.
Adiournment. The meeting adjourned at 3:44 p.m.
Mary Simmons
Deputy City Clerk